First State Bank (Mattoon, IL)

Episode Information

Episode UID
70020971524
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
7002097 routing
Routing Number
70-0209
Start Date
December 8, 1926
Location
Mattoon, Illinois (39.483, -88.373)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
153ff2632114accd

Response Measures

None

Events (4)
1. December 8, 1926 Run
Cause
Bank Specific Adverse Info
Cause Details
Loss of depositor confidence after prolonged withdrawals and troubled assets inherited from prior State Trust & Savings institution; heavy withdrawals drained at least $100,000.
Measures
Directors closed the bank and called state auditor/state banking department to take charge; posted notices on doors.
Newspaper Excerpt
To checkmate a run that was started on this bank on Wednesday morning, Dec. 8, 1926
Source
newspapers
2. December 9, 1926 Suspension
Cause
Voluntary Liquidation
Cause Details
Board of directors requested state banking department assume charge in order to liquidate and protect depositors; bank suspended operations and placed in hands of state examiner.
Newspaper Excerpt
The First State Bank of Mattoon did not open for business this morning...the officers notified the state banking department and auditor of public accounts to take charge.
Source
newspapers
3. December 22, 1926 Receivership
Newspaper Excerpt
Guthrie appointed by Oscar Nelson ... temporary receiver for the affairs of the First State Bank of Mattoon; Mr. Guthrie immediately qualified furnishing bond for the faithful performance of his duties.
Source
newspapers
4. February 12, 1929 Other
Newspaper Excerpt
Depositors and Creditors Get Final Payment Totaling $30,000...This completes the 100 per cent payment to all depositors and creditors who filed claims with the receiver.
Source
newspapers

Newspaper Articles (16)
1. December 9, 1926 The Decatur Daily Review Decatur, IL
Article from The Decatur Daily Review, December 9, 1926

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GUTHRIE'S STATEMENT Mattoon, Dec. president the First State Mattoon, which was placed hands the State Banking ment Thursday for settlement dissolution, The Review lowing statement Thursday noon: depend upon the faith public. bank dences lack faith always causes banks there be foundation for run such times banks either may and chances stopping the close their doors and more orderly meeting the abnormal demand. considered and fairer discontinue business thus permit an orderly settlement dissolution. "Our board directors then cluded avoid loss depositors creditors the and avoid greater its the business public, much better for the tinue, and the State Department, and that state auditor was called agreed send take

2. December 9, 1926 JG-TC: Journal Gazette and Times-Courier Mattoon, IL
Article from JG-TC: Journal Gazette and Times-Courier, December 9, 1926

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FIRST STATE BANK TO QUIT BUSINESS Steps to Go Into Voluntary Liquidation. The First State Bank of Mattoon did not open for business this morning. Instead. the officers notified the state banking department and auditor of public accounts to take charge. Patrons found posted the front doors of the bank. large printed placards bearing this notice: "To checkmate that was started on this bank Wednesday morning, December 1926, and to protect against loss our depositors and those well as our stockholders and the business public, close and call in the state auditor and the state banking department. All Interested persons will be protected. (Signed) "BOARD OF DIRECTORS, "First State Bank of Mattoon." Hung under each of these notices one written on bank letterhead: "NOTICE "Upon the request of the board of directors, the First State Bank Mattoon has been placed the hands of the auditor of public aocounts, State of Illinois, for examInation and adjustment. (Signed) "CARL WEBER, "Examiner." When asked about matter. Guthrie. president of the First State said: No Cause for Excitement. "There no cause for excitement. All depositors will be paid in full. This not bank failure: simply steps taken protect all terested. The affairs of the bank will soon be straightened out and the depositors will have their money in full." Asked to the future policy the bank. and will be liquidated. President Guthrie said would understood that when the First State Bank affairs have been Ined. depositors paid and other details given attention. the bank will out of business entirely. It will be plete liquidation. Examiner in Charge. Carl H. Weber. examiner for the state banking department. arrived here this morning and immediately took charge of the He today. began auditing the books and papers. and expects engaged at the work for three four days. All books, pa pers and have been turned over to Mr. Weber. assured there will no receivership any other long extended process of settling the bank's af fairs. and that the liquidation will be orderly and prompt. President Guthrie's Statement. "Banks depend upon the faith of the public." said Guthrie, president. run on bank evidences lack of faith by some. and always causes barrassment banks whether there be any real foundation for the or not. At such times banks may either open and take chances of stop(Continued on page

3. December 10, 1926 Herald and Review Decatur, IL
Article from Herald and Review, December 10, 1926

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Mattoon Bank Closes Doors (Continued Page 1) tors J. R. T. Holmes F. Ritter, H. R. H. Roth, Dr. Gus E. T. Guthrie C. O. Makes Statement Mr. Guthrie felt it incumbent him Thursday evening concretely the of the officers and directors regard to the follows: depend the faith bank lack of faith by and causes there be real foundation for the run or such times banks either stay and take chances of stopping run. close their doors and per of safer more orderly way meeting the our case we considered it safer and fairer to our business thus permit an orderly settlement and board of then conthat to avoid to the any creditors of the to avoid to its the business would be much better for the bank to and to call Bankand that auditor was called he agreed to send a representative to take charge." It was said unofficially in Mattoon after the shutdown of the bank that the officers and directors are resigned to a liquidation of its affairs and, in fact, intend to negotiate for the liquidation. Efforts will be directed it stated, toward liquidating the institution through two other banks the city-the Illinois Trust and Savings bank and the First National Adjustment Shortly A Mattoon business man was quoted as saying that the First State bank has been losing for money months, and that it would take practically the full amount of the institution's capital stock, $25,000. to clear up indebtedness responsible for the One of the directors was said to have remarked that in his opinion none of the depositors will lose money, and that the whole affair concerning the closed bank will be adjusted shortly Mr. stated Thursday ing that examination of the bank's records will be concluded within two or three days at the utmost, and that a statement of condition will prob. ably be made next Monday morning Former Bank Closes The closing of the old State Trust & Savings bank from the residue of which the First State bank was or ganized, following report of the former institution's condition, the re port been made by F. T. Mothen Mr. Russell, in 1924 the state judged the port warranted an ending of the bank's business. Prominent citizens of Mattoon were unwilling to see a stringent state of affairs brought about by the clos ing of the State and brought about its reorganization under the name of the First State. Mr. Guth. rie prevailed upon to accept the presidency of the new institution. R Holmes, formerly of the State was retained of the First State was Mr. Hoots, former cashier of the State Trust. Other officers of the State Trust were dispensed with. In Mattoon Thursday there was disposition to question the integrity First State bank's officers and directors, nor was there any suspicion of misappropriations. Mattoon business leaders generally regard the condition as one caused by in ability to make money.

4. December 11, 1926 The Decatur Daily Review Decatur, IL
Article from The Decatur Daily Review, December 11, 1926

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Bank Affairs Look Bright Mattoon Examiner Expects no to ment Mattoon, Dec. "Things bright for the depositors," said Carl bank examiner the state auditor's office In charge of the spection the First State Bank very brief statement concerning the audit that being made of the closed bank's affairs. Others actively connected with the work stated that the heavy run that began month which than withdrawn from bank, the bank would pay 100 dollar. TO CLOSE UP BUSINESS. The bank will reopen, President purpose his associates not try resume the business. expected be liquidated through National Bank Mattoon Illinois Savings tives their that banking business this city black OFFER FOR BUILDING. Mr. Guthrie already has bank that point business district Mattoon. According most recent statement the bank, building. furniture fixtures valued Though celving offer for the building. Guthrie states that will not hurry make addition legacy frozen from the State Trust Ings Bank, which the First State Bank the officer the local year September $100,000 worth marketed This there per cent that bank felt some that loss. DID PROPER THING generally conceded officials office that ficials the thing closing bank time they did, curtailing the losses before reached figure beyond which they Mr. Friday that he pected ready Sunday Monday, that the condition the closed Officials banks while looking their people concur plans the liquidation First State without loss to despositors other creditors.

5. December 11, 1926 Herald and Review Decatur, IL
Article from Herald and Review, December 11, 1926

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Expect Mattoon Bank Will Pay Out in Full (By Staff Dec. of the First State Bank of Mattoon, which its doors Thursday result of run which drained the institution of least $100,000. will suffer no loss of their savings, was stated here Friday representatives of the state banking ment, who the bank charge. Despite the heavy run, that startor more and reach its climax the bank can pay out 100 cents on the dollar, than the remaining liabilities depositors, aides Carl H. bank examiner, said. There be no receivership, it was confidently stated. Promise Statement Soon Mr. Weber himself, is directan the bank's books, stated he is optimistic as the outcome of the examination conducted. making rapid with the audit, clared Mr. Weber, will be able by Sunday or Monday to formulate definite statement the bank's condition. Things look bright for the Guthrie, president of the bank: other and the rectors good suspending calling the state banking officials to take charge readjustment, one of Mr. Weber's assistants declared. Besides undergoing deposit withdrawals past month, the institution was losing money in other phases of its Cut Losses Short The shutdown the bank Thurs morning losses short figure $7,000 and according estimates pending the statement of condition. more weeks operation would raised point where they could not be made Efforts toward liquidating the bank through the National Bank Mat and the Illinois Trust Savings bank are to be offiof the bank said. Liquithe dation yet beer of the two National and the linois Trust Friday aidin an appraisal of the First State's Going Out of Business Mr. Guthrie. the First State, Friday that the affairs the institution be completely wound up. the depositors off, other settled and the no future the First State Bank out of had an offer for the bank building. but am no hurry about entering deal for The building. its furniture and fix. tures are nearly The stories high and of brick. occupies commanding location in the center of Mattoon's business believed the quarters will sell readily for good price. Trouble Closing of the First Bank of Mattoon the tegrity and of Mr. Guthrie of the other offiboard an officer of the National Bank Mattoon stated. "The state affairs prevailing with First State." local banking authority explained partly the result to realfrozen assets bad paper First State took over from State and Savings bank. The reorganization of the State "Besides questoinable from the State Trust. the First State illfeeling from and that great degree of mistrust en Representative) by the forced closing the State Trust in January of Farm Crops Hit "On top other grief down the First State from the First State suffering the financial agricultural situation This situation best by figures. Last September, $100,000 worth broom marketed from the Mattoon territory. This hardly $20,000 worth gone to Late last farmers around Mattoon This year sold. The First State felt the efthe Bank of Mattoon and the Illinois Trust bank, both willing it proves feasible to assets of the closed liquidating the will consider our first, and the affairs depositors of the First State the two active president disbanks to let that will Mattoon black Stand $25,000 Less The First State bank Mattoon condition, as of Oct. 11, as follows: Resources $362,529.71 Loans and Discounts 499.53 Overdrafts Bonds Securities 120,134.25 Furniture and Fixtures Cash due from Banks 7,218.31 Other Resources $610,332.76 Liabilities Capitol Stock Bills Payable Deposits Total Liabilities $610,332.76 Since the statement issued. approximately To meet heavy run, the bank called certain and securities, and drew from item, "Cash and Due from Losses, even should reach maximum could taken care according the bank examiners, by capital stock and Total Resources

6. December 12, 1926 The Daily Worker New York, Chicago, NY
Article from The Daily Worker, December 12, 1926

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Mattoon Bank Closes Doors Following Run MATTOON, Ill., Dec. 10.-The first State Bank of Mattoon closed Thursday. Carl H. Weber, representing the state auditor's office at Springfield, at once assumed change. On the door of the bank was placed this sign: "To checkmate a run that was started on this bank on Wednesday morning, Dec. 8, 1926, and to protect against loss our depositors and those we owe, as well as our stockholders and the business public, we close this bank and call in the state auditor and the state banking department. All interested persons will be protected." It was signed "The Board of Directora."

7. December 14, 1926 Effingham Daily Record Effingham, IL
Article from Effingham Daily Record, December 14, 1926

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EXAMINER SAYS MATTOON WILL PAY OUT BANK Mattoon, Dec. 14.-Depositors of the First State Bank of Mattoon which closed its doors on Thursday as sult of run which drained the institution of at least $100,000, will suffer no loss of their savings it was stated yesterday by representatives of the State banking department, who have the bank in charge. that started Despite the heavy run month or more ago and reached its climax Wednesday, the bank can pay out 100 cents on the dollar, there being more than sufficient assets to meet the remaining $250,000 of liabilities to the depositors: aides of Carl H. Weber, state bank examiner, said. There will be no receivership, it was confidently stated.

8. December 15, 1926 Herald and Review Decatur, IL
Article from Herald and Review, December 15, 1926

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TO LIQUIDATE BANK'S ASSETS Directors and Officers of Mattoon Organization Take First Steps (Special to The Herald) MATTOON. Dec. -Definite steps toward liquidating the of the closed First State Bank of Mattoon were taken here Tuesday evening. when directors and officers of the institution that suspended business last Thursday met with officials of the National Bank of Mattoon and the Illinois Trust & Savings bank. The bankers held star chamber session and fully into statement of the First rendered by Carl H. state bank in charge the closed bank. studying the statement, the banking officiary appointtd two to decide finally the Hquidation steps. Sentlment Favorable The of the First State's condition will be given to the public after the has reported. it said. A report is expected within or While the parley of the Tuesday evening was behind door, It understood that toward Hquidating assets of the First State through the other Mattoon banks was favorable. The decision, however, must from according to informants of The Herald. Mr. Weber's report on the First State's condition, according to individual close to the parley of Tuesday evening. was such indicate that the quite feasible. report said have positively that the positors and stockholders of the bank suffer no loss, as in The Herald soon after the institution suspended business.

9. December 16, 1926 The Decatur Daily Review Decatur, IL
Article from The Decatur Daily Review, December 16, 1926

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Depositors Safeguarded By $116,000 Audit of Mattoon's Closed Bank Shows Assets Exced Liabilities. Mattoon, Dec. of the First State Bank Mattoon, closed for week, are safeguarded from loss by an excess $115,000 more assets over the liabilities the institution, according unofficial statement the audit, which has been The official port of Carl Weber, examiner charge of the audit, has been warded State Auditor Oscar Nelfor approval before being made public. learned that the examination that the liabilities including while assets, through liquidation, $493,margin of $116,000. ALL SAFEGUARDED. While the stockholders have been prepared meet any losses, should necessary, ficiences that might found the that dition the affairs make holders from the setling up of the bank's affairs. DEPOSITS DECREASE. Loss of confidence the bank started what might termed the bank, which when last when bank closed the avoid and affairs officials committee been appointed, and started liquidate through other banks of city, National Bank and Illinois Trust ings Bank. this end the approval both, national. and state banking will sought, and the purpose Weber, left for return Saturday when decision will reached the form of liquidation.

10. December 22, 1926 JG-TC: Journal Gazette and Times-Courier Mattoon, IL
Article from JG-TC: Journal Gazette and Times-Courier, December 22, 1926

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GUTHRIE MADE On Tuesday afternoon Guth appointed by Oscar Nelson. and head of the state banking department, temporary ceiver for the affairs of the First State Bank of Mr. Guthrie immediately qualified furnishing bond for the faithful performance of his duties. Mr. Guthrie went to Springfield on Tuesday with the petition signed and was prepared for Today noon Carl Weber. state bank examiner in charge of time closed bank. which placed Itself the hands state banking department last week. turned the bank over Mr. Guthrie. Receiver Guthrie will have charge the bank until the January term circuit court. when further matters of the bank will be given dicial attention Mr. Guthrie's appointment has come request of numerously signed of depos itors and other creditors the First State Immediately upon ciding place itself in the care state banking the rectors the First State Bank said have negotiated for the sale assets the National Bank Mattoon and the Central Illinois Trust and Savings Bank but parties unable come to terms This appointment necessary for the First State order that the depositors might paid off and the former banking busi

11. December 27, 1926 Effingham Daily Record Effingham, IL
Article from Effingham Daily Record, December 27, 1926

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MED GUTHERIE BANK RECEIVER lattoon, Dec. 24.-E. T. Guthrie, ident of the First State Bank here, appointed as the friendly receiver, ounced Wednesday afternoon that Thursday morning they would start institution, and its payment beChristmas will be greatly welby those having the accounts, rell as by all the business interhere. receivership is to start right have already been collecting on unts and notes, having gotten be- lent. $25,000 and $30,000. must continue with collections ome time before anything can be the regular depositors of the money is accumulated to of that the course, depositors get their money in rateable diviThere is every indication that sank ultimately will pay out 100\ on the dollar. Assets are conably more than $100,000 in excess abilities. bank's officers and directors hat it was incumbent on them to faith with Christmas savers. For emselves arranged to pay out the Imas savings deposits. We will handling out the cash, 100 cents ich dollar, Thursday morning. do not anticipate that, in conhg the receivership of the First bank of Mattoon, there will be necessity for taking legal action the stockholders or the bank's als. The receivership should tess smoothly and without the difies that have attended receiverof other banks in central Il-

12. November 10, 1928 JG-TC: Journal Gazette and Times-Courier Mattoon, IL
Article from JG-TC: Journal Gazette and Times-Courier, November 10, 1928

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MATTOON BANK CASE IS CONTINUED TO JANUARY Nov. case Guthrie, receiver the First State Bank Mattoon. against the State Trust and Savings Bank Mattoon its which has been' occupying the attention of cuit court the special master that court several months, was continued this week until the January next proceeding will be an argument by attorneys the exceptiens made Guthrie the finding of the master, who recommended that the be case thrown out court for want of jurisdiction.

13. January 22, 1929 Decatur Evening Herald Decatur, IL
Article from Decatur Evening Herald, January 22, 1929

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Mattoon Bank Receiver Has Checks Ready Jan. 22 Receiver Guthrie for the First State bank is at work getting the checks for the 1,200 or 1,500 depositors the defunct The amount Involved about $30,000. The checks, when all have been made out, have to be signed by Mr. Guthrie, then sent to Springfield by State Auditor Oscar Nelson. They are back Mattoon and mailed Mr. Guthrie stated that the creditors would receive them about the first week In February. The remainder of the money to be collected will be prorated to the stockholders according to the stock The checks to be issued the first of February the final per cent due all depositors of the First State bank, which closed its doors Dec. 1926, and the receivership started about Jan. 20, 1927.

14. February 12, 1929 Decatur Evening Herald Decatur, IL
Article from Decatur Evening Herald, February 12, 1929

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MATTOON BANK RECEIVER PAYS Depositors and Creditors Get Final Payment Totaling $30,000 MATTOON Feb 12-Receiver D T Guthrie, of the defunct First ate bank of Mattoon paid final 121 per cent on the money due the depos stors, a total of $30,000 The checks were received by the creditors Satur. day This completes the 100 per cent payment to all depositors and creditore who filed claims with the receiver Whether or not the stockholders realize anything from the resources of the institution depends on the outcome of the sult now pending in the circuit court against the stock. holders of the State Trust & Savings bank. About $35,000 are In litigation in the sult now pending State President in City P G Blodgett, of Chicago Heights state president of the Izaak Walton league, was In Matoon Sunday to assist the local members In the gen-1 eral plans for the State Izaak Watton league convention to be held in this city on Tuesday. Wednesday and Thursday, February 19 to the 21st inclusive He is expect.ng a large attendance and a most successful Standard OHI Salesmen Meet General salesmen and agents of the Standard on company of the Mattoon district gathered for their annual meeting which was held in the banquet room of the Buckler Moore cafeteria Thursday evening at a dinner meeting. They made reports and talked over the business of the past year and other matters concerning the company's products To Attend Mard) Gras Mr and Mrs R C Sullan. 2221 Western avenue left Saturday for New Orleans to attend the Mardi Gras celebration in that city Tues day evening which launches the Lenten season They will visit other points of in. terest in the South before returning home

15. September 7, 1929 JG-TC: Journal Gazette and Times-Courier Mattoon, IL
Article from JG-TC: Journal Gazette and Times-Courier, September 7, 1929

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CASE Abstract of the Guthrie receiver the First State Bank Mattoon. against the State Trust Savings Bank Mattoon its stockholders. together the statement facts argument the Guthrie. was filed today the appellate court Springfield. sued the Trust Savings Bank the holders approximately $40,000 Hearwere before Special Masterin-Chancery Lee Charleston and extended over period of several months. number of the stockholders paid claims made against them released from responsibilities. The master. making finding. held favor the Trust bank his finding being approved by Circuit Judge Shuey Redeiver Guthrie appealing from decision the circuit court

16. July 27, 1932 The Decatur Daily Review Decatur, IL

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Will Object to Guthrie's Report Bank Receiver's Disbursements Considered High. Charleston- final report of E. T. Guthrie, receiver of the First State bank of Mattoon, closed since December, 1926, was filed in the circuit court and will be given hearing Monday, Aug. Objections the disburse ments made by the receiver will be made by representing the stockholders, it was stated The receiver reports that all the assets of the bank have been collected or converted into cash and that no will remain bank sum of $2,000 paid at $2 the stockholders He reports that all the liabilities of the bank have been paid in full. except the liability the stockholders. $9,900 To Attorney. Among the larger items of disbursement during the period of the bank's receivership according to the reports filed by Mr. Guthrie are $6,938.11 in fees to himself as Attorney R Real of Chicago, formerly of Mattoon: $1,199.92 to Mr. Real to reimburse him for court advanced by him: and $1,650 in fees to Attorney Anderson of Charleston The large attorney fees are the result of considerable litigation which the bank has been involved in since it closed, cases going to court. Pays 100 Per Cent of Claims. It said that is the only bank under in the state that has paid its depositors and creditors 100 per without levying any assessment on the stockholders.