Rochelle Trust & Savings Bank (Rochelle, IL)

Episode Information

Episode UID
70053171574
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
7005317 routing
Routing Number
70-0531
Start Date
February 2, 1931
Location
Rochelle, Illinois (41.924, -89.069)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6d3b264b0ca9f7b5

Response Measures

None

Description

OCR errors in some articles; dates inferred from publication dates.

Events (6)
1. February 2, 1931 Receivership
Newspaper Excerpt
placed the hands of state ... Receiver Mougin / W. D. Mougin as Receiver of the Rochelle Trust and Savings Bank (later references to Receiver Mougin and W. D. Mougin).
Source
newspapers
2. February 2, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large loans/use of bank funds in loans left bank unable to meet obligations; merger with Peoples Loan Trust Company not completed due to lack of backing
Newspaper Excerpt
Rochelle Trust Savings bank suspended this morning
Source
newspapers
3. December 9, 1931 Other
Newspaper Excerpt
Checks amounting to $10,000 mailed the the closed Rochelle Trust bank ... first dividend paid the bank receive the checks
Source
newspapers
4. April 19, 1933 Other
Newspaper Excerpt
The Rochelle Trust Savings bank through Receiver Mougin sent dividend to creditors last week
Source
newspapers
5. June 1, 1934 Other
Newspaper Excerpt
authorized payments depositors' claims ... the Rochelle Trust and Savings bank ... largest payment $36,245.71
Source
newspapers
6. July 5, 1934 Other
Newspaper Excerpt
Appellate court upheld decision re: preferred claims against the closed Rochelle Trust and Savings bank
Source
newspapers

Newspaper Articles (11)
1. February 2, 1931 The Daily Chronicle De Kalb, IL

Article Text

Bank Closes Rochelle This Morning The Rochelle Trust Savings bank suspended this morning following action taken by the and been placed the hands of state liquidation measures will be taken. It is generally about that the actual condition the bank not bad, action of the board being takview number which collectable. The use the bank's money in these loans has resulted in the inability obtain enough to meet the obligations. The bank at $150,000 and has of Sevago there the the Trust Savwith the Peoples Loan Trust Company Rochelle. The promerger never completed due to the large of financial backing which would been necessary.

2. February 2, 1931 Decatur Evening Herald Decatur, IL

Article Text

St. Louis Attorney Dies ST. O'Donnell, for 16 years assistant city counselor here and well known attorney Springfleld, died his home here Sunday. 70 years old. The body will returned Springfield for burial Wednesday. ROCHELLE FAILS Feb. sion of business by the Rochelle Trust Savings bank, Rochelle, announced the state audioffice here Monday. Word of the bank's closing was received from the bank directors RochNo for the banks suspension was TWO DIE IN PLANE CRASH SANTA BARBARA, Cal., King, Santa Barbara, was killed instantly and James Ross, 25, Solvang, was jured fatally when their airplane crashed from height 100 feet vacant lot near Casa Loma, Sunday.

3. December 9, 1931 The Daily Chronicle De Kalb, IL

Article Text

Checks Depositors Of Rochelle Bank Checks amounting to $10,000 mailed the the closed Rochelle Trust bank. whose claims not nounced today checks have been approved and signed by State Auditor Oscar turned Receiver Guy Bush to mailed. Only who have not filed claims and not payment the first dividend paid the bank receive the checks, With this payment. which the first dividend paid the depositors, total of have been paid since the bank closed in February of this Dr. Arthur Johnson of Rockwas DeKalb visitor last

4. August 20, 1932 The True Republican Sycamore, IL

Article Text

NOTICE OF PUBLIC SALE. State of Illinois, County of DeKalb, ss. In the Circuit Court Thereof, June Term, A. D. 1932. Clarence Gibson and Grace B. Mcwers Yates, Guardian of Bessie Fern Mowers and Luella Mowers, Complainants, vs. Walter G. Newell, Sophia Newell, Esmond State Bank of Esmond, DeKalb County, Illinois, L. C. Lundgren as Receiver of the Esmond State Bank of Esmond, DeKalb County, Illinois, Lena Berscheid, Nellie Sweeney, Clyde H. Lenox, Trustee, Leon W. Rand, Floyd Eychaner, Rochelle Trust and Savings Bank, a corporation, and W. D. Mougin as Receiver of the Rochelle Trust and Savings Bank, Defendants. Bill to Foreclose Mortgage. Gen. No. 24329. PUBLIC NOTICE IS HEREBY GIVEN, That in pursuance of a decree made and entered by said Court in the above entitled cause on the 22nd day of July, A. D. 1932, at the June 1932 Term of said Court, I, Edward M. Burst, Master in Chancery of said Court, will on Thursday, the 8th day of September, A. D. 1932, at the hour of eleven o'clock in the forenoon of said day at the front door of the DeKalb County Court House in the City of Sycamore, DeKalb County, Illinois, sell, at public vendue, for cash in hand, to the highest and best bidder, the following described real estate, to-wit: The Northeast Quarter (NE 1/4) of the Northwest Quarter (NW 1/4) of Section Seventeen (17), the West six and eighty-one one-hundredths (6.81) acres of the Southeast Quarter (SE 1/4) of the Northwest Quarter (NW 1/4) of Section Seventeen (17), and the Southeast Quarter (SE 1/4) of the Southwest Quarter (SW 1/4) of Section Eight (8), except the North one and fifty-nine hundredths (1.59) acres, all in Township Forty-one (41) North, Range Three (3), East of the Third Principal Meridian, containing eighty-five and twenty-two hundredths (85.22) acres, more or less, situated in the County of DeKalb and State of Illinois, or so much thereof as may be sufficient to realize the amounts required by said decree, and which may be sold separately without material injury to the parties interested. This farm is located about one-half mile East of the Village of Esmond in South Grove Township. TERMS OF SALE: Cash in hand upon delivery by the Master in Chancery of a certificate of purchase to the purchaser or purchasers of the real estate sold at said sale. Dated at Sycamore, Illinois, this 17th day of August, A. D. 1932. EDWARD M. BURST, Master in Chancery. Smith & Brower, Sycamore, Illinois, Solicitors for Complainants. BANKRUPT'S PETITION FOR DISCHARGE. In the District Court of the United States, For the Northern District of Illinois. In the Matter of Fred E. Larson, Bankrupt. In Bankruptcy. No. 48954. To the Honorable Charles E. Woodward, Judge of the District Court of the United States for the Northern District of Illinois. Fred E. Larson, of Cortland Township, in the County of DeKalb and State of Illinois, in said district, respectfully represents that on the 4th day of January, last past, he was duly adjudicated bankrupt under the acts of Congress relating to bankruptcy; that he has duly surrendered all his property and rights of property and has fully complied with all the requirements of said acts and of the orders of the court touching his bankruptcy. Wherefore, he prays that he may be decreed by the court to have a full discharge from all debts provable against his estate under said bankrupt acts except such debts as are excepted by law from such discharge. Dated this 11th day of August, A. D. 1932. FRED E. LARSON. ORDER OF NOTICE THEREON. In the District Court of the United States, Northern District of Illinois. On this 15th day of August, A. D. 1932, on reading the foregoing petition, it is Ordered by the Court, that a hearing be had on the same on the 10th day of October, A. D. 1932, before said court, at Chicago, in said district, at 10 o'clock in the forenoon; and that notice thereof be published in The True Republican, a newspaper printed in said district, and that all known creditors and other persons in interest may appear at the said time and place and show cause, if any they have, why the prayer of the said petitioner should not be granted. And It Is Further Ordered By The Court, that the clerk shall send by mail to all known creditors copies of said petition and this order, addressed to them at their places of residence as stated. Witness, the Honorable George A. Carpenter, judge of said Court, and the seal thereof, at Chicago, Illinois, in said district, on the 15th day of August, 1932. (Seal of the Court) CHARLES M. BATES, Clerk.

5. April 19, 1933 Dixon Evening Telegraph Dixon, IL

Article Text

ROCHELLE By Arthur Guest Grieve Walker on the grand jury and William M Carpenter of Rochelle and Thomas Creston on the petit jury of the federal court Freeport Monday Business changes noted Rochelle the past few days include Ernest Colwill of Rockford and formerly of Creston. has opened up grocery store in the building on the south side Faley has opened the Argonne Cafe at 411 1-2 Cherry ave- D. Coddington has opened shoe store on Lincoln highway one door south of the Harms grocery having moved his stock from the building on Fourth avenue Steve Dee former Sycamore mortician. has opened funeral parlor and undertaking establishment Lewis Palmer location on Lincoln highway According report now in circulation. the Company receipt large order and may recall former shop within next The company said to have bids several more and looking forward to an upturn business their The Rochelle Trust Savings bank through Receiver Mougin cent dividend creditors last week amounting Lofborn. receiver of the closed People's Loan Trust Co bank announces that depositors of institution may expect percent dividend on before May The dividend will represent distribution of At annual meeting of the Arts club officers elected for the ensuing year Mrs H Allen president: Miss Anna Breyman, recording secretary: Mrs. corresponding secretary and Mrs. Elmer Scharf, of thanks given Mrs. twelve years of efficient service in office. summer program and trip to the Grand Detour art colony planned and final instructions given the working the Arts and Crafts held the Bain building April 21 Each day new enrollments coming in for the Sixth Annual Spelling Bee, sponsored by the Rochelle Business and Professional Men's Association. to be held in the high school here, Friday evening, April 22nd Present indications are than seats will be served and that the auditorium not seat all those desiring to hear the contest The glee clubs of the Rochelle high school present the opercompoby Don Wilson in the high

6. July 19, 1933 The True Republican Sycamore, IL

Article Text

of This County and Nearby Vicinity plenty of cement available, With being rushed on the widenof the highway, bridge and Route through Duwork on east of Geneva. the county end the highway job where old pavement was entirely two lanes have been moved. to the point where the completed connect with the old road can road leading to Gary Mill. ported that this pavement was ened to traffic on Saturday. Carl Nelson, teacher of manual coach of the athletic training of Geneva Communorganizations High school. left the Flour City last Tuesday to drive to where he visit his family for weeks. He will return about the middle of August and attend the ccaching school Northwestern university for two weeks. Fifteen minutes he started work last Saturday morning in on the timber near his home, 10 miles southwest of Galena, Cecil Ware was killed when he was struck by falling limb. He and his John, had chopped down two trees and sought safety under tall tree nearby while the trees were falling. dead limb not much larger than baseball bat, broke loose 40 feet above them and struck Cecil on the head, penetrating his skull. Forreston, Ill., long famous for its annual sauer kraut day. expects to entertain thousands at the pickled cabbage banquet to be held Thursday, September 14. Martin Smith, 74. was standing in line at an Illinois Emergency lief station in Chicago waiting for his daily allotment of oatmeal from charity. Around the corner nearby speeding auto careened. Close behind was second car. The first loaded with bandits, the second with police. Bullets were flying between them. One of the shots struck Smith in the head, killing him. both the state legislature With adjourned its and Congress filling of both state expected the offices with and federal appointive will be in order and Democrats now will be made in that many changes future. In fact the the near have begun. A. M. placements Stockton in Daviess county, has been Jo by as acting placed Smith has been chairpostmaster. of the county central commitman for and also served as years state committeeman. Healey been appointed at Cherry Valhas succeeding Mrs. Fred Davis. ley Lawrence Luby expected to be named to succeed Postmaster thur Johnson Rockford. An Aurora department store replied thus to the quesmanager tion. "How do spend you extra hour under daylight saving?" in the column the titled. "Street Comment": spend reading and playing golf, both of which are worth while things to Swimmers and divers in the Fox Valley area have been asked to take in giant water carnival to part be staged at the Community swimming pool. Exposition Park. North Aurora. the afternoon of Sunday, July 23. The Lee Miller farm of 154 acres near Fairdale. which was sold at auction Saturday, brought $73 an acre. was strictly cash deal. Mr. and Mrs. Raymond Rapp of Chicago were the purchasers. Mr. Rapp an accountant. An effort being made to take advantage of the plan announced by the farm credit administration. refinancing and taking over farm mortgages held by closed and stricted banks to gain another dividend the depositors of the closed Rochelle Trust Savings Bank. Receiver Mougin gave out most cheerful message to the Rochelle News recently in regard to the new dividend.

7. June 1, 1934 Leaf River Mirror Leaf River, IL

Article Text

AGAINST THREE BANKS AUTHORIZED BY SECRETARY OF STATE Edward Barrett, state auditor, announces that he has authorized payments depositors' claims against three closed banks in Ogle county totaling more than The three banks, each of which has been authorized per cent are The Peoples Loan Trust at Rocompany, chelle, the Rochelle Trust and Savings bank, and the Monroe Center State bank. The largest of the payments which amounts to $36,245.71, at the Rochelle Trust and Savings bank. This brings the total amount paid to per cent, 24 per has been paid this bank previously. The dividend at the People's Loan and Trust of Rochelle, company, amounts bringing the total to 25 cent. At the Monroe per Center State bank dividend amounts to bringing the total paid at that bank also to 25 These payments, Mr. Barrett said, be paid out. to the depositors about June 8th. William the receiver for all three of the banks, and McDonald is the receiver. Mr. Barrett also announced that another bank in this territory, the Farmers State bank of Pecatonica, Winnebago county, will pay dividend, amouunting to bringing the total dividends bank to cent. per dend at Pecatonica was paid about May 26th. Mr. O'Connell also of bank and the deputy

8. July 5, 1934 Forreston Journal Forreston, IL

Article Text

APPELLATE COURT SUSTAINS EMERSON'S BANK DECISION Decision of former Circuit Judge William Emerson granting approximately $16,000 in preferred claims against the closed Rochelle Trust and Savings bank rendered year ago, has been upheld the Appellate court of the second district at Ottawa, according to word received by Attorney Robert Bracken, Dixon, counsel for the bank The funds involve money loaned the bank through the purchase of leged misrepresented notes and also represent the claims of five plaintiffs against the bank. The court, however, held that all preferred claims must be paid from the $16,384.87 cash on hand in the bank at the time it closed, and should other preferred claims be lowed on the same grounds, the ferred claims will have to be prorat- Although the claims involved in the suit are the only ones filed to date, reported that approximatein other claims eligible preferment on the same grounds have not been filed. If these claims are allowed the payments will then have to be prorated, the Appellate court held. The court also upheld Judge Emerson's ruling that which the Rochelle bank had on deposit in the Continental Illinois National Bank and Trust company of Chicaand which was held by the bank for money owed it by the Rochelle bank, did not represent cash hand in the Rochelle bank claimed by attorneys for the claimants, and that no other fund but the actual cash on hand in the chelle bank when closed should be used to pay the preferred claims. The original suit was brought Hadassa Cleverstone, who sought about $8,000 preferred claim, four others, the Mrs. Amelia Einerich estate, Emma Curran, Miss Ruth Blackman and Mrs. Bertha Osse. Claims the latter four represented the other $8,000 sought It testified at the hearing fore Judge Emerson then that the claimants notes from the funct Rochelle bank with the under'that they were secured try, mortgages real estate.

9. July 21, 1934 Dixon Evening Telegraph Dixon, IL

Article Text

ROCK FALLS MAN LOSES PLEA FOR PREFERRED DEBT Judge Sheean Handed Down Decision in Rochelle Case Oregon, Ill., July 21—Petition of Frank G. Bilmire, of Rock Falls that he be given a preferred claim of $2,500 against the defunct Rochelle Trust & Savings bank on charges that bank officials fraudulently sold him a second mortgage note for a first mortgage note was disallowed by Judge Frank T. Sheean in the Ogle county Circuit Court yesterday. According to testimony taken today, Bilmire purchased a note for $3,000 from bank officials several years before the bank closed with a contract declaring the note to be on a first mortgage. Bilmire admitted that he learned that the note was not part of a first mortgage before the bank closed and accepted a payment of $500 on the principal. This, according to Judge Sheean's decision, automatically barred Bilmire from receiving a preferred claim due to the fact that he had knowledge that his security was not a first mortgage before the bank closed. Attorneys Robert L. Bracken and James Ryan of Dixon, counsel for the bank receiver, opposed Bilmire's claim. Testimony was also taken today on the claim of Mrs. Lucy File, Rochelle, against the Rochelle Trust and Savings bank. Mrs. File also charges that bank officials sold her worthless second mortgage notes as first mortgage notes in the sum of $1,200. Decision in this suit was taken under advisement by Judge Sheean. Mrs. File was represented by Attorney Harold Neff of Rochelle.

10. July 21, 1934 Dixon Evening Telegraph Dixon, IL

Article Text

This, according to Judge Bracken's decision, automatically barred Bilmire from receiving a preferred claim due to the fact that he had knowledge that his security was not a first mortgage before the bank closed. Attorneys Robert L. Bracken and James Ryan of Dixon, counsel for the bank receiver, opposed Bilmire's claim. Testimony was also taken today on the claim of Mrs. Lucy File, Rochelle, against the Rochelle Trust and Savings bank. Mrs. File also charges that bank officials sold her

11. July 27, 1934 Leaf River Mirror Leaf River, IL

Article Text

Preferred Recent Decision By Judge Sheean Confirms Former Opinion Judge Emerson Petition of Frank G. Bilmire of Rock Falls that he be given ferred claim of $2,500 against the funct Rochelle Trust and Savings bank on charges that bank officials fraudulently sold him second note for first mortgage note disallowed Friday by Judge Frank Shecan in Ogle county cuit court. According to testimony Bilmire chased note for from bank officials several years before the bank closed with contract declaring the note be first mortgage. mire admitted that he learned that the note not of first before the bank closed and gage cepted of $500 on the payment principal. This, according to Judge Sheean's decision, automatically barred mire from receiving preferred claim due to the fact that he had that his security was not first before the bank closed. Attorneys Robert Bracken and James of Dixon, counsel for the bank receiver, opposed Bilmire's claim. Testimony also taken Friday the claim of Mrs. Lucy File, chelle, against the Rochelle Trust and Savings bank. Mrs. File also charges that bank officials sold her worthless second mortgage notes first notes in the sum of gage cision in this suit taken under visement by Judge Sheean. Five preferred claims were allowed against the defunct Rochelle bank that bank officials defrauded charges investors of total of former Circuit Judge William more than year ago. Judge Emerson, his decision, however, that only the cash hand the bank the time of its closing could used in the payment of preferred claims. This ruling upheld in of the appellate and, pointed by Attorney Bracken, that regardless of how many preferred claims are granted against the bank on fraud charges, payment only be made from $16,000, which was the amount of cash hand in the bank when closed. The five claims already granted exceed the total amount of available funds from which they can be paid, pointed out. additional claims allowed, the fund are have to be prorated among the preferred claimants, was declared. the general assets of the bank are not assessable for preferred claims, the appellate court held. All seven claimants charge that they were given first mortgage tracts securing notes which they had the bank. After the purchased bank closed in 1931, the claimants clare they discovered that the notes for second and gage Bertschied, former chelle resident now living in California, who was cashier of the Rochelle bank, named in majority of the petitions as the bank official who "fraudulently deceived the inves-t Claims against the bank which have been allowed preferred in Ogle county circuit court including intercharges are follows: Mrs. AmeWeinrich estate, Miss Emmo Kern, Miss Ruth Blackman trustee, Mrs. as $1,084.81; and Mrs. Bertha Osee, Haddassa Cleverstone, Claims against the bank which have been filed but not heard by the court those Miss Emma Kern, Mrs. Charlotte Broitzman, Mount Carroll, $2,000; Zimmerman, Miss Ruth BlackRochelle, Rochelle, guardian, $3,000; Frank Cawley, Rochelle, Rochelle, and Mrs. Morris, Sarah Henry, Rochelle,