Manufacturers State Bank (East Moline, IL)

Episode Information

Episode UID
70054871581
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7005487 routing
Routing Number
70-0548
Start Date
September 25, 1931
Location
East Moline, Illinois (41.501, -90.444)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7d5fe61880c4bc5a

Response Measures

None

Description

Articles state the bank closed Sept. 24–25, 1931 and was placed in receivership; closure appears permanent.

Events (4)
1. September 25, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Frozen assets of the institution made closure necessary; bank examiners later found no irregularities.
Newspaper Excerpt
The local institution closed its doors Sept. 24, 1931.
Source
newspapers
2. October 26, 1931 Receivership
Newspaper Excerpt
Appointment of a receiver of the Manufacturers State bank of East Moline will be made Monday by Oscar Nelson, state auditor of public accounts.
Source
newspapers
3. June 17, 1932 Other
Newspaper Excerpt
Distribution of money collected by Oscar Ohlweiler, receiver for the Manufacturers State bank of East Moline, from stockholders under their liability to creditors, has been ordered by Judge Nels A. Larson in the Rock Island county circuit court.
Source
newspapers
4. August 17, 1932 Other
Newspaper Excerpt
Dividend checks representing five cent of the deposits in the closed Manufacturers Bank of East Moline are being mailed to the depositors today.
Source
newspapers

Newspaper Articles (12)
1. October 14, 1931 The Dispatch Moline, IL

Article Text

Ray Klingbiel Seeking Of Bank Receiver East Moline, Oct. asking that be appointed ceiver for the Manufacturers' bank, which has been closed since September being circulated by Ray Klingbiel, East Moline attorney, and as sufficient number of names depositors of the closed institution obtained, the petition will be forwarded Oscar Nelson, state auditor, at Springfield. No announcement has yet been made as to who will be assigned as receiver of the bank and state work the this said they had no knowing when this action will be taken. Selection of receiver, who will take charge of the institution and begin the task of liquidating its sets, be made by the state auditor. hoped that receiver will be appointed within near future as to make possible the opening of the safety deposit vaults which have been closed to patroñs since the day the bank shut its doors.

2. October 24, 1931 The Dispatch Moline, IL

Article Text

Bank Receiver to Be Named Monday Dispatch Special Service. East Moline, Oct. to word received from the state auditor's office in Springfield the appointment of receiver to take charge of the affairs of the Manufacturers bank in East Moline will be announced Monday. The information received from Oscar Nelson, state auditor, came in reply to several queries regarding the progress being made in connection with the appointment. Ray I. Klingbiel, East Moline city who forwarded a petition to the state auditor eral weeks ago asking that he be named of the local bank, stated today that he held slight hope of getting the appointment.

3. October 25, 1931 Quad-City Times Davenport, IA

Article Text

MANUFACTURERS BANK RECEIVER TO BE APPOINTED Appointment of a receiver of the Manufacturers State bank of East Moline will be made Monday by Oscar Nelson, state auditor of public accounts, according to information received in answer to numerous queries. The bank has been closed since Sept. 25, when frozen assets of the institution made this step necessary. An audit of the books was completed about three weeks ago and the bank examiners announced that there were no irregularities.

4. November 10, 1931 The Daily Times Davenport, IA

Article Text

Depositors Want Harper Named as Bank's Receiver Three hundred depositors of the closed Manufacturers State bank of East Moline have signed petitions asking that Robert M. Harper, East Moline publisher, be appointed receiver of the bank to replace Oscar Ohlweiler of Rock Island, it was announced today. The petitions were circulated by dozen depositors of the bank. It was explained that under the law if two-thirds of the creditors representing of the deposits petition for the of a receiver he is to be named provided he an elector in the county and a person. Mr Harper has been a resident of East Moline 18 years and is a depositor in the bank. Mr Ohlweiler said today that he and his staff been busy since his appointment checking the bank's assets and liabilities and that while the work is taking considerable time it is now nearing completion.

5. November 13, 1931 The Rock Island Argus Rock Island, IL

Article Text

JOHNSTON WILL BE COUNSEL FOR BANK RECEIVER Moline City Attorney Designated to Handle Legal Matters of Liquidation. (Special to The Argus.) Springfield, III., Nov. 13.-James M. Johnston, Moline city attorney, is to act as attorney for the receiver of the Manufacturers State bank of East Moline, it was announced today at the office of State Auditor Oscar Nelson. At the time the receivership was established for the bank, it was announced by Mr. Nelson that Ben S. Bell, state's attorney, would be designated as counsel for the receiver, but Mr. Bell has informed the auditor that after consideration the situation he has found it impossible to assume the duties, and today Mr. Johnson was designated. Past relations of East Moline attorneys with persons interested in the affairs of the bank, It is understood, prevent selection of any of them to act as counsel for the receiver.

6. December 14, 1931 The Daily Times Davenport, IA

Article Text

Suit to Approve Ohlweiler Bank Receiver Filed Approval of Oscar Ohlweiler as receiver for the Manufacturers State bank East Moline is asked in suit filed in Rock Island county circuit court The suit entitled People of the State of Illinois the name of Oscar Nelson, state auditor, against the Manufacturers State bank East Moline.

7. June 17, 1932 The Dispatch Moline, IL

Article Text

Stockholders Pay And Depositors of Bank to Get Cash Distribution of money collected by Oscar Ohlweiler, receiver for the Manufacturers State bank of East Moline, from stockholders under their liability to creditors, has been ordered by Judge Nels A. Larson in the Rock Island county circuit court. The receiver reported to the court that he has collected $35,104.69 on the capital stock liability, an amount sufficient to pay 4 percent on the

8. August 17, 1932 The Daily Times Davenport, IA

Article Text

CHECKS MAILED TODAY CLOSED BANK Dividend checks representing five cent of the deposits in the closed Manufacturers Bank of East Moline are being mailed to the depositors today. checks for this, the third dividend are drawn the State bank East Moline and will cashed there at their face value. The checks five per cent of $778,000, the total deposits in the bank.

9. January 16, 1933 The Rock Island Argus Rock Island, IL

Article Text

Mayor Thompson Issues Proclamation Following Decision by Sister Cities to Decree Suspension Of Activity for Two Weeks. IS TAKEN TO APPREHENSION ACTION QUIET Means Protection for Individual and Institutions During Period Set Aside to Insure Maintenance Of Economic Structure. Chester Thompson at o'clock this morning, following similar action yesterday afternoon taken of Moline and Mayor jointly by Mayor John Huey Charles Carpentier of East Moline, issued a declaring a two weeks legal or bank holiday in Rock Island. The holiday became effective today, action of directors of both banks of Rock Island being immediately taken to abide by the holiday proclamation. New disturbances in banking which reached climax yesterday with the action of the mayors of Moline and East Moline, were the result of spirit of unrest and apprehension on the part of some depositors, existing since Union Bank & Trust Christmas week when the Savings company in Davenport suspended and three other smaller banks, two in Davenport and one in Bettendorf, went into liquidation. In Rock Island, since the closing of the Union bank in Davenport, the 60-day restriction savings deposit withdrawals been in effect. Apprised of the develophas confered with business ments in Moline, Mayor Thompson leaders of the city, and decided on the extraordinary action of declaring a two-weeks suspension of banking business, and formally issued the proclamation immediately after midnight. Action Protects All Deposits. Rock Island, not an isolated community but immediateadjacent the other cities in the quad-city group which the conditions have been was banking certain to be affected by unrest following extraordinary precautions in the other cities, and no course appeared logical except to take similar action in Rock Island to prodepositors. Today's development in Rock Island is the third instance in the last 18 months in which developments in the quad-cities have forced measures in Rock Island to protect deposits. The first was Sept. 30, 1931, when the closing of the American Savings Bank Trust company in Davenport, coming closely after the suspension of the Commercial Savings bank Moline and the Manufacturers' State bank East Moline, precipitated on the former Central Trust & Savings bank in Rock Island. The Central was closed and other banks of the city invoked immediately the 60-day restriction on This was followed by consolidation of the Central Trust, the Rock Island Savings and the Manufacturers Trust Savings bank to form the Rock Island Bank & Trust comon Jan. 1932. pany, Normal conditions were restored. Then on Christmas the difficulties of the Union bank in Davenport came to climax, and that bank suspended, the three other smaller banks, the Northwest Davenport Savings bank and Home Savings bank of Davenport and the Bettendorf Savings bank of Bettendorf, immediately also going into liquidation. Confronted again by outside conditions which it was feared might precipitate unrest in Rock Island, the banks of Rock Island and the Moline State Trust & Savings bank put the 60-day restriction on in effect Dec. Now for the third time circumstances arising in the quad-cities have necesitated action to protect Rock Island institutions against reflected effect of these conditions. Purpose of Holiday Explained. Mayor Thompson's proclamation explains the purpose of the holiday as a measure to preserve the stability of the financial and business institutions. The city's full text of the mayor's proclamation appears elsewhere. It is not expected that business houses generally will close under the holiday proclamation, though lack of bankfacilities will curtail trade. Banks of Rock Island, following action to abide by the holiday proclamation, issued a statement jointly, appearelsewhere in this issue, stating their efforts to prevent injury to the interests of depositors. The bank holiday plan has been resorted to with beneficial results by various other cities the last 18 during months when public apprehension and uncertainty seemed to call for action to protect the individual citizen and the common welfare.

10. February 10, 1933 The Rock Island Argus Rock Island, IL

Article Text

Upholds Preference on School District Funds Judge Leonard E. Telleen in the Rock Island county circuit court this morning ruled that claim of Dennhardt, school township treasurer, against the former Manufacturers State bank of East Moline, preferred claim. The treasurer day or two before the bank suspended in September, 1931, withdrew his deposit as treasurer from bank, taking Chicago draft for the amount, $4,653.38. When the bank closed the Chicago bank on which the draft was made refused to honor it, and Mr. Dennhardt contended the circumstances made his claim preferred one. He was represented by Long James M. Johnston appeared for the receiver, Oscar Ohlweiler An appeal may be taken, was understood at the conclusion of the hearing.

11. August 4, 1933 The Dispatch Moline, IL

Article Text

League Leaders Have Hard Time Defeating Troy Dispatch Special Service. East Moline, Aug. 4. Softball team of the Troy Laundry nearly upset the leading Herb's Army Store outfit in a league game last night. The Army Store boys came through, however, with a 7 to 6 victory to maintain their place at the top of the league with a perfect record. The State Bank squad turned in its second straight victory in its game last night with the American Legion team, handing the ex-service mens aggregation an 8 to 3 trimming. The victory puts the Bankers in second place. The Rotary club, now tied for second honors, won another league contest last evening at the expense of Stine's Tailors, getting a 5 to 1 decision over the stitchers. The East Moline C. Y. O. won out in the fourth game last night, handing the Silvis Eagles a 9 to 6 set-back. The standings of the various teams in the league after last night's results are as follows: Team W. L. Herb's Army Store 3 0 1.000 State Bank 2 .667 Rotary Club 2 .667 East Moline C. Y. 2 .333 Silvis Eagles 2 .333 Stine's Tailors 2 .333 American Legion 2 .333 Troy Laundry 2 .333 and records of the closed Manufacturers' bank in East Moline will be transferred to the Moline State bank building where all transactions having to do with the receivership of the local bank will be carried on after August 8, it was announced today by Trueman Schafer, assistant to the receiver in charge of the liquidation of the bank. The transfer of Mr. Schafer and his stenographer, Mrs. Tom Bennet, to Moline, is in line with economy measures being fostered by W. L. O'Connell, bank receiver, Mr. Schafer explained. All business in connection with the receivership of the People's and Moline State banks is now being transacted in the State bank building and after August 8 will the Manufacturer's bank. G. H. Pemberton, deputy receiver for this district, supervises the transactions of closed banks in this community and having as many as possible centralized under one roof will facilitate his work in this connection, it was stated. The local institution closed its doors Sept. 24, 1931. Since that time it has paid out to depositors 19 percent of their deposits. Dispatch Want Ads bring results.

12. November 17, 1933 The Dispatch Moline, IL

Article Text

BANK RECEIVER OFFICE TO BE OPEN UNTIL 4 Headquarters of the People's Savings Bank and Trust company, Moline State Trust and Savings bank and Manufacturers' State bank of East Moline located in the Moline State Trust building will be open. daily including Saturday, from 9 to 4, it is announced by Fred W. Allen, deputy receiver. The office had been open from 9 to 3, except on Saturday, when it closed at noon. The change was made for the convenience of persons having business to transact with the three banks. which are in receivership. The same hours will be maintained at the Commercial bank, it is announced by C. J. Smith, receiver.