Bank of Rushville - Rushville, IL

Episode Information

Episode UID: 70058571573
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 7005857 routing
Routing Number: 70-0585
Start Date: January 19, 1931
Location: Rushville, Illinois (40.121, -90.563)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: e9191d9b86740627

Response Measures

None

Description

Article states the bank closed Jan. 19, 1931 and was placed in receivership; detailed receivership costs are reported.

Events (2)

1. January 19, 1931 Receivership

Newspaper Excerpt: report...as made by Receiver Henry W. Ladewig up to Sept. 30, 1932. According to this report, Mr. Ladewig's salary for the 19 months he has been in charge totaled $7,416.66 ... Adding these items together, the 19 months' expense of partially liquidating this bank reaches the astounding total of $28,166.12.
Source: newspapers

2. January 19, 1931 Suspension

Cause: Government Action
Cause Details: Bank closed and a receiver (Henry W. Ladewig) was appointed, initiating receivership and liquidation.
Newspaper Excerpt: The Bank of Rushville closed Jan. 19, 1931.
Source: newspapers

Newspaper Articles (1)

1. January 3, 1933 The Des Moines Register Des Moines, IA

Article Text

THE REGISTER'S READERS SAY— COST OF BANK RECEIVERSHIPS. To the Editor: What is it costing the depositors and stockholders of closed banks in Iowa to liquidate their assets under our system of state and federal receiverships? Banks have been closing in unusual numbers in Iowa for more than 10 years, yet I do not recall a single instance where the receiver's expenses in liquidation have been published. Are not the unfortunate depositors in Iowa banks entitled to know how efficiently and at what expense these banks are being liquidated? Perhaps a little light on this question may be gathered from such a report released for publication early this month, by State Auditor Oscar Nelson of Illinois, at the request of the Rushville, Ill., Times and an irate local committee. The Bank of Rushville closed Jan. 19, 1931, (Rushville, Ill., is a town about the size of Colfax, Ia.). The report covers a detailed statement of receipts and expenditures as made by Receiver Henry W. Ladewig up to Sept. 30, 1932. According to this report, Mr. Ladewig's salary for the 19 months he has been in charge totaled $7,416.66, or $400 per month. In addition to this salary he was allowed $1,218.66 as "receiver's expenses," thus increasing his income from this one source alone to more than $450 per month. Other expenses as listed by the receiver include $4,980 attorneys' fees; legal expenses, $1,162.18; clerk hire, $4,216.05; administrative miscellaneous expense, $1,567.33; non-administrative miscellaneous expense, $4,985.69; and other smaller items that I need not list. Adding these items together, it is ascertained that the 19 months' expense of partially liquidating this bank reaches the astounding total of $28,166.12. Results in returns to depositors: from receivership liquidation, nothing; from funds paid in by stockholders, under provisions of Illinois law governing stockholders' liabilities (and in this particular instance raised largely expense free by voluntary action of stockholders), one 11½ per cent dividend—distributed at a direct and immediate expense of $1,865.18, and a total cost of $28,166.12. Now, do these figures mean anything in Iowa? Why can't we have the facts?—J. M. Gardner, 615 West Davis ave., Des Moines. EDITOR'S NOTE—If Mr. Gardner is concerned here with having information of receivership costs available to the public, that is already the case with state banks. The receivers file every three months a detailed report on the progress of the receivership with the district courts by which they were appointed, and those reports (including the costs of the receivership) are available to any citizen at the office of the clerk of the appointing court. The federal bank receivers also file similar reports quarterly, but these are sent to the comptroller at Washington and obviously are therefore less accessible. Iowa has had a reputation for several years for being among the very lowest states in cost of state bank receiverships.