Article Text
APPROVE ARCOLA BANK RECEIVER First Payment to Be Fifteen Cents on Dollar; Court Appoints Appraisers
Arcola State Bank (Arcola, IL)
Episode Information
- Episode UID
70063571526- Episode Type
- Suspension → Closure
- Bank Type
- state
- Bank ID
-
7006357routing - Routing Number
70-0635- Start Date
- February 1, 1927*
- Location
- Arcola, Illinois (39.685, -88.306)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
265f2b26eb5bb425
Response Measures
None
Description
Receiver approved May 21, 1927; closure occurred in February 1927.
Events (2)
1.
February 1, 1927*
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank closed in February 1927 due to insolvency/financial failure (later references to defalcations and shortage).
- Newspaper Excerpt
- the defunct Arcola State bank which was closed in February
- Source
- newspapers
2.
May 21, 1927
Receivership
- Newspaper Excerpt
- T. E. Lyons, trustee of the bank, was approved as receiver by Judge Boggs this week, and was given power to collect and compound debts, and to sell personal property and real estate on such terms as the court may approve.
- Source
- newspapers
Newspaper Articles (7)
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First Payment to Be Fifteen Cents on Dollar: Court Appoints Appraisers ARCOLA, May 21—Arrangements are being made to make first payments to depositors of the defunct Arcola State bank which was closed in February in the near future. The receiver indicated that the first payment will be 15 cents on the dollar. T. E. Lyons, trustee of the bank, was approved as receiver by Judge Boggs this week, and was given power to collect and compound debts, and to sell personal property and real estate on such terms as the court may approve. Mell Crew of Arcola, Grover Helm of Tuscola and John Poorman of Humbolt were appointed as appraisers of the property to be sold. Returns From Decatur Rev. Father Toomey, pastor of the Catholic church in Arcola has returned home from Decatur where he has been in the hospital for the past two weeks. An x-ray examination showed he was suffering from an affection of the bones of the face and will probably require an operation for relief. Mike McCafferty has been very seriously ill this week and will go to the Mayo clinic at Rochester, Minn., for treatment. Mr. and Mrs. John Lyons and sons of Dallas, Texas, are visiting at the home of his mother, Mrs. Lizzie Lyons this week. John has been employed in the offices of the M. K. & T. railroad for a number of years at Dallas.
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APPROVE ARCOLA BANK RECEIVER First Payment to Be Fifteen Cents on Dollar; Court Appoints Appraisers ARCOLA, May 21--Arrangements are being made to make first payments to depositors of the defunct Arcola State bank which was closed in February in the near future. The receiver indicated that the first payment will be 15 cents on the dollar. T. E. Lyons, trustee of the bank, was approved as receiver by Judge Boggs this week, and was given power to collect and compound debts, and to sell personal property and real estate on such terms as the court may approve. Mell Crew of Arcola, Grover Helm of Tuscola and John Poorman of Humbolt were appointed as appraisers of the property to be sold.
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APPROVE ARCOLA BANK RECEIVER First Payment to Be Fifteen Cents on Dollar: Court Appoints Appraisers ARCOLA. May 21-Arrangements being made make first ments depositors of the defunct Arcola State bank which was closed February in near future. The receiver that the first ment will be 15 cents on the dollar. T. E. Lyons, trustee of the bank approved as receiver by Judge Boggs week, and given powcollect and compound debts. and personal property and real terms as the court may approve. Mell Crew of Arcola, Grover Helm Tuscola and John Poorman Humbolt appointed as appraisof the property be Returns Decatur Father Toomey pastor of the Catholic in Arcola has returned where he has in the hospital for the past two An examination showed he from an affection of the bones of the and will probablya require an operation for reMike McCafferty has been very seriously 111 this week to the Mayo clinic at Rochester, Minn., for Mr. and Mrs. John Lyons and sons of Dallas, Texas. are visiting at the home of his mother. Mrs. Lizzie ons John been employed the offices the M. K. raliroad for number of years at
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PLOW IS BITTEN BY RACER SNAKE June Moore, year old Moore, Salem, arm by blue racer snake times before succeeded ing the reptile. He was plowing his father's farm, and the snake, which about three feet long, crawled up of his The medical attention and effect expected, the racer said be not polsonous. Agency and and George with the Union Trust and the family been long residents this and their hosts friends sincerely regret they are leaving the Mr. Mrs. Groves and daughter Kathryn will leave Arcola days for Hoquaim, Wash., where they will make home for time. Since the closing the Arcola State Bank, which Mr. Groves he has Lyons, receiver the bank, but ranging Mrs. Will McMillin, Mrs. James Breedlove, Cora James Davidson, Mrs. Lester Lucile Mrs. Moyer, Mrs. members of the Arcola Shrine attended the Southern Illinois White Shrine Mattoon Tuesday ening. They present at the the afternoon.
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LOSES SUIT BANK Decides of Issues in Receiver. Special Tuscola, III., July Wamsley. after the matter for two months, has decided that Donnell of Lindsay, Okla., formerly of Lyons, remust pay the Arcola State Bank. the ceiver of in excess of balance judgment $4,000 which lien against the Donnell land in Shelby Defalcations $400,000. against Mr. Donnell The judgment result of note for given the Donnell to the Arcola Bank, by Mr. when the Lyons family was attempting to make good the losses to the bank through alleged defalcations of shortage that totaled apficials, proximately keep the bank The Lyons for the benefit its pafunctioning trons. paid into the bank each the four children agreeing to give for cover shortage of note Mr. Donnell married Miss $40,000. Agnes Lyons, sister receiver for the bank Compromise Set Mr. Donnell claimed he had effected compromise with the receiver. for the lesser and payment stated that the court had confirmed the compromise The receiver contended that, while had agreed upon with Mr. Donnell, the compromise agreement set aside by the court before the compromise paid over the The Lyons family estate hausted by its attempt to save the cola bank When compromise made between Donnell Mr Lyons, Mr. Donnell's ability to pay far than attorneys the say. After the compromise had made. but before the comtendered. Mr Donpromise nell's mother passed away. increasing his interests in Shelby county and Coles county real estate Queer Legal Angles. This matter had reported Judge Wamsley. and the judge for that reason. attorneys claim. set aside the compromise that Mr. Donnell had effected with the bank receiver Attorneys state that there were some queer legal angles the case which they had not encountered this time. John McNutt of Mattoon the attorney for Mr. Lyons. the receiver
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Bank, against Ralph to from the Shuey court. victory the bank ceiver, sented McNutt, Mattoon attorney. The litigation involves three notes were ArState Bank. One note bearing the date Aug. for dated Aug. 1920, for third, dated for $5,575. Ernst lost his life street cident, in Dole was named the estate of and paid on policies carried Almost the appointment Lyons, through his attorney, John McNutt, filed in the Coles county court claim for on the Ernst notes held by him as receiver for the Arcola State Bank. In the county court, after about year, Judge Lane, then county judge, Mr. Lyons obtained ment against the Ernst estate for $33,586.04. Administrator Dole appealed from the decision of the county court, taking the to the circuit court. Charleston presiding, the court refused admit the three notes and the jury to return verdict in favor of Dole. Judgment was entered in the circuit court on July 1931. After this Receiver Lyons took the case to the appellate court which Monday and remanded the decision of the Coles circuit court.