Exchange State Bank (Genoa, IL)

Episode Information

Episode UID
70078571560
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
7007857 routing
Routing Number
70-0785
Start Date
December 1, 1929*
Location
Genoa, Illinois (42.097, -88.693)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a4f17c455bcb31f1

Response Measures

None

Description

Articles mention suspension around Dec 1929 and later property in hands of a receiver (May 1931); reorganization was attempted but receiver assignment indicates permanent closure.

Events (3)
1. December 1, 1929* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended operations shortly before Christmas 1929 alongside Farmers State; closures led to efforts to reorganize and obtain new charter.
Newspaper Excerpt
Earl W. Brown, who was cashier of the Exchange bank, which suspended on the same day as the Farmers State closed its doors
Source
newspapers
2. January 30, 1930 Other
Newspaper Excerpt
At Genoa the business men of Genoa are back of a movement which combines the old Farmers State and Genoa State into one institution known as the Genoa State ... Earl W. Brown, who was cashier of the Exchange bank, which suspended ... has been actively engaged in the reorganization.
Source
newspapers
3. May 28, 1931 Receivership
Newspaper Excerpt
Almond Overlee wd George A. Fox Receiver Exchange State Bank. lots 17 and 18. blk 5. Eureka Park addn $1.00
Source
newspapers

Newspaper Articles (3)
1. January 30, 1930 The Daily Sentinel Woodstock, IL
Article from The Daily Sentinel, January 30, 1930

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Article Text

MARENGO AND GENOA BUSINESS MEN INTERESTED Applications Made To Nelson It was announced yesterday that applications have been made to State Auditor Oscar Nelson for charters for the Marengo State Bank and the Genao State bank, by directors and stockholders of similar institutions recently suspended. It is claimed a group of directors and stockholders of the Dairyman State bank at Marengo which suspended operations shortly before Christmas last year, is headed by W. C. Woodward. president of the defunct institution. The new bank, if a state charter is issued. will have a capitalization of $25,000 and a reserve fund of equal amount. At Genoa the business men of Genoa are back of a movement which combines the old Farmers State and Genoa State into one institution known as the Genoa State, with capitalization of $50,000. Earl W. Brown, who was cashier of the Exchange bank, which suspended on the same day as the Farmers State closed its doors, and who has been actively engaged in the reorganization. heads the group of those behind the reorganization. It is claimed that in both places men actively engaged in the institutions have been busy in an effort of reorganization. At Genoa, Mr. Brown says things look good for the proposed institution. The city has a population of 1,200 and is the center f a farm community. Without a bank the residents of Genoa have to depend upon Sycamore, the DeKalb county seat, eight miles to the south. There is another bank at Marengo, a city with a population of more than 2,000. The closing of the bank at Marengo during the holidays was a serious blow to the community. District Deputy State Bank Examiner J. J. Jaeger of Geneva, states applications for the new banks have been received. but assurances will have to be made to Mr. Nelson, that claims against the suspended banks must be settled before reorganizations are completed.

2. January 31, 1930 The Daily Chronicle De Kalb, IL
Article from The Daily Chronicle, January 31, 1930

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Article Text

GENOA WORKS FOR NEW BANK Permit For Reorganization Has Been Obtained By Five Business Men of Town Five business men of Genoa, in the formation bank, have been granted permit for such steps and are now actively engaged the work according to word from Genoa this morning. hoped that will be possible to reorganize the old Farmers State and the Exchange bank of that town which have for weeks. Several efforts open one of the banks been made since the institutions closed, but despite the been possible to carry through with the proposition the latest effort, that the working the permit, with point of the closed institution the opening banking house near future. From the offices the district deputy bank examiner, Jaeger, at Geneva that have be made Mr. Nelson that claims, against the institutions must be settled before the of this nature that the are their time with. Since the of the Genoa banks the of the town have been forced to to either Sycamore DeKalb for banking the banking control prompting every effort for the speedy reorand opening. At Marengo somewhat similar condition exists where the DairyState bank was suspended. Business men of that town have busy with plans and said to asking for charter $25,000 and fund of the same amount.

3. May 28, 1931 The Daily Chronicle De Kalb, IL

Article Text

COURTHOUSE DOINGS Real Estate Transfers: DE KALB Arthur Reingardt qed Bertha Reingardt lot 16, Martin Bros. and Amy Huber wd Blanche Hanson, lot 1, blk. 2, Gurler's addn $1,- Lillian C chlamann qed Francis Gison's addn. 1.00 King addn. and lot 4. blk and lot blk. Martin Bros and Mary Rourke ged Ida M Jack King addn and lot 4, hlk and lot 15. blk 2. Martin Bros and addn. $1.00 Josephine Larson ged Orra M Gunn. lot 1. blk. 26, Gilson's addn Orra M. Gunn and Josephine Lar. son. et al. lot 1, bik 26, Gilson's addn $1.00 Johnny Thompson wd William E Brown. et ux. lot 14 and pt. lot out-lot Loomis' 2nd addn $1.00 John Gantt wd Earl E. Weaver, et 11%. lot 10. Loomis 2nd addn. $1 Rhoda Weaver wd Charles Shuey lot 5. blk 2. Walsh's addn. $1.00. Grace R. Rachor et al qed Marcaret Rogers W 1-2 lots and 6, blk $10. Grace R. Rachor, pt. lot 17. sec 32 GENOA Joseph Schaefer Frank Fied- orowisz, lots 17 and 18, blk. 5. Eureka Park addn. $1.00. Almond Overlee wd George A. Fox Receiver Exchange State Bank. lots 17 and 18. blk 5. Eureka Park addn $1.00 SQUAW GROVE Fred Eberly ged Warren Eberly lot 1. blk. Miller 2nd addn. VIIlage of Hinckley. $1.00 George M. Eberly ged Warren Eb. erly, lot 1. blk. Miller 2nd addn Village of Hinckley. $1.00 CORTLAND Alfred Johnson ged Anna Johnson pt. sec and 10 $1.00 MAYFIELD Albert P Smith wd Anna Mac Smith, pt sec. 35 and 36 $10. In County Court: In the matter the department of public works and buildings, of the State of Illinois VS. Daniel M Gilchrist. et al. Petition in eminent demain Motion for new trial with drawn by Gates and Campbell and motion overruled as to others Motion entered arrest of judgment by other defendants and motion overruled except as to Ault and Gil. christ. Judgment on verdict as to Brown. Hait and Dyer. who togeth er with Butler and Schumacher pray an appeal to the supreme court which appeal is allowed upon filing bond sum of $350 within 30 days and bill of exceptions within 60 days. Notice received from the Elgin State Hospital stating that Charles Carlson died at said institution on May 18. Notice received from Dixon State Hospital stating that Robert Williams was paroled to two weeks to his sister, Mrs. W. Gleason of Hinckley approved In the matter of the board of re. view Oaths of members recorded. In the matter of Charter Oak Cemetery Association Order entered appointing Edwin Paulson. Al Rairdin Charles Brandt trust. ees for the three year term and John Aves as trustee to fill vacancy caused by the death of Lundberg In the matter of Kingston-Genoa in the United States. drainage district Order entered confirming commissioners report, and establishing drainage district Hearing had and Clifford Andrew Schwebke of Sandwich was adjudg ed dependent and committed to the Glenwood Manual Training School for Boys ESTATE OF Gertrude Wilton et al Final re port approved. estate declared set tled and guardian discharged Anne Mizel Harry Watson an pointed guardian of said ward and letters issued Andrew Gustafson Order entered to pay for marker. James L. Stewart Final report approved. estate declared settled and executrix discharged Charlie Carlson. Final report of conservator approved and conserva. tor ordered to pay balance remaining in his hands to administrator to be appointed by the court Lawrence Larson. Final report approved. estate declared mettled and administrator order to distribute as prayed. Byard Rogers Appraisement bill and final report approved. estate declared settled subject to presentation of claims within one year from date of letters Mary Jane Husk. Proof of notice to creditors made Jennie Warren. Proof of notice to creditors made. William Leifheit. Assignment filed and recorded. Herschel A. Schermerhorn Proof of notice to creditors made. Hazel D. Wade Inventory approved. Edwin D. Bone Inventory approv- Clara Weaver Order entered to pay for grave marker lla A Woodword Proof of notice to creditors made Charles F Allen. Will duly. pro bated Carl L Greeley appointed executor and letters issued E. P Dean. D A. Fuller and J. B. Fer. guson appointed appraisers August term for claims Proof of heirship made Daniel W Bowen James Crosby Henry Lanan and Charles Nichols appointed appraisers William George Will and codicils duly probated William L George appointed executor and letters is sued H Dannewitz Ed Wright and illiam H Coultrip appointed appraisers August term for claims Proof of heirship made. Elizabeth E. Hall. Charles Nichols, H. M Knight and Frank Stark appointed appraisers. August term for claims Annis E, Stearns late of Syca. more Personal estate about $200 Ethel E. Stearns appointed admin istratrix and letters issued. No ap. praisers August term for claims Proof of heirship made Inventory Rosina A Stratton. late of Plano Estate about $1.700 will and petition set for hearing on July 6th Five-sevenths of the estimated coal reserves of the world are in North America More than half of the bituminous coal of the world is