First State Bank (Barrington, IL)

Episode Information

Episode UID
70115671586
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7011567 routing
Routing Number
70-1156
Start Date
February 1, 1932*
Location
Barrington, Illinois (42.154, -88.136)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f82355463abfc085

Response Measures

None

Description

Bank was closed and placed in receivership by the state auditor; later liquidations/dividends paid by receiver.

Events (5)
1. February 1, 1932* Receivership
Newspaper Excerpt
First State bank of Barrington, closed William Busse Jr., receiver
Source
newspapers
2. February 1, 1932* Suspension
Cause
Government Action
Cause Details
State auditor named a receiver and the bank was closed by state authorities.
Newspaper Excerpt
First State bank of Barrington, closed William Busse Jr., receiver
Source
newspapers
3. January 11, 1935 Other
Newspaper Excerpt
Clearing House Put Into Action At Barrington ... 10 per cent of deposits tied up in the closed Barrington bank became available ... under the clearing house plan
Source
newspapers
4. February 15, 1935 Other
Newspaper Excerpt
A similar 5 per cent disbursement to the 1200 depositors in the First State Bank of Barrington was also approved ... dividend checks for 5 per cent will be in the mails
Source
newspapers
5. July 5, 1935 Other
Newspaper Excerpt
First Installment of R.F.C. Loan Means Early Dividend at Barrington ... $20,000 has been received as part payment of the R. F. C. loan for the First State bank of Barrington receivership
Source
newspapers

Newspaper Articles (4)
1. February 26, 1932 Chicago Tribune Chicago, IL

Article Text

AUDITOR NAMES RECEIVERS FOR 4 CLOSED BANKS State Institutions Get No U. S. Loans. State Auditor Oscar Nelson yesterday the of and for the receivers of four closed banks as fol. lows: State Bank of Niles, closed on Feb. 6: H. E. & Weinfeld. attorneys Morgan Park Trust and Savings bank, Longwood drive 111th closed on Jan. 25; Robert C. McManus, receiver: Ungaro & Sherattorneys. State bank, 11106 Michiavenue, closed on 29; Adolph Helquist, McFarland, Mor First State bank of Barrington, closed William Busse Jr., receiver; Edwin D. Lawlor, attorney Can't Get U. S. Loans. The auditor's office was informed that closed not obtain loans from the Fed eral albanks may This is he Illinois laws not the receiver bank to pledge its assets for loan. as At. torney Oscar Carlstrom recently an opinion that directors of building and associations could pledge for a loan the auditor asked him for an opinion regarding closed banks unfreezing their with help as bank are planning to do. United States Senator Otis F. Glenn ing the depositors of the closed Ogden National bank of Chicago to the office of John W. Pole, controller of the in Washington yes terday. They sought information regarding the handling of the bank's assets. Plan to Reopen Bank. Joseph McNeill, of a the Park bank, said efforts were being made to and reopen the bank. given by the auditor's office that in the be petition in bankruptcy was filed the federal court at Danville by Charles H. Meyer who gave Urbana, III., as his home and listed as one of his debts for closed Lake View State bank in Chicago. Meyer, former chief examiner for the Chicago Clearing House asso ciation, than $400 000 from banks In his petition he 227 and of His wife filed petition listing of and assets of $90 Delay Case Against Teller. A. charge of against Victor E. Olson, 48 years old, 104 West street, head teller of the Wiersema State bank, was continued yesterday when he was arraigned Judge James F. Fardy in the Felony Assistant State's Attorney Wilkie Ham told the court auditors were still examining the bank and that so far $15,000 has been Olson, who, he lost It in the stock market. Circuit Judge Michael Feinberg obtained from Carl Ring, 4909 North St. Louis avenue, meat dealer, that he had given false about his indebtedness to the closed South Side Savings and Trust 4659 Cottage Grove avenue. Ring said he was without means to his and his brother, the this was untrue, that Carl had all his his and Louis When Ring and his agreed to turn his and signed over to the of the to which he Judge Feinberg leased him after night in

2. January 11, 1935 The Daily Herald Chicago, IL

Article Text

Clearing House Put Into Action At Barrington Ten per cent of deposits tied up in the closed Barrington bank became available for trade and payment of debts Monday when the Barrington Merchants Clearing House association opened its doors. B. A. Schroeder is secretary. Under the clearing house plan 35 local merchants are co-operating with the bank receiver's office. Depositors in the closed banks fill out assignment blanks setting up credit to 10 per cent of their money tied up in the bank. Having done this he is free to use the credit in any of the stores co-operating in the plan, arranging with the merchant to accept the assignment calling at the clearing house to arrange the transfer of the credit, then taking receipts from there to the stores where they are exchanged for receipted bills. A similar plan has been in operation in Des Plaines, making available for local credit purposes money which is tied up in the local banks.

3. February 15, 1935 Arlington Heights Herald Arlington Heights, IL

Article Text

FIRST DIVIDEND OF ARLINGTON BANK ORDERED 5 Per Cent Being Paid Next Week; Bank Closed in 1931 The first disbursement from the Arlington Heights State bank since the institution closed in August, 1931, was announced during the past week by Edward J. Barrett, state auditor of public accounts. Dividend checks for 5 per cent will be in the mails by Wednesday for the bank's 1350 depositors. A total of $17,700 is being disbursed. Since the bank closed the receiver has concentrated on the paying of bills totaling $115,600, and the dividend now to be disbursed represents the first collections above the bills payable, according to the deputy receiver directly in charge of liquidating the bank. A cash reserve is also being held for the payment of preferred claims, the total of which has not yet been adjudged, but which is expected to be slightly more than $3,000. After these claims are paid it will be possible to distribute future collections to general creditors as rapidly as sufficient funds can be accumulated, says the receiver's office. A similar 5 per cent disbursement to the 1200 depositors in the First State Bank of Barrington was also approved by Mr. Barrett and will be mailed early next week. This dividend is being paid out of collections from assets and is not a part of an expected RFC loan which should be available within 60 or 90 days, says the receiver's notice of the payment. The bank is asking $80,000 from the RFC which should permit another dividend of 15 to 20 per cent. This present 5 per cent dividend is being paid in accordance with the plan of William L. O'Connell, receiver, to pay dividends as soon as the cash is on hand, states H. E. Robertson, deputy receiver. He adds that disbursements have not been possible sooner because $128,000 in bills of the Barrington bank incurred before closing had to be paid first. All preferred claims totalling approximately $3,000 are being paid at this time.

4. July 5, 1935 The Daily Herald Chicago, IL

Article Text

First Installment of R.F.C. Loan Means Early Dividend at Barrington William O'Connell, district bank receiver, reports that $20,000 has been received as part payment of the R. F. C. loan for the First State bank of Barrington receivership. More money is expected to fulfill the request of $80,000 made some time ago. If the entire loan comes through, a payment of 20 per cent will be made to depositors.