State Bank (Warrensburg, IL)

Episode Information

Episode UID
70164771576
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7016477 routing
Routing Number
70-1647
Start Date
April 1, 1931*
Location
Warrensburg, Illinois (39.933, -89.062)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7d65c1a0012c40fe

Response Measures

None

Description

No article describes a depositor run; bank was closed by state department and placed in receivership.

Events (2)
1. April 1, 1931* Suspension
Cause
Government Action
Cause Details
Closed by the Illinois state banking department (state-ordered suspension).
Newspaper Excerpt
...State Bank of Warrensburg, which was closed last month by the state banking department...
Source
newspapers
2. April 25, 1931 Receivership
Newspaper Excerpt
Appointment of stockholders' receiver for State Bank of Warrensburg... W. C. Chynoweth has been appointed by the banking department as receiver for the assets of the bank.
Source
newspapers

Newspaper Articles (5)
1. April 25, 1931 Herald and Review Decatur, IL

Article Text

COURT TO NAME BANK RECEIVER Creditors File Petition With Circuit Clerk Friday Appointment of stockholders' receiver for State Bank of Warrensburg. which was closed last month by the state banking department, is asked in a creditors' bill filed Friday in circuit court. W. C. Chynoweth has been appointed by the banking department as receiver for the assets of the bank. Stockholders Liable Each stockholder, under Illinois banking statutes, is liable for an amount not exceeding the par value of the stock he holds. The stockholders' receiver receives payments from the stockholders for disbursement to creditors. In most cases the receiver of assets appointed by the state banking department is also appointed by the court as stockholders' receiver. $93,000 Indebtedness Total indebtedness of the bank is estimated at $93,000. The largest block of stock is $2,000, held by W. W. Binkley. Other holdings are as low as one $100 share. Plaintiffs and the amounts of their claims are Warrensburg Canning Co., $2,211; F. H. Stiles, supervisor funds, $76.42; road and bridge fund, $293.76; drainage district, $97.74; W. A. Lambird, $4,400; Philip Bauman, $5,056; Chris Rau, $3,750. and Mr. and Mrs. L. A. Sears, $150. comes effective, less than one-third of the total taxes have been paid, Mr. Coffman said. The penalty is to be added on May 2. The treasurer's office will remain open Saturday afternoon as an accommodation to tax payers.

2. June 28, 1934 The Decatur Daily Review Decatur, IL

Article Text

Mother Bids $651 Auction of Chynoweth, Warrensburg Bank Receiver, Plans Sale. Offering note signed public auction the Warrensburg state received bid of $651 from Mrs. Stella Lewis. mother of the signer. circuit court had thorized acceptance any bid above Receiver Chynoweth will the building auction July This sale will in Warrensburg. WIFE ASKS DIVORCE. Mrs. Helen Lunsford filed suit for divorce Wednesday circuit ground that her Ivan Lunsford, convicted of larceny and sentenced to the penitentiary. Pearl alleges desertion petition William H Hooper.

3. December 9, 1934 The Decatur Daily Review Decatur, IL

Article Text

$6,291 Paid to Depositors in Bank at Macon Checks for the 11 per cent dividend in liquidation of the Macon State bank were in the hands of depositors Saturday, except in instances where there were assignments or other matters which retarded payment. The total distributed among 675 depositors is $6,291.10, which comes from the payment of liability by stockholders. J. F. Van Gundy is the bank's receiver W. C. Chynoweth, receiver for the Warrensburg State bank, said Saturday night it is uncertain how soon a dividend may be paid in liquidation of that bank.

4. July 26, 1935 Herald and Review Decatur, IL

Article Text

$5,700 FOR DEPOSITORS OF 2 BANKS Funds Turned Over to New Receiver; Seek Further Liquidation FINAL REPORT Elmer Sukow, newly appointed receiver for the closed Warrensburg and Macon state banks, has received approximately $5,700 of receivership funds from the former receivers, but will seek to further liquidate the assets of the two banks before making a distribution to depositors. Chynoweth Report W. C. Chynoweth, former Warrensburg bank receiver, announced he turned over $4,999.60 to the state auditor's office this week when he made a final report of his two and a half years' tenure as receiver. J. F. Van Gundy, receiver for the Macon bank, turned in about $700, but previously made an 11 per cent distribution amounting to more than $6,000. Receiver Chynoweth made no distribution. "I feel sure we can collect more money on the notes of both banks," Mr. Sukow told The Herald. He declined to predict when a distribution of the Warrensburg funds will be made. Reason for Delay Meanwhile Mr. Chynoweth declared he would have distributed the fund of nearly $5,000 two months ago had the matter of his replacement not come up. He said such a distribution would have amounted to five per cent of depositors' claims, but that it could not be made in the time after he learned he was to be replaced. The stockholders' liability receivership under Receiver E. L. Beall of Decatur is distinct from the general receivership under Mr. Sukow, who has offices in Springfield. Mr. Beall also has said he will make a further distribution, in addition to a $9,000 dividend paid to depositors in 1933. The stockholders' receivership is under jurisdiction of the circuit court, while the general receivership is supervised by the state auditor's office. Survey Shows Fees Mr. Chynoweth, former state representative, announced the amount of the receivership fund after a survey showed that receivers' and attorneys' fees for the two receiverships had cost more than $12,000 in fees since the banks closed, while total distributions to depositors amounted to approximately $15,000.

5. July 26, 1935 Shelby County News-Gazette Windsor, IL

Article Text

LIQUIDATION COSTS IN TWO MACON CO. BANKS These Figures Give Interesting Side Lights On Expenses In Settling Up Defunct Banks (By our staff correspondent) Decatur, Ill., July 21.—While distributions of the Warrensburg State Bank, and of the Farmers' State Bank of Macon have totaled $15,000, receivers' attorneys' and stenographic fees necessary for the liquidation of the two institutions will amount to at least $12,000, investigation of records in the Macon county circuit clerk's office showed Friday. W. C. Chynoweth, general receiver for the Warrensburg bank which has been closed since April 1931, had received $3,736.84 as his fees up until the end of October 1934. No quarterly reports have been filed in court since that time. Mr. Chynoweth originally drew $125 a month as receiver but the fee was gradually reduced to $75 at his own request. Allowance was made for expenses. Legal, Clerical Fees The law firm of McDavid, Monroe and Mann, representing the bank, had drawn $2,847.32 as legal fees at the time of the filing of the last report. Clerical and stenographic costs amounted to about $2,000. J. F. Van Gundy, receiver for the Macon bank which closed in February, 1932, had received $2,320.10 as his fees up until August, 1934, when the last report was filed. Mr. Van Gundy is receiver both for the assets of the institution and for the stockholders' liability. Legal fees in the case of this bank had totaled $930.72. Charles Lee is the attorney. Dividend Distribution Mr. Van Gundy distributed $6,291 in dividends to depositors in the Macon bank last November, representing 11 per cent of the claims. Both Mr. Chynoweth and Mr. Van Gundy are to be relieved of their duties as receivers as the result of the appointment of Elmer Sukow as deputy receiver of both banks by State Auditor E. J. Barrett. Replacement of the two general receivers does not affect E. L. Beal as the Warrensburg bank receiver of stockholders' liability. Beal Plans Distribution Mr. Beal said last night he will soon make a "small distribution" to depositors. Two years ago, when the $9,000 dividend was made by Mr. Beal, there remained $7,500 which had been collected but not distributed. This was withheld, it was said by attorneys at the time, to meet certain claims which had not then been approved by the circuit court. In reply to a question, Mr. Beal said the forthcoming distribution might be less than the $7,500 balance in the fund in April, 1933. "There have been some fees and expenses to pay out of that," he explained. Petition Filed Formal petition asking the appointment of William O'Connell, Chicago, as receiver for the Warrensburg bank was filed in circuit court Friday by State Auditor Barrett. Mr. O'Connell has charge of all bank liquidation in the state. Mr. Sukow is a deputy receiver and has charge of about 12 banks in this district. The petition revealed that Mr. Chynoweth has resigned June 6.