Mercantile Bank & Trust Company (Benton, IL)

Episode Information

Episode UID
70176571533
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
7017657 routing
Routing Number
70-1765
Start Date
September 1, 1927*
Location
Benton, Illinois (37.997, -88.920)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9ccc43d7bbfc19a5

Response Measures

None

Description

Closed by State Finance officers and placed in receivership; failure linked to frozen loans and an unsettled St. Louis loan.

Events (4)
1. September 1, 1927* Receivership
Newspaper Excerpt
The bank. now In the hands of the Benton State Bank as receiver, failed last September allegedly as a result of frozen loans. (Jan. 13, 1928 article.)
Source
newspapers
2. October 3, 1927 Suspension
Cause
Government Action
Cause Details
Closed by State Finance officers after failure to negotiate an $85,000 loan and problems from frozen loans.
Newspaper Excerpt
There is but slight possibility that the, Mercantile Bank and Trust Co., closed By State Finance officers yesterday, will be permitted to reopen.
Source
newspapers
3. December 2, 1930 Other
Newspaper Excerpt
The bank has been in hands receiver for years, only one dividend paid.
Source
newspapers
4. January 6, 1931 Other
Newspaper Excerpt
Bank receiver sued ... sought in circuit court here have order issued Jack Ohle receiver, make distribution assets.
Source
newspapers

Newspaper Articles (4)
1. October 4, 1927 Effingham Daily Record Effingham, IL
Article from Effingham Daily Record, October 4, 1927

Click image to open full size in new tab

Article Text

LITTLE POSSIBILITY THAT BENTON BANK WILL REOPEN Benton, III., Oct. 3.-There is but slight possibility that the, Mercantile Bank and Trust Co., closed By State Finance officers yesterday, will be permitted to reopen. The closing of the institution is attributable to the delayed settlement of the failure of the institution to negotiate a $85,000 loan from a St. Louis bank. Directors of the institution have stated that an early settlement of the coal situation probably would have tided the bank over the danger period and might accompanied by the necessary are that depositors will lose heavily a result of the fai ure. Benton banks failed to materialize yes terday. Both institutions had obtained large cash reserves from associate banks and were ready for an emergeney. Withdrawals Saturday greater than usual, but there is no in dieation of "runs" on either bank. Good Resolution A good resolution will make any

2. January 13, 1928 Sterling Daily Gazette Sterling, IL
Article from Sterling Daily Gazette, January 13, 1928

Click image to open full size in new tab

Article Text

DEPOSITORS TO SUE BANK THAT FAILED Benton. III., Jan. 13.-(By United Press.)-Depositors of the defunct Mercantile Bank and Trust Company appointed a committee in meeting here empowered to employ counsel "and bring auit or suits or whatever may be necessary for our Interests." The bank. now In the hands of the Benton State Bank as receiver, failed last September allegedly as a result of "frozen loans.' Depositors Included a large number of coal min-

3. December 2, 1930 The Belleville News-Democrat Belleville, IL
Article from The Belleville News-Democrat, December 2, 1930

Click image to open full size in new tab

Article Text

for Report Benton, Dec. accounting depositors the the defunct Mercantile Bank and Trust Company asked petition filed in Circuit Court here today. The bank has been in hands receiver for years, only one dividend paid.

4. January 6, 1931 The Belleville News-Democrat Belleville, IL

Article Text

BANK RECEIVER SUED Benton, Jan. of the defunct Mercantile and Trust Company, which been receivership for two sought in circuit court here have order issued Jack Ohle receiver, make distribution assets.