Farmers State Bank (Macon, IL)

Episode Information

Episode UID
70189771585
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7018977 routing
Routing Number
70-1897
Start Date
January 1, 1932*
Location
Macon, Illinois (39.713, -88.997)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
edfe4f56f864f143

Response Measures

None

Description

Minor inconsistency in sources on exact month (Jan vs Feb 1932) for closure.

Events (2)
1. January 1, 1932* Receivership
Newspaper Excerpt
Receiver VanGundy... report filed... The bank was closed in January 1932.
Source
newspapers
2. January 26, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors ordered closure to conserve assets and protect depositors amid financial distress; auditor later reported the bank closed.
Newspaper Excerpt
Macon, Ill.-The Farmers State Bank of Macon, Clyde Young president. closed Tuesday by order of the directors, to conserve the assets and protect depositors.
Source
newspapers

Newspaper Articles (4)
1. January 27, 1932 Waukegan News-Sun Waukegan, IL

Article Text

CURB FOLLOWS STOCK SLUMP Scattered Over Night Selling Develops Slump At The Opening Today. By JOHN COOLEY Associated Press Financial Writer NEW YORK, Jan. (P)-Curb prices underwent mild contraction today, following the lead of the big board. Recessions the junior market, however, were comparatively narrow and there was little or no pickup the volume. Opening quotations reflected scattered overnight selling prompted by the poor earnings report of the United States Steel corporation an apparent belief in speculative quarters that the might be ready for reaction. offerings failed to and trading droned at the snail's pace. Here and stock down as much but generally the fractional Electric Bond Share sold in the vicinity was fairly active although resistance appeared around last week's low for this leading issue. Transactions industrials were made mostly at small declines. BANK CLOSINGS state auditor's office today announced the Farmers State Bank of Colfax, McLean county, closed its doors pending auditing accounts. The bank had deposits of $237,000 the Harris president and C. Harris, cashClosing of the Farmers State Bank Macon with deposits also was announced. Highly and Young cashier the concern which in Macon county. The First State Bank of Ohio Ill. with deposits totalling $240,000 also closed the auditor announced Anderson president and Ruff cashier. The bank is in Bureau county. CASH GRAIN hard 56; yellow hard CORN-1 mixed mixed 38 mixed mixed yellow 39-39% yellow 38; yellow 35-37: yellow yellow yellow 35-3516; white sample grade OATS-2 white white BARLEY SEEDS CHICAGO Jan. market. Red Clover fair to good 1050-1300; choice 1350 sweet clover Alsike 1000-1350. Timothy good 350; choice 375; fancy 400. FOREIGN EXCHANGES NEW YORK, Jan. exchange irregular. Demands (Great Britain in dollars. others in Britain 3.46; France Italy 5.02; 13.95; Germany Holland 40.25; Norway 18.84; Sweden 19.39; Denmark 19.09; Switzerland Spain 8.35; Tokyo APPLES ples $1.25@1.60 per bushel. FLOUR Flour unchanged. Shipments 27,626 Pure bran 13@14. Standard middlings $11@12.

2. January 27, 1932 Herald and Review Decatur, IL

Article Text

Macon Bank Closed. Macon, Ill.-The Farmers State Bank of Macon, Clyde Young president. closed Tuesday by order of the directors, to conserve the assets and protect depositors. Of all nests, a humming bird's is the most difficult to find.

3. September 15, 1934 The Decatur Daily Review Decatur, IL

Article Text

Dividend Receiver 10 Expects to 12 Per Cent Distribution; Poor Prospects for Future. Early payment of dividend of between 10 and 12 cent to the depositors of the closed Farmers State bank of Macon was forecast in report filed by Receiver VanGundy in the circuit court, in which Mr. Van Gundy petitioned the court permit the proposed distribution. The bank was closed in January 1932. and this the first dividend the depositors will have received. The amount hand be distributed collected from the stockholders under the stockholdliability To share 800 depositors. 200 of them with posits of one dollar less. Decatur Bank First. Receiver Van Gundy indicated little hope for future dividends. Because preferred claim $25,000 held by the National Bank of secured by deposit of the Macon bank's best collateral, collections the ance of notes have been slow With capitalization of and per cent liability the part of the receiver that he has collected all that he expect to collect from that On its original claim of $25,000 still due the National Bank will share the distribution to made the receiver. Fees Due. Total claims adjudicated by the against the bank 260.96. Combined with still unadjusticated claims the bank owes total $66,366.70. As general receiver Mr. Van Gundy was originally under straight salary of $100 month This later reduced to the state auditor. Recent reports the receivership show costs $60 for stenographic serices and $210 attorney's cost for three months. The general receivership tinct from the stockholders ership for which Mr. receiver and Charles Lee as torney will receive fees. To Divide If the scale followed in the ceivership of Warrensburg bank adopted for the bank per cent for the receiver and 15 per for the torney. the amount available distribution the Macon would reduced to slightly less than The petition for distribution referred by Judge Miller Lawrence special ter in chancery in termine, the amount due each ant.

4. 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.