Farmers State Bank (Annawan, IL)

Episode Information

Episode UID
70190871529
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7019087 routing
Routing Number
70-1908
Start Date
May 21, 1927
Location
Annawan, Illinois (41.397, -89.905)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cd1ccbaff4f0a0d8

Response Measures

None

Description

Closed for state examination and later placed in receivership; final disposition shown by receiver dividends.

Events (3)
1. May 21, 1927 Suspension
Cause
Government Action
Cause Details
Closed for examination/adjustment by state auditor after frozen assets and inability to liquidate loans
Newspaper Excerpt
closed for examination and adjustment by Oscar Nelson, state auditor of public accounts.
Source
newspapers
2. August 16, 1927 Receivership
Newspaper Excerpt
Calhoun of Kewanee was chosen as receiver, and committee of five selected to act an advisory committee to Mr. Calhoun.
Source
newspapers
3. July 24, 1928 Other
Newspaper Excerpt
order instructs W. W. Calhoun, receiver of the closed bank, to pay a dividend of 25 per cent on all just claims; bank was closed May 27.
Source
newspapers

Newspaper Articles (3)
1. May 21, 1927 The Dispatch Moline, IL
Article from The Dispatch, May 21, 1927

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Article Text

FROZEN ASSETS ARE BLAMED BANKS CLOSE Institutions at Annawan and Hooppole Placed Under Examination. CAN'T LIQUIDATE LOANS Annawan State Bank Open as Usual: 'Finances Good,' Says Cashier. Dispatch Special Service. Annawan. May 21.-Frozen assets blamed for the failure to open this morning of the Farmers State bank of Annawan and the State bank of Hooppole Signs were tacked on the doors of both institutions this morn ing stating that they were closed for examination and adjustment by Oscar Nelson, state auditor of public accounts. through E. R. Petrie, examincharge This not necessarily mean, it explained. that either bank is "broke Loans which the banks were unable to liquidate, largely because farm conditions are none too prosper are said to have brought about elimax which will be followed by general readjustment There no "run" on either bank The Farmers' State bank of Anna wan organized in 1916. The president Charles Parsons of Ke wance and Joseph Peltier of Anna Other Bank Open Annawan State bank of which Ed Johnson eashier, was open for busithis morning usual. Mr Johnson issued statement that the bank good financial condition and plenty of assets which can be liquidated at will.

2. August 16, 1927 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, August 16, 1927

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Article Text

DEPOSITORS OF PICK RECEIVER Five Named on Advisory Committee at Meeting in Town Hall, Attended by 135. Aug. the Farmers' Annawan held meeting last evening the town hall at o'clock. The purpose was to lect man for receiver, and point committee to assist. Calhoun of Kewanee was chosen as receiver, and committee of five selected to act an advisory committee to Mr. Calhoun. The committee made follows: George Sheetz. George Joe Meil and Nellie Baker There about 135 present. The general opinion that the bank will pay out good percentage.

3. July 24, 1928 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, July 24, 1928

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Article Text

RECEIVER WILL PAY DIVIDENDS Judge Telleen Grants Order Permitting 25 Per Cent Payment to Depositors. (Special to The Argus) Cambridge, III., July positors of the Farmers State bank of will receive dividend of 25 per cent on all just claims, according to order signed Judge Leonard Telleen yesterday in circuit court. The order instructs W. W. Calhoun, receiver of the closed bank, to pay the dividend. The bank building at Annawan and grain elevator at Mineral will be sold Aug. as property of the bank. If this property will bring fair price, it is expected that another 25 per cent in dividends will follow the first. The Farmers State bank of Anwas closed May 27.