Rosamond State Bank (Rosamond, IL)

Episode Information

Episode UID
70206371562
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
7020637 routing
Routing Number
70-2063
Start Date
February 7, 1930
Location
Rosamond, Illinois (39.380, -89.160)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4e7c6f980b00b191

Response Measures

None

Description

Closed for examination after correspondent (Schuyler State Bank) failed; later reopening not reported in these articles.

Events (1)
1. February 7, 1930 Suspension
Cause
Correspondent
Cause Details
Closed for examination/readjustment after the Schuyler State Bank at Pana (its correspondent) was ordered closed due to frozen assets; closure described as protective/examinatory.
Newspaper Excerpt
The Rosamond State bank of Rosamond, with a capital of $25,000, failed to open its doors this morning. Notices posted on the door of the institution said the bank was closed for examination and readjustment.
Source
newspapers

Newspaper Articles (10)
1. February 7, 1930 The Free Press Carbondale, IL
Article from The Free Press, February 7, 1930

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Article Text

$2,000,000 BANK FAILS AT PANA LATE YESTERDAY Schuyler State Bank Closes Door Due to Frozen Assets OTHER BANK IS ENDANGERED Hold Mass Meeting to Stop Run; One Other Bank Left in City (By Associated Press) PANA, III., Feb. 7-The Rasamond State bank of Rosamond, with a capi: tal of $25,000. failed to open its doors this morning. Notices posted on the door of the institution said the bank was closed for examination and readjustment. This is the second bank in this yi. cinity to close within the past 24 hours. The Schuyler State bank of Pana, with approximately $2,000,000 deposits because of frozen assets. The Schuyler bank was one of the oldest in this part of the state. The bank" was closed by order of the state auditor It was the seventh bank in Christian county to close since Oct. 11, when the Colgrove bank suspended. Last night C. B. Parrish, president of the Pana National bank, the only other bank here, presided at a mass meeting with speakers urging deposits in the Pana National and not cause a run on it. Both local banks had weathered slight runs caused by other failures in the county: The Schuyler bank was organized by H. N. Schuyler, who is 84 years old, in 1876 as a private bank with John Hayward, his son-in-law, as a partner. Schuyler bought out Hayward within a few years and took his son into the bank with him. About 25 years ago after the son's death, the Schuyler bank was organized as a state institution and took several of the old employes into the State bank. (By Associated Press) run occasioned by the failure of the Schuyler bank, 13 miles east of here the Nokomis State bank this morning closed. Although the bank had a large amount of frozen assets officials of the institutions announced they expected to pay the depositors in full. The deposits amounted to $375,000.

2. February 7, 1930 Belleville Daily Advocate Belleville, IL
Article from Belleville Daily Advocate, February 7, 1930

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Article Text

PANA VICINITY Nokomis Institutions Close Doors After Schuyler State Suffers From Frozen Assets. Feb. Rosamond State Bank of four miles with capital stock surplus $2500 failed to its doors morning. door the institution said that the bank was closed for examination and This the second bank vicinity to close within the past hours. Schuyler State Bank Pana deposits closed yesterday because of frozen assets. Fears Dispelled Fears of heavy run on the Pana National Bank, only other bank this city dispelled this with an by President Parish that although there had been steady withdrawal about o'clock there was not any time more than 25 people line. He stated that there had been more depositors tnat hours than people withdrawing money. As precautionary measure under William McGinley are guarding the Pana National bank against demonstration. At meeting called shortly after the closing the Schuyler bank than 500 citizens Pana their confidence Schuyler State bank capital account $200,000 and surplus $30,000. deposthe time the bank closed taled The and held by the bank amounted $2,076,340. An airplane said to be from the Federal bank Chicago for the Pana tional bank here this The plane left shortly before Sheriff with heavily armed with shotguns will meet the plane and transport the money shipment to the bank.

3. February 7, 1930 Sterling Daily Gazette Sterling, IL
Article from Sterling Daily Gazette, February 7, 1930

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Article Text

BANK FAILED TO OPEN Nokomis Bank Closed Also As Result of Run RosaState bank of Rosamond. miles west of here. with stock $25,000 surplus $2.500 failed to open its doors morning. notice posted on door the institution said that the closed for examination and This the second bank in this vicinity to close within past hours. The State bank of Pana, with deposits approximately $2,000,000 was closed yesterday because of froassets No At Pana Fears heavy run on the Pana National bank, other bank this were dispelled this morning President Parish that although there had been steady withdrawal to about o'clock there were any time more than 25 peoline. He stated that there had been depositors up to that hour than people money. As precautionary measure six under Police Chief William McGinley, guarding the possible demonstration. At meeting called shortly after the closing the Schuyler bank than 500 citizens of Pana pledged their confidence in the bank. The Schuyler state bank had capital of $200,000 and surplus of $30,000. The deposits time bank closed totaled The loans and held by the bank amounted to RUN STARTED NOKOMIS. stop occasioned by the failure bank 13 miles of here. the Nokomis state this morning closed its doors. Although bank large amount frozen according the state bank examiner, officials institution announced that they expect to pay deposit liabilities full. Deposits in the bank amounted to while assets totaled on January Capital stock that time listed at $50,000.

4. February 7, 1930 The Taylorville Daily Breeze Courier Taylorville, IL
Article from The Taylorville Daily Breeze Courier, February 7, 1930

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Article Text

(Turn to Page 3. Please) The Resamond State Bank at Rosamond, III., 4 miles west of Pana with notice posted on the door of the institution said that the bank was closed for examination and readjustment. This is the second bank in this county to close within the last 24 The State Bank of homis. Schuyler Pana, with deposits of approximately $2,000,000 was closed late yesterday because of frozen assets. Bonnell is the president of the Rosamond bank. He holds 38 shares of the stock in this institution and the other principal stockholders are: W. O. Wileox, C. A. Wilcox, W Bonnell and William Grimes.

5. February 7, 1930 The Taylorville Daily Breeze Courier Taylorville, IL
Article from The Taylorville Daily Breeze Courier, February 7, 1930

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Article Text

NOKOMIS STATE BANK CLOSED THIS MORNING Closing of Pana and Rosamond Banks Causes Heavy Run On this Bank. The closing of the Schuyler State bank at Pana and the Rosamond State bank, caused an early run on the Nokomis State bank this morning that caused the officers to immediately close the doors of the bank in the interest of the depositors. amount of frozen assets, according to the state bank examiners, officials of the institution announced that they expect to pay deposit liabilities in full. Deposits in the bank amount to $375,000 while assets totalled $467,000 on January 6. Capital stock that time was listed at $50,000. Charles Kerr is president of bank and Victor Singer is the eashier. National banks at Nokomis consolidated some time and this bank ago strongest institutions in Montgomery county.

6. February 8, 1930 Joplin Globe Joplin, MO
Article from Joplin Globe, February 8, 1930

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Article Text

ILLINOIS Failure of One Depository Is Followed by Two Is Staged. Pana. Feb. banks in this vicinity have closed their doors within the twentyfour hours. The Schuyler bank of Pana, with deposits more than $2,000,000, was the first to close. The Schuyler bank ordered closed late yesterday because frozen assets. The Rosamond State bank, four miles west of here, was closed this morning for investigation and readjustment, while the Nokomis State bank, thirteen miles west of Pana. was closed thirty minutes after had opened today, following heavy brought about by the closing the Schuyler bank. Crowd Rushes Tellers. large number of people gathered about the Nokomis State bank before the doors were opened today. As soon the bank opened for business, there was rush the tellers' cages withdraw deposits. Bank officials, fearing that they would not be able to meet the demands the run continued, called meeting of the board directors. The directors voted for immediate closing of the institution protect depositors. President Charles Keer instructed notify State Auditor Nelson Springfield of the board's action, and the board requested that aminers sent to take charge. Deposits of the Nokomis State bank with assets listed at The Nokomis National bank experienced slight remained open for busithroughout The Rosamond State bank listed capital stock $25,000 and of $25,000. Although there was rush to withdraw deposits from the Pana National bank during the morning, officials of the institution said there was no alarm, and before the day was over many deposits had been made.

7. February 8, 1930 St. Joseph Gazette St. Joseph, MO
Article from St. Joseph Gazette, February 8, 1930

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Two More Illinois Banks Close; Run on One Staged banks in this vicinity have closed their doors within the last twentyfour hours. The Rosamond State Bank, four west of here, closed this morning for investigaand while the State Bank, miles west of Pana, was closed thirty utes after had opened lowing heavy The Schuyler Bank of Pana. deposits of more than $2,000,000. was closed because of frozen assets.

8. February 8, 1930 The Omaha Morning Bee-News Omaha, NE
Article from The Omaha Morning Bee-News, February 8, 1930

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FIVE ILLINOIS BANKS CLOSE Farmers State Savings bank at Cornell, closed Friday, one of five similar actions in the state. A notice posted on the door said the directors had decided to close for examination because of frozen assets. The First National Bank at Milford, III., closed its doors "for the protection of depositors and oth ers. The recent resignation of F. C. Patterson. cashier, caused uneasiness among depositors and a small run on the bank Thursday To stop a run occasioned by the failure of the Schuyler bank at Pana, 13 miles each of here. the Nokomis State bank Friday morning closed its doors. The Rosamond State bank of Rosamond, with capital stock $25,000 and surplus of $2,500, failed to open Friday morning A notice posted on the door of the institution said that the bank was closed for examination and readThe Schuyler State bank of Pana, with deposits of approximately $2,000,000. closed late Thursday because of frozen assets.

9. February 8, 1930 Herald and Review Decatur, IL
Article from Herald and Review, February 8, 1930

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ARRANGE MINERS DESPITE BANK CLOSINGS Confident Depositors Fail to Make Run on Pana National PLANE BRINGS CASH PANA, Feb. nouncement Friday night that rangements had been made to meet the miners' payroll here on Feb. brought to an end what little excitement existed during the day due to the closing of the Rosamond and Nokomis State banks Friday. the Pana National bank where feared run might made during only few persons to demand their and while they drawing out funds, Pana's business men making deposits. Plane Brings Cash So certain was Parish, ident of the bank, that no could his bank closed, he did not call the Federal Reserve bank Chicago that he feared He call from however, and told that plane bearing thousand dollars had for Pana 12:10 An hour and 40 minutes later the plane roarPana, and landed in by field. Sheriff Dunbar and squad of heavily armed deputies guarded the automobile that ported the money from the plane the bank. When sibility that National bank would close its shifted back to the the H. Schuyler State bank's closing. Although Schuyler, who 86 years declared that every depositor would receive his full deposit, there others close to the bank's fairs who optimistic. One them said that efforts had been made the last weeks to straighten out the tangle, but the they able to raise did money not meet requirements. Schuyler Teaviest Owner Of the 2,000 shares stock in bank, Mr. Schuyler the owner 1,805, stockholders owning from five 30 shares. The bank's failure paralelled (Continued on Page

10. February 8, 1930 Herald and Review Decatur, IL
Article from Herald and Review, February 8, 1930

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Arrange to Pay Miners Despite Bank Closings (Continued from Page 1) the declining years of the man who was its founder and its stabilizer during its years of existence, according to the opinion of one who has ben aiding in the attempted reorganization. When Mr. Schuyler started operation of the bank he was 32 years old, and the bank grew comm'inity importance with him. Some money loaned in those first few years never has been returned. On some of it the interest has been in arrears six or years. This bank's closing, it is said. is not like the closing of many other Central Illinois banks during the last few years. The money loaned on farm lands, and on businesses that was fell with the post-war slump and the recent stock market crash has little to do with the closing. Of the hundreds of thousands of dollars owed the institution. most of it was loaned 10 15 years before the war. Old Loan Condit Known The old loan condition was known to some of Mr. Schuyler's friends and business associates, it was said. but these believed that Mr. Schuyler had money enough to tide the bank over any When the showdown came between bank examiners and the bank officials few weeks ago, however, the true condition was made known, and It was then that the futile attempt was made to keep the doors open. Just what the bank would be able to pay should it be thrown into receivership, few guesses are ventured (Special to The Herald) ROSAMOND, Feb. H. Bonnell, president of the Rosamond-State bank, which failed to open its doors Friday morning, said later in the day that the closing here was due to the closing of the H. N. Schuyler State bank in Pana which is its correspondent. Asked whether or not his bank could reopen if the Pana bank remained closed, Mr. Bonnell said that that would depend on the action of the state bank examiners.