Fifth Avenue Trust & Savings Bank (Moline, IL)

Episode Information

Episode UID
9176536891583
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
917653689 hash
Start Date
November 1, 1931*
Location
Moline, Illinois (41.507, -90.515)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e2793d76b70dcc3c

Response Measures

None

Description

Closure followed depositor panic after another local bank closed; receiverships and liquidation proceeded over years.

Events (3)
1. November 1, 1931* Run
Cause
Local Banks
Cause Details
Depositors withdrew funds after the nearby Commercial bank closed, causing panic-driven heavy withdrawals at Fifth Avenue.
Measures
Directors invoked clause requiring sixty-day notice for withdrawal of savings; bank closed to preserve funds.
Newspaper Excerpt
When the Commercial bank closed, a large amount of money was withdrawn from the Fifth Avenue bank by panicky depositors.
Source
newspapers
2. December 23, 1931 Receivership
Newspaper Excerpt
the auditor named Mr. Cole receiver for the Fifth Avenue Trust Savings bank of Moline is asked in bill filed ... the auditor ... determined that the bank could not be reorganized. Dec. 23 the auditor named Mr. Cole receiver, and that he determined that the bank could not be reorganized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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Source
newspapers
3. December 23, 1931 Suspension
Cause
Local Banks
Cause Details
Bank was closed after heavy withdrawals and insufficient cash to meet demands following the local panic; suspension led to appointment of a receiver.
Newspaper Excerpt
Dec. 23 the auditor named Mr. Cole receiver... the auditor determined that the bank could not be reorganized.
Source
newspapers

Newspaper Articles (11)
1. November 28, 1931 The Dispatch Moline, IL

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ASK WOODBURN BE 5TH AVENUE BANK RECEIVER Mass Meeting of Depositors, Attended by 500, Moves to Protect Assets. CHEERING MESSAGE GIVEN Wood Says Customers Close Bank When They Take Their Money Out. Five hundred depositors of the Fifth Avenue Trust and Savings bank in cooperation with the officers of the institution moved swiftly to protect their interests last night at a mass meeting in the Moline high school auditorium. They agreed on the following plan: 1. To request the state auditor to appoint Robert S. Woodburn, director of the bank and a Moline real estate dealer, as receiver. 2. To allow Charles A. Darland, W. R. Moore and Charles King jr. to act as a depositors' committee to cooperate with the receiver during the liquidation process and keep the depositors informed of the progress. 3. To allow George M. Wood, Moline attorney, to act as permanent chairman of depositors' meetings. To Pay in Full. Both Mr. Wood and Mr. Woodburn expressed confidence that not only will the bank be able to pay all depositors in full but a substantial sum will be left over for the stockholders. Walter J. Peterson, president of the bank who called the depositors together, opened the meeting by asking for nominations for a permanent chairman. Mr. Wood was the unanimous choice of those He started his duties with a brief address explaining why the bank closed. its condition and why the depositors were called together. Mr. Wood said: Why Bank Closed. "When the Commercial bank closed. a large amount of money was withdrawn from the Fifth Avenue bank by panicky depositors. The directors to protect other depositors immediately put into effect the clause requiring sixty-day notice for withdrawal of savings. "Now in order for a bank to pay interest to depositors, it must lend the money to other persons at a higher rate of interest. Part of this money is invested in real estate mortgages, part in good bonds and part in other collateral "These mortgages may mature at any time from thirty days to ten years. Now when all the depositors come rushing in at once and want their money, of course the bank can't pay it. Time is necessary to turn all these investments into cash. Blames Panicky Depositors. "Even in normal times a bank could do nothing but close under those circumstances. If the depositors had kept their heads and left their money in the bank there would be no necessity for closing and liquidating the assets. "The other Moline banks are larger and stronger, so they easily weathered the storm and their depositors put their money back in them. The Fifth Avenue bank had received notice from their depositors that more than $160,000 was going to be withdrawn. Probably a lot of the depositors changed their minds and would not have taken out their money, but the bank could not open without sufficient cash on hand to meet all these demands. "The directors concluded that the depositors did not want the Fifth Avenue bank to continue business. They wanted to put it out of business and they did. Condition of Bank. "In order to show you that your bank was in good condition I will give you figures on how things stood when the doors were closed." Mr. Wood then presented the following figures on the bank's assets: Notes secured by real estate $149,881.95. Notes secured by other collateral Notes secured by endorsers-$64,480.62. Bonds- $174,230. Bank building-$82,305.90. Bank furniture, fixtures - $27,692.55. Deposits in other banks - $13,096.22. Cash on hand-$2883.64. Mr. Wood explained that the original cost of the building, lot and fixtures totaled more than $146,000. Deposits. The amounts owed by the bank were listed as follows: Savings deposits-$439,026.25. Commercial deposits-$32,704.17. Bills payable-$36,686.32. Mr. Wood said that the bills pay-

2. December 31, 1931 The Rock Island Argus Rock Island, IL

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Summary Shows How Overcame ROCK ISLAND. Subscription of more than required $350,000 new ital in 3-day campaign assure consolidation of Rock Island Savings, Central Trust Savings and Manufacturers Trust Savings banks, early in 1932. Merger of banks releases all deposits Central Trust Savings bank on 11, when bank to begin to function. New institution will known Rock Island Bank Trust Co., and have capital $1,200,000, and deposits of $12,000,000, making largest bank in Rock Island county. State Bank of Rock Island continues without change its ganization or capitalization, giving city two strong banking institutions, adequate to serve business. DAVENPORT. Public subscription of $1,500,000 capital and surplus provide's creation of new Davenport Bank Trust Co., which is to begin operation Jan. 16. New bank will assume 60 per cent of deposit liability the American Savings Bank Trust Co., depositors accepting 10-year debenture bonds liquidating corporation for remaining 40 per cent. Small deposit claims, $100 and less, to released in full. Union Savings Bank Trust Co., which weathered 3-day run in spectacular manner, continues in demonstrated strong position. Advance of $3,000,000 obtained from National Credit Corporation on assets of American Bank to the taken over by new Davenport Bank Trust Co. MOLINE. No public campaign to provide new capital for either of two larger banks, Peoples Savings Bank Trust Co., and Moline State Trust Savings bank. Backing Deere ternational Harvester company advance from corporation in November provide ample Moline State Trust Savings bank and fully restore bank's position and confidence. Support of Deere by check shortage prevented impairment Peoples bank result of falcation discovered in March. The bank went through September in quad-city banking without serious difficulty. Two small banks which closed, Savings bank and Fifth Trust Savings banks, are being liquidated. EAST MOLINE. State Bank East Moline rides through troubled period in quad-city banking without imposing withdrawal restrictions. State Bank of East Moline in process of liquidation and will not be reorganized for present.

3. January 5, 1932 The Rock Island Argus Rock Island, IL

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AUDITOR SEEKS COURT HELP ON BANK RECEIVER Bill Asks Confirmation of Selection of Cole for Fifth Avenue Affairs. Confirmation of the appointment of Robert Cole receiver for the Fifth Avenue Trust Savings bank of Moline is asked in bill filed in the Rock Island county cuit court by the state of Illinois relation of Oscar Nelson, state auditor of public accounts. The bill the usual petition to give the receiver the authority of the court in liquidating the bank. Fred H. Railsback filed the bill. which shows the auditor represented by Attorney General Oscar and his assistant, Daird Kadyk. explained the bill that the bank Nov. tion of the board of directors, and that Dec. 23 the auditor named Mr. Cole receiver. and that he determined that the bank could reorganized. The bill says that the cash sources of the bank the day closed amounted to $15,620.27. an inadequate amount in comparison liabilities, auditor says. The auditor sets forth the condition of the bank revealed by his audit involved impairment of capistock to more than $60,000. Liabilities are listed follows: Capital stock. $100,000: surplus, $10,000; undivided profits, $5.077.49: demand deposits, 704.17; time deposits. bills payable. $36,686.32: drafts outstanding. $1,038.42: total. $624,Resources follows: Cash, $7,491.75: due from banks, $13,096.22: drafts collections, other loans and discounts, other real estate, $9,952.99; banking house, furniture fixtures, total, $624.-

4. July 14, 1932 The Rock Island Argus Rock Island, IL

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ASKS RELEASE OF SECURITIES POSTED BY BANK Receiver for Moline Institution Moves to Surrender Trusts and Get $50,000. Measures were taken today by F. A. Cole, receiver for the Fifth Avenue Savings Bank & Trust company of Moline, to release the bank of all trust obligations in order to obtain surrender of $50,000 in securities which are on deposit with the state. The question of trusts was referred by Judge Leonard E. Telleen in the Rock Island county circuit court to James F. Murphy, master-in-chancery of the court, to take evidence and report findings. The hearing began this morning before the master, and there was no contest of the proceedings. Under the state law, the bank in its trust capacity had to deposit securities with the state to cover its obligations, the trust activities, like those of the bank, being under supervision of the state auditor of public accounts, but supervised separately. In order to make the securities available in liquidation of the bank. the trusts must be closed as far as the bank is concerned and the company discharged. The probate court will name successors in trust in matters relative to estates pending in that court, and in the case of other trusts the circuit court will name the successors to the bank to handle private trusts. Fred H. Railsback, attorney for the receiver, filed the petitions and conducted the hearing before the master.

5. April 6, 1933 The Dispatch Moline, IL

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RECEIVERS MOLINE MAKE Commercial and Fifth Avenue Submit Statements nancial Condition. TELL WHERE MONEY GOES Next Payment to Depositors Depends on General Business Situation. Reports on the costs of administration of the the Savings bank and the Avenue Savings bank of Moline made public today. prepared Charles Smith, bank and Cole, receiver charge the Fifth Avenue stitution, and cover the period from the dates of the banks until April 1933. connection with reports both receivers nounced that the amount the additional payments which will be made depositors will depend to great extent on general business conditions. the present time, it stated, there market for real estate mortgages, no matter how sound may be, and the bond market low that both receivers feel would be serious mistake attempt hurried liquidation and that depositors' interests served by delaying the securities owned by the two banks. Prospects Cheering. bank has far paid total percent of liability. The Fifth Avenue percent. In both bulk of assets intact, the having disposed only such assets as have brought their approximate book Mr. Smith and Mr. Cole believe that institutions to their eventually high percentage their claims. Collection of stockholders' liability of 100 percent has been started Mr. Smith for the Commercial bank and (Continued

6. April 6, 1933 The Rock Island Argus Rock Island, IL

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RECEIVERS FOR BANKING FIRMS ISSUE REPORTS Submit Statements on Financial Condition of Commercial and Fifth Avenue Banks, Moline. Receivers in charge of the Commercial Savings and Fifth Avenue Savings banks of Moline made public today reports on the costs of administration of the receiverships at the institutions. Charles J. Smith. Commercial bank receiver, and Robert A. Cole, receiver for the Fifth Avenue institution, prepared the statements, as reports to the Rock Island county circuit court. They cover the period from the dates of the closing the banks in 1931 until April 1, 1933. In connection with the reports both receivers announced that the amount of the additional dividends which will be paid to depositors will depend to a great extent on general business conditions. It pointed out that at the present time there is no market for real estate mortgages, no matter how sound they may be, and the bond market is so low that both receivers feel that it would be a serious mistake to attempt a hurried liquidation and that the deinterests can best be served by delaying the sale of securities owned by the two banks. The Commercial bank has so far paid dividends amounting to a total of 14 per cent of deposit liability. The Fifth Avenue bank has paid 15 per cent. In both cases the bulk of the assets remain intact. the receivers having disposed of only such securities as have brought their approximate book value. Mr. Smith and Mr. Cole express the opinion that nothing short of deeper national depression will prevent the institutions from paying to their depositors eventually high percentage of their claims. Collection of the stockholders' liability of 100 cent has been started by Mr. Smith for the Commercial bank and by Lloyd Ainsworth, special stockholders' liability receiver for the Fifth Avenue bank, but no dividends have been paid to depositors from this source as yet. Commercial Bank Report. The Commercial bank report follows: RECEIPTS. Notes and discounts $172,951.68 Overdrafts, cash 85,056.78 Additional assets found 4,468.88 3,213.69 Interest 46,198.15 Total receipts $311,889.18 DISBURSEMENTS. Preferred claims paid $181,857.15

7. May 16, 1933 The Rock Island Argus Rock Island, IL

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NAMED SUCCESSOR TO AINSWORTH Circuit Court Appoints Him as celver to Collect Liability For Closed Bank. Judge Nels A. Larson in the Rock Island county circuit court this morning allowed the petition of Lloyd Ainsworth of Moline for leave to resign as receiver to collect stockholders' liability of the Fifth Avenue Savings Bank Trust company of Moline, and appointed Cole, receiver for the bank, receiver to collect stockholders' liability to succeed Mr. Ainsworth. In his petition to the court, Ainsworth assigned the pressing need of attention to private interests, as his reason for resigning. No objections were offered to the acceptance of the resignation Mr. or appointment Mr. Cole. Attorney George Wood of Moline, group of depositors to appointment of Mr. Cole for the bank and had indicated that objections be filed his Mr. Ainsworth collect from was not present, though he had been notified of the hearing. Ainsworth was first appointin February, 1932, and he has collected $14,600 the stockholdliability, which he directed turn over now to Mr. Cole, pending an order for distribution. Liability of stockholders is $100,000. Bond of the receiver to collect bility was reduced from $100,000 $35,000 in an order signed by Judge Larson. Judge Larson allowed Mr. Ainsworth $150 for his services ceiver during the period of his vice. Fred H. Railsback presented the petition to the court as attorney for the receiver.

8. October 5, 1933 The Dispatch Moline, IL

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EVANSTON MAN IN CHARGE OF CLOSED BANKS Fred W. Allen Appointed to Replace Pemberton as Deputy Receiver. OCCUPIES SKINNER HOUSE May Be Placed in Control of Commercial, Fifth Avenue Institutions. Fred W. Allen of Evanston today relieved G. Herbert Pemberton as deputy receiver of the Moline State Trust and Savings bank; the People's Savings Bank and Trust company of Moline and the Manufacturers' State bank of East Moline. William L. O'Connell of Chicago. appointed receiver for banks which have closed since Edward J. Barrett has been state auditor, made the appointment, replacing Mr. Pemberton because he has assumed his duties as president of the Rock Island Bank and Trust company. It is understood that the state auditor's office plans to establish deputy receiverships for banks within counties, which may mean that the auditor will appoint Mr. Allen as deputy receiver in charge of the closed Commercial Savings bank of Moline and the closed Fifth Avenue Trust and Savings bank of Moline. Charles J. Smith of Moline is now receiver for the Commercial bank and R. A. Cole of Moline is now receiver for the Fifth Avenue institution. Mr. and Mrs. Allen have moved to Moline, establishing their home in the Skinner residence at 1217 Eleventh avenue, Moline. They have four children, three of whom are attending Moline elementary schools and one a junior high school. Has Been Receiver. Mr. Allen has been deputy receiver of the Papanel: Kovac state bank and the Kaufman state bank during the last eighteen months. These banks have now been placed in a group with several others under one deputy receiver. For seventeen years Mr. Allen was connected with the First National bank of Chicago and for five years he was manager of the foreign exchange department of the Northern Trust company, Chicago This week all closed banks of Mercer county were placed under the supervision of one deputy receiver, J. M. Connors. The receivership of the Farmers' State bank of Reynolds, it is understood, will be placed in the Mercer county group instead of the Rock Island county group. For the time being, Harry E. Thompson of Rock Island remains in charge of the bank as receiver.

9. December 17, 1933 Quad-City Times Davenport, IA

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AVENUE BANK WILL Checks to Be Mailed Out This Week, Receiver Announces. Dividends in the amount of five per cent will be paid to depositors the Fifth Avenue Savings bank, Moline, it was announced Saturday Robert Cole, receiver. Mr. Cole said he expected place the checks for the depositors the mails on Tuesday night, which means they will be delivered Wednesday. The total amount to be uted will $23,000. Approximatechecks will be mailed. Consent to pay dividend this time was obtained by Mr. Cole from Edward Barrett, state itor, at Springfield Friday The receiver rushed the procedure thru this time that the depositors would have the money available Christmas shopping. This will make total of per cent paid depositors of the Fifth Avenue bank The latest dividend come from general assets of the bank. Funds are available for per cent from the stockholder liability fund, but this payment being held because legal which veloped connection with attempt of Commercial bank receiver pay dividend from stockholder liability collections.

10. December 28, 1934 The Rock Island Argus Rock Island, IL

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BANK RECEIVER MOVES OFFICES Vacates Quarters in Moline State Trust Because of Its Impending Reopening. Offices of the receiver for closed Moline and East Moline banks will be removed from the present quarters in the Moline State Trust & Savings bank building to the Fifth avenue building, it was announced today by Fred W. Allen, deputy receiver. William L. O'Connell of Chicago is receiver for all the banks involved, the Peoples Savings Bank & Trust company, the Fifth Avenue Savings Bank & Trust company and the Commercial Savings bank, all of Moline, and the Manufacturers State bank of East Moline. Mr. Allen, who has been the deputy in charge, is to become president of the reorganized Moline State Trust & Savings bank. Removal of the records to the Fifth avenue building was to begin today. The change in location of and songs will be given by children of the Sunday school. A Santa Claus will distribute gifts to the boys and girls.

11. December 10, 1935 Quad-City Times Davenport, IA

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FIFTH AVENUE DEPOSITORS TO DRAW DIVIDEND Moline Bank Receiver To Pay Seven Per Cent In Few Days. Creditors of the Fifth Avenue Trust & Savings bank, Moline, will receive another dividend of seven per cent which will become available late this week, William L. O'Connell, receiver, announced today. Payment of the newest installment brings the total authorized dividend to 44 per cent. Edward J. Barrett, auditor of public accounts, has approved the payment. Depositors will receive a total of $32,087.92 in a distribution to be made within a few days. The sum of $201,660 will have been repaid to depositors. In addition to providing this total, the receiver has applied $36,386 toward retirement of bills payable at the time the bank ceased business.