Coffeen National Bank, Coffeen, IL (Charter 7579)

Photo of the old Coffeen National Bank, ca2022. Courtesy of Google Maps

Coffeen National Bank, Coffeen, IL (Chartered 1905 - Liquidated 1984)

Town History

Needed: a contemporary postcard or photo of the bank.

Coffeen is a small city in Montgomery County, Illinois. Coffeen was named after one of its founders, Gustavus Coffeen. The population was 685 at the 2010 census. In 1900, the population was 963, peaking in 1910 at 980.

Coffeen had one National Bank chartered during the Bank Note Era and it issued National Bank Notes.

Bank History

Organized January 3, 1905
Chartered January 25, 1905
Succeeded Bank of Coffeen
Opened for business February 7, 1905
Bank was Open past 1935
For Bank History after 1935 see FDIC Bank History website
Failed. Received government assistance and converted to Coffeen State Bank, July 12, 1984

In January 1931, plans were being made by officials to reopen the Coffeen National Bank of Coffeen, the Fillmore Bank of Fillmore, and the state bank of Panama at Panama, in Montgomery County, at an early date. The three institutions were closed for the protection of depositors following runs.

On Saturday, January 9, 1932, the Coffeen National bank with deposits of $140,000 was closed by voluntary action of the board of directors for protection of the depositors after a quiet run of several days. The bank had $35,000 capital, $10,000 surplus, S120,000 in loans, and $61,000 in bonds. On March 2, 1932, the bank was reopened for business. All requirements of the comptroller of the currency at Washington having been met. Stockholders paid a 50% voluntary assessment on their stock and all depositors signed agreements to withdraw only certain percentages of their deposits. Officers of the bank remained the same with Louis Spinner, president, and L.T. Wilderman, cashier. The directors were Louis Spinner, Dr. F.W. Barry, Dr. H.C. Turney, E. Harris, J.E. Blackburn, and Oscar A. Edwards.

On July 6, 1933, James A. Green died following an operation at the St. Francis Hospital in Litchfield for relief from stomach cancer. He was one of the organizers of the Coffeen National bank and served as its vice president since 1914. Deceased was recently appointed postmaster of Coffeen, but due to his extended illness was unable to serve in that position. His daughter. Miss Helen J. Green, was appointed to serve in her father's place. The deceased was a member of the Modern Woodmen lodge, the Royal Neighbors, and the Methodist Church.

Depositors of the Coffeen National Bank who signed two year waivers on a part of their deposits in the bank moratorium in 1933, were notified that all deposits to be released next March would be released September 5, 1934. Deposits to be released amounted to more than $60,000. Increased deposits and improved business conditions in Coffeen were given by bank officials as the reason for the advanced release date. Depositors signed the waivers during the moratorium, when the bank was closed for 60 days.

In January 1935, directors were: Louis Spinner, F.W. Barry, Oscar A. Edwards, R.E. Newsome, E. Harris, J.E. Blackburn and Melvin Christian. Officers chosen by the directors were: Louis Spinner, president; F.W. Barry, vice president; and L.T. Wilderman, cashier.

On Thursday, February 21, 1935, Levi Taylor Wilderman, 61, died in the Hillsboro Hospital following an abdominal operation. He was born in Bond County Sept. 9, 1873 and was raised on a farm near Donnellson. For a number of years he was engaged in the retail business there, and later became a bank clerk. In 1908, he was elected cashier of the Coffeen National bank which position he held until his death. Mr. Wilderman was married at Altamont in 1908 to Miss Elaine G. Force, who survived him. He once served as president of the village board in Donnellson, as city treasurer in Coffeen, and as school trustee of East Fork township.

Newly chosen directors and officers of the Coffeen National bank were: F.W. Barry, J.E. Blackburn, Mel Christian, Oscar A. Edwards, Euris Harris, R.E. Newsome, and Louis Spinner, directors. Officers re-elected were: Louis Spinner, president; F.W. Barry; vice-president; Henry Hoekstra, cashier; and Miss Faye Libbey, assistant cashier.

On Friday, July 13, 1984, the Coffeen National Bank, declared insolvent by the FDIC because of loan and operating losses, reopened as the newly-chartered Coffeen State Bank. It was the fourth bank failure in Illinois in 1984 and the 44th in the United States since Jan 1st. FDIC officials in shutting down the bank Thursday said deposit liabilities of the failed bank were assumed by the newly chartered Coffeen State Bank, a wholly owned subsidiary of Sangamon Banc Shares II, Inc., of Springfield. The FDIC was named receiver and no depositors lost money because of the assumption an FDIC spokesman said.

Official Bank Title(s)

1: The Coffeen National Bank, Coffeen, IL

Bank Note Types Issued

1902 Red Seal $10 bank note with pen signatures of C.F. Edwards, Cashier and William Abbot, President. Courtesy of Heritage Auctions, www.ha.com

1902 Plain Back $20 bank note with pen signatures of L.T. Wildman, Cashier and Louis Spinner, President. Courtesy of Heritage Auctions, www.ha.com

1929 Type 2 $10 bank note with printed signatures of L.T. Wildman, Cashier and Louis Spinner, President. Courtesy of Heritage Auctions, www.ha.com

A total of $411,760 in National Bank Notes was issued by this bank between 1905 and 1984. This consisted of a total of 33,368 notes (26,364 large size and 7,004 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1902 Red Seal	3x10-20	1 - 1110
1902 Date Back	3x10-20	1 - 1960
1902 Plain Back	3x10-20	1961 - 5481
1929 Type 1	6x10	1 - 780
1929 Type 1	6x20	1 - 158
1929 Type 2	10	1 - 1107
1929 Type 2	20	1 - 269

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1905 - 1984):

Presidents:

Cashiers:

Other Bank Note Signers

There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

Coffeen, IL, Wikipedia, https://en.wikipedia.org/wiki/Coffeen,_Illinois
Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
The Jacksonville Daily Journal, Jacksonville, IL, Tue., Jan. 13, 1931.
The Decatur Daily Review, Decatur, IL, Sat., Jan. 9, 1932.
The Decatur Daily Review, Decatur, IL, Wed., Mar. 2, 1932.
The Decatur Daily Review, Decatur, IL, Sat., July 8, 1933.
Herald and Review, Decatur, IL, Tue., Sep. 4, 1934.
The Decatur Daily Review, Decatur, IL, Sat., Jan. 12, 1935.
The Decatur Daily Review, Decatur, IL, Fri., Feb. 22, 1935.
The Decatur Daily Review, Decatur, IL, Mon. Jan. 16, 1939.
The Belleville News-Democrat, Belleville, IL, Sat., July 14, 1984.