St. Clair County
Remnants Of The Past

Lowry City Independent
February 26, 1931

TWO ST. CLAIR COUNTY BANKS CLOSE
From the St. Clair County Republican

Last Friday, the 13th, proved to be a very unlucky day for Osceola. In the morning, before banking hours, the doors of the Citizens State Bank were closed by order of the Board of Directors, because of persisteent withdrawals of deposits since the failure of so many banks all over the country, and especially those on each side of Osceola, had brought about a great change in conditions. On account of crop failures the last few years and the general depression, many no doubt were forced to draw out their surplus to meet expenses, while others perhaps feared trouble and only assisted in bringing about conditions they feared, until a decision was made by the Board of Directors that morning to place the institution in the hands of the State Banking Department for the protection of the remaining depositors. It is hoped and believed by those in charge that if handled properly it will pay out dollar for dollar. However, it will require time to realize on the assets. George C. Freund, state Bank Examiner, is in charge until a liquidating agent is selected by the State Finance Commissioner.
Mr. Freund is also in charge of the Bank of Gerster, the doors of which were closed Saturday morning for the same reasons as above given.