Mechanics & Farmers Bank

City: Springfield

County: Sangamon

State: IL

As its name suggests, the Mechanics and Farmers Bank advertised itself as a bank dedicated to the interests of farmers and mechanics in Springfield, Illinois and the surrounding area. In August 1852, its stockholders elected Thomas Lewis bank president. It opened for business November 1, 1852, with $1,000,000 in capital stock. Just over two years later, on November 22, 1854, it closed for business following a severe run upon the bank by depositors withdrawing funds in a state of panic due to fears that the bank might soon become insolvent.

Illinois Daily Journal (Springfield), 14 August 1852, 3:1; 25 August 1852, 3:2; 30 October 1852, 3:2; 22 November 1854, 2:1.