Iron National Bank (Ironwood, MI)

View Charter #11469 on SPMC View balance sheet

Episode Information

Episode UID
1146901577
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
114690 national
Charter Number
11469
Start Date
May 22, 1931
Location
Ironwood, Michigan (46.455, -90.171)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
02198a245e78de62

Response Measures

Full suspension, Books examined

Other: Bank closed by order of the board and placed in federal receivership (comptroller-appointed receiver) with subsequent audit and liquidation of assets.

Receivership Details

Depositor recovery rate
87.3%
Date receivership started
1931-05-26
Date receivership terminated
1938-01-25
Share of assets assessed as good
55.5%
Share of assets assessed as doubtful
42.5%
Share of assets assessed as worthless
2.0%

Description

Receivership follows suspension; known receivership date 1931-05-26.

Events (5)
1. October 3, 1919 Chartered
Source
historical_nic
2. May 22, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy withdrawals and depositor panic following discovery/reporting of cashier Fred R. Burrell's death, which precipitated rumors and withdrawals.
Newspaper Excerpt
Reports of Burrell's death precipitated a run on the bank which continued through Friday and Saturday.
Source
newspapers
3. May 25, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Bank closed by order of the board after heavy withdrawals triggered by the cashier's death; notice posted that institution was closed by directors.
Newspaper Excerpt
The Iron National bank failed to open its doors for business here today after heavy withdrawals ... a notice posted on the door advised patrons the institution was closed by order of the board of directors.
Source
newspapers
4. May 26, 1931 Receivership
Source
historical_nic
5. May 26, 1931 Receivership
Newspaper Excerpt
Daniel Waite is now in charge of the Iron National Bank as receiver, representing the federal bank department. The records of the bank are now being audited ... .
Source
newspapers

Newspaper Articles (15)
1. May 25, 1931 Stevens Point Journal Stevens Point, WI

Article Text

Bank at Ironwood Fails to Open After Heavy Withdrawals The Iron National bank failed to open its doors for business here today after heavy withdrawals which followed the death of Fred R. Burrell, 49. cashier found fatally injured in the wreckage of his automobile near Kimball, Wis., A notice posted on the door advised patrons the institution we closed by order of the board of directors B. A. Morgan is president of the bank. An inquest into Burrell's death was ordered when surgeons reported discovery of a bullet in the cashier's head. It was previously reported he was injured when his automobile crashed into a bridge. The inquest will be held WednesNo statement regarding the fi. nancial condition of the bank was forthcoming Reports of Burrell's death precipitated a run on the bank which continued through Friday and Saturday Burrell. former resident of Minnesota, had been cashier of the bank for eight years. He is sur vived by his widow and two daughters.

2. May 25, 1931 Marshfield News-Herald Marshfield, WI

Article Text

NATIONAL BANK CLOSES DOORS 2-DAY RUN Ironwood, Mich., May The Iron National bank failed open its for business here day after heavy withdrawals the death of Fred Bur49, found fatally injured in the wreckage of his automonear Kimball, Wis., Thursday. notice posted on the door vised the closed by order of the board of directors. Morgan is president of the bank. into Burrell's death An inquest ordered when surgeons reportdiscovery bullet in the head. was ported he was injured when crashed into bridge. will be held WednesThe inquest No statement regarding the financial condition of death run on bank continued through and Saturday. former resident of MinBurrell, had been cashier of the bank for eight years. He survivhis widow and two daughters. by

3. May 25, 1931 The Capital Times Madison, WI

Article Text

Bank Closed as Killing of Cashier Causes Run Ironwood National bank failed to open its doors for business here today after heavy withdrawals which followed the death of Fred R. Burrell, 49, cashier, found fatally injured in the wreekage of his automobile near Kimball, Wis., Thursday. An inquest into Burrell's death was ordered when surgeons reported discovery of a bullet in the cashier's head. No statement regarding the financial condition of the forthcoming. Reports of Burrell's death precipitated run on the bank. track and field meet, Helen Mary Friese, 14, escaped with no bones broken.

4. May 25, 1931 Kenosha News Kenosha, WI

Article Text

Cashier's Death Forces Closing Heavy Runs On Bank Following Strange Death Forces Bank to Close its Doors Ironwood, Mich.-(P)-The Iron National Bank failed to open its doors for business here today after heavy withdrawals which followed the death of Fred R. Burrell, 49, cashier, found fatally injured in the wreckage of his automobile near Kimball, Wis., Thursday. notice posted on the door ad. vised patrons the institution was closed by order of the board of directors. B. A. Morgan is president of the bank. An inquest into Burrell's death was ordered when surgeons reported discovery of a bullet in the cashier's head. It was previously reported he was injured when his automobile crashed into bridge. The

5. May 26, 1931 Two Rivers Reporter Two Rivers, WI

Article Text

Heavy Withdrawals Force Bank Closing IRONWOOD Mich. (AP)-The Ironwood National Bank failed to open its doors for business here Monday after heavy withdrawals which followed the death of Fred R. Burrell, 49, cashier, found fatally injured in the wreckage of his automobile near Kimball, Wis., Thursday Order Inquest An inquest into Burrell's death was ordered when surgeons reported discovery of bullet in the eashier's head. It was previously reported he was injured when his automobile crashed into bridge. No statement regarding the financial condition of the bank was forthcoming. Reports of Burrell's death precipitated a run on the bank which continued through Friday and Saturday.

6. May 26, 1931 The Merrill Star-Advocate Merrill, WI

Article Text

ON BANK FOUND Heavy Withdrawals in Last Few Days Results in Bank's Failure to Open Doors Today Mich., May The Ironwood National bank failed to open its doors for business today after heavy withdrawals which followed death of Fred Burrwell, 49, cashier, found fatally injured the of his automobile Kimball, notice posted the door advised the \closed by order the board of Directors. Morgan president of the bank. An inquest into Burrell's death was ordered when surgeons ported discovery bullet in cashier's head. It previously was injured when automobile crashed into bridge. The inquest will be held statement regarding the financial the bank was forthcoming. Reports of Burrwell's death run the bank continued through Friday and Saturday. Burrwell, former resident Minnesota, had been cashier of the bank eight years. He is vived by his widow and two daughters.

7. May 26, 1931 Green Bay Press-Gazette Green Bay, WI

Article Text

IRONWOOD BANK FAILS TO OPEN DOORS TODAY IRONWOOD Iron National bank failed to open its doors for business here today after heavy withdrawals which followed the death of Fred R. Burrell 49, cashier, found fatally in the wreckage of his automobile near Kimball, Wis., Thursday. A notice posted on the door advised patrons the institution was closed by order of the board of directors. B. A. Morgan is president of the bank. An inquest into Burrell's death was ordered when surgeons reported discovery of bullet in the cashier's head. It was previously reported he was injured when his automobile crashed into bridge The inquest will held Wednesday No statement regarding the financial condition of the bank was forthcoming. Reports of Burrell's death precipitated run on the bank which continued through Friday and Satur-

8. June 12, 1931 Iron County Miner Hurley, WI

Article Text

RECEIVER IN-CHARGE OF IRONWOOD BANK Daniel Waite is now in charge of the Iron National Bank as receiver, representing the federal bank department. The records of the bank are now being audited as rapidly as possible, and as soon as this work is completed depositors and all others having claims against the institution will be notified to present their claims. Liquidation of the bank's paper will be carried on as rapidly as the best interests of the creditors permits, and payments will be made as soon as this can well be done. There are many wild rumors as to what the depositors in the bank will receive, but, as matter of fact, no one will know for some time, what this will be, nor be able to make even a good guess at the final outcome. Undoubtedly, having closed in this time of business depression, the bank carried considerable amount of securities which are much below their normal worth at this time, but this may be handled in such a way that the loss on them will be small. The process of liquidation will probably be slow, in order that undue loss may be avoided, and it may possibly be year before the bank's affairs are nally settled. Mr. Waite comes from Duluth, and hence has knowledge of the people and affairs of this part of the country, which should aid him in the task he has Ironwood Times.

9. July 3, 1931 The Ironwood Times Ironwood, MI

Article Text

Bank Receiver Reports. Daniel Waite, receiver for the Iron National Bank, has made a statement of the condition of the bank to the comptroller of the currency. Mr. Waite is quite hopeful of gratifying returns to the depositors in the institution, but of course, what the return will be cannot be stated, until it is determined what collections can be made. The statement of the condition of the bank on the day of its suspension follows: Assets: Bills Receivable $373,012.60 Cash on hand 12,493.50 Assets other than bills receivable and cash on hand 279,627.12 Total Liabilities: $665,133.22 Liabilities unsecured $395,678.90 Deposits secured by pledge of assets of the bank aggregating $108,689.92 as collateral 82,660.00 Rediscounts secured by pledge of assets of the bank aggregating $9,000 as collateral 9,000.00 Bills payable secured by pledge of assets of the bank aggregating $19,413.00 as collateral 15,294.81 Due Federal reserve bank, overdraft, assets held as collateral $88,898.41 23,965.64 Total $526,599.35

10. July 10, 1931 Iron County Miner Hurley, WI

Article Text

Statement of Bank's Assets Assets of the Iron National bank of Ironwood are about $135,000 more than the liabilities, according to a statement issued last week by Daniel Waite, receiver for the bank. The bank was closed last month after a run on the bank's funds, following the death of Fred Burrell, cashier. The assets of the bank total $665,133.22 and the liabilities $526,599.35.

11. May 20, 1932 Kenosha News Kenosha, WI

Article Text

Bank Receiver Shows Plans for Dividend Ironwood, Mich. — (AP) — Daniel Waite, receiver, Thursday announced another 25 per cent dividend is to be paid creditors of the Iron National bank, which closed May 25 last year. The new dividend will bring payments on claims up to 65 per cent.

12. July 19, 1932 Ironwood Daily Globe Ironwood, MI

Article Text

Legals Legal Notices 91 May Aug. NOTICE OF MORTGAGE SALE Whereas, Simon and Simon, CounState Michigan, executed Indenture Mortgage, bearing date 26th Iron National the State gage recorded the Register Deeds Gogebic 35, Michigan, the day June, claimed mortgage south interest thereon the May, 1930, which the ($347.71) Dollars, attorney's foreclosure and proceedinstituted remaining secured Receiver The Receiver National Ironwood, Michigan the United States Comptroland statutes provided entitled the privileges said The Iron National Bank: New payment the mortgage the has Notice that virtue and The such case the said the Circuit being Circuit the City Bessemer Gogebic and that being The August, the forenoon the premises contained mortgage follows: Three (3) Sixteen the original Village file the office follows, ed the line lot distance the credited said thence twenty direction distance less the line less the west line thence Gogebic place serving served various instruments conDATED: May 6th, DANIEL Receiver The National Bank of Ironwood, Michigan, Mortgagee. WM. CLOON, Attorney Receiver of said The Iron National Bank, Business

13. October 28, 1932 Ironwood Daily Globe Ironwood, MI

Article Text

REHEARING DENIED TO BANK RECEIVER Judge Refuses to Reopen Case of A. D. Washburn Versus Waite. (By Staff Correspondent) Bessemer, Oct 28-A rehearing requested by the defendant in the suit started in May by Arthur D Washburn, et al against Daniel R Waite, receiver of the Iron National bank of Ironwood, was refused this week when Circuit Judge George O Driscoll denied Mr Waite the privilege of introducing further testimony This spring Mr and Mrs Washburn sought to iecover 134 shares of Ironwood Auto Service Co stock which Mt Waite had sold when he claimed the stock had been pledge d as collateral on loans of $5 000 and $3 650 made by the Washburns It however that the shares had been placed with Fred R Burrell deceased bank cashier to be delivered to stock customers of the auto In giving his opin on on the hearing Judge Discoll decided in favor of the plaintiffs when he stated that if the auto stock had actually been pledged to the bank the bank records should have dis closed more satisfactors evidence to that effect was his decision that the receiver had had no right to sell the stock Mr Waite was granted a money decree however at that time for the amounts due upon the nores for the borrowed money

14. April 3, 1933 Ironwood Daily Globe Ironwood, MI

Article Text

AID AT DETROIT Bank Receiver to be Absent From City Short Time. Daniel Waite, receiver of the fornier Iron National bank of Ironwood and the Hurley National bank Hurley has been called Detroit by the comptroller of the currency of the United States assist the receivership of the First National bank of Detroit. Mr Waite expects to return to Ironwood within week or two.

15. August 14, 1935 Ironwood Daily Globe Ironwood, MI

Article Text

Parcel No. 2. Lots 18 and 19, Block 3, Ayer & Longyear Add. to Ironwood, also known as the Goe residence, No. 217 South Mansfield St. Parcel No. 3. S. 23 ft. of N. 71 ft. Lots 9 and 10, Block 37, Original Plat Ironwood, also known as the Kaukola Building, No. 304 S. Suffolk Street. Parcel No. 4. N. 32 ft. 4 in. of Lots 11 and 12 and N. 32 ft. 4 in. of W. 30 ft. of Lot 13, Block 21, Original Plat, Ironwood. Also known as the Iron National Bank at 112 Suffolk Street. Parcel No. 5. S¾ of NE¼ of NW¼ Sec. 35, Twsp. 47N, Range 47W, Gogebic County, Mich. Also known as the Abraham Kukiland (30 acres). Parcel No. 6. An island in Govt. Lot 2, Section 6-43-7E and Lot 6, Sec. 31-43-7E, Vilas County, Wisconsin. Also known as the Brogan property and cottages on a 3 acre island in Ox-Bow Lake. Parcel No. 7. SW¼ of SW¼ Sec. 29 and E½ of NE¼ Sec. 30-44-6E Vilas County, Wis. Also known as the Mary Finnegan lake shore and farm property, (120 acres.) In order to complete the liquidation of this Receivership the above described properties may be purchased at less than full value. Receiver's Certificates of Proof of Claims may be offered as part payment of purchase price. DANILE WAITE, Receiver, Iron National Bank of Ironwood, Michigan