Hurley National Bank (Hurley, WI)

View Charter #11594 on SPMC View balance sheet

Episode Information

Episode UID
1159401590
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
115940 national
Charter Number
11594
Start Date
June 18, 1932
Location
Hurley, Wisconsin (46.450, -90.187)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
632a3928efe6089d

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
76.2%
Date receivership started
1932-06-21
Date receivership terminated
1938-01-04
Share of assets assessed as good
52.0%
Share of assets assessed as doubtful
46.2%
Share of assets assessed as worthless
1.8%

Description

The bank suspended on June 18, 1932, and was placed in receivership on June 21, 1932.

Events (5)
1. February 6, 1920 Chartered
Source
historical_nic
2. June 18, 1932 Run
Cause Details
Withdrawal of deposits and depreciation in security values.
Measures
The board of directors voted to close the bank to protect depositors.
Newspaper Excerpt
The bank's suspension is due, it is claimed, to withdrawal of deposits and depreciation in the market value of its securities.
Source
newspapers
3. June 18, 1932 Suspension
Cause Details
Voted to close by directors due to deposit withdrawals and security depreciation.
Newspaper Excerpt
The Hurley National bank closed Saturday noon... At a meeting of the board of directors held on Friday it was voted to close the bank
Source
newspapers
4. June 21, 1932 Receivership
Source
historical_nic
5. June 21, 1932 Receivership
Newspaper Excerpt
The Hurley National Bank closed Saturday noon and is now in the hand of a receiver.
Source
newspapers

Newspaper Articles (9)
1. June 25, 1932 Iron County News Hurley, WI

Article Text

Hurley National Bank Closes Its Doors Board of Directors Votes to Suspend Business; Was Organized More Than Twelve Years Ago. The Hurley National Bank closed Saturday noon and is now in the hand of a receiver. At a meeting of the board of directors held on Friday it was voted to close the bank in order to protect depositors and pending possible reorganization. The bank's suspension is due, it is claimed, to withdrawal of deposits and depreciation in the market value of its securities. The bank remained open Saturday forenoon. According to Chas. Noren, cashier, deposits made Saturday forenoon will be returned to the depositors. The last statement of condition of the bank at the close of business last Dec. 31 showed total resources of $732,223.23, with amounting to $532,703.04. The bank had paid in capital stock of $50,000. The last statement showed surplus, profits and reserves amounting to $31,020.19. Other liabilities were: Circulation, $50,000; bills payable, $45,000; and rediscounts, $23,500. Organized in 1920 The Hurley National Bank was granted a charter on February 6, 1920, and on March 23 that year opened for business, with W. D. Tyler, former Iron county clerk, as cashier. Chas Bonino has been president of the bank since it was organized. The first vice-president was John W. Black, of Minneapolis, who remained in that capacity until his interests were purchased by W. B. Foster and Mr. Bonino several years ago. Mr. Foster then succeeded Mr. Black as vice-president. Mr. Tyler was succeeded as cashier by J. H. Bradish, of Grand Forks, N. D., several years ago. A little more than two years ago Mr. Bradish resigned and Chas. Noren, who succeeded Mr. Tyler as county clerk, became cashier of the bank. J. B. Bertolone has been assistant cashier. Others on the board of directors besides Mr. Bonino, Mr. Foster and Mr. Noren, were W. H. McDonell, Geo. B. Gerry, A. E. Erspamer and Dominic Rubatt.

2. September 30, 1932 Iron County Miner Hurley, WI

Article Text

APPOINT COMMITTEE TO WORK WITH BANK'S RECEIVER Depositors and stockholders of the Hurley National bank held a public meeting at the court house on last Thursday evening, at which time a committee was appointed to work in conjunction with the bank's receiver in liquidating the affairs of the bank. About 200 persons were in attendance and the meeting was called to order by Emanuel DeMeio, who explained briefly the reasons for calling the meeting. Short talks were also given by A. Castigliano of St. Paul, Italian consular agent in Minnesota, and O. J. Larsen, an attorney, and former congressman from Duluth, who stressed the importance of forming a committee to work in conjunction with the receiver. The committee named at the meeting is composed of the following: Otto J. Erspamer, a former assistant cashier of the bank, Rev. C. L. Harries and Emanuel DeMeio. The committee expects to get permission from the comptroller of the currency to examine the books of the bank and no doubt will call another meeting of the depositors and stockholders in the near future.

3. September 30, 1932 Iron County Miner Hurley, WI

Article Text

The board estimates that this rate will supply enough revenue in six years to pay all losses and create a reserve, after which the rate may be reduced. A statement is being prepared showing the public deposits in banks which have failed or gone under the waiver system. It will be ready next week. Officials of the city of Hurley and Iron county are anxiously awaiting word from the state deposit board when payments will be made to the city and county for money on deposit in the Hurley National bank when it closed on June 18th. The city had about $9,000 on deposit in the Hurley National and the county a much larger sum when the bank closed, both deposits being insured with the state deposit board. Both the city and county have filed claims with the state board for the amount of city and county money on deposit.

4. March 2, 1933 The Oshkosh Northwestern Oshkosh, WI

Article Text

LOANS FOR WISCONSIN FROM THE FINANCE BODY Washington, D. Reconstruction Finance corporation announced today were authorized during January seven Wisconsin nine Wisconsin building loan associations. They Commercial National bank, Fond du Old National Farmers State bank Hurley National bank (receiver), First National bank Security Savings bank La Crosse, Lincoln State bank, Milwaukee BUILDING AND LOAN $60,000. Green Bay Avenue Mutual, Milwaukee. Milwaukee Keystone $60,000. Peoples Building Milwaukee, $26,000 Sherman Park Building MilwauCounty Building. West Allis. $9.West Allis Building West Allis.

5. March 2, 1933 Chippewa Herald-Telegram Chippewa Falls, WI

Article Text

LIST LOANS BY R. F. C. IN STATE Seven Banks and Nine Building and Loan Associations Secure Funds. Washington. (AP) — The Reconstruction Finance Corporation announced today that loans were authorized during January to seven Wisconsin banks and nine Wisconsin Building and Loan associations. They are: Commercial National Bank, Fond du Lac, $84,900; Old National Bank, Waupaca, $84,000; Farmers State Bank, Waupaca, $80,000; Hurley National Bank (receiver), Hurley, $85,000; First National Bank, Wausau, $73,000; Security Savings Bank, La Crosse, $84,000; Lincoln State Bank, Milwaukee, $74,000. Building and Loan Associations: Community Building, Milwaukee, $60,000; Green Bay Avenue Mutual, Milwaukee, $105,000; Keystone Mutual, Milwaukee, $60,000; Peoples Building, Milwaukee, $55,000; Progressive Building, Milwaukee, $48,000; Tippecanoe Building, Milwaukee, $13,700; County Building, West Allis, $9,500; West Allis Building, West Allis, $90,000.

6. March 2, 1933 Chippewa Herald-Telegram Chippewa Falls, WI

Article Text

LIST LOANS BY R. F. C. IN STATE Seven Banks and Nine Building and Loan Associations Secure Funds. Washington. (AP) — The Reconstruction Finance Corporation announced today that loans were authorized during January to seven Wisconsin banks and nine Wisconsin Building and Loan associations. They are: Commercial National Bank, Fond du Lac, $84,900; Old National Bank, Waupaca, $84,000; Farmers State Bank, Waupaca, $80,000; Hurley National Bank (receiver), Hurley, $85,000; First National Bank, Wausau, $73,000; Security Savings Bank, La Crosse, $84,000; Lincoln State Bank, Milwaukee, $74,000. Building and Loan Associations: Community Building, Milwaukee, $60,000; Green Bay Avenue Mutual, Milwaukee, $105,000; Keystone Mutual, Milwaukee, $60,000; Peoples Building, Milwaukee, $55,000; Progressive Building, Milwaukee, $48,000; Tippecanoe Building, Milwaukee, $18,700; County Building, West Allis, $9,500; West Allis Building, West Allis, $90,000.

7. August 15, 1934 Wausau Daily Herald Wausau, WI

Article Text

Friola and Pasquale Costagna, all Hurley, stockholders in closed Hurley National bank. The receiver, Daniel Waite, said Mildred Flandrena holds ten shares, and that her unpaid assessment $1,000, plus interest Bessie Friola holds six shares and her unpaid assessment $600, plus interest, Waite said, while Costagna owes $800 and interest on an assessment against eight shares. For more than century, Britain numbers more female than male her population.

8. August 17, 1934 The Winona Daily News Winona, MN

Article Text

Court Confirms Awards in Alma Proceedings Neither Government Nor Property Owners Object to Figures. Superior, Wis. Patrick Stone was advised in federal district court that two damage suits against the hound bus lines have been settled court. In one case, Catherine Schalow her guardian, John Michalski, both Wausau, sued the company for for injuries the recelved when bus collided with which riding. In the other case, Leo Michalski, driver the car, asked $5,000 damages. final decree confirming the awards in condemnation in connection with the Mississippi river improvement project at Alma was The involved 1,740 acres of land in Buffalo county. Neither property owners objected to the awards. Judge Stone ordered default judgment against Mildred Flandrena, Bessie Friola and Pasquale Costagna, all of Hurley, and stockholders the closed Hurley National bank. The receiver, Daniel Waite, said Mildred Flandrena holds 10 shares and that her unpaid assessment plus interest. Priola holds shares and her unpaid assessment plus interest, Waite said, while Costagna owes $800 and on an against eight shares.

9. October 26, 1935 Ironwood Daily Globe Ironwood, MI

Article Text

Grand Rapids, Mich., Oct. 28—(AP)—In an opinion handed down today Federal Judge Fred M. Raymond ordered judgment of $2,000 plus six per cent interest from Sept. 29, 1932, to date in favor of Daniel Waite, receiver of the Hurley, Wis., National bank. Waite sued Nellie Ruggles, administratrix of the estate of A. L. Ruggles, to enforce liability on bank stock holdings of the decedent's estate. ROOSEVELT TO ATTEND DEDICATION OF BRIDGE Annapolis, Md., Oct. 26—(AP)—President Roosevelt boarded the government yacht Sequoia here today shortly after 10 a. m. (C. S. T.) to cruise across Chesapeake bay to the dedication of the Choptank bridge near Cambridge, Md. THE WEATHER UPPER MICHIGAN: Cloudy and unsettled with showers tonight and Sunday; not much change in temperature. WISCONSIN: Showers probable tonight and Sunday; little change in temperature. HIGHEST AND LOWEST temperatures yesterday: Los Angeles 86, Miami, 82; Winnemucca 20, Yellowstone 24. FORECAST FOR WEEK—Showers early part of week, generally fair thereafter; seasonable temperatures. TEMPERATURE: Maximum for the 24 hours ending at 12 o'clock noon today, 67; minimum for the same period, 39.