United States National Bank & Trust Company (Kenosha, WI)

View Charter #12351 on SPMC View balance sheet

Episode Information

Episode UID
1235101595
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
123510 national
Charter Number
12351
Start Date
November 14, 1932
Location
Kenosha, Wisconsin (42.585, -87.821)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2747ee6fa27cc682

Response Measures

None

Receivership Details

Depositor recovery rate
75.5%
Date receivership started
1932-11-15
Date receivership terminated
1941-10-15
Share of assets assessed as good
6.9%
Share of assets assessed as doubtful
63.5%
Share of assets assessed as worthless
29.6%

Events (4)
1. April 9, 1923 Chartered
Source
historical_nic
2. November 14, 1932 Suspension
Cause
Government Action
Cause Details
Bank closed Nov. 14, 1932 and placed into receivership by the Comptroller of the Currency
Newspaper Excerpt
closed on November 14th last, and in the hands of a federal bank receiver since shortly after that date
Source
newspapers
3. November 15, 1932 Receivership
Source
historical_nic
4. November 16, 1932 Receivership
Newspaper Excerpt
Announcement was made today of the appointment of George A. Taylor ... as the receiver for the United States National Bank and Trust company, which closed its doors here Monday.
Source
newspapers

Newspaper Articles (10)
1. November 16, 1932 Kenosha News Kenosha, WI

Article Text

Receiver for U. S. National Bank is Named Geo. A. Taylor, Chicago, Named Receiver by Fed. Comptroller Announcement was made today of the appointment of George A. Taylor, of Chicago, long engaged in bank receivership work in that city, as the receiver for the United States National Bank and Trust company, which closed its doors here Monday. Notice of the appointment was received and announced here by Robert K. Stuart, national bank examiner, who since Monday has been in charge of the affairs of the bank, preparing reports preliminary to the receivership. The appointment was made by the comptroller of the currency. Mr. Taylor was in Kenosha this morning conferring with National Bank Commissioner Stuart relative to taking over the receivership as soon as reports are completed. Experienced in Work Receiver Taylor has been engaged in bank receiver work in this district for several years. He comes to Kenosha from Chicago where he has been assistant to the receiver for the People's National bank of that city. Immediate appointment of a receiver for the bank was taken as indication that the orderly liquidation of the affairs of the bank to protect the interests of all depositors would proceed as rapidly as possible. Announcement relative to the offices for the receivership and other arrangements will be made the first of next week. Continue Work on Reports Bank Examiner Stuart, who has been in charge of the preliminary work in connection with the orderly liquidation of the resources of the bank, will remain in Kenosha for the remainder of the week. Work is progressing on the reports which are to be turned over to the receiver but this will not be completed before the end of the week. It is expected that the receiver will take charge the first of next week and complete announcement regarding this will be made at that time.

2. December 9, 1932 The Producers News Plentywood, MT
Article from The Producers News, December 9, 1932

Click image to open full size in new tab

Article Text

New Bank Suspensions Nebraska: George W. Woods, Bank Commissioner, has announced: Bank of Raymond, Raymond, closed. South Dakota: E. A. Ruden, Supt. of Banks, has announced: First State Bank, Bowdle, closed. National banks suspending Nov. 18, as re- ported to the Comptroller of the Currency and made public Nov. 18, were: National banks suspending Nov .14, as reported to the Comptroller of the Currency and made public Nov. 14 were: Shawnee National Bank, Shawnee, Okla.; resources, $2,359,264; First National Bank of Allen, Okla., resources $119,771; First National Bank of McLoud, Okla.; resources, $130,272; Park National Bank of Sulphur, Okla.; resources, $213,651. Diamond National Bank of Pittsburgh, Pa.,; resources, $15,849,950. United States National Bank and Trust Co4 of Kenosha, Wis.; resources, $1,812,553. National banks suspending Nov. 21 and 22, as reported to the Comptroller of the Currency and made public Nov. 23, were: Nov. 21: Ayers National Bank, Jacksonville, 111., resources, $8,285,998. Nov. 22: First National Bank of Faulkton, S. Dak., resources $257,141.

3. December 9, 1932 The Producers News Plentywood, MT

Article Text

New Bank Suspensions Nebraska: George W. Woods, Bank Commissioner, has announced: Bank of Raymond, Raymond, closed. South Dakota: E. A. Ruden, Supt. of Banks, has announced: First State Bank, Bowdle, closed. National banks suspending Nov. 18, as reported to the Comptroller of the Currency and made public Nov. 18, were: National banks suspending Nov. 14, as reported to the Comptroller of the Currency and made public Nov. 14 were: Shawnee National Bank, Shawnee, Okla.; resources, $2,359,264; First National Bank of Allen, Okla., resources $119,771; First National Bank of McLoud, Okla.; resources, $130,272; Park National Bank of Sulphur, Okla.; resources, $213,651. Diamond National Bank of Pittsburgh, Pa.; resources, $15,849,950. United States National Bank and Trust Co. of Kenosha, Wis.; resources, $1,812,553. National banks suspending Nov. 21 and 22, as reported to the Comptroller of the Currency and made public Nov. 23, were: Nov. 21: Ayers National Bank, Jacksonville, Ill., resources, $8,285,998. Nov. 22: First National Bank of Faulkton, S. Dak., resources $257,141.

4. March 13, 1933 Kenosha News Kenosha, WI

Article Text

Potente Case Goes to U. S. Court Hearing Federal Judge Issues Restraining Order Against Hearing Case Here Trial of the suit brought by Eugene Potente, of Kenosha, seeking to recover an adjuster service compensation certificate from the United States National Bank and Trust company receiver, will be taken to the federal court as the result of the action of Federal Judge F. A. Geiger in Milwaukee on Saturday. Attorney Leo Vaudreuil, representing Potente, had filed a suit in the municipal court here demanding the sum of $1,250 in cash or the certificate, claiming that the bank was wrongfully withholding the certificate. Attorney W. W. Hammond, representing George Taylor, receiver for the bank, asked that the case be transferred to the federal court, but Judge Calvin Stewart ruled that the municipal court here had jurisdiction in the case and denied the motion for the transfer. Gets Federal Order Hammond appeared before Judge Geiger in Milwaukee on Saturday and secured a restraining order holding up all proceedings in the case in any state court, and an agreement has been reached whereby the merits of the case will be heard before the federal judge for the district. Inasmuch as the receivership of the national bank is in federal hands, all litigation growing out of the receivership or the closing of the bank becomes federal court material, Hammond argued. The federal district judge orders that "Eugene Potente and his attorney, during the pendency of this action in this court, be and each of them hereby is restrained from prosecuting any further proceedings or taking any steps in the municipal court of Kenosha county." Involves Security Papers The original suit brought by Potente against the U. S. bank receiver followed his demands for the return of the adjusted compensation certificate. Potente alleged that he made a loan of $600 from the bank in April, 1932. He offered the $1,250 certificate as collateral for the loan. The following month Potente paid back the $600 but neglected to ask for the certificate he had presented as collateral. He had forgotten about this collateral until the bank closed, his complaint alleges, and then he went to the federal receiver to ask for its return. Taylor refused to give up the paper, Potente alleges, and Potente filed for its recovery.

5. March 13, 1933 Kenosha News Kenosha, WI

Article Text

Trial of the suit brought by Eugene Potente, of Kenosha, seeking to recover an adjuster service compensation certificate from the United States National Bank and Trust company receiver, will be taken to the federal court as the result of the action of Federal Judge F. A. Geiger in Milwaukee on Saturday. Attorney Leo Vaudreuil, representing Potente, had filed a suit in the municipal court here demanding the sum of $1,250 in cash or the certificate, claiming that the bank was wrongfully withholding the certificate.

6. April 7, 1933 Kenosha News Kenosha, WI

Article Text

Receiver for U. S. National Files Report Progress of Liquidation of Closed Bank Shown in Quarterly Report Progress made in the liquidation of the affairs of the United States National Bank and Trust company of Kenosha, closed on November 14th last, and in the hands of a federal bank receiver since shortly after that date, was made public today in the announcement of the quarterly report of the receiver, George A. Taylor. This report, which sets forth the condition as of March 31st, 1933, was filed with the federal comptroller of the currency. On account of the fact that the bank was closed only a few weeks before Dec. 31st, 1933, no quarterly report was required at that time. The statistics now made public are the first that have been authorized since the closing of the bank in November for that reason.

7. June 19, 1933 Kenosha News Kenosha, WI

Article Text

Bank Case is Called Today Suit of Mrs. F. Sullivan Against U. S. Bank in Federal Court The suit of Mrs. Mary G. Sullivan, widow of the late Frank Sullivan, a former Kenosha shoe merchant, against the receiver of the United States National bank of Kenosha, involving a trust fund of the merchant's estate, was scheduled for trial before Judge F. A. Geiger in the United States district court in Milwaukee this afternoon. Mrs. Sullivan and minor heirs are seeking to recover $38,400 alleging that it was not invested in keeping with the regulations regarding trust agreements. The receivership of the bank claims that the investments were made in keeping with the terms of the trust and accompanying instructions. The suit was filed first in the circuit court of Kenosha county and later was transferred to federal court because a federal bank receiver was in charge of the affairs of the bank after its closing.

8. November 20, 1933 Kenosha News Kenosha, WI

Article Text

Potente Suit Settled Sat. Federal Judge Rules in Favor of U. S. Bank Receiver in Claim Federal Judge F. A. Geiger in Milwaukee Saturday settled the litigation between Eugene Potente and the United States National bank receivership with a decision in favor of the bank. The hearing was held in federal court with Attorney Leo Vaudreuil representing Potente and Walter W. Hammond counsel for the receiver. The case was originally brought to the municipal court here when Potente filed suit for the recovery of a veteran's compensation certificate in the amount of $1,250 which he claimed he had left at the bank as security for a loan of $600. The note was paid, but Potente forgot to ask for the return of the security, and the bank did not return it. Makes Formal Request When Potente asked for the return of the certificate after the bank closed, it was refused him. The bank receiver declared he was keeping it as security for another $1,000 note the bank held. Potente, through his attorney, took the case to court and the suit eventually was transferred to the federal court where Judge Geiger made his ruling Saturday. Under this decision the bank is permitted to retain the certificate until the note is paid, and recognizes the certificate as collateral for the note.

9. February 22, 1934 Kenosha News Kenosha, WI

Article Text

Mrs. Sullivan Gets $38,200 in Trust Fund U. S. Court of Appeals Upholds Lower Court in Trust Fight Mrs. Mary G. Sullivan, widow of Frank J. Sullivan, former Kenosha shoe merchant, will receive $38,000 from the United States National Bank & Trust company receivership under an order issued by the United States circuit court of appeals in Chicago on Tuesday. Her suit against George A. Taylor, receiver for the closed bank, was appealed from the federal district court in Milwaukee, and the high court in Chicago upheld Judge F. A. Geiger. The late Frank Sullivan left $38,000 in trust for his family in his lifetime, and when he died the widow sought to have some of the money paid to the family on a regular income basis.

10. August 27, 1934 Kenosha News Kenosha, WI

Article Text

Bank Receiver Sues Directors for Big Sum U. S. Bank Receiver Files Suit for $265,541 in U. S. Dist. Court Alleging that in six instances named the directors of the United States National Bank and Trust company of Kenosha had "been negligent in their duties and had exceeded their legal powers under federal banking laws," George A. Taylor, receiver for the bank, has filed suit against the directors and the United company, the holding company for the U. S. National bank building, seeking to recover $265,541.17 for the receivership. Announcement of this action was made today by Attorney Walter W. Hammond, counsel for the receivership. He stated that the suit had been filed in the United States district court in Milwaukee and that service of the complaint had been secured on all the defendants. He stated that the plaintiff had agreed to an extension of time for the defendants to file answer to the suit but that it was expected that the case would be called at the next session of the federal court. Recalls Building Transaction The major portion of the claim, $120,700, is based on the allegation that the directors "in violation of their duty to honestly and diligently administer the affairs of said bank and in violation of law, including the provisions of 12 U. S. C. A. Section 84" caused the bank to illegally invest funds for 1,250 shares of stock in the United Company, the holding company for the U. S. National Bank building. The complaint declares that "shares of stock of the said United Company of the par value of $120,700, for which it had paid that amount," stood in the name of the bank at the time of its suspension. It alleges that the directors of the United Company were also directors of the bank. It asks for recovery of this amount from the directors or the United Company. This transaction took place in 1926. It claims that the directors of the bank "knew or should have known that this attempted purchase of shares of stock in the United company was unlawful and ultra vires and void as an act of the bank. Claim Lease Unlawful The plaintiff also asks for a return of $77,127.41 from the money paid by the bank to the United company for the leasing of banking quarters in the U. S. National Bank building, alleging that the lease was unlawful and excessive. It alleges that the former quarters of the bank were ample, alleging that because of their "dual positions and financial interests as directors of the bank and as directors of the United company, they were unable to and could not and did not exercise fair, sound and impartial judgment and properly exercise their duties as directors of the bank" either in connection with the purchase of stock in the company or the leasing of the building. The complaint alleges that the lease was not based on the needs of the bank or upon a reasonable rental value. The lease, it declared, "attempted to require the said bank to pay an annual rental, then undetermined in amount, but which would be sufficient to enable the said United company, after applying its other rental income thereon, to pay all charges and expenses of every nature in the operation of said building, including interest on the aforesaid bonds" and to pay bonds maturing and in addition thereto to pay an annual dividend of six per cent on all outstanding shares of the stock of the United company except those standing in the name of the bank. This lease is also the subject of a suit which has been brought by the United Company against the receiver of the bank to keep the terms of the lease. In this suit the United Company asks approximately $358,000 to meet all the terms of the lease. (Continued on Page Seven)