Brown National Bank (Kenosha, WI)

Episode Information

Episode UID
1254101599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
125410 national
Charter Number
12541
Start Date
March 4, 1933
Location
Kenosha, Wisconsin (42.585, -87.821)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
af0473354f7e201b

Response Measures

None

Events (3)

1. May 23, 1924 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Government Action
Cause Details
State- and nationwide banking moratoria / federal banking holiday and state proclamations halted banking operations.
Newspaper Excerpt
Banks of this city and Wisconsin are making plans to reopen next week... the fourteen day bank holiday proclaimed by Gov. R. G. Schmedeman remains in effect.
Source
newspapers
3. March 13, 1933 Reopening
Newspaper Excerpt
The First National Bank, the Brown National Bank and the Northwestern Loan and Trust company are all ready to resume complete banking business as soon as the federal order has been received.
Source
newspapers

Newspaper Articles (2)

Article Text

EVERY STATE JOINS IN MOVE TO SAVE BANKS Take Holiday or Impose Restrictions. Wilmington, Del., March 4.—(AP)—Delaware, the last of the nation's 48 states not under some form of banking restriction, declared a bank holiday tonight, effective Monday and continuing "until further notice." Harold W. Horsey, state banking commissioner, said Gov. C. Douglas Buck had directed him to notify all banks in the state as follows: "Not because of anything that has occurred in Delaware, nor any condition existing here, but wholly because of the action of practically all the other states in declaring a bank holiday and the observance thereof by the Federal Reserve bank, this bringing about a temporary suspension of banking business over the country, I am left with no alternative but to take action to protect Delaware banks and their depositors." Wisconsin Plans Reopening. Milwaukee, Wis., March 4.—[Special.]—Banks of this city and Wisconsin are making plans to reopen next week, but on what day had not been determined tonight. In Madison, Banking Commissioner Arthur C. Kingston said that a plan has been devised for reopening Wisconsin banks Monday morning, although he withheld details of the plan pending an expected announcement from President Roosevelt at Washington on the banking situation. On the other hand, Walter Kasten, president of the First Wisconsin National bank, and also a member of a committee appointed by the Milwaukee Clearing House association to work out a plan, said the Milwaukee banks will not reopen until Wednesday at the earliest, and then probably will operate under a scrip plan similar to that used in 1907. In the meantime the fourteen day bank holiday proclaimed by Gov. R. G. Schmedeman remains in effect. No Holiday in Indiana. Indianapolis, Ind., March 4.—[Special.]—Indiana banks, under the new bank code law recently rushed through the state legislature, have the power to limit withdrawals to one-tenth of 1 per cent. Therefore, no state-wide bank moratorium will be declared in Indiana Gov. Paul V. McNutt today informed state officials from Washington, where he attended the inauguration. Indianapolis banks today continued to pay 5 per cent on both savings and checking accounts, and 100 per cent on deposits made since they declared a 5 per cent withdrawal limitation last Monday. A few upstate banks have limited withdrawals to 2 per cent. Plan Michigan Reopening. Detroit, Mich., March 4.—[Special.]—There was an easing up of banking anxieties in Detroit because of the action of the state legislature on relief bills which are scheduled to be passed on Monday. They should become laws not later than next Saturday and thereby permit banks to re-open and permit another withdrawal of funds in amounts yet to be decided upon. Operations in Detroit will be immediately resumed by the First National bank and the Guardian National Bank of Commerce. Iowa Proclaims Holiday. Des Moines, Ia., March 4.—[Special.]—Lieut. Gov. N. G. Kraschel today ordered a banking moratorium effective at once. In his proclamation the lieutenant governor set no definite time, declaring only "a temporary banking holiday mandatory for all Iowa banks, savings banks and


Article Text

Kenosha Banks Expect Order to Open Soon Present Rulings Give Hope for Order Here Sometime Wed. Prospects that Kenosha banks would receive permission to reopen, perhaps by Wednesday, brightened today as the result of announcement of the nationwide plan for the reopening of banks. This same announcement, however, held little hope that Kenosha banks would receive notification before Wednesday. The federal order stated that banks would be permitted to resume business in keeping with the following progressive basis: Monday — Banks in the 12 federal reserve bank cities. Tuesday—Banks in the more than 250 cities which have active, recognized clearing house associations. Wednesday—Banks in other cities. Since Kenosha does not have a clearing house association, it seems probable that the banks here will be included in the latter list. Banking Firms Are Ready The First National Bank, the Brown National Bank and the Northwestern Loan and Trust company are all ready to resume complete banking business as soon as the federal order has been received. All filed their applications with the federal reserve bank at the earliest possible moment and are now awaiting the order. Whether or not the order permitting the Kenosha banks to resume would be received in Kenosha on Wednesday in time for banking hours on that day was a question. These prospects are all based on the theory that the federal order will be carried out as planned. If the routine proves too lengthy, there is a possibility that there might be some slight additional delay throughout the entire country. Extend Gold Return Time The Kenosha banks received notification this morning that the time for returning of hoarded gold or gold certificates had been extended from today, March 13th, until Friday, March the 17th. After that date the banks are ordered to send to the federal reserve bank a list of all depositors who have withdrawn gold or gold certificates and have not redeposited it. Since the first notice was given here between $20,000 and $25,000 in gold or gold certificates has been exchanged for other currency. The banks in keeping with the federal order have sent in the gold or gold certificates to the federal reserve bank.