Citizens National Bank (Niles, MI)

View Charter #1886 on SPMC View balance sheet

Episode Information

Episode UID
188601195
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
national
Bank ID
18860 national
Charter Number
1886
Start Date
July 8, 1899
Location
Niles, Michigan (41.830, -86.254)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8f690a92ab80cd44

Response Measures

Accommodated withdrawals, Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
85.0%
Date receivership started
1899-07-08
Date receivership terminated
1902-06-10
OCC cause of failure
Fraud
Share of assets assessed as good
49.8%
Share of assets assessed as doubtful
33.0%
Share of assets assessed as worthless
17.2%

Description

Temporary receiver appointed July 8; permanent receiver named Sept. 27.

Events (6)
1. September 27, 1871 Chartered
Source
historical_nic
2. July 8, 1899 Receivership
Source
historical_nic
3. July 8, 1899 Receivership
Newspaper Excerpt
National Bank Examiner Joseph W. Selden...was appointed temporary receiver of the bank by the controller of the currency. The failure was caused by poor loans.
Source
newspapers
4. July 8, 1899 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure caused by poor loans; Comptroller levied an assessment on capital stock which stockholders failed to meet.
Newspaper Excerpt
The doors of the Citizens' National Bank of Niles, Mich., were closed today by National Bank Examiner Joseph W. Selden, who was appointed temporary receiver of the bank by the controller of the currency.
Source
newspapers
5. July 10, 1899 Run
Cause
Rumor Or Misinformation
Cause Details
Sudden change of officers provoked disquieting rumors and panic withdrawals (Friday $23,000; Saturday about $15,000).
Measures
Paid out large withdrawals until on-hand funds were exhausted; bank examiner then closed the bank.
Newspaper Excerpt
The Citizens' National bank was obliged to close its doors at 10 a. m. Saturday, owing to a run on the bank by depositors.
Source
newspapers
6. September 27, 1899 Receivership
Newspaper Excerpt
The comptroller of the currency today appointed Mr. A. B. Darrah...receiver of the Citizens' National bank of Niles, Mich.
Source
newspapers

Newspaper Articles (21)
1. July 8, 1899 Evening Star Washington, DC
Article from Evening Star, July 8, 1899

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Article Text

Bank Failure at Niles, Mich. The doors of the Citizens" National Bank of Niles, Mich., were closed today by National Bank Examiner Joseph W. Selden, who was appointed temporary receiver of the bank by the controller of the currency. The cause of the failure of the bank is poor loans which have been made, to meet which the controller levied an assessment upon the capital stock of the bank. The stockholders failed to meet this assessment and the receiver was appointed in consequence. The capital stock of the bank is $50,000.

2. July 9, 1899 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, July 9, 1899

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Article Text

MICHIGAN BANK FAILURE. I WASHINGTON, July 8.-The Citizen's National bank, of Niles, Mich, was closed today by National Bank Examiner Seldon. who was appointed temporary receiver. The cause of the failure is poor loans which have been made,to meet which the controller levied an assessment upon the capital stock of the bank. The stockholders failed to meet this assessment and a receiver was appointed. The last statement of the bank showed loans and discounts amounting to $109,509; surplus, $10,000: capital. $500,000.

3. July 9, 1899 The Sun New York, NY
Article from The Sun, July 9, 1899

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Article Text

National Bank in Niles, Mich., Closed. NILES, Mich., July 8.-The doors of the Citizens' National Bank of Niles were closed today by National Bank Examiner Joseph W. Selden. who was appointed temporary receiver of the bank by the Comptroller of the Currency. The fuilure was caused by poor loans. to meet which the Comptroller levied an assessment upon the capital stock of the bank. The stockholders failed to meet this assessment and the receiver was appointed. The last statement of the bank showed loans and discounts amounting to $169,509; surplus. $10,000: capital. $50,000.

4. July 9, 1899 The Record-Union Sacramento, CA
Article from The Record-Union, July 9, 1899

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Article Text

A National Bank Closed. WASHINGTON, July 8.-The doors of the Citizens' National Bank of Niles, Mich., were closed to-day by National Bank Examiner Selden, who was appointed temporary receiver of the bank by the Comptroller of the Currency. The cause of the failure of the bank is poor loans which have been made, to meet which an assessment was levied upon the capital stock of the bank. The stockholders failed to meet this assessment, and the receiver was appointed. The last statement of the bank showed loans and discounts amounting to $169,509, surplus $10,000, capital $50,000.

5. July 10, 1899 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, July 10, 1899

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Article Text

Run on a Michigan Bank. Niles, Mich., July 10.-The Citizens' National bank was obliged to close its doors at 10 a. m. Saturday, owing to a run on the bank by depositors. Two days ago there was a sudden change of officers in the bank and disquieting rumors arose. Friday there was a steady drain on the institution, and before the bank closed $23,000 was paid out to depositors. Saturday's run exhausted the funds and the bank was closed.

6. July 12, 1899 The True Northerner Paw Paw, MI
Article from The True Northerner, July 12, 1899

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Article Text

MINOR NEWS ITEMS. For the Week Ending July 10. John H. Stallings, 108 years of age, died near Sevierville, Tenn. A severe shock of earthquake in California was felt from San Francisco to Monterey. Orders have been issued for the resumption of all idle coke companies in the country. Herbert M. Harriman, of New York, won in Chicago the amateur golf championship of America. August Albert Becker was found guilty in Chicago of wife murder and sentenced to be hanged. Maj. Joseph Heatwole, chief commissary in Santiago, died of yellow fever. He was a resident of Indiana. A heavy earth slide in a diamond mine at Cape Town, Africa, killed 11 men and 16 others were missing. Willie Porter, aged nine years, at Coats, Kan., killed his mother and baby sister while playing with a pistol. A freight train carrying six cars of horses was wrecked at Moors, Nev., and nearly all the animals were killed. The National Editorial association, in session in Portland, Ore., elected R. H. Henry, of Jackson, Miss., president. The Citizens' national bank at Niles, Mich., was obliged to close its doors owing to a run on the bank by depositors. A wind and hailstorm devastated the country for miles around Kendalls, Wis., ruining large tracts of valuable timber. As a result of a strike the 20 largest cigar factories in Tampa, Fla., instituted a general lockout and 5,000 cigar makers were idle. Pleas Wynn and Catlett Tipton were hanged at Sevierville, Tenn., for the murder of William and Laura Whalley on December 28, 1898. Fire and explosion in the residence at Washington of Capt. Dickins, of the United States navy, resulted in the death of Mrs. Dickins. Heavy rain, together with a cloudburst, completely flooded Lower Germantown, Conn., and 400 residents were driven from their homes. James McAfee was hanged at Carthage, Mo., for the murder of Eben Brewer, a merchant of Joplin, whom he attempted to rob July 30, 1897. George Coppell, chairman of the reorganization committee of the Wisconsin Central railway lines, bid in the system in entirety for $7,300,000. A carriage containing William M. Diem and Miss Lizzie Prequesel was struck by a train in Buffalo, N. Y., and both of the occupants were killed. The street car strike which has been in progress in London, Ont., for several weeks led to a serious rioting and the city was placed under martial law. The convention in San Francisco of the Association of American Agricul-

7. July 12, 1899 The True Northerner Paw Paw, MI
Article from The True Northerner, July 12, 1899

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Article Text

CLOSED BY A BIG RUN. Depositors of the Citizens' National Bank, of Niles, Make Too Heavy Demands. Niles, July 10.-Owing to a run on the Citizens' national bank Friday and Saturday the doors of that institution were ordered closed at ten o'clock Saturday morning by National Bank Examiner Seldon, who took immediate possession. Thursday at a meeting of the directors a change in officers was made which was entirely unexpected by the customers of the bank and which caused the circulation of rumors. This precipitated a panic on the part of the depositors, who made a rush for their money. Friday $23,000 was paid out and Saturday morning an excited crowd gathered in front of the bank. When the doors were opened they rushed in and in one hour about $15,000 was paid out. This exhausted the institution's funds on hand and the bank examiner ordered the institution closed. Great excitement then prevailed. Women became hysterical and wept, while men who had all their money deposited there turned away with blanched faces. The national bank examiner came here Thursday and made a critical and thorough examination of the books, papers and securities, which he found in regular and proper order. The bank has individual deposits of $52,641.57 and demand certificates of $132,654.62. The directors of the bank are of the stanchest and wealthiest citizens of Niles. They are endeavoring to secure funds to enable the bank to soon open its doors, when an attempt will be made to satisfy the demands of the depositors. The failure has not yet crippled any business interests.

8. July 13, 1899 The Farmington Times Farmington, MO
Article from The Farmington Times, July 13, 1899

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Article Text

At Athens, W. Va., Isaac Thomas, aged 13, killed his mother and sister and was also charged with murdering his father, who was killed while hunting a few months ago. At a railway crossing in Columbus, O., William Reinhard and his wife and four boys were killed by the cars. At Niles, Mich., the Citizens' national bank was obliged to close its doors owing to a run on the bank by depositors. In Texas 38 known dead. 25,000 destitute refugees herded into the towns, 10,000 to 13,000 square miles of fertile farming country under water and property losses exceeding $6,000,000-this is in brief the story of the flood that has swept down the thousand-mile valley of the Brazos river during the last ten days. In Chicago Herbert M. Harriman, of New York, won the amateur golf championship of America.

9. July 13, 1899 River Falls Journal River Falls, WI
Article from River Falls Journal, July 13, 1899

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Article Text

Theodore Weber, proprietor of a restaurant in Madison, Wis., was killed in trying to stop a runaway team and prevent it from trampling a number of children. Nar Union, Wis., a tornado destroyed many farmhouses, barns and outbuildings and miles of feneing. At the convention in San Francisco of the Association of American Agricultural Colleges and Experiment Stations Joseph E. Stubbs, of Nevada, was elected president. In Salt Lake City a warrant was issued for the arrest of President Angus M. Cannon, of the Mormon church, charging him with polygamy. A train carrying six cars of horses was wrecked at Moors, Nev., and nearly all the animals were killed. While swimming George and Louis Grim, brothers, aged respectively ten and twelve years, were drowned at Beloit, Wis. At Almo, Kan., Dick Williams, a negro, charged with the murder of two white men, was lynched by a mob of white men. At Athens, W. Va., Isaae Thomas, aged 13, killed his mother and sister and was also charged with murdering his father, who was killed while hunting a few months ago. At a railway crossing in Columbus, O., William Reinhard and his wife and four boys were killed by the cars. The 20 largest cigar factories in Tampa, Fla., instituted a general lockout as a result of a strike and 5,000 cigar makers were idle. At Niles, Mich., the Citizens' national bank was obliged to close its doors owing to a run on tl a bank by depositors. In Texas 38 known dead, 25,000 destitute refugees herded into the towns, 10,000 to 15,000 square miles of fertile farming country under water and property losses exceeding $6,000,000-this is in brief the story of the flood that has swept down the thousand-mile valley of the Brazos river during the last ten days. In Chicago Herbert M. Harriman, of New York, won the amateur golf championship of America.

10. July 13, 1899 Belding Banner Belding, MI
Article from Belding Banner, July 13, 1899

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Article Text

Had to Close Its Doors. The doors of the Citizens' National bank of Niles, were closed on the 8th by National Bank Examiner Joseph W. Selden, who was appointed temporary receiver of the bank by the comptroller of the currency. The cause of the failure of the bank is poor loans which have been made, to meet which the comptroller levied an assessment upon the capital stock of the bank. The stockholders failed to meet this assessment, and the receiver was appointed in consequence. The last statement of the Citizens' National bank showed loans and discounts amounting to $169,509; surplus, $10,000; capital, $50,000. An effort will be made to reopen shortly.

11. July 14, 1899 The Worthington Advance Worthington, MN
Article from The Worthington Advance, July 14, 1899

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Article Text

BANK CLOSED. The Institution at Niles, Mich., Forced to Shut Its Doors by the National Bank Examiner. Niles, Mich., July 10.-The Citizens' national bank was obliged to close its doors at ten o'clock Saturday morning, owing to a run on the bank by depositors. Two days ago there was a sudden change of officers in the bank, and disquieting rumors arose. Friday there was a steady drain on the institution, and before the bank closed $23,000 was paid out to depositors. Saturday morning, shortly before nine o'clock several hundred people surrounded the bank, and as soon as the doors opened the rush began; in an hour about $15,000 was paid out, and as the funds were exhausted the national bank examiner, J. W. Seldon, of Lansing, ordered the doors closed.

12. July 14, 1899 The Worthington Advance Worthington, MN
Article from The Worthington Advance, July 14, 1899

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Article Text

At Athens, W. Va., Isaac Thomas, aged 13, killed his mother and sister and was also charged with murdering his father, who was killed while hunting a few months ago. At a railway crossing in Columbus, 0., William Reinhard and his wife and four boys were killed by the cars. At Niles, Mich., the Citizens' national bank was obliged to close its doors owing to a run on the bank by depositors. In Texas 38 known dead, 25,000 destitute refugees herded into the towns, 10,000 to 15,000 square miles of fertile farming country under water and property losses exceeding $6,000,000-this is in brief the story of the flood that has swept down the thousand-mile valley of the Brazos river during the last ten days. In Chicago Herbert M. Harriman, of New York, won the amateur golf championship of America.

13. July 14, 1899 The Hickman Courier Hickman, KY
Article from The Hickman Courier, July 14, 1899

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Article Text

THE BANK WAS CLOSED UP. Poor Loans Caused the Failure of the Citizens National of Niles, Mich.-Receiver Has Been Appointed. WASHINGTON, July 10.-The doors of the Citizens' national bank, of Niles, Mich., were closed Saturday by National Bank Examiner Joseph Selden, who was appointed temporary receiver of the bank by the controller of the currency. The cause of the failure of the bank is poor lonns which have been made, to meet which the controller levied an assessment upon the capital stock of the bank. The stockholders failed to meet this assessment and the receiver was appointed in consequence. The last statement of the Citizens national bank showed loans and discounts amounting to $169.509. Surplus, $10,000. Capital, $50,000.

14. July 14, 1899 The Yale Expositor Yale, MI
Article from The Yale Expositor, July 14, 1899

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Article Text

Had to Close Its Doors. The doors of the Citizens' National bank of Niles, were closed on the 8th by National Bank Examiner Joseph W. Selden, who was appointed temporary receiver of the bank by the comptroller of the currency. The cause of the fai'ure of the bank is poor loans which have been made, to meet which the comptroller levied an assessment upon the capital stock of the bank. The stockholders failed to meet this assessment, and the receiver was appointed in consequence. The last statement of the Citizens' National bank showed loans and discounts amounting to $169 509; surplus, $10.000; capital, $50,000. An effort will be made to reopen shortly.

15. July 15, 1899 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, July 15, 1899

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Article Text

BANK CLOSED. The Institution at Niles, Mich., Forced to Shut Its Doors by the National Bank Examiner. Niles, Mich., July 10.-The Citizens' national bank was obliged to close its doors at ten o'clock Saturday morning, owing to a run on the bank by depositors. Two days ago there was a sudden change of officers in the bank, and disquieting rumors arose. Friday there was a steady drain on the institution, and before the bank closed $23,000 was paid out to depositors. Saturday morning, shortly before nine o'clock several bundred people surrounded the bank, and as soon as the doors opened the rush began; in an hour about $15,000 was paid out, and as the funds were exhausted the national bank examiner, J. W. Seldon, of Lansing, ordered the doors closed.

16. September 28, 1899 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, September 28, 1899

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Niles Bank Receivership. WASHINGTON, Sept. 27.-The comptroller of the currency today appointed Mr. A. B. Darrah. of St. Louis. Mich., receiver of the Citizen's National bank of Niles. Mich. The bank for the last month has been in the hands of Mr. Joseph W. Selden, national bank examiner. as temporary receiver.

17. September 28, 1899 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, September 28, 1899

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Niles Bank Receivership. WASHINGTON, Sept. 27.-The comptroller of the currency today appointed Mr. A. B. Darrah, of St. Logis, Mich., receiver of the Citizen's National bank of Niles, Mich. The bank for the last month has been in the hands of Mr. Joseph W. Selden, national bank examiner. as temporary receiver.

18. October 4, 1899 The True Northerner Paw Paw, MI
Article from The True Northerner, October 4, 1899

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Receiver Appointed. Washington, D. C., Sept. 30.-The comptroller of the currency has appointed Mr. A. B. Darragh, of St. Louis, Mich., receiver of the Citizens' national bank of Niles, Mich. The bank for the last month has been in the hands of Mr. Joseph W. Selden, national bank examiner. as temporary receiver.

19. October 11, 1899 The True Northerner Paw Paw, MI
Article from The True Northerner, October 11, 1899

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A New Receiver. Washington, D. C., Oct. 7.-The comptroller of the currency has appointed Mr. A. B. Darragh receiver of the Citizens' national bank of Niles, Mich., in place of Mr. Joseph W. Selden, resigned.

20. September 6, 1901 The Yale Expositor Yale, MI
Article from The Yale Expositor, September 6, 1901

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DUE Кони 1.10.1 R onut par ed of $40. Joe Henry is under arged with purloining Reuben oney. The Detroit & Toledo Shore line eing pushed north from Monroe e rate of a mile a day. Believers e steam road theory point to the nce of any signs of overhead ruction. John Morrison, a Grand Trunk ager conductor. while examining r brake coupling at New Hambur; as crushed between the coaches. ed from his injuries later in the Toronto. Miss Bertha E. Bailey. a leader eading society, and Moron D. Carre : Chicago, were married and at arted for Havana, where the stationed as private secretary Ρ€ΠΎΠΎΠ΄ us Port Huron is to have another ard for construction of steel he yard will be run in connectio ith Dunford's dry dock and will cated on the property south of wer dry dock. Mrs. Lillian Beatty. of Reading. eted very forcibly to her husban 'Apel Sunox certain U hen she met them together she which MOIQ B ившом Sunox et ed her unconscious. It took two guards with muskets force the smallpox quarantine ekonsha. and then an inmate of buse escaped. One of the guards id to have left his post one night riven into the country to attend ince. A special election will be held ) to decide upon the question of g for $8,000 for building a garbag ematory and additional stone walk id laying surface pipe for sprinklin e principal park drives on Mackins land. Dr. W. B. Church. of Marshall. as charged with practicing medicin ithout a license, was acquitted. JO charge U uo the 9q MOU III ractice. preferred by Bornt andt, who asks $15,000 for the with list Dr. J. H. Richardson has commence it against the defunct Citizens' onal bank at Niles for $2,000. ichardson says he loaned the ,400 on July 8, 1899. the day of ilure, and that his claim was the sq 1 Anna S. Lang, wife of Postmaste ang, of Houghton. has commence it for the purpose of recovering ree-fourths interest in 160 acres nd, being a portion of the Kearsarg tine, now claimed to be owned by sceola Consolidated Mining Co. As an evidence of the scarcity bor in southern Michigan, it orthy of note that a train runs ickson to Union City every day, stance of 45 miles, to pick up men ork on the railroad. The train e trip night and morning, and one SO for a month. Arthur Hardwich, a Battle outh. attempted to exterminate ngs with gasoline. but came near rminating himself. He held a 1 one hand, when he opened the ne can. and it exploded. He rightfuly burned, his skin peeling of Injaqnop SI sp On several occasions a substano sembling blue vitriol has been

21. October 19, 1901 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, October 19, 1901

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Suing the Bank Directors. Niles, Mich., Oct. 19.-The receiver of the defunet Citizens' National bank of this city will sue the former directors of that bank to recover $10.000, which was loaned to the Niles Gas Light company in 1892 on a note. No interest was paid on the loan after May 2. 1893. and it Is claimed the directors never made any attempt to collect the money: The claim against the company is now outlawed, it is said.