gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b18480108c3ac3c4
Response Measures
None
Receivership Details
Depositor recovery rate
63.7%
Date receivership started
1930-08-04
Date receivership terminated
1937-09-21
OCC cause of failure
Governance
Share of assets assessed as good
57.1%
Share of assets assessed as doubtful
38.5%
Share of assets assessed as worthless
4.4%
Description
Federal examiners closed the bank July 29, 1930; receiver appointed subsequently (receivership early August 1930).
Events (5)
1.May 15, 1872Chartered
Source
historical_nic
2.July 29, 1930Other
Newspaper Excerpt
CASEY IS UNDER ARREST - Former Bank Head Held by U. S. Agent (arrest of J. Earl/James Casey on charges of misapplication of funds).
Source
newspapers
3.July 29, 1930Suspension
Cause
Government Action
Cause Details
Closed by board and national bank examiner; assets placed in hands of Comptroller after examiners found shortages and alleged bad investments.
Newspaper Excerpt
The Citizens National Bank of Galion, Ohio, has been closed by order of the board of directors and the assets placed in the hands of the Comptroller of the currency.
Source
newspapers
4.August 4, 1930Receivership
Source
historical_nic
5.August 4, 1930Receivership
Newspaper Excerpt
Appointment of A. E. Evenson as receiver for the Citizens National Bank, which closed its doors July 29, announced later by the Comptroller's office.
Source
newspapers
Newspaper Articles (18)
1.July 29, 1930The Galion InquirerGalion, OH
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Article Text
OTHER BANKS TWO CASHIERS SAY
Both the Commercial Savand First National banks taking care of business usual. Cashier Beall the Commercial and CashPlace of the First National united the statement this afternoon that there is not the least fear of any crash of any character whatever Galion's fiduciary institutions cerned because of the closing the doors of the Citizens National Bank this morning. The two banks open taking care not only of their business but are willingdoing business with many the customers of the closed bank. Not only are the First National and Commercial Savings well supplied with funds, but there many offers of help pouring in case of and not all considered.
2.July 29, 1930The Galion InquirerGalion, OH
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Article Text
fore the institution evidently wondering what it was all about. A little later interested persons gathered knots about the Public Square to discuss the situation, but there was no undue excitement, and the other banks experienced no runs, business proceeding in the usual way. Can't Find Casey
Inquirer representative tele phoned the residence of Casey, until few days ago, president of the Citizens National bank. and was informed that Mr. Casey had just left in his automobile and efforts to get in touch with him later proved unavailing. George B. Gaskell, Federal bank examiner, took charge of the bank affairs early this morning, and gan the checkup of assets and bilities. Assisting him Flemming, East Cleveland, and Abbey, Columbus, government inspector, together with members the clerical force of the Refuses Talk All attempts secure information from Examiner Gaskell failed, Mr. Gaskell stating that he could give out no information at this time, and referring the reporter Frank Faber recently elected president of the bank. gathered from other sources, however, that Inspectors Flemming and Abbey have been in the city for more than two weeks and have been checking the accounts, deposits and resources of the which they believed to be tottering. According to indirect information the rectors held meeting with Messrs. Flemming and Abbey last Friday night, and at that meeting conditions they found them, with the result that Mr. Casey signed president. and ceeded by Faber. Mr. Casey continued at his desk most of the until yesterday ternoon, according Avoided Run
Last night the directors again met, so stated, after conferring the federal agents on the ground to order bank closed. particularly order avoid on the bank. While present financial status able, is openly stated that quite unfortunate investments. erally and comes fication, that the cured the
3.July 29, 1930The Galion InquirerGalion, OH
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Article Text
CASEY IS UNDER ARREST
Former Bank Head Held by U. S. Agent
J. Earl Casey, late president of the Citizens' National bank, closed this morning by resolution of the bank directors and by officials of the Cleveland Federal Reserve bank will be taken to Cleveland at 9:05 tonight on a Big Four train to answer to criminal charges in connection with the closing of the bank. A. L. Gibson, deputy United States marshal arrived here from Cleveland at 7:25 tonight to return to Cleveland with Casey as a prisoner.
Casey had been a technical prisoner in the bank and in charge of William Taylor, who is in charge of the Federal Reserve bank. of this district, and awaited the arrival of the deputy marshal without leaving the institution. Mr. Casey will be taken to the county jail at Cleveland on arrival. He will be arraigned at 9:00 o'clock tomorrow morning before U.S. Commissioner Cochrane on the charge of misapplication of the bank's funds, and of making false entries on the books of the bank. The amount involved and lost to the bank is said to be in excess of $200,000, although the warrant held by Deputy MarMarshal Gibson gives the sum as exceeding $160,000.
When arraigned tomorrow morning Casey's bond will be fixed at $25,000. It could not be learned tonight whether Mr. Casey will be able to give bond in the amount stated, but it is believed likely that he will be unable to find his way to freedom for a time at least.
4.July 29, 1930The Galion InquirerGalion, OH
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Article Text
Losses May Be Small
Bank Examiner Here Checking Over Books of Institution; Indirect Statements Say Depositers are Protected; Bad Investments are Blamed.
When the patrons of the Citizens National Bank appeared at the doors at the opening time of 8:30 this morning, they found the following startling notice posted on the door: "The Citizens National Bank of Galion, Ohio, has been closed by order of the board of directors and the assets placed in the hands of the Comptroller of the currency.
GEORGE R. GASKILL, National Bank Examiner.' The news of the closing of the bank by the Federal authorities spread quickly, and several persons stood be-
5.July 29, 1930The Galion InquirerGalion, OH
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Article Text
OTHER BANKS O. K, TWO CASHIERS SAY
Both the Commercial Savings and First National banks are taking care of business as usual. Cashier E. B. Beall of the Commercial and Cashler L. E. Place of the First National united in the statement this afternoon that there is not the least fear of any crash of any character whatever so far as Galion's fiduciary Institutions are concerned because of the closing of the doors of the Citizens National Bank this morning. The two banks open are taking care not only of their own business but are willingly doing business with many of the customers of the closed bank. Not only are the First National and Commercial Savings well supplied with funds, but there many offers of help pouring in, in case of a run, and a run is not at all considered.
6.August 27, 1930Telegraph-ForumBucyrus, OH
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NAME ATTORNEY FOR BANK'S RECEIVER
Appointment Attorney Carl Gugler, Galion, as attorney for Evenson, receiver of the Citizens National Bank which closed its doors July 29 the discovery of by federal aminers, announced at noon day by Gugler's appointment proved by Comptroller of the Currency Washington, D. and the appointment was made today.
TO ABANDON LINE COLUMBUS Aug 27 The state utilities today granted authority to the Toledo. Bowling and Southern Traction abandon the Findlaycompany Toledo line, effective October 1,
7.November 18, 1930News JournalWilmington, OH
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Article Text
FORMER GALION BANK OFFICIAL CHARGES
Stock Market Losses Blamed For Closing Doors Of Citizens Institution
CLEVELAND, Nov. 18-(AP)Three indictments charging misappropriation of more than $223,000 stood today against James Casey, former president of the closed Citizens' National Bank, of Galion, with further investigation of the bank's affairs yet to be made by the Federal grand jury. Assistant United States Attorney Mare Wolpaw said the case would not be closed until every phase has been considered, and the jury has looked into possible connections of other persons. Casey and the multitude of defendants named in 85 other indictments expected to be arraigned Saturday, with trials getting under way the following Monday. Arrested In July The bank president was arrested after his alleged manipulations had been disclosed in stock market losses. National bank examiners said, one indictment charghim with mis-application of principally in bonds and other securities used in the stock market. In another count he said to have used 15 certificates of deposit for each in the name of the North Electric Manufacturing Company, Galion, using the certificates to cover up bank losses. The second indictment charges him $58,657 which alleged to have made on false entries. Others 38 counts allege false reports and juggling of accounts.
8.December 9, 1930The Galion InquirerGalion, OH
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Article Text
AUTHORITY TO SELL REAL ESTATE GIVEN BANK RECEIVER Authority been given Judge Wright the pleas court of this county Evenson, receiver for the closed Citizens National Bank this to sell the west end Inlot 272 in Galion, Lloyd Secrist offered .10 cash and assignment trust of receiver certificate subject mortgage cumbrance of mortgages, gregating $4,350.71 and subject lien taxes and this month.
9.January 21, 1931The Marion StarMarion, OH
Article Text
NOT TO TAKE OVER BANK
First National To Let Receivership Continue. Examiners Says.
By The Associated Press. Jan. sion of the First National bank Galion not to take over the Citi zens National of that city, which failed recently. announced today William chief tional bank examiner of the fourth federal reserve district Taylor that after "careful analysis the whole was found creditors of the Citizens' would gain no greater an vantage the bank were taken over than If the receivership was continued The National will be liquidated in receivership and the dividends will be paid out to credit tors fast the assets can realized upon. Taylor added.
CASEY IS TAKEN TO U, S. PRISON
CLEVELAND, Jan. 23. (INS)-With the removal of James E. Casey, convicted president of the institution to the Atlanta penitentiary to begin a nine-year term, an important chapter was written today in the history of the failure of the Citizens' National bank at Galion, O., which was closed last July 29 when a shortage of $299,049.30 was discovered by federal agents in the bank's receitps. Providing significant climax in the story of the defunct bank was the action of the federal grand jury late Thursday in refusing to recommend any further prosecutions in the case. This followed an intensive study of the affairs of the institution which held the attention of the federal body for the greater part of eight days. Casey, who pleaded guilty to charges resulting from the probe of the bank's records by federal officials, and then attempted to implicate four other directors of the institution, causing the second investigation by the federal grand jury, was expected to arrive at Atlanta about noon today to start service of his sentence.
BANK PAYS DIVIDEND
Galion Ohio, March 5- Depositors of the Citizens National Bank which was closed by the bank examiner July 29. 1930, of shortage of $223 700 due to Wall specu lation, will receive the first dividend of 30 per cent as soon checks are from Washington. J. E. Casey, President of the bank who operations is now in the Atlanta Penitentiary.
12.April 15, 1931The News-MessengerFremont, OH
Article Text
BANK RECEIVER SUES ON BONDS OF OFFICIALS
Seeks $25,000 Woman Cashier's Failure to Halt Crash warrant injunction, attorneys April 15. railroad filed the motion Two suits, each for brought dissolution yesterday. E. receiver for the injunction suit, originally filed Citizens' National Bank at Galion, Crawford county O., against the National surety com- court, federal pany. bonding company for James court Saturday upon application of Casey, convicted former presi- the railroad. dent, and Mary Volk, former cashier. were file in Federal district court today. STAGE ALL Brought "step in winding the affairs of the defunct bank, the suits claim that the bonding company has failed to forfeit two FOR 'HER SONG' bonds $25,000 each on Casey and Miss Volk to protect the bank from losses resulting from misapplicaRollicking Chorus Will tion of funds Charging that the loss Contribute Many Steps which resulted in the bank's failure last July 29 to the and Songs niving Mary Volk and Casey embezzle the money." the receiver's Everything was in readiness this suits alleged that the cashier could for the have crash had she Song" the musical show "properly performer her duties which will night run cashier. Wednesday Ross high school Two specific charges of misappli- ditorium, under the of the cation of bank funds are directed Fremont of Women against the cashier in each of the Splendid lead good suits. The petition alleged that singers and high stepping purchased shares United Pa- melodies and comedians who know per Board stock from Otis Com- their feature the comedy pany Cleveland on April 1929 stage filled rollicking chorus boys and girls make this one with $653.36 in bank funds and that of the assemblies of talshe bought 50 shares of Commonent witnessed locally The wealth Southern Warrants from show laugh from start to Otis Company of Toledo on Augish, and action of ust 20, 1929 with $513.75 in bank mirth and song. funds. The seat sale has been more than
WOULD FORFEIT BOND
Galion, O., Bank Receiver Asserts Employes Misused Funds
By Post State Wire CLEVELAND. April 15.-A. E Evenson, receiver of the Citizens National Bank, Galion O. had on file today two suits in federal court here asking forfeiture of surety bonds of Mary O. Volk, former cashier of the bank, and Lloyd H. Casey. former assistant cashier Collection of both bonds, $25,000 each, is asked on the charge the two converted bank funds to their own uses
14.April 24, 1931The Galion InquirerGalion, OH
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CERTAIN CLAIMS OF GALION AGAINST BEEN DECLARED VALID
Receiver Evenson reports that he has obtained authority to declare valid certain claims of the City of Galion against the Citizens' National Bank of Galion which were in dispute owing to a large shortage in the accounts caused by the which had occurred in that bank. Unavoidable delay was caused in determining these accounts for the reason that great many of the irregular transactions causing losses to the bank centered in these accounts, requiring an immense amount detailed investigation in tracing same.
15.June 26, 1931The Marion StarMarion, OH
Article Text
Service June strike from court records the answer and of Evensen. receiver for the defunct Citizens' National bank at Galion, her for against five former directors, was filed in federal district court here yesterday Mary Volk, former cashier the bank. The motion avers Evensen's anand cross bill violate the court's order handed down in dethe receiver's motion realign parties and are improper. In event the motion is overruled. the plaintiff asked the court to or
16.July 25, 1931The Galion InquirerGalion, OH
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FOR DISMISSAL
One of Directors of Citizens National Bank Denies Receiver's Charges.
CLEVELAND, July 25. Denying every allegation, Herman Eichhorn, former director of the Citizens' National Bank of Galion, today asked the federal court to be dismissed defendant in the cross-bill of Evensen, receiver the bank, to the original suit of Mary Volk, former cashier, asking damages against five rectors. The petition for dismissal was made by the former director in brief and perfunctory answer He claimed he never knowingly viplated permitted to be violated any of his duties as director and that he did his best to keep to the bank's business.
CITIZENS BANK HOURS
Evensen AnWhen Deposinounces tors May Call For Dividends
Evenson, receiver of the Citizens National bank wishes to announce that the bank will be open from to m. every week day with the exception Saturday when the bank will close m. However Saturday, tember 19th the bank will remain open until m. and again in the evening from m. for the convenience of the creditors. Mr. Evenson urges every one holding claim against the bank to call at the earliest date possible for their second dividend checks of percent which was announced this week.
18.September 20, 1934Telegraph-ForumBucyrus, OH
Article Text
SUES MISS VOLK
Galion Bank Receiver Brings Action For Judgment Of $1600
A. E. Evenson, receiver for The Citizens National bank of Galion has instituted suit in common pleas court against Mary Volk, cashier in the bank at the time at suspended business on July 28, 1930 and alleged holder of 16 shares of stock in the de-
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