gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3378186330602810
Response Measures
Accommodated withdrawals, Full suspension, Books examined
Receivership Details
Depositor recovery rate
75.2%
Date receivership started
1884-07-23
Date receivership terminated
1890-09-30
OCC cause of failure
Fraud
Share of assets assessed as good
60.1%
Share of assets assessed as doubtful
11.8%
Share of assets assessed as worthless
28.0%
Description
Receiver appointed July 23 and assets liquidated; suspension followed rapid large withdrawals.
Events (5)
1.March 5, 1873Chartered
Source
historical_nic
2.July 22, 1884Run
Cause
Bank Specific Adverse Info
Cause Details
Rapid large withdrawals (notably $20,000 of a $33,000 deposit withdrawn by M. C. Henley) precipitated loss of reserves and panic.
Measures
Officers closed doors/suspended to avoid a consequent run and promised payment in full.
Newspaper Excerpt
the rumor went the rounds ... and soon after a sensation was produced by the authentic announcement that the bank had suspended
Source
newspapers
3.July 22, 1884Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure to raise funds on securities and inability to meet heavy withdrawals forced suspension.
Newspaper Excerpt
the Richmond National bank was unable to meet its balances today, and closed its doors.
Source
newspapers
4.July 23, 1884Receivership
Source
historical_nic
5.July 23, 1884Receivership
Newspaper Excerpt
The controller of the currency has appointed A. D. Lynch receiver of the Richmond National bank of Richmond, Ind.
Source
newspapers
Newspaper Articles (21)
1.July 23, 1884The Daily Cairo BulletinCairo, IL
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Article Text
The Usual Promise Which is Never Fulfilled. RICHMOND, IND., July 22.-Late yesterday afternoon the rumor went the rounds of business circles that checks on the Richmond National Bank had been protested in clearance with the other banks of the city, and soon after a sensation was produced by the authentic announcement that the b ank had suspended, as it was well known that it had a large line of deposits, including the City School Board's balance of perhaps $20,000; the Township Trustees' balance of a like sum, and the County Treasurer's balance of perhaps more than $100,000. From a statement furnished by the bank it appears that the total resources are $602,500, nearly all of which it is claimed is good and not including unavailable assets. The total liabilities are $869,000. Their reason for suspending is a failure to raise funds on their securities, and to avoid a consequent run. The depositors are promised payment in full.
2.July 24, 1884The Indianapolis JournalIndianapolis, IN
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THE RICHMOND NATIONAL BANK. The Bank Examiner Reports Its Condition Better than He Anticipated. Special to the Indianapolis Journal. RICHMOND, July 23. -A. G. Hay completed his examination of the affairs of the suspended Richmond National Bank this evening, and reports its condition better than he anticipated, and fully as good as the officers of the bank represented it when they closed their doors. There is little reason to doubt that the bank's creditors will receive all that is owing them, unless some of those who have settled by receiving notes should fail to realize full value or the notes. There is, perhaps, some likelihood of this; but all who are still looking only to the bank and its stockholders are safe. The stockholders will suffer a loss; but whether it will be much beyond their holdings of stock cannot yet be determined. An officer of the bank says that one of the immediate causes of the suspension was the rapid withdrawal of some $20,000 of a $33,000 deposit by M. C. Henley, the rollerskate manufacturer. Some days, perhaps weeks ago, Charles F. Coffin, the officer says, went to Henley to learn when he was likely to want this money, the deposit being large and the bank not wishing to be called upon for it suddenly. Mr. Henley said that he would not want it for some months, and then, a short time after (perhaps becoming a little afraid of the bank), he began to check out in large suns. There has been no unusual demand for money at the other banks today, and there is no excitement or apprehension.
3.July 24, 1884Evening StarWashington, DC
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Article Text
P A RECEIVER APPOINTED.-The controller of the currency has appointed A. D. Lynch receiver of the Richmond National bank or Richmond, Ind. -
Bank Suspends, INDIANOPOLIS, July 21.-The Journal's Richmond (Ind) special reports that the Richmond National bank was unable to meet its balances today, and closed its doors. To-morrow, the officers claim, the assets will certainly exceed the liabilities by upwards of $200,000, and that in the end even the stockholders will lose nothing. The suspension, the officers say, is because of lack of funds to meet current demands. Chas. F. Coffin is president and his son is cashier.
5.July 24, 1884The Indianapolis JournalIndianapolis, IN
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Article Text
Complimentary to Mr. A. D. Lynch. Mr. A. D. Lynch, of this city, yesterday received a dispatch from H. W. Cannon, Comptroller of the Currency, notifying him of his appointment as receiver of the Richmond National Bank which suspended a few days ago. The appointment is an excellent one, for Mr. Lynch has had extended experiences in the banking business and was bank examiner of this State for several years. He is at present receiver of the Citizens' National Bank of Lawrenceburg. He will go to Richmond to-day to take charge of affairs.
6.July 25, 1884The Waco Daily ExaminerWaco, TX
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Article Text
The Usual Promise Which is Never Fulfilled. RICHMOND, IND. July - Late yes. terday afternoon the rumor went the rounds of business circles that checks OD the Richmond National Bauk had been protested in clearance with the other banks of the city, and soon alter a sensation was produced by the authentic announcement that the bank had suspended, as it was well known that it had a large line of deposits, including the City School Board's balance of perhaps $20,000; the Township Truslees' balance of a like sum, and the County Treasurer's balance of perhaps more than 8100,000. From a statement furnished by the bask it appears that the total resources are $602,500, nearly all of which it is claimed is good and not including unavailable assets The total liabilities are $369,000. Their reason for suspending is a failure to raise funds on their securities, and to avoid a consequent run. The depositors are promised payment in full.
7.July 28, 1884The Indianapolis JournalIndianapolis, IN
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Article Text
INDIANA AND ILLINOIS NEWS The Daily Chronicle of Happenings of All Kinds in the Two States. Filing of New Official Bonds Necessitated by the Failure of the Richmond National Bank-Serious Fire at Nashville, III. INDIANA. The Failure of the Richmond National Bank Causes the Filing of New Bonds. Special to the Indianapolis Journal. RICHMOND, July 27.-Edgar G. Hibberd, treasurer of the Richmond School Board, and, as such, caught in the suspension of the Richmond National with a balance of $16,000 due on deposits, has filed a new official bond, to take the place of one whereon Charles F. Coffin and Charles H. Coffin were sureties. The new bond is for $90,000, and the bondsmen are James Morrison, Hibberd's brother-in-law, and C. C. Beeler, his business partner. John Elliott, trustee of Wayne township, and, as such, creditor of the Richmond National to the amount of $21,000, has also filed a new bond for $50,000, in substitution of one whereon the Coffins were sureties. But his new bondsmen are very modest or timid men, and have desired the county auditor, who is the custodian of the bond, not to reveal their names. The new bond of Peter Kern, county treasurer, has not yet been filed.
8.August 11, 1884The Rock Island ArgusRock Island, IL
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Article Text
Not So Lucky as They Thought. Indianapolis, Ind., Aug. 11.-The day of the failure of the Richmond National bank the officers settled with heavy depositors, whose claims aggregated $86,000, by giving them paper held by the bank. This settlement-a preferment-was attacked and set aside by the controller of the currency, and the receiver was ordered to call in the paper and place the holders on a par with other creditors of the bank. This will lead to much dissatisfaction, as some of the notes have been paid, and the depositors will not want to put up the money received for them, but there is no alternative. A. D. Lynch, receiver of the bank, brought suit in the United States court against Elwood Patterson. one of the directors of the bank, for notes amounting to $14,000.
9.September 30, 1884The Indianapolis JournalIndianapolis, IN
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Article Text
On Account of an Overdraft. Receiver Lynch, of the defunct Richmond National Bank, filed suit in the federal court, yesterday, against Benjamin Maag, and instituted attachment proceedings to recover $600, which, it is claimed, is due from the defendant on an overdraft.
10.March 14, 1885The Indianapolis SentinelIndianapolis, IN
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The Mischief Done by the Coffin Family. Specialito the Sentinel. RICHMOND, Ind, March 13.-The Controller of Rhe Currency has just notified the unfortunate stockholders of the late Richmond National Bank, controlled by the Coffin family, who have now left Richmond for the good of the city, that an assessment of 100 cents on the dollar is now due, and has directea A. D. Lynch, Esq., the receiver, to enforce the claim by suit or otherwise. Competent business men estimate the amount to be received from this source at $75,000 with which to meet a liability of
The County Commissioners of Wayne county, Ind., have decided to hold an extra session to devise means for protecting the county's interest in the property of Charles T. Coffin, late president of the defunct Richmond National Bank, who was one of the bondsmen of P. P. Kird, late County Treasurer, who had $109,000 of the county's funds in the bank when it suspended.
12.May 5, 1885The Indianapolis JournalIndianapolis, IN
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INDIANA AND ILLINOIS NEWS The Daily Chronicle of Happenings of All Kinds in the Two States. The Coming Sale of the Real Estate of the Richmond National Bank-Municipal Elections Yesterday-Gleanings. INDIANA. Affairs of the Richmond National Bank-The Sale of the Real Estate. Special to the Indianapolis Journal. RICHMOND, May 4.--A. D. Lynch, receiver of the suspended Richmond National Bank, to-day issued circulars announcing that the real estate belonging to the effects of said bank will be sold to the highest bidder, at the court-house door, in this city, on. Wednesday, the 20th inst., he reserving the right to reject all bids. The real estate is represented to be worth about $100,000, and consists of several farms in Indiana, Illinois and Ohio, besides numerous properties in this city. In his circular the receiver says depositors and others having claims may apply their certificates in payment for purchases at 40 cents on the dollar, which insures the bank paying 50 cents on the dollar, a ten percent. dividend having already been paid, while he admonishes them that it may pay more than this 40 cents, which is all they will get if they thus surrender their certificates.
13.May 21, 1885The Indianapolis JournalIndianapolis, IN
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Failure to Sell Bank Property. Special to the Indianapolis Journal. RICHMOND, May 20.-All bids on the real estate in the assets of the suspended Richmond National Bank, aggregating over $100,000, were rejected at the sale to-day by Hon. A. D. Lynch, receiver, except one, and that was only received to be submitted to the comptroller for approval. It was a bid of $9,600 on the bank building, held at $12,000 by the receiver, and was made by Jesse Cates, of the Centerville National Bank, which will probably be removed here if the bid is approved. President Lovett, of the Greensburg National Bank, bid $8,000, and a committee of the Common Council, by whom it was wanted for city buildings, bid $9,500, and both have since been viewing the premises, leading to the suspicion that they will each send in a private bid. It is not known whether Lovett proposed to move the Greensburg bank here or organize another.
14.May 22, 1885The Indianapolis SentinelIndianapolis, IN
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Verdict for Damages-Bank Will Pay 50 Per Cent. Special to the Sentinel. RICHMOND, Ind., May 21-A jury in the Circuit Court here awarded George W. Goodwin $1,200 damages against Bradbury & Bon for his loss of a foot in moving an iron safe dewn stairs. The 0810 has occupied the Ocurt about A week and terminated by the above verdict last night. Receiver Lynch, of the def not Richmond National Bank, offered for sale real estate of said bank at auction yesterday, there were few bidders and no sales except the bank building, which was bought by Jease Cotes, President of the First National Bank of Centerville, for $9,600. The bank will probably pay fifty cents on the dollar to its creditors.
15.July 2, 1885The Indianapolis JournalIndianapolis, IN
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Asking for a Receiver. A petition was filed in the United States Court yesterday by A. D. Lynch, as receiver of the Richmond National Bank, asking that a receiver should be appointed for the Haynes, Spencer & Company School and Church Furniture Manufacturing establishment, located at Richmond. The company has a total indebtedness of about $175,000. They owe $100,000 to the defunct bank, and of this sum $97,500 is secured by mortgage. The petition states that the company is insolvent, and is
16.July 3, 1885The Indianapolis JournalIndianapolis, IN
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Richmond National Bank Dividend. Special to the Indianapolis Journal. RICHMOND, July 2.-Another dividend, this time a 20 per-cent. one-double that of a former one-was to-day declared by A. D. Lynch, receiver of the Richmond National Bank, and this afternoon the counting-room resumed its old-time lively appearance. This 30 per cent. paid in one year is more than many expected in all, but is probable that the assets will yield 50 per cent.
17.July 7, 1885The Sedalia Weekly BazooSedalia, MO
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Receiver Asked For. Richmond, Ind., July 2.-A petition was filed in the United States court last evening, sking for a receiver for the business of H»ynes, Spencer & Co., manufacturers of church and school furniture. This is the result of the failure of the Richmond National bank, C. H. Coffin, cashier. That institution was a stockholder in the company to the amount of $25,000. When the b nk failed it was found that it had virtually been carrying Hayne, Spencer & Co. in their business, and that they owed the bank $100 000, the first payment of which is due in October, which accounts for the pre ent action The firm's indebtedness is $180,000; assets, $150,000.
18.July 9, 1885Delaware Gazette and State JournalWilmington, DE
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Assets $250,000, Debts $180,000. RICHMOND, IND., July 2.-A petition was filed in the United States court at Indianapolis last evening asking for a receiver for the business of Haynes, Spencer & Co., manufacturers of school and church furniture. William F. Spencer, secretary and treasurer of the firm, has been appointed, subject to the approval of the comptroller of the currency at Washington, to take charge of and not only liquidate, but carry out all existing contracts, manufacture stock and carry out the business upon the same plan heretofore pursued by the company. This is a result of the failure of the Richmond National Bank. C. H. Coffin, cashier of that institution, was a stockholder in the manufacturing company to the amount of $25,000. When the bank failed it was found that it has been virtually carrying Haynes, Spencer & Co. in their business and that they owed the bank $100,000 the first payment of which is due in October, which accounts for the present action. The total of the firm'sindebtedness is $180,000. Their assets are given at $250,000.
19.July 11, 1885The Indianapolis JournalIndianapolis, IN
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A New Bank at Richmond. Special to the Indianapolis Journal. RICHMOND, July 10.-The $9,600 bid made by Jesse Cates, president and almost sole owner of $50,000 stock of the Centerville National Bank, for the property of the suspended Richmond National Bank, at the sale recently made by A. D. Lynch, receiver, has been approved by the Comptroller of the Currency. and the conveyance made. But the Centerville bank will not be removed here, as first designed. A new banking company, with double that amount of capital stock, will be organized to resume business at the Richmond National stand, which will provide the coveted place for Mr. Cates's son, now at Centerville; and if the Centerville bank does not pay under his successor it will be liquidated and a small private bank established in its place.
20.July 12, 1885The Indianapolis JournalIndianapolis, IN
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Bank Building Ordered Sold. An order was issued in the United States Court yesterday by Judge Woods directing Receiver Lynch to sell the Richmond National bank building to Jesse Cates for $9,600. The offer of Cates was the best received.
21.December 3, 1886The Indianapolis JournalIndianapolis, IN
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# Settlement of a Bank's Claim.
Judge Woods yesterday morning issued an order authorizing Receiver Lynch, of the Richmond National Bank, to settle the claims of his trust against Haynes, Spencer & Co., manufacturers in Richmond, amounting to $144,963.30, for $45,000. Of the amount $9,000 is to be cash, and the remainder paid in four annual payments of $9,000 each, at 6 percent. interest, secured by first mortgage on their assets.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
