National Exchange Bank (Waukesha, WI)

View Charter #2647 on SPMC View balance sheet

Episode Information

Episode UID
264701593
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
26470 national
Charter Number
2647
Start Date
September 23, 1932
Location
Waukesha, Wisconsin (43.012, -88.231)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
67f9cfbb2597063c

Response Measures

None

Receivership Details

Depositor recovery rate
78.5%
Date receivership started
1933-01-27
Date receivership terminated
1935-09-20

Description

Bank suspended Sept. 23, 1932 and assets were turned over to Waukesha National; a receiver is referenced in 1933.

Events (5)
1. March 14, 1882 Chartered
Source
historical_nic
2. September 23, 1932 Suspension
Cause
Voluntary Liquidation
Cause Details
Stockholders voted to turn over assets to Waukesha National; bank had considered an assessment but opted to transfer and dissolve
Newspaper Excerpt
Announcement that the Exchange bank had suspended operations and that the National bank would take it over was made Sept. 23
Source
newspapers
3. October 13, 1932 Other
Newspaper Excerpt
it was voted to turn over assets to the Waukesha National bank which marked the formal dissolution of the Exchange bank; payment of 70 per cent of their deposits will be made by the Waukesha National bank on Oct. 13, 1932
Source
newspapers
4. January 27, 1933 Receivership
Source
historical_nic
5. January 27, 1933 Receivership
Newspaper Excerpt
dismissal of the claim of the City of Waukesha against the Receiver of the National Exchange Bank and said Personal Sureties, providing the said Personal Sureties pay ... (Nov. 1933 council minutes referring to Receiver of the National Exchange Bank).
Source
newspapers

Newspaper Articles (2)
1. October 13, 1932 Waukesha Freeman Waukesha, WI

Article Text

STORE NEXT TO BANK TO BE UTILIZED Book Work Completed Enabling Transfer of All Accounts Announcement was made today by the Waukesha National bank that by Thursday, Oct. 13, details will be completed sufficiently to enable it to carry out agreements entered into with depositors of the suspended National Exchange bank, providing for the payment of 70 per cent of their deposits. The remaining 30 per cent will be paid when further liquidation takes place. In order to better care for those interested, the bank has provided a lobby in the store next to the bank at 269 Broadway where payments will be made. Because of the great detail involved in computing 70 per cent of the deposits, payment has not been made before, an official of the bank said today. A staff of eight people have been at work daily since last week, preparing the Exchange bank books for the initial payment to depositors. At a meeting of Exchange bank stockholders last Thursday afternoon it was voted to turn over assets to the Waukesha National bank which marked the formal dissolution of the Exchange bank. At that time it was reported that 95 per cent of the depositors had signed creditor's agreements, making it possible for the payment of 70 per cent by the National bank. Rialto Tassell, E. R. Estberg and George McKerrow are trustees in charge of effecting the exchange. Announced Sept. 23 Announcement that the Exchange bank had suspended operations and that the National bank would take it over was made Sept. 23 by officials of both institutions. Exchange depositors at that time were assured that they would suffer no substantial loss and this assurance has remained with them since that time. The Exchange bank has been attempting to get into good financial condition for some time and had plans laid for a voluntary assessment of 80 per cent against its stockholders for the purpose of raising enough money to warrant continuing in business. This, however, appeared inadvisable to officers of the Exchange bank. Last week it also developed that the state board of deposits had approved the deal between the two banks, thus removing the last obstacle in the way of the Waukesha National bank taking over deposits of the smaller institution.

2. December 11, 1933 The Waukesha County Freeman Waukesha, WI

Article Text

COMMON COUNCIL PROCEEDINGS SPECIAL MEETING OF THE COMMON COUNCIL OF THE CITY OF WAUKESHA, WISCONSIN, HELD IN THE COUNCIL ROOM ON FRIDAY EVENING, NOVEMBER 17, 1933, AT 7:30 O'CLOCK P. M., ON THE FOLLOWING CALL ISSUED BY ACTING MAYOR FRANK L. ROBERTS: "A Special meeting of the Common Council of the City of Waukesha, Wisconsin, is called for Friday evening, November 17, 1933, at 7:30 o'clock P. M., for the purpose of considering a proposition from the State Board of Deposits and the Personal Sureties of the National Exchange Bank in regard to settlement of the 30 per cent of funds belonging to the City of Waukesha which were on deposit in the National Exchange Bank at the time of closing on the 23rd day of September, 1932. Signed—Frank L. Roberts, Acting Mayor." Ald. Roberts, President of the Council presiding. Also present - Ald. Atkinson, Coutts, Creech, Knoebel, Koentop, Koll, Litt, Potts, Suter, Willis (11). Absent - Ald. Meyer. City Funds Nat. Exch. Bank — Resolution presented by City Attorney. "WHEREAS, an action has been commenced and is now pending in the Circuit Court of Waukesha County by the City of Waukesha as plaintiff to recover a deposit in the sum of $41,569.87, which sum the City of Waukesha had on deposit in the National Exchange Bank on September 23, 1932; and WHEREAS, there is now tendered into Court by the Waukesha National Bank, one of the defendants in said action, the sum of $29,098.91 or upwards thereof; and WHEREAS, the personal sureties, defendants in said action, and the Board of Deposits of Wisconsin, defendant in said action, have offered to accept and assume liability for $12,470.96 of the said total sum on deposit in said National Exchange Bank as aforesaid, the same to be paid in the following manner: $2,470.96 to be paid by the Personal Sureties to the Clerk of said Court in said pending action, and $10,000.00 thereof to be paid by the said Board of Deposits, $4,000.00 of said $10,000.00 to be paid in cash and the balance by lawful evidences of indebtedness issued by said Board of Deposits; and WHEREAS, the said Personal Sureties are to pay to the City of Waukesha, in addition to said sum of $2,470.96, one half of the portion of said $10,000.00 not paid in cash, to-wit: the sum of $3,000.00, and are to receive from the City of Waukesha one half of all payments made by the said Board of Deposits to the City of Waukesha from time to time in the discharge of and payment of said sum of $6,000.00, and are to receive from the City of Waukesha an assignment of one half interest in the said evidences of indebtedness of said Board of Deposits. NOW, THEREFORE, BE IT RESOLVED by the Mayor and Common Council that the City Attorney be and he is hereby authorized and instructed to enter into a stipulation providing for a dismissal of said action hereinbefore referred to on the merits and without costs to any parties thereto, and to make and enter into such motions or stipulations or instruments in writing as may be necessary to dismiss the claim of the City of Waukesha against the Receiver of the National Exchange Bank and said Personal Sureties, providing the said Personal Sureties pay to the Clerk of said Court the sum of $2,470.96 and the further sum of $3,000.00, and that the State Board of Deposits pay to the Clerk of said Court or to the City of Waukesha the sum of $4,000.00; and provided further that the said Board of Deposits stipulate to issue in due time proper acknowledgments and evidences of indebtedness to the City of Waukesha for said $6,000.00 and that all parties to this action stipulate to have the Court enter an order directing the Court to turn over to the City of Waukesha the said sum tendered by the Waukesha National Bank into Court, and moneys paid to the Clerk of said Court by the Personal Sureties and by the Board of Deposits as set forth in the preamble to this resolution; and provided that the Board of Deposits of Wisconsin stipulate through its attorneys to accept an assignment of the claim of the City of Waukesha in the sum of $10,000.00. BE IT FURTHER RESOLVED that the proper city officers be and they are hereby authorized and instructed to execute such papers and instruments as they are instructed to execute by the City Attorney in order to settle the entire matter as hereinbefore referred to. Passed this — day of November, 1933. Approved this — day of November, 1933. Total members of Council —. Ayes — Noes — Absent —"