Eau Claire National Bank (Eau Claire, WI)

View Charter #2759 on SPMC View balance sheet

Episode Information

Episode UID
275901603
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
27590 national
Charter Number
2759
Start Date
July 11, 1933
Location
Eau Claire, Wisconsin (44.811, -91.498)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7f8226d1cc1a127a

Response Measures

None

Receivership Details

Depositor recovery rate
22.3%
Date receivership started
1935-04-15
Date receivership terminated
1938-02-26
Share of assets assessed as doubtful
36.8%
Share of assets assessed as worthless
63.2%

Description

Article describes state filing for appointment of a receiver and liquidation; receiver not yet appointed as of July 11, 1933.

Events (5)
1. July 22, 1882 Chartered
Source
historical_nic
2. July 9, 1931 Voluntary Liquidation
Source
historical_nic
3. July 11, 1933 Suspension
Cause
Government Action
Cause Details
State banking department applied to comptroller for appointment of a receiver to assess stockholders and liquidate assets related to a prior consolidation with Eau Claire State Bank
Newspaper Excerpt
the state banking department . . . had applied to the federal banking department for appointment of a receiver for the Eau Claire National bank
Source
newspapers
4. April 15, 1935 Receivership
Source
historical_nic
5. * Receivership
Newspaper Excerpt
The receiver has not yet been appointed, but action was expected at any time now.
Source
newspapers

Newspaper Articles (2)
1. March 5, 1933 Chicago Tribune Chicago, IL

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

2. July 11, 1933 Leader-Telegram Eau Claire, WI

Article Text

ACTION BEGUN TO ASSESS STOCKHOLDERS OF FORMER EAU CLAIRE NATIONAL BANK Move Made in Connection with State Bank Liquidation It will probably be fall, or at least a couple of months, it was learned Monday, before another dividend may be expected from defunct Eau Claire State bank, now in liquidation since it closed its doors on September 21, 1931. The state banking department, it was stated, had applied to the federal banking department for appointment of a receiver for the Eau Claire National bank, who will be instructed. it is presumed. to assess the stockholders of that bank and liquidate whatever assets that bank may have for the benefit of the Eau Claire State bank with which it had consolidated some months before it closed its doors, Sept. 21, 1931. No assessment has been made yet against the stockholders of the old Eau Claire National bank, in connection with the failure of the Eau Claire State bank. it was learned. as this could not be done, it was explained into at the time of the consolidation. had expired. This agreement. which among other things provided that the Eau Claire National bank should not surrender its charter as a national bank for two years, expired late last month. The state banking department at once filed application with the comptroller of the currency for appointment of a receiver of the national bank for purposes of taking care of that part of the liquidation of the Eau Claire State bank The receiver has not yet been appointed. but action was expected at any time now The first step taken by the receiver, It was presumed, would be to missess the stockholders of the old Eau Claire National Bank on the basis of their liability as stockhold. ers of the consolidated bank. So far 10 per cent. has been paid out in dividends in the liquidation of the Earl Claire State bank. the last 5 per cent. having been paid in April Questioned as to the probable amount of the next dividend. A B Koneazny, special deputy in charge of the liquidation of the bank, said he was in no position to make any definite forecast. Payment on the outstanding loans, he said, was coming in slowly, and little had been done, because of the condition of the bond market and bond prices, to try to dispose of this form of securities held by the bank. There was still outstanding. it was learned, about $1,200,000 of loans.