First National Bank (Chillicothe, MO)

View Charter #3686 on SPMC View balance sheet

Episode Information

Episode UID
368601578
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
36860 national
Charter Number
3686
Start Date
June 22, 1931
Location
Chillicothe, Missouri (39.795, -93.552)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b4201a23a46dd5af

Response Measures

None

Receivership Details

Depositor recovery rate
25.1%
Date receivership started
1931-06-22
Date receivership terminated
1937-10-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
18.3%
Share of assets assessed as doubtful
50.5%
Share of assets assessed as worthless
31.2%

Description

Receiver was appointed and bank remained in liquidation/receivership; no run reported.

Events (5)
1. April 29, 1887 Chartered
Source
historical_nic
2. June 22, 1931 Receivership
Source
historical_nic
3. June 22, 1931 Receivership
Newspaper Excerpt
Ira Walb, receiver for the First National Bank here, announced today that the first step in clearing the accounts of the bank has been completed. (Jul 11, 1931 article).
Source
newspapers
4. June 22, 1931 Suspension
Cause
Government Action
Cause Details
Bank closed and placed in receivership (receiver announced afterward).
Newspaper Excerpt
First National Bank here closed in June.
Source
newspapers
5. June 15, 1932 Other
Newspaper Excerpt
Petition for an order to sell the First National Bank building ... final hearing has been set for July (1932).
Source
newspapers

Newspaper Articles (11)
1. July 11, 1931 The Chillicothe Constitution-Tribune Chillicothe, MO

Article Text

STATEMENT Receiver Announces All Accounts Balanced Asks Depositors Check Statements at Once. AVAILABLE AT BANK WINDOW All Possible Dispatch Being Used Get Affairs of Bank in Shape for Early Settlement. Ira Walb, receiver for the First National Bank here, announced today that the first step in clearing the accounts of the bank has been completed. Statements of accounts are now made out and ready for all depositors of the bank. Mr. Walb has asked that the depositors call for the statements as possible and check them soon over. want every depositor to be sure that his record of his account in balance with the bank statement. there questions, they should If are any be ironed out at once." the receiver will be In this way, that there are no hitches when he his settlement with those begins claims against the having approved bank. The next step in the liquidation will the completion of thorough audit of the bank's assets and liabilities and of this statement. This stateposting ment should be completed sometime within the next 30 days, Mr. Walb although he is able at preslieves, to make any definite promises. Meanwhile, work of clearing up the bank's affairs is being carried on with all possible dispatch Representatives of the Federal Bank and other depositories have been here during the past few days, collecting on the paper which they hold.

2. July 13, 1931 The Chillicothe Constitution-Tribune Chillicothe, MO

Article Text

Receiver Announces All Accounts Balanced and Asks Depositors to Check Statements at Once. AVAILABLE AT BANK WINDOW All Possible Dispatch Being Used Get Affairs of Bank in Shape for Early Settlement. Ira Walb, receiver for the First National Bank here, announced today that the first step in clearing up the accounts of the bank has been completed. Statements of accounts are now made out and ready for all depositors of the bank. Mr. Walb has asked that the depositors call for the statements as soon as possible and check them over. want every depositor to be sure that his own record of his account in balance with the bank statement. If there are any questions, they should ironed out at In this way, the receiver will be that there no hitches when he begins his settlement with those having approved claims against the bank. The next step in the liquidation will be the completion of thorough audit of the bank's assets and liabilities and posting of this statement. This statement should be completed sometime within the next 30 days, Mr. Walb believes, although he is not able at present to make any definite promises. Meanwhile, work of clearing up the bank's affairs is being carried on with all possible dispatch Representatives of the Federal Reserve Bank and other depositories have been here during the past few days, collecting on the paper which they hold.

3. October 13, 1931 St. Joseph News-Press St. Joseph, MO

Article Text

Produce Market Oct. Potatoes Maine, milk Kansas 17c. FRUITS AND per jer per COTTON MARKETS. NEW YORK SPOT COTTON NEW ORLEANS COTTON FUTURES. SPOT COTTON. 6.45; COTTONSEED OIL MARKET. TEMPERATURE, RAINFALL. state of = weather and STATIONS AND HUMIDITY AT ST. JOSEPH WITHIN LAST 24 Min .08 RIVER BULLETIN. to City JOSEPH (*) rising. CHILLICOTHE BANK CLOSED Assets Apparently Sufficient to Prevent Losses to Depositors. CHILLICOTHE, Mo., Oct. 13.-(P) $1.00 Farmers and Merchants New Bank of Chillicothe, which closed after apparently has sufficient to prevent losses to depositors, directors the bank said today. The directors said the withdrawcotton als followed which became current after the First National NEW YORK COTTON FUTURES. Bank here closed in June. New York, January THE CLOCK CORNER NEW YORK COTTON FUTURES. Oct.

4. June 15, 1932 The Chillicothe Constitution-Tribune Chillicothe, MO

Article Text

Given Bidders and Being Bank Final Hearing for MAY OPEN BANK Receiver Received Good Offers Has and Up Building Now Sale First National Bank of the for the near building planned future. the building. at the Steps to sell corner Washington and Jackson streets, have been started by receiver for the bank, meeting legal requirements. before the sale can be necessary made. Mr. having received severfor the bank building and offers fixtures which he considers has asked permission of good offers the federal court to make the sale. Petition for an order to sell to Judge Otis in Kansas presented City June Judge Otis approvon the petition and ordered notice creditors of the bank and given to bidders before final prospective mission be granted for the Notice now being given through publication the ConstitutionTribune and the final hearing has been set for July when Federal Court will be in session here. permission the sale following the able that the transfer will be made once. While no definite statement has been made regarding the identity of the proposed purchasers of of the bank building and fixtures. understood that the plan to start bank the First National on

5. October 22, 1932 Joplin News-Herald Joplin, MO

Article Text

Advances in September Include State Relief. Washington, Oct. Reconstruction Finance Corporation was shown today in its report to congress to have loaned $177,during September. South clerk of of representatives, made the report public. The corporation authorized loans aggregating and increases of previous loans totaling for total of to banks, trust and insurance panies and building and loan Adequate security quired for all such loans. Loans states for relief poses aggregated $18,523,502. and loans for self liquidating projects authorized the An advance $1,500,000 authorized the Sun-Maid Raisin Growers California. In addition Atlee chairman of the board, said letter Trimble during the month, the corporation allocated the secretary of agriculture for crop production loans, bringing the total allocations that to Of this $75,000,000 had been paid September Pomerene wrote that loans thorized bank and trust panies amounted September, which included 359 to aid in the reorganization liquidation closed banks. Loans authorized to building and loan associations to insurance companies $3,370,000; mortgage loan companies $960,000; joint stock land banks $576,000; to agricultural credit corporations $702,129; to stock credit corporations and railroads includ$473,341 to railroad receivers. Missouri Loans Listed. Loans authorized during Septembanks and trust companies, "exclusive of amounts withdrawn cancelled" during the month, listed to include the following: Missouri: Bland, Farmers Traders bank, $2,200; Chamois, Peoples bank, $30,000; Chillicothe, First National bank (receiver), Eldorado Springs, Bank Eldorado Springs, $4,000; Leonard, Farmers Bank of Leonard, $5,000; Luray, Central bank, $1,500; Maplewood, Bank Trust Company, $100,000; Maplewood, Citizens National bank, Marceline, Marceline State bank, Louis, Hodiamont bank, $15,000; St. Louis, Vandeventer tional bank Sedalia, Sedalia National bank $30,300; Sumner Exchange $11,000, Waynesville, Waynesville State bank, $9,000.

6. October 22, 1932 St. Joseph News-Press St. Joseph, MO

Article Text

Disbursed by During September. Relief Advances to States Totalled House Clerk Reports. Corporation shown today its report $177,346,000 during September. South Trimble, clerk of the house made the report The corporation authorized 691 loans aggregating $59,155,319, banks, and panies building and Adequate security quired for such loans. for relief purLoans aggregated loans projects the $53,105,000. advance of 000 authorized Raisin growers California. $2,500,000 in Crop Loans. In Atlee the board, said letter during the corporation $2,500,000 secretary of agriculture for loans, bringing the that had been paid Sept. wrote that loans thorized nies included aid the or liquidabuilding 370,000; loan $960,000; stock $576,000; and 341 to railroad Missouri Loans. Loans authorized during Septembanks and trust companies, "exclusive during month, listed include the following: Bland, Farmers and Traders Bank Bland, Peoples Bank of Cha$30,000. Chillicothe, First National Bank (receiver). Springs, Bank of EldoSprings, Leonard. Farmers Bank of Leon$5,000. Luray, Central Bank of Luray, Maplewood, Bank Maplewood Trust National Maplewood, Marceline, Marceline State Bank, Louis, Bank, $15,000. Louis, Vandeventer National Bank of Louis Sedalia, Sedalia National Bank Exchange Bank, Waynesville, Waynesville State Bank, $9,000. Loans authorized July 21 which cancelled part Sept. Missouri: St. Louis, Lowell Bank, Macon, First National Bank and Company, $2,500.

7. October 22, 1932 Columbia Daily Tribune Columbia, MO

Article Text

MISSOURI BANKS AIDED BY Fourteen Got Loans in September, Report Made Public Today Shows The Associated WASHINGTON, C., Oct. The shown today in its report to congress loaned $117,346,000 during South Trimble, clerk of the house representatives, made the report public. The corporation authorized 691 loans aggregating and loans for total of $64.217,500 to banks, trust and insurance companies and building and loan securrequired for all such loans Loans to states for relief purpeses aggregated and projects authorized to the amount of $53,105,000. advance was authorized the SunMaid Raisin Growers of Califoraddition Atlee chairman of the board, letter Trimble that during the month the corporation allocated $2,500,000 to the secretary agriculture for crop production loans bringing the total allocations for that purpose to $110,000,000. of this $75,000,000 had been paid over September Pomerene wrote that loans authorized bank and trust companies amounted to September, which included in reorganization liquidation of closed banks. Loans authorized to building and Joan associations amounted to insurance companies 370,000: to mortgage loan companto joint stock banks agricul*ural credit corporations livestock credit corporaitons 101,198. and railroads including $473.341 to railroad receivers. Loans authorized during September to banks trust companies "exclusive amounts withdrawn cancelled" during the month. listed to include the followBland. Farmers & Traders Bank $2,200. Chamois, Peoples Bank of Chamois, $30,000. Chillicothe. First National Bank of Chillicothe (receiver) Eldorado Springs. Bank of dorado Springs, $4,000 Leonard. Farmers Bank of LeonCentral Bank of Luray $1,500. Maplewood, Bank of Maplewood Trust $100,000. Maplewood Citizens National Bank of Maplewood, $57,000 Marceline, Marceline State Bank St. Louis Hodimont Bank. $15, DOO. St. Louis, Bank of St. Louis (receiver), $187.Sedalia, Sedalia National Bank $30,300. Summer, Summer Exchange Bank ville State Bank, $9,000.

8. January 18, 1934 The Chillicothe Constitution-Tribune Chillicothe, MO

Article Text

STATEMENT Although Receiver Hasn't Increased Cash Much Past Three Months, Progressed. SOME LIABILITIES ARE PAID Should Have Enough in Near Future Pay Five Per Cent Dividend. accumulation of cash Although report of seems slow, the quarterly receiver for the First Ira Walb, has number of National Bank, cheering indications. held the Taxes all property the receiver have been paid during of the last quarter and some more secured liabilities have been written The total amount of secured off. amount to less than liabilities now $50,000. has been necessary to Although make sacrifices in collecting numof notes, the report still shows of liabilities. The assets in excess total amount of loss charged off of the bank has since liquidation been in process has amounted to $70,753.98. Cash on hand on December five cent dividend per almost twice that would require amount. There would seem to be good chance of raising this amount, as the receiver has some however, which real estate sales in prospect the of the should bring larger part needed amount. of the bank still owe their stock assessments. of the bank include Other assets which mostly notes and property on forethe bank has acquired closure. receivership to date Net cost of the This the amounts to $6,346. by which the cost of amount the income from ceivership exceeds interest and similar earnings rents, the bank's assets. on of uncollected assets The amount the present time is this there is less than Against of liabilities.

9. July 20, 1934 Kansas City Journal Kansas City, MO

Article Text

NAMED BANK RECEIVER Chillicothe Man in Charge of Six. (UP) S. A. Browning of Chillicothe Friday assumed his new duties as receiver for six national banks in this area following his appointment by F. G. Awalt, acting comptroller of the currency He succeeds E. B Todd of Nevada in supervision of the First National bank of Chillicothe, First National bank of Ludlow. First National bank of Brookfield, First National bank of Marceline. First National bank of Brunswick and the First National bank of Sweet Springs Browning mailed his resignation as Livingston county representative in the state legislature to Governor Park. He said his resignation as receiver for four'state banks would not be forwarded until completion of dividend disbursements at state banks in Chillicothe, Wheeling. Breckinridge and Sampsel. His successor as receiver of the state banks will be named by Q. H. Moberly, state finance commissioner.

10. July 21, 1934 Columbia Missourian Columbia, MO

Article Text

NEW BANK RECEIVER NAMED S A. Browning, of Chillicothe, to Take Over Federal Institutions CHILLICOTHE July 21 A. Browning, of Chillicothe, yesterday assumed his new duties as receiver for six National Banks in this area following his appointment by F. G. Awalt, acting comptroller of the currency. He succeeds E. B. Todd of Nevada, in supervision of the First National Bank of Chillicothe, First National Bank of Ludlow, First National Bank of Brookfield; First National Bank of Marceline, First National Bank of Brunswick, and the First National Bank of Sweet Springs. Browning immediately mailed his resignation as Livingston County representatve in the State Legislature to Gov. Guy B. Park, He said his resignation as receiver for four state banks would not be forwarded until completion of dividend disbursements at state banks in Chillicothe, Wheeling, Breckenridge and Sampsel. His successor as receiver of the state bank will be named by O. H. Moberly, state finance commissioner. the Potashnick truck service operating from southwest Missouri, finding the concern guilty of "deliberately and intentionally. defrauding the state out of fees that should have been paid for the purpose of maintaining the highways of the state." The commission said the truck line's scheme "consisted simply of giving to the truck drivers travel orders which would show authority to operate that particular truck for number of days, while the duplicate travel order which was to be sent to the commission (and was the only means the commission had to determine the amount of fees owned) showed much less amount than was actually due." J. Caskie Collet, commission chairman, said investigation showed that the Potashnick company had failed to pay "between $800 and $900 due the state" in extra carrier fees.

11. July 27, 1934 The Marceline News and the Bucklin Herald Marceline, MO

Article Text

NEW RECEIVER AT NATIONAL BANK HERE S. A. Browning, Chillicothe, Succeeds E. B. State Representative. Browning of Chillicothe has been appointed receiver for the First National Bank here and five other national banks in this territory. Mr. Browning succeeds Todd of Nevada, who was appointed several months ago. Besides the bank here, Mr. Browning will have charge of the closed First National Banks at Chillicothe, Brookfield, Ludlow, Brunswick and Sweet Springs. The six banks have total souces of about million dollars and between 5,000 and 6,000 depositors. Mr. Browning has been resentative in the state legislature from Livingston County. Before his as a national appointment bank receiver, he was the receiver for four state banks.