First National Bank (Shullsburg, WI)

View Charter #4055 on SPMC View balance sheet

Episode Information

Episode UID
405501599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
40550 national
Charter Number
4055
Start Date
March 2, 1933
Location
Shullsburg, Wisconsin (42.573, -90.231)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0d2ec19fe2341cc0

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-10-27
Date receivership terminated
1939-08-22
Share of assets assessed as good
26.1%
Share of assets assessed as doubtful
70.0%
Share of assets assessed as worthless
3.9%

Description

Articles state suspension March 2, 1933 and a receiver (Mulvaney) was appointed by Jan 1934; government records list receivership date 1933-10-27 (authoritative).

Events (4)
1. June 22, 1889 Chartered
Source
historical_nic
2. March 2, 1933 Suspension
Cause
Government Action
Cause Details
Part of the March 1933 statewide/federal banking holiday and related statewide restrictions prompting suspension
Newspaper Excerpt
The bank suspended operation March 2, 1933
Source
newspapers
3. October 27, 1933 Receivership
Source
historical_nic
4. October 27, 1933 Receivership
Newspaper Excerpt
Bernard M. Mulvaney, has been appointed receiver with power to take all necessary proceedings ... bank suspended operation March 2, 1933
Source
newspapers

Newspaper Articles (7)
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. January 31, 1934 The Capital Times Madison, WI

Article Text

S. Orders $50,000 Shullsburg Bank Levy Wis. O'Connor, comptroller of the cy, has ordered stockholders of the Shullsburg First National bank to meet an of on or before Feb. 24. The bank suspended business March 1933, and statement published that time showed assets of $480,397.14 and liabilities of $419,848.39.

3. January 31, 1934 The Platteville Journal and Grant County News Platteville, WI

Article Text

Stockholders Of Shullsburg Bank Pay Assessment O'Connor, comptroller of the Treasury departnotified stockholders the First National Bank of Shullsburg, that their stock has been assessed $50,000 to be paid on or before Feb. 24th. Bernard M. Mulvaney, has been appointed receiver with power to take all necessary proceedings by suit or otherwise enforce the the assessment for payment the value of the stock. bank suspended operation March 1933 and check up shows assets amounting to The unsecured liabilities amount to $419,848.39.

4. February 7, 1934 Platteville Witness Platteville, WI

Article Text

Annual Meeting Of Horse Breeders All breeders of good horses will meet in the annual meeting for 1934 on Saturday, Feb 10. It is hoped that horsemen from all over Grant county will plan to attend this meeting It is expected that Dr. B. A. Beach of the Animal Husbandyr Department and Prof. J. G Fuller will be present to give talks to the Horse Breeders on matters of interest to them The meeting is being called by Pres. Wm, A. Loy and we sincerely hope that all breeders of horses will make their plans now to attend. The meeting will be called for 1:30 p. m. at Lancaster. J. B. Keenan, County Agent. J. F. T. O'Connor, comptroller of the currency, has ordered stockholders of the Shullsburg First National bank to meet an assessment of $50,000 on or before Feb. 24. The bank suspended business March 2, 1933 and a statement published at that time showed assets of $480, 397. and liabilities of $419, 848. 39 Workmen employed by the Warner Construction company of Chicago, holders of the contract for the construction of the Mississippi river locks at Eagle Point, at present are engaged in building a spur track along the river bank on which railroad cars loaded with materials can be parked while being unloaded. This constitutes the first actual work at the site of the locks which is expected to be a bechive of activity within the next month or two.

5. February 7, 1934 The Boscobel Dial Boscobel, WI

Article Text

Here and There J. F. T. O'Connor, comptroller of the currency, U. S. Treasury department has notified stockholders of the First National Bank of Shullsburg, that their stock has been assessed $50,000 to be paid on or before Feb. 24th. Bernard M. Mulvaney, has been appointed receiver and invested with power to take all necessary proceedings by suit or otherwise to enforce the payment of the assessment for the par value of the stock. The bank suspended operation on March 2, 1933 and check-up shows assets amounting to $480,397.14. The unsecured liabilities amount to $419,848.39. Henry Pepper, section foreman on the Madison division of the Chicago & Northwestern Railway, who lives in Cuba City, will retire Feb. 1, after 51 years with the road. He is one of 12 men retiring this month. The 12 have a service record of 529 years, or an average of more than 44 years apiece, an unusually high average for the pension list. Mrs. Emma Wilkowski, Watertown, was awarded $1,002 in a suit in federal court against four saloonkeepers because they had sold her husband liquor and caused him to become a sot, unable to provide for it. Dr. Preston Bradley, pastor of the People's church, Chicago, has accepted the invitation to deliver the commencement address at Platteville Teacher's college on June 6. The Lancaster school board called a meeting of Foreman G. Q. Sykes and his CWA workmen, who were medecorating the high school, and told them the city would pay them if they would finish the job at half the wages they had been getting. This they gladly consented to do, and the work went right on. According to a report from the office of the register of deeds of Grant county, records at Lancaster show eighty-one individual cases in the county on which federal money has been advanced, a total in cash of $3,267,108. During the past month there were two mortgage foreclosures started against urban homes and three mortgages against farms. The remaining assets of the defunct First National bank at Richland Center, including notes, mortgages and real estate will be offered for sale at public auction on Wednesday, Feb. 14th. This bank has been in course of liquidation for five years past and this sale is held to wind up its affairs. E. E. Graham of Lancaster, part owner of a gold mine claim at Durango, Colo., has received word that the opening of a new lead shows an assay of $680 to the ton at the present price of gold. The assay also includes $192 worth of silver to the ton. Funeral services for Charles Rooney, known in every hamlet in the country as a circusrider, were held at Baraboo last week. Mr. Rooney was 59 years of age and had been associated with the Ringlings for more than forty years. Managers of the Pra. du Chien woolen mills report orders on their books sufficient to keep that plant running full time for the next six or seven months. They started the first of the week a new crew to handle special rush orders. The mills give employment to 200 men and women during the rush season. The Platteville American Legion unit has elected to organize and support a baseball team during the season of 1934 and Dr. Glen McVay has been selected captain-manager. The team will become a member of the Grant County Baseball league. Car loadings last week reported by the Milwaukee railroad totalled 22,046 as compared with 19,545 for the corresponding week a year ago. Muscoda had another fire recently when a garage burned down, caused by a spectator witnessing repair of a car lighting a match. A car, owned by Walter Ward of Soldiers Grove, had been driven into the shop for re pairs, and in order to facilitate the work some dozen fellows congregated had put a shoulder to the wheel and tipped the vehicle on its side. The vacuum tank was removed and

6. October 16, 1934 Wisconsin State Journal Madison, WI

Article Text

Shullsburg Bank's Condition Reported [State Journal News Service] SHULLSBURG—Bernard M. Mulvaney, receiver for the First National Bank of Shullsburg, reports the condition of the bank on Sept. 30, as follows: Total assets to be accounted for, $646,425.68; total uncollected, $418,026.45; disbursements secured and preferred liabilities, $53,852.12; expense of receivership, $14,867.68; dividends paid to unsecured creditors, $172,812.83; RFC loan repaid, $42,000. The Shullsburg bank suspended operations March 2, 1933.

7. October 16, 1934 Wisconsin State Journal Madison, WI

Article Text

Condition Reported [State Journal News Service] SHULLSBURG—Bernard M. Mulvaney, receiver for the First National Bank of Shullsburg, reports the condition of the bank on Sept. 30, as follows: Total assets to be accounted for, $646,425.68; total uncollected, $418,026.45; disbursements secured and preferred liabilities, $53,852.12; expense of receivership, $14,867.68; dividends paid to unsecured creditors, $172,812.83; RFC loan repaid, $42,000. The Shullsburg bank suspended operations March 2, 1933.