First National Bank (Marshfield, WI)

View Charter #4573 on SPMC View balance sheet

Episode Information

Episode UID
457301596
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
45730 national
Charter Number
4573
Start Date
December 7, 1932
Location
Marshfield, Wisconsin (44.669, -90.172)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c7057e40c06983b0

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Receivership Details

Depositor recovery rate
57.8%
Date receivership started
1932-12-22
Date receivership terminated
1939-08-29
Share of assets assessed as good
9.5%
Share of assets assessed as doubtful
88.7%
Share of assets assessed as worthless
1.8%

Description

Board closed the bank on Dec 7, 1932 after a run; receiver appointed later in December.

Events (5)
1. May 23, 1891 Chartered
Source
historical_nic
2. December 7, 1932 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors that other Marshfield banks would not open prompted large-scale withdrawals from First National.
Measures
Board closed the bank to prevent depositor preference and awaited comptroller's examination.
Newspaper Excerpt
Such run began with the withdrawals of the First National bank this morning.
Source
newspapers
3. December 7, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was closed by its board amid severe withdrawals (precipitated by rumors) and placed under comptroller examination.
Newspaper Excerpt
The First National bank closed ... the board of directors who placed the affairs of the bank in the hands of comptroller of the currency.
Source
newspapers
4. December 22, 1932 Receivership
Source
historical_nic
5. December 22, 1932 Receivership
Newspaper Excerpt
Perry Peters ... to become receiver of the First National bank of Marshfield and will take over the affairs of the First National bank as receiver.
Source
newspapers

Newspaper Articles (7)
1. December 7, 1932 Marshfield News-Herald Marshfield, WI

Article Text

National Directors Act To Save Funds The First National bank closed o'clock this morning upon olution of the board of directors who placed the affairs of the bank in the hands of comptroller of the currency Washington News closing the CloverState bank known the city night and morning when First National withdrawals large scale started immediately. Adding the impetus of the withdrawals the rumor, afloat in the city for several that other banks the city close. Earlier the week, current that one of the closed. statement issued at this morning, the board directo the First bank declar the institution closed prevent depositor from ting preference over any other positor. The follows: precipitating cause of the closing due rumors afloat yesterday that one the banks Marshfield would not open morning that anoth bank were expected today. "Such run began with the of the First National bank this morning. After 15 minutes, the ficers the bank were convinced the severity of the withdrawals real was progress and their duty close the bank in order give no depositor preference over any other deposit the Until representative of comptroller currency's Washington arrives and examination of the bank, plans be announced. Office the bank refused to make statement, pending the comptrolle investigation and decision.

2. December 24, 1932 Marshfield News-Herald Marshfield, WI

Article Text

Oconto Man to Arrive Wednesday to Take fairs of First National Perry Peters will be here Wednesday, Dec. to take over the fairs of the First National bank receiver the trust, according word received by Cutler, examiner charge. Mr. Peters been at Oconto during the last year receiver bank there. He has been ten years in the service and has liquidated six seven banks. He will his family to Marshfield. In the meantime, the bank will open each morning from 10 until o'clock and at other hours, persons wishing to confer with the examiner may so appointment. Mr. Cutler said this morning that he would receive any payments that persons owing the bank wished to make. of the First National now considering reorganization plans which, matured, will be presented to the receiver. Mr. Cutler said had conferred and advised with several stockholders on plans but that the question of reorganization reopening indefinite, and matured, probably could not be completed for announcement for several months.

3. December 30, 1932 Marshfield News-Herald Marshfield, WI

Article Text

City of Marshfield $42,in First National Insured by State MANY CLAIMS ON FUND The city of Marshfield has tied up in the First National bank $42,The amount insured by the state of Wisconsin but the state pay because from eight of dollars behind. When the local banks closed, city officials called Sol who that there money the fund and the state could not reimburse the city. sult, Marshfield and school ployes were obliged to loan could be negotiated by the city to meet its During its first 17 days an infunds the state paid Eventually all paid but the State Senator Thomas M. Duncan, requires about months audit claims and then they are promptly. Pass Law In 1931 little than year when 1931 legislature special session that private surety had cided to retire from the of public funds in some the state and in other parts deThe statutes that all designate by Dec. 10 the banks that to be public depositories, public deposits quiring bonded protection against loss. special islature organized and ready for Dec. One its first legislative acts law which made possible for banks accept public deposits without surety into state insurance fund the one per cent of the daily of such deposits. state fund thus ated insure deposits loss. The became effective Premium the state fund, heavy and the state board deposits, through the authority invested it, premrates from one to two per cent Considerable criticism has been directed state by some municipalities and other local whose funds became tied up in closed banks, the principal contention that the state does not settle some circles of the democratic party, which the administration of state on has come for repeal public deposits amount outstanding claims against the state fund been (CONTINUED PAGE

4. December 30, 1932 Kenosha News Kenosha, WI

Article Text

Bank Changes Receivers Oconto, Wis.—(U.P.)—The closed Oconto National bank today was in charge of L. J. Bosworth, Green Bay, who succeeds Perry Peters, who resigned to become receiver of the First National bank of Marshfield. Bosworth will continue as receiver for the McCartney National bank of Green Bay and the National bank of Green Bay.

5. October 24, 1933 Marshfield News-Herald Marshfield, WI

Article Text

Court Orders Fruit Company and to Make Checks Good Judgment default entered favor Perry Peters receiver the First Bank, by Judge Byron Park in circuit court Rapids this in five suits brought the Miller company of Marshfield Miller Fruit and Lathain; Miller Fruit company and Hauntiet. Miller Fruit company and Baker, Miller Fruit company and Miller Fruit company and H. Rutzky. Suit in each case was instituted to recover thousand dollars represented by so-called accomodation checks issued to the Miller Fruit endorsed that concern, cashed at the First Nationbank of Marshfield and later pudiated banks on which they been issued.

6. February 13, 1934 Marshfield News-Herald Marshfield, WI

Article Text

During the period of issuing checks to depositors, the gates to the deposit box section of the bank will be closed. The bank personnel expects to be kept so busy handling the rush of business they will be unable to wait upon lock box patrons. The dividend checks were completed about two weeks ago and mailed to Washington where the comptroller of the currency signed them. They were then placed in the mail and returned to Receiver Peters and since their arrival here, they have been prepared for issuance. It was explained by Mr. Peters that the First National bank has no money on hand to cash the checks, since that is against the department's regulations. During Thursday, Friday and Saturday, the bank will be opened at 9 a. m. and closed at 4 p. m., the hours being observed in order that the receiver and his assistants can keep up with their work. A heavy rush is contemplated.

7. February 15, 1934 Marshfield News-Herald Marshfield, WI

Article Text

500 Call Dividends This Morning Portion of Money Used to Pay Taxes and Discharge Accounts Money today through the payment of 27 cent per to depositors the First National bank of Marshfield stimulated ness, resulted in the payment of good portion city taxes and, general, led the way for renewed Not all the (the total amount the per called for today, nor did the bank receiver and expect would be; less, until noon more than 500 persons, armed their certificate, been given checks representing the share of released funds which they were entitled. The bank's records show that checks have been prepared -for about depositors. many persons, today's dividend the first actual money come their possession since the closing of First National and Cloverland State banks on December 1932. Many dollars changed hands almost quickly emerged from bank with their checks. Some used the money to pay back bills, meet taxes cansome other obligation. The reported that few the received office, and business men generally seemed satisfied that the release funds having effect upon the volume of their The reaction depositors they their checks varied. Some uttering word. "thank similar while still others made no effort their One man remarked: dividend check represents much the present some bonds intended to buy the money deposited shortly before closed, Receiver Perry Peters has three and the bank banking being and Most checks will be issued during those days, believes. Mr. Peters explained today again that must present their certificate before checks be issued. In cases where certificates have been lost, depositors must provide receiver bond. The form will be In cases where death of certificate holder occurred, persons applyfor checks show authority receive them. This authority consists certified copy appointment administrator of estates, estate has entered bate court, other forms of identification must be provided.