Citizens National Bank (Appleton, WI)

View Charter #4937 on SPMC View balance sheet

Episode Information

Episode UID
493701582
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
49370 national
Charter Number
4937
Start Date
October 1, 1931*
Location
Appleton, Wisconsin

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
611ef380c844ee82

Response Measures

None

Receivership Details

Depositor recovery rate
34.7%
Date receivership started
1933-06-23
Share of assets assessed as good
5.7%
Share of assets assessed as doubtful
64.5%
Share of assets assessed as worthless
29.9%

Description

Assets and liabilities were assumed by First National in Oct 1931; federal receiver appointed June 23, 1933 to collect stock assessments.

Events (6)
1. January 12, 1894 Chartered
Source
historical_nic
2. October 1, 1931* Suspension
Cause Details
Assets and liabilities assumed by First National Bank in October 1931, indicating bank ceased independent operations.
Newspaper Excerpt
assets and liabilities of the bank had been taken over in October, 1931, by the First National bank.
Source
newspapers
3. December 16, 1931 Voluntary Liquidation
Source
historical_nic
4. June 23, 1933 Receivership
Source
historical_nic
5. June 23, 1933 Receivership
Newspaper Excerpt
L. J. Bosworth ... has been appointed receiver for the Citizen's National bank of Appleton. The new assignment was made yesterday by J. F. T. O'Connor, comptroller of currency at Washington, D. C.
Source
newspapers
6. November 15, 1935 Other
Newspaper Excerpt
The Citizens National bank of Appleton, Wis., in receivership June 23, 1933, the liabilities of the institution having theretofore been assumed by another bank. The receiver was appointed for the purpose of collecting an assessment against the stockholders to cover a deficiency in the assets sold.
Source
newspapers

Newspaper Articles (5)
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. June 29, 1933 The Post-Crescent Appleton, WI

Article Text

Bosworth Named Bank Receiver Will Collect Assessment Levied Against Stockholders L. J. Bosworth, receiver for the City National bank at Oshkosh, has been appointed receiver for the Citizen's National bank of Appleton. The new assignment was made yesterday by J. F. T. O'Connor, comptroller of currency at Washington, D. C.

3. June 29, 1933 The Post-Crescent Appleton, WI

Article Text

L. J. Bosworth, receiver for the City National bank at Oshkosh, has been appointed receiver for the Citizen's National bank of Appleton. The new assignment was made yesterday by J. F. T. O'Connor, comptroller of currency at Washington, D. C. The Citizen's National bank was taken over by the First National bank and the federal receiver will have only the responsibility of collecting an assessment levied against stockholders of the bank. This new appointment is the fifth receivership in which Mr. Bosworth is now acting as receiver. In addition to his responsibilities at Oshkosh and Appleton, he is also receiver for banks being liquidated at Green Bay, DePere and Oconto. For a time he was conservator for a bank at Fond du Lac.

4. April 13, 1934 The Post-Crescent Appleton, WI

Article Text

Over for Trial May 15 Stanley and George Hogle, Seymour, were bound over for trial on May 15 on charges of receiving and concealing stolen property, following preliminary hearing before Judge T. H. Ryan in municipal court this morning. Bonds of the two men were set at $500 each and up to noon they had not been furnished. The two men were arrested about a week ago at Seymour by Police Chief J. N. Decker who charged they received a harness, valued at $65, which had been stolen from Rudolph Ziebell of that city. Six Stockholders Of Appleton Bank Named in Suits Seek to Collect $11,500 In Unpaid Stock Assessments Made in 1933 Six suits against stockholders of the former Citizens' National bank of Appleton have been filed in federal court at Milwaukee because they failed to pay all of 100 per cent assessments ordered by the federal comptroller of currency. The suits were started by L. J. Bosworth, who was named receiver for the bank in June, 1933, after the assets and liabilities of the bank had been taken over in October, 1931, by the First National bank. The receiver was named for the purpose of making the stock assessment. The six stockholders named in the latest suits are Mark Catlin, Dr. H. K. Pratt, Dudley H. Pierce, H. W. Tuttrup and Karl Schuetter of Appleton and Renfrew Kuehmstead of Neenah. The total amount involved is $11,200. About a month ago similar suits were filed against Mr. and Mrs. Judson Rosebush of Appleton. Mr. Bosworth explained that the assessments were ordered on July 24, 1933, and the stockholders were given until Aug. 31, 1933, either to pay the full amount or to pay one-fourth. If they paid one-fourth they had to put up security for the balance, which then could be paid in three more equal monthly installments. Cloudy Skies and Snow to Continue Little Change in Temperature Expected in Appleton Saturday The weather forecast for Appleton and vicinity is bad news again. More snow is probable tonight and tomorrow and not much change in temperature is anticipated. Light snow fell steadily early this morning and continued through the earlier part of the day, clinging to open ground but melting rapidly on street and sidewalks. Skies were heavily overcast and will continue cloudy tonight and tomorrow, the weather bureau predicts. The mercury dropped below the freezing mark again this morning, registering 29 degrees at its lowest point and rising to 36 shortly after noon. The high and low temperatures yesterday were 92 at Phoenix, Ariz., and 18 at Alpena, Mich.

5. November 15, 1935 Tampa Bay Times St. Petersburg, FL

Article Text

RECEIVERSHIPS TERMINATED FOR 15 U. S. BANKS Liquidation of Institutions is Completed, Comptroller of Currency Reveals The comptroller of the currency, J. F. T. O'Connor, yesterday announced completion of the liquidation of 15 receiverships during October, 1935, making a total of 159 receiverships finally closed or restored to solvency since his last annual report to congress dated Oct. 31, 1934. Total disbursements, including offsets allowed, to depositors and other creditors of these institutions exclusive of 11 receiverships restored to solvency, aggregated $39,489,342, or an average return of 71.79 per cent of total liabilities, while unsecured depositors received dividends amounting to an average of 58.63 per cent of their claims. The First National bank of Thief River Falls, Minn., in receivership Sept. 12, 1933; depositors and other creditors were paid 100 per cent principal with interest in full amounting to an additional dividend of 9.75 per cent. Total payments to creditors, including offsets allowed, aggregated $845,805 and the stockholders received $11,297. The Citizens National bank of Appleton, Wis., in receivership June 23, 1933, the liabilities of the institution having theretofore been assumed by another bank. The receiver was appointed for the purpose of collecting an assessment against the stockholders to cover a deficiency in the assets sold. The creditor bank, from dividends and other sources, received 100 per cent together with interest in full amounting to 4.66 per cent. Disbursements during receivership, including offsets allowed, aggregated $407,307 and the stockholders received $73,304 together with the assets remaining uncollected. Texas Bank Pays 93.4 Pct. The Burnet National bank, Burnet, Tex., in receivership Feb. 18, 1932; disbursements, including offsets allowed, to depositors and other creditors aggregated $60,684, which represented 93.05 per cent of total liabilities. Unsecured depositors received dividends amounting to 93.4 per cent of their claims. The First National bank of DeLand, Fla., in receivership July 12, 1929; disbursements, including offsets allowed, to depositors and other creditors aggregated $939,072, which represented 62.01 per cent of total liabilities. Unsecured depositors received dividends amounting to 33.85 per cent of their claims. The First National bank of Carey, O., in receivership Oct. 12, 1931; disbursements, including offsets allowed, to depositors and other creditors aggregated $200,486, which represented 97.03 per cent of total liabilities. Unsecured depositors received dividends amounting to 96.83 per cent of their claims. Montana Bank Listed The Citizens National bank of Laurel, Mont., in receivership Jan. 4, 1923; disbursements, including offsets allowed, to depositors and other creditors aggregated $146,762, which represented 39.54 per cent of total liabilities. Unsecured depositors received dividends amounting to 6.06 per cent of their claims. The First National bank of Brushton, N. Y., in receivership Dec. 22, 1931; disbursements, including offsets allowed, to depositors and other creditors aggregated $608,665, which represented 74.64 per cent of total liabilities. Unsecured depositors received dividends amounting to 71.96 per cent of their claims. The First National bank of Langdon, N. D., in receivership June 14, 1929; disbursements, including offsets allowed, to depositors and other creditors aggregated $136,200, which represented 55.43 per cent of total liabilities. Unsecured depositors received dividends amounting to 45.02 per cent of their claims. Liabilities Assumed The Citizens National bank of Monessen, Pa., in receivership April 17, 1931, the liabilities of the institution having theretofore been assumed by another bank. The receiver was appointed for the purpose of collecting an assessment against the stockholders to cover a deficiency in the assets sold. Disbursements during receivership, including offsets allowed, aggregated $49,639 which represented 48.1 per cent of total liabilities. The Merchants National bank of Clinton, Ia., in receivership Sept. 9, 1933, the liabilities of the institution having theretofore been assumed by another bank. The receiver was appointed for the purpose of collecting an assessment against the stockholders to cover a deficiency in the assets sold. Disbursements during receivership, including offsets allowed, aggregated $102,682 which represented 97.54 per cent of total liabilities. The First National bank of Mineral Wells, Tex., in receivership Oct. 27, 1933, the liabilities of the institution having theretofore been assumed by another bank. The receiver was appointed for the purpose of collecting an assessment against the stockholders to cover a deficiency in the assets sold. Disbursements during receivership, including offsets allowed, aggregated $12,352 which represented 18.55 per cent of total liabilities. Other Banks Listed The First National bank of Stronghurst, Ill., in receivership July 17, 1931, the liabilities of the institution having theretofore been assumed by another bank. The receiver was appointed for the purpose of collecting an assessment against the stockholders to cover a deficiency in the assets sold. Disbursements during receivership, including offsets allowed, aggregated $30,297 which represented 33.44 per cent of total liabilities. The First National bank of Tracy, Minn., in receivership April 29, 1931; disbursements, including offsets allowed, to depositors and other creditors aggregated $408,377, which represented 71.01 per cent of total liabilities. Unsecured depositors received dividends amounting to 55.13 per cent of their claims. The Peoples-First National bank of White Hall, Ill., in receivership March 20, 1930; disbursements, including offsets allowed, to depositors and other creditors aggregated $345,636, which represented 74.36 per cent of total liabilities. Unsecured depositors received