First National Bank (Hayward, WI)

View Charter #7831 on SPMC View balance sheet

Episode Information

Episode UID
783101491
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
78310 national
Charter Number
7831
Start Date
March 8, 1924
Location
Hayward, Wisconsin (46.013, -91.485)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c99d1ed064ff1ad1

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
16.2%
Date receivership started
1924-03-29
Date receivership terminated
1926-06-30
OCC cause of failure
Fraud
Share of assets assessed as good
28.4%
Share of assets assessed as doubtful
25.3%
Share of assets assessed as worthless
46.3%

Description

Receivership appointment referenced in articles (C. P. / C. B. Coffin); government records give 1924-03-29.

Events (6)
1. July 11, 1905 Chartered
Source
historical_nic
2. March 8, 1924 Run
Cause
Rumor Or Misinformation
Cause Details
Heavy depositors withdrew following rumors that the bank was in difficulties.
Newspaper Excerpt
A run on the bank was made by heavy depositors through a rumor spread about that the bank was in difficulties, residents here said today.
Source
newspapers
3. March 8, 1924 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of large alleged shortages/embezzlement in the bank's funds led to closure after withdrawals.
Newspaper Excerpt
The bank was closed March 8 when Mr. Rholf first disclosed the alleged shortages.
Source
newspapers
4. March 29, 1924 Receivership
Source
historical_nic
5. March 29, 1924 Receivership
Newspaper Excerpt
C. P. Coffin of Chicago has been appointed receiver for the First National bank at Hayward, closed last month.
Source
newspapers
6. July 24, 1924 Other
Newspaper Excerpt
First National bank ... is now in process of liquidation, being in the hands of the receiver, C. B. Coffin. Work of organizing a new bank to be known as the Sawyer County State bank ... is expected to open its doors for business soon.
Source
newspapers

Newspaper Articles (4)
1. March 17, 1924 The Minneapolis Star Minneapolis, MN
Article from The Minneapolis Star, March 17, 1924

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Article Text

FEDERAL PROBE OF CLOSED BANK STIRS HAYWARD Secrecy Veils Examiners' Activity—$150,000 Loot Charged by President Hayward, Wis., March 17.—Citizens of this peaceful little city were attentively awaiting today the outcome of an investigation by United States bank examiners of the affairs of the First National bank of Hayward, which has been looted of funds that will total $150,000, according to statements of the bank president, Henry E. Rholf. Secrecy covered all the activities of the federal examiners. They decline to reveal the cause of the examination of the bank books or to comment on the alleged peculations in bank funds. The bank was closed March 8 when Mr. Rholf first disclosed the alleged shortages. Official Funds Hit The major portion of city, school and county funds are affected by the financial difficulties of the bank, it has been learned. The lack of funds threatened to close the schools and city library, but measures taken by city and county officials today will keep these institutions open until arrangements have been perfected to meet the emergency. A run on the bank was made by heavy depositors through a rumor spread about that the bank was in difficulties, residents here said today. They pointed to this as one of the causes for the closing of the bank. The officers of the bank were unable, in the face of these withdrawals, to tide over the period of stress, it was said. Founded in 1884 The First National bank first came into existence as the Sawyer County bank in 1884 when Hayward was a booming sawmill town. It was capitalized at $50,000 when the institution was incorporated more than 20 years ago as the First National bank. It has a surplus of $10,000 and deposits listed at about $450,000. Thus far the inquiry into the bank affairs has been strictly dominated by the federal authorities. None of the city or county authorities have been asked to participate in the investigation. Mr. Rohlf, the bank president, was the mayor of the city when it was incorporated from a village. He was actively connected with all the present major businesses in the place. J. H. Hellweg is vice president and Miss Nell Mockler, assistant cashier.

2. April 17, 1924 River Falls Journal River Falls, WI
Article from River Falls Journal, April 17, 1924

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Article Text

Mr. and Mrs. William Warren returned to their home at Bessemer, Mich., Monday after a weeks' visit at the homes of Mr. Warren's sisters, Mrs. J. W. Allard and Mrs. A. Oligney. Harry Sauthoff, former secretary to Governor Blaine, is a candidate to succeed H. A. Huber as senator from Dane county. Huber, administration floor leader last session, will be a candidate for lieutenant governor The three one-act plays given by the Normal school faculty at the Auditorium last Friday evening were well attended and greatly enjoyed. The proceeds from this program are to go toward the expense of staging the June pageant. Final returns show that La Follette delegates won out in the Spring election by over 100,000 votes throughout the state. The amendment to increase the pay of state legislators was defeated by a vote of 249,553 to 189,245. C. P. Coffin of Chicago has been appointed receiver for the First National bank at Hayward, closed last month. An attempt is being made this week to reorganize the bank without going through the eastly proceedure of recivership. It does look as though the owner of the hereinafter mentioned cow is foolish to sell it, but here's his ad., as it appeared in a Barron county paper: "For Sale.-Full-blooded cow, giving milk, 5 tons of hay, a lot of chickens and several stoves." Mr. and Mrs. J. A. Haddow, Mrs. E. B. Armstrong, G. W. Chinnock, Jr., and son, Dwight, Mr. and Mrs. C. B. Medley and Mr. and Mrs. Harvey Dean went to Minneapolis last evening to attend the wedding of Mr. Haddow's son, Dr. Norval G. Haddow of Chippewa Falls, and Miss Louise Helen Miller. Anthony Meath, a New Richmond restaurant proprietor, was arrested last Wednesday on a charge of the illegal possession and sale of liquor. Dist. Atty. W. R. Kirk swore out the complaint upon alleged evidence secured by a detective sent to New Richmond for that purpose. It is alleged that Meath secured prescription liquor and then sold it at 35c a drink in his restaurant.

3. July 24, 1924 The Telegraph-Courier Kenosha, WI
Article from The Telegraph-Courier, July 24, 1924

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Article Text

HAYWOOD BANK IN TO LIQUIDATE SOON First National Bank of Haywood is in the Process of Liquidation and a New Bank Being Formed. Hayward, Wis.-The First National bank here of which Henry E. Rohlf was president, and who last Saturday surrendered to federal authorities in Portland, Ore., and which was closed March 8 according to federal authorities, following the discovery to an alleged shortage of more than $200,000, is now in process of liquidation, being in the hands of the receiver, C. B. Coffin. Work of organizing a new bank to be known as the Sawyer County State bank, has been carried on here by a committee of six citizens since the First National bank's failure. Those on the committee are: District Attorney W. V. Silverthorn, chairman; Alvin Johnson, William Alexander, I. Silskey, Al. Hazelhurst and J. S. McGeorge. According to the committee members the plan is to have the new organization in a position where it can acquire the assets of the First National bank when the receiver offers them for sale. When that arrangement is completed the new bank is expected to open its doors for business. The only bank now operating in Hayward is the Farmers State bank.

4. August 27, 1924 Star Tribune Minneapolis, MN
Article from Star Tribune, August 27, 1924

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Article Text

Hayward, Wis., Banker Faces Madison Judge for Sentence Today Madison, Wis., Aug. 26.—(By Associated Press.)—Henry E. Rohlf, former president of the defunct First National bank at Hayward, Wis., will face Judge Claud Z. Luse in federal court Wednesday morning, to be sentenced on five counts for violating the federal banking laws. Rohlf for a time escaped prosecution by blaming the bank shortage on a dead brother, and denied guilt in connection with the disappearance of $200,000 of the bank's funds. He was arrested at Portland, Ore., and brought to Madison. Rohlf yesterday afternoon entered a plea of guilty to five counts, involving embezzlement of the bank's money.