Article Text
OHIO BANK CLOSES Mar. National bank examiners here announced today the Citizens Nationbank Wilmington, Ohio, has been closed because frozen sets.
Citizens National Bank (Wilmington, OH)
Episode Information
- Episode UID
825101575- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
-
82510national - Charter Number
- 8251
- Start Date
- March 5, 1931
- Location
- Wilmington, Ohio (39.445, -83.829)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
19746a0c097cb0c8
Response Measures
None
Receivership Details
- Depositor recovery rate
- 72.3%
- Date receivership started
- 1931-03-09
- Date receivership terminated
- 1937-01-29
- Share of assets assessed as good
- 45.6%
- Share of assets assessed as doubtful
- 32.6%
- Share of assets assessed as worthless
- 21.8%
Description
Contemporary reports state there was no run; directors placed the bank in hands of federal examiners for liquidation.
Events (4)
1.
June 7, 1906
Chartered
- Source
- historical_nic
2.
March 5, 1931
Receivership
- Newspaper Excerpt
- placed its affairs in the hands of Federal banking officials; Lanum appointed Receiver of the Citizens National Bank here.
- Source
- newspapers
3.
March 5, 1931
Suspension
- Cause
- Voluntary Liquidation
- Cause Details
- Directors closed the bank citing frozen assets and requested the Comptroller/federal examiners to take over for liquidation.
- Newspaper Excerpt
- Directors of the Citizens' National Bank closed the institution today and placed its affairs in the hands of Federal banking officials.
- Source
- newspapers
4.
March 9, 1931
Receivership
- Source
- historical_nic
Newspaper Articles (16)
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Steel Corporations Seek Court Reversal YOUNGSTOWN. O., March (AP)-In petition in error filed to. day in the court of appeals, the Bethlehem Steel corporation and the Youngstown Sheet and Tube company ask that the judgment given to opponents of their merger be reversed. The petition charges that Judge David G. Jenkins. enjoined the merger, erred in overruling motion for new trial, and that the facts set forth in the original petition are not sufficient in law to maintain the action. date for hearing in the appeals court has not yet been set, though it probably will not be held until June. BIRTH RATE INCREASE CONCORD. March (AP) Births more than doubled deaths in Cabarrus county in 1930, 1,085 persons being born during the year while 467 died. WILL MODERNIZE SHIPS. The navy department announced today that the battleship New Mexico will be modernized at the Philadelphia navy yard and the Mississippi at the Norfolk navy yard. CLOSE OHIO BANK CLEVELAND. March National bank examiners here announced today the Citizens National bank at Wilmington, Ohio, has been closed because of frozen assets.
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FROZEN ASSETS Cause Bank To Close. Farmers Forced To Withdraw Deposits Because or Drought today the gusher at Tioga forced place of was gradually brought Brought the Meeker more than feet Institution At Wilmington Ohio, Is the Taken Over By Federal Depart ment For Liquidation point control by tors of the Citizens National Bank closed the institution today and placed its affairs in the hands of Federal banking officials. George F Gaskell, bank examiner and an immediately began check of the bank' records. Late today they declined to make any statement of their findings Bank directors. in signed statement, blamed frozen assets" and heavy of deposits which lowed idle and reports of bank's the general action in closing the They bank solvent when and they believed no danger of loss Their statement Withdrawals Are Heavy the patrons and friends of the Citizens National Bank the Directors desire to thank you for your loyalty and friendship of the last quarter of Idle and malicious reports, com bined with general and crop failures, caused us to lose heavy deposits. Not being able combat counteract this unfriendly talk, and not being able to collect frozen assets without causing undue distress and hardship many of our patrons, we have no desire to do, we believe, that in order to best the for the protection of our depositors and to our time to our duty to close our bank for liquidation We believe there will be no loss The condition our bank justifies this statement, according to our judgment The was signed by Will Fife, Hugh McCoy H. Bryan E Briggs, F. M. Harlan and I. N. Lair A statement of the bank's condi tion. issued on 30 1930 $922,126.15 and deposits of $520,491.59 Patronized By Farmers The decision to close the institu tion followed meeting of four Di of the bank with the Chief National Bank Examiner in Cleve land Wednesday afternoon. William Fife President N. Lair, Cashier and H. Bryan and F. M. Harlan attended the meeting no at the bank and depositors made no demonstraThe Citizens' National Bank since its in 1910. had done of its business with farmers the having only compara the mercantile and factory banking business of the Farmers. suffering heavy losses because the drought have been forced draw on reserve sup plies of cash, cutting the bank's re For past year rumors have the ty the of threatening to curtail its oper There are two other banks in Will County National Bank and Trust Company and the Bank Officers of the Citizens' National Bank William Fife, President Hugh McCoy Vice President N. F. M. Assist ant Cashier Directors Lair Bryan. E. Briggs and F. M the the shipments
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FROZEN ASSETS Cause Bank To Close. Farmers Forced To Withdraw Deposits Because Of Drought Institution At Wilmington, Ohio, Is Taken Over By Federal Department For Liquidation. DISPATCH THE ENQUIRER Wilmington, Ohio, March 5-Directors of the Citizens' National Bank closed the institution today and placed its affairs in the hands of Federal banking officials. George Gaskell, national bank examiner, Cleveland, an assistant immediately began check of the bank's records. Late today they declined to make any statement of their findings. Bank directors. in signed statement, blamed "frozen assets" heavy losses of deposits which fol. lowed idle and malicious reports the bank's condition, general depression numerous crop for their action in closing the for liquidation. They the bank solvent when and they depositors in no danger of loss. Their reads: Withdrawals Are Heavy. "To the patrons and friends of the Citizens' National Bank. "We, the undersigned Directors, desire you for your loyalty and friendship the last quarter century. "Idle and malicious reports, combined general and crop failures, have caused us to lose heavy deposits. Not being able combat this unfriendly talk, and not being able to collect frozen without causing undue distress and hardship many of our patrons, which we no to do, we believe, that order to best conserve the assets for the protection of our depositors to give our time liquidate. duty to close our bank for "We believe there will be no loss to depositors. The condition justifies this statement, according to our The statement signed by Will Fife, Hugh McCoy. Bryan, Briggs, M. Harlan and N. Lair, Directors. statement of the bank's condi issued on December 30, 1930 shows $922,126.15 and deposits $520,491.59 Patronized By Farmers. The decision close the institution meeting four Di. rectors the bank the Chief National Bank Examiner Cleveland Wednesday William Fife, President: N. Lair, Cashier. and Bryan and F. M. Harlan attended the meeting. There was no "run" at the bank. and depositors made no demonstraCitizens' National Bank. since its in 1910, done its business with farmers of county, having only comparatively part the mercantile and factory banking business of the Farmers, suffering heavy losses because the drought, have been forced to draw on their supplies of cash, cutting the bank's re For the past year rumors have the concerning the condition of the bank, threatening to curtail its operation. There are two other banks in Will mingto- the Clinton County Bank Trust Company and the First Bank. Officers the Citizens' National Bank William Fife, Hugh McCoy. Vice President: Lair, Cashier: M. Harlan, AssistCashier. Directors Lair, William Hugh McCoy, Bryan, Dr. E. Briggs and F. Harlan.
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Town Topics SWEET PEA BOUQUETS were presented to all women arriving in the city the Atlantic Coast Line railroad Thursday. The flowers, do. nated by Miller Brothers' Goose Pond gardens, were presented by commitof the Chamber Commerce, including Dr. Vance, Capt. Kidd and W. A. Kenmuir in and Arthur Vonnegut. Harry Childs and T. Carlisle Crump in another. THE ST. PETERSBURG Festival of States described as of Flor: major winter events in list included on the time table of the Big Four railroad, which is part of the New York Central system, according to William F. Canada, general agent of the New York Central lines, was in the city Thursday OHIO BANK CLOSED National bank examiners here nounced today the Citizens National bank Wilmington, O., has been closed because of frozen assets.
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BANK H. Lanum Native Of Washington C. In speaking of Lanum, who has been appointed Receiver of the Citizens National Bank here, the Washington C. H. Herald says: Federal examiner Lanum brother of Dr. Lanum and Miss Dell Lanum. He was born and raised here and after graduating from the local high school became connected with one of the banks doing business here at that time, more than 30 years ago, and began his life Associated with banks in the larger cities Mr. Lanum later became an examiner of the State Department of Banks, "graduating," from them to National bank examiner and now comes his promotion in the Federal service to the liquidation of the National Bank Wilmington. Mr. Lanum has many friends here who feel pride his success and the honor that has come him.
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BANK RECEIVER SPEEDING WORK OF LIQUIDATING First Payment To Depositors To be Substantial One, It Is Said AMOUNT TO BE ANNOUNCED Converting Local Bank's Assets Is Said to be Progressing Satisfactorily The Citizens National Bank, closed last March 51 because of frozen assets, will pay a substantial dividend about September 15, according to an announcement made by Receiver Harry L. Lanum to the News-Journal Monday noon. Exact amount of the dividend cannot be state at this time but it is known that it will amount to a considerable sum of cash, which will be distributed to the depositors of the closed bank, and which in turn will be turned into local business channels. Every effort is being made by Receiver Lanum to hurry along the work, and an immense amount of clerical labor has been done out of banking hours in order to prevent any delay in paying back to depositors as much of their money as possible. Receiver's certificates, the first necessary step in the payment of dividends. are now being made out. This requires great amount of checking and rechecking, and cannot be hurried, it was pointed out. Announcement Good News While the Receiver has made no statement, as is customary, it is known that converting the bank's assets into cash or its equivalent, has been very satisfactory considering prevailing conditions, and since it had been predicted by some in a position, presumably, to know, that a dividend would not be paid for a considerable length of time, Monday's announcement comes as "cheer news" to the large number of depositors as well as the community generally. The Citizens National Bank was closed last March when the directors asked the National Bank Comptroller to take over its affairs and liquidate its assets, which were frozen. The bank did most of its business with farmers. The liquidation has gone along in a surprisingly smooth manner, considering the general business conditions, and especially in the farming line. Receiver Lanum has shown a willingness to co-operate in every reasonable way with those who owe the bank, yet has overlooked no opportunity to collect assets when necessary, it is stated by those who have followed the process of liquidation closely. His whole plan has been to conserve in every way the real assets of the bank and to assist, where possible in aiding slow-pay accounts to be liquidated.
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Name Bank Receiver WILMINGTON Sept. 30 Harry L. Lanum, receiver in charge of liquidation of the Citizens National bank here, has been assigned to similar duties in connection with the recent closing of the First National bank of Lynchburg. Highland county
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CLOSED Checks To Be Distributed To About 1,500 Clinton County Residents PAYMENT Process Of Liquidation Of Trust Is Progressing, Receiver Says The Citizens National Bank, which closed last March 5 because of frozen assets, will pay first dividend of 35 per cent. Tuesday, October 13, beginning Harry L. Lanum, receiver for the bank, announced Saturday afternoon. Approximately $175,000 will go out to the bank's depositors. Authorization for pay" ment of the dividend was received by the bank receiver Saturday from the United States Comptroller of Currency. Checks payable to about 1,500 depositors were returned from Washington. Mr. Lanum issued the following statement in connection with the announcement: "All having persons claims against this trust are requested to call Tuesday after M., sign receipts and receive their certificates and dividend checks." Liquidation of assets of the institution is progressing satisfactorily, Mr. Lanum Saturday.
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LANUM TO SPEAK AT BANKERS MEET To Address Clermont County Group Next Wednesday Harry L. Lanum, receiver for the Citizens National Bank here and the First National Bank, at Lynchburg, will address the Clermont County Bankers Association at the annual meeting to be held in the high school auditorium at East Loveland Heights, next Wednesday night. He will speak on "Facts."
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Bank's Receiver Answers. In the suit W. S. Wallace, Ohio, Harry Lanum, of the Citizens National Bank and the Citizens National Wilmington, for $9,900 alleged to value Liberty bonds and coupons alleged missing from Wallace's safety box the the receiver filed his answer in United States District Court. He admits that on March 1931, the plaintiff the bank and presented key safety which opened but denies knowledge the box, there that bonds other property Court asked dismiss the and award the defendant
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RECEIVER FILES ANSWER IN SUIT Denies Knowledge Of Bonds In Safety Deposit Box In Bank In the suit of W. S. Wallace, Wilmington, vs. Harry L. Lanum, as Receiver of the Citizens Na tional Bank of Wilmington, and the Citizens National Bank of Wilmington, for recovery of $9,900 alleged to be the value of Liberty bonds and coupons alleged to be missing from Wallace's safety deposit box in the bank, the receiver filed his answer in United States District Court at Cincinnati. He admits that on March 31, 1931, the plaintiff called at the bank and presented a key to safety deposit box which was opened for him, but he denies knowledge of the contents of the box, if there were any, or that there were any bonds or other property missing therefrom. Court is asked to dismiss the suit, and to award the defendant his cost
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ASSIGNED Former. Receiver of Bank Here Gets New Post Harry L. Lanum, former receiver the Citizens National Bank here the First National Bank Lynchburg, has gone to Ind., to take over the receivership the First National Bank in that city. Mr. Lanum served ceiver the Wilmington and Lynchburg banks until the trusts consolidated by order of the Comptroller of Currency last His family will remain Wilmington.
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HEARING BEGUN IN BOND CASE Judgment of $9,929.37 Sought By Wallace in Suit Against Former Bank Receiver Trial of the suit of W. S. Wallace, retired farmer, Wilmington. vs. Harry L. Lanum, former Re ceiver of the Citizens' National Bank, of Wilmington, and the bank, in which the plaintiff seeks judg ment for $9,929.37 with interest, as the value of bonds, he charges, disappeared from his safety deposit box while he was in Florida, was begun in United States District Court at Cincinnati, Wednesday. The plaintiff is represented by C. Luther Swaim. attorney, Wilmington, and Paxton & Season good, attorneys, Cincinnati: The defendant's counsel are Smith, Rogers & Smith, Wilmington, and Nichols, Morrill, Marx & Ginter, Cincinnati. The hearing may be concluded Thursday.
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RECEIVER CINCINNATI, Oct. which tried the suit of W. Wallace, retired farmer, against Harry L. Lanum, receiver the Citizens National bank, Wilmington, O., was discharged after failed agree. Wallace suing to recover bonds worth approximately $10,000 which contended disappeared from his safety deposit box the bank while he was Florida two years ago. A new trial will be held.
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FOUR MEN BUY BANK BUILDING FOR $17,000 0. R. McCoy, Matt B. Fife, C. G. Fairley and F. M. Harlan Are Purchasers The Citizens National Bank "building, North South and Locust streets. became the property of O. R. McCoy, Matthew B. Fife, C. G. Fairley and F. M. Harlan Wednesday afternoon. They purchased the structure at receiver's sale for $17,000. There were no bids outside those of the purchasers. No appraisal figure was announced. Bidding started at $15,000. The bank building will be occupied by the bank receiver for at least six months, it was announced. Then it will be renovated. the bank equipment removed and the building rented. There are no prospective renters, it was announeed. The building houses, besides the bank, on the first floor, the tailor shop of Carl Keller and the offices of Dr. U. G. Murrell, physician. Upstairs rooms and office suites are rented by attorney S. W. Huls, T. H. Byran, attorney John Harlan, the Clinton Mutual Insurance Co. and Griffith and McMillan. The building was purchased by the Citizens National Bank August 4, 1906 from J. C. Martin. It form erly was occupied by Savage and Mohlenpage Dry Goods Store. The purchasers said they bought the building as an investment because "they were interested in the bank and the building." The sale attracted large crowd. F. B. Steele was the auctioneer. IN HOSPITAL Mrs. Robert Dunn, of Lynchburg, entered Hale Hospital Wednesday for medical treatment.