Union National Bank (Eau Claire, WI)

View Charter #8281 on SPMC View balance sheet

Episode Information

Episode UID
828101581
Episode Type
Run → Suspension → Unsure
Bank Type
national
Bank ID
82810 national
Charter Number
8281
Start Date
September 21, 1931
Location
Eau Claire, Wisconsin (44.811, -91.498)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a717914fe63e29ed

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Suspension in March 1933 is a state/federal holiday that would have applied to this bank; later reopening is implied but not documented in these articles.

Events (4)
1. June 29, 1906 Chartered
Source
historical_nic
2. September 21, 1931 Run
Cause
Local Banks
Cause Details
Two other Eau Claire banks closed that day, leaving Union National as the only open bank and triggering heavy withdrawals
Measures
Issued public statement of condition, paid depositors who wished to withdraw, reassured public of ample cash reserves
Newspaper Excerpt
Only one bank, the Union National Bank ... remained open here. The Union National was sustaining heavy run during most of the day today but had abundant cash reserves
Source
newspapers
3. June 2, 1932 Run
Cause
Rumor Or Misinformation
Cause Details
Sudden panicky withdrawals and lines formed but business leaders and directors acted to reassure depositors
Measures
Board and business leaders took concerted action to reassure depositors; operations continued
Newspaper Excerpt
which started mildly unexpectedly Tuesday morning steadily during the day ... Concerted action by the business reaffirm faith the bank panicky action
Source
newspapers
4. March 4, 1933 Suspension
Cause
Government Action
Cause Details
State-imposed banking holiday and part of the nationwide temporary suspension of banking business in March 1933
Newspaper Excerpt
Banks of this city and Wisconsin are making plans to reopen next week ... the fourteen day bank holiday proclaimed by Gov. R. G. Schmedeman remains in effect.
Source
newspapers

Newspaper Articles (4)
1. September 21, 1931 Chippewa Herald-Telegram Chippewa Falls, WI

Article Text

Strong Union National Meets Heavy Run All Day Without Embarrassment. Eau Claire, Wis. doors two banks here failed to open day. The Eau Claire State Bank, with deposits of about closed, its directors said, because the termination of negotiations which the Northwest Bank Corporation, Minneapolis was about to take over the bank. The were abandoned said, because of suspension of the gold standard in London. few minutes after the announcement closing the directors of the Union Savings Bank announced closing of their institution as precautionary measure to prevent and asked the state banking commission to take charge. The Union Savings Bank had deposits of about Only One Bank Left Only one bank, the Union National Bank, member of the Wisconsin Bank Shares Corporation remained open here. The Union National was sustaining heavy run during most of the day today but had abundant cash reserves with which to meet In an official statement issued during the George Wheeler, president of the Union National declared his institution had nearly in immediate cash resources, does not dollar anywhere and is ready to meet any This marked the third bank to close in Eau Claire in little more than two months. On July the Eau Claire Savings bank failed to open for busi- (Continued On Page Three)

2. September 22, 1931 Leader-Telegram Eau Claire, WI

Article Text

Union National Tells Depositors Money Is Safe The Union National bank issued statement of its condition the opening of business Monday (published in this issue) and made official announcement that can assure all depositors that their monin this bank is perfectly safe." All depositors who desired withdraw funds from savings drawing accounts were promptly paid off and crowds resulting from only one bank in the city being open were handled in an orderly manner statement issued by the Union National pointed out that have no borrowed money; our bank does not dollar, and we have in immediate cash nearly one million, five hundred thousand dollars" added: desire to do all in our power expedite the return normal conditions the banking and nancial affairs the the Union National bank the usual closing time, many were still standing the windows the savings President Wheeler spoke from the gallery rear of the bank smile that he regretted any delay. He added that the bank would course, open o'clock in the morning he really hoped those who intended would change their minds. The bank safe, he said, ready cash, than million dollars more would hand bright and early number left, some before all those who mained waited upon by clerks the windows the savings made in during day

3. June 2, 1932 Leader-Telegram Eau Claire, WI

Article Text

Bank on at End Stops of Shortly before closing time yesterafternoon was stated definitethe Union National bank that which started mildly unexpectedly Tuesday morning steadily during the day, In the morning somewhat line formed with the openimposing the bank but the line dwindlduring the day and by the "run" had stopped sudbegan. Concerted action by the businessreaffirm faith the bank panicky action was the Board Directors of the Comcalled Tuesday regard bank starting Claire report has that probably in about six open

4. 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