10131. First National Bank (Chillicothe, MO)

View Charter #3686 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3686
Charter Number
3686
Start Date
June 1, 1931*
Location
Chillicothe, Missouri (39.795, -93.552)

Metadata

Model
gpt-5-mini
Short Digest
8fea1716

Response Measures

None

Receivership Details

Depositor recovery rate
25.1%
Date receivership started
1931-06-22
Date receivership terminated
1937-10-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
18.3%
Share of assets assessed as doubtful
50.5%
Share of assets assessed as worthless
31.2%

Description

Contemporary articles show the First National Bank of Chillicothe closed in June 1931 and placed in receivership (Ira Walb reported as receiver by July 11, 1931). Subsequent items document liquidation activity (sale of building, RFC/RCF loan assistance to receiver in Oct 1932) and a later receiver appointment (S. A. Browning referenced in 1934 supervising closed national banks). No reopening is reported; the bank was being liquidated under a receiver, so classify as suspension leading to permanent closure/receivership. Cause of the suspension is not clearly described in the articles (no explicit run or insolvency reason given), so cause is set to 'other/unknown.'

Events (8)
1. April 29, 1887 Chartered
Source
historical_nic
2. June 1, 1931* Suspension
Cause Details
Article notes the bank closed in June 1931 but does not specify a concrete trigger (no clear run or government ordering described).
Newspaper Excerpt
CHILLICOTHE BANK CLOSED ... which closed after the First National Bank here closed in June.
Source
newspapers
3. June 22, 1931 Receivership
Source
historical_nic
4. July 11, 1931 Receivership
Newspaper Excerpt
Ira Walb, receiver for the First National Bank here, announced today that the first step in clearing the accounts of the bank has been completed.
Source
newspapers
5. July 13, 1931 Other
Newspaper Excerpt
Receiver Announces All Accounts Balanced and Asks Depositors to Check Statements at Once. Statements of accounts are now made out and ready for all depositors of the bank.
Source
newspapers
6. June 15, 1932 Other
Newspaper Excerpt
Sale First National Bank of the building. Steps to sell corner Washington and Jackson streets, have been started by receiver for the bank ... final hearing has been set for July ... petition for an order to sell the bank building and fixtures.
Source
newspapers
7. October 22, 1932 Other
Newspaper Excerpt
Chillicothe, First National bank (receiver) listed among loans authorized by the Reconstruction Finance Corporation (listed as First National Bank of Chillicothe (receiver)).
Source
newspapers
8. July 20, 1934 Receivership
Newspaper Excerpt
S. A. Browning of Chillicothe ... assumed his new duties as receiver ... He succeeds E. B. Todd ... in supervision of the First National bank of Chillicothe.
Source
newspapers

Newspaper Articles (11)
1. July 11, 1931 The Chillicothe Constitution-Tribune Chillicothe, MO
Article from The Chillicothe Constitution-Tribune, July 11, 1931

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Article Text

STATEMENT Receiver Announces All Accounts Balanced Asks Depositors Check Statements at Once. AVAILABLE AT BANK WINDOW All Possible Dispatch Being Used Get Affairs of Bank in Shape for Early Settlement. Ira Walb, receiver for the First National Bank here, announced today that the first step in clearing the accounts of the bank has been completed. Statements of accounts are now made out and ready for all depositors of the bank. Mr. Walb has asked that the depositors call for the statements as possible and check them soon over. want every depositor to be sure that his record of his account in balance with the bank statement. there questions, they should If are any be ironed out at once." the receiver will be In this way, that there are no hitches when he his settlement with those begins claims against the having approved bank. The next step in the liquidation will the completion of thorough audit of the bank's assets and liabilities and of this statement. This stateposting ment should be completed sometime within the next 30 days, Mr. Walb although he is able at preslieves, to make any definite promises. Meanwhile, work of clearing up the bank's affairs is being carried on with all possible dispatch Representatives of the Federal Bank and other depositories have been here during the past few days, collecting on the paper which they hold.

2. July 13, 1931 The Chillicothe Constitution-Tribune Chillicothe, MO
Article from The Chillicothe Constitution-Tribune, July 13, 1931

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Article Text

Receiver Announces All Accounts Balanced and Asks Depositors to Check Statements at Once. AVAILABLE AT BANK WINDOW All Possible Dispatch Being Used Get Affairs of Bank in Shape for Early Settlement. Ira Walb, receiver for the First National Bank here, announced today that the first step in clearing up the accounts of the bank has been completed. Statements of accounts are now made out and ready for all depositors of the bank. Mr. Walb has asked that the depositors call for the statements as soon as possible and check them over. want every depositor to be sure that his own record of his account in balance with the bank statement. If there are any questions, they should ironed out at In this way, the receiver will be that there no hitches when he begins his settlement with those having approved claims against the bank. The next step in the liquidation will be the completion of thorough audit of the bank's assets and liabilities and posting of this statement. This statement should be completed sometime within the next 30 days, Mr. Walb believes, although he is not able at present to make any definite promises. Meanwhile, work of clearing up the bank's affairs is being carried on with all possible dispatch Representatives of the Federal Reserve Bank and other depositories have been here during the past few days, collecting on the paper which they hold.

3. October 13, 1931 St. Joseph News-Press St. Joseph, MO
Article from St. Joseph News-Press, October 13, 1931

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Article Text

Produce Market Oct. Potatoes Maine, milk Kansas 17c. FRUITS AND per jer per COTTON MARKETS. NEW YORK SPOT COTTON NEW ORLEANS COTTON FUTURES. SPOT COTTON. 6.45; COTTONSEED OIL MARKET. TEMPERATURE, RAINFALL. state of = weather and STATIONS AND HUMIDITY AT ST. JOSEPH WITHIN LAST 24 Min .08 RIVER BULLETIN. to City JOSEPH (*) rising. CHILLICOTHE BANK CLOSED Assets Apparently Sufficient to Prevent Losses to Depositors. CHILLICOTHE, Mo., Oct. 13.-(P) $1.00 Farmers and Merchants New Bank of Chillicothe, which closed after apparently has sufficient to prevent losses to depositors, directors the bank said today. The directors said the withdrawcotton als followed which became current after the First National NEW YORK COTTON FUTURES. Bank here closed in June. New York, January THE CLOCK CORNER NEW YORK COTTON FUTURES. Oct.

4. June 15, 1932 The Chillicothe Constitution-Tribune Chillicothe, MO
Article from The Chillicothe Constitution-Tribune, June 15, 1932

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Article Text

Given Bidders and Being Bank Final Hearing for MAY OPEN BANK Receiver Received Good Offers Has and Up Building Now Sale First National Bank of the for the near building planned future. the building. at the Steps to sell corner Washington and Jackson streets, have been started by receiver for the bank, meeting legal requirements. before the sale can be necessary made. Mr. having received severfor the bank building and offers fixtures which he considers has asked permission of good offers the federal court to make the sale. Petition for an order to sell to Judge Otis in Kansas presented City June Judge Otis approvon the petition and ordered notice creditors of the bank and given to bidders before final prospective mission be granted for the Notice now being given through publication the ConstitutionTribune and the final hearing has been set for July when Federal Court will be in session here. permission the sale following the able that the transfer will be made once. While no definite statement has been made regarding the identity of the proposed purchasers of of the bank building and fixtures. understood that the plan to start bank the First National on

5. October 22, 1932 Joplin News-Herald Joplin, MO
Article from Joplin News-Herald, October 22, 1932

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Article Text

Advances in September Include State Relief. Washington, Oct. Reconstruction Finance Corporation was shown today in its report to congress to have loaned $177,during September. South clerk of of representatives, made the report public. The corporation authorized loans aggregating and increases of previous loans totaling for total of to banks, trust and insurance panies and building and loan Adequate security quired for all such loans. Loans states for relief poses aggregated $18,523,502. and loans for self liquidating projects authorized the An advance $1,500,000 authorized the Sun-Maid Raisin Growers California. In addition Atlee chairman of the board, said letter Trimble during the month, the corporation allocated the secretary of agriculture for crop production loans, bringing the total allocations that to Of this $75,000,000 had been paid September Pomerene wrote that loans thorized bank and trust panies amounted September, which included 359 to aid in the reorganization liquidation closed banks. Loans authorized to building and loan associations to insurance companies $3,370,000; mortgage loan companies $960,000; joint stock land banks $576,000; to agricultural credit corporations $702,129; to stock credit corporations and railroads includ$473,341 to railroad receivers. Missouri Loans Listed. Loans authorized during Septembanks and trust companies, "exclusive of amounts withdrawn cancelled" during the month, listed to include the following: Missouri: Bland, Farmers Traders bank, $2,200; Chamois, Peoples bank, $30,000; Chillicothe, First National bank (receiver), Eldorado Springs, Bank Eldorado Springs, $4,000; Leonard, Farmers Bank of Leonard, $5,000; Luray, Central bank, $1,500; Maplewood, Bank Trust Company, $100,000; Maplewood, Citizens National bank, Marceline, Marceline State bank, Louis, Hodiamont bank, $15,000; St. Louis, Vandeventer tional bank Sedalia, Sedalia National bank $30,300; Sumner Exchange $11,000, Waynesville, Waynesville State bank, $9,000.

6. October 22, 1932 St. Joseph News-Press St. Joseph, MO
Article from St. Joseph News-Press, October 22, 1932

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Article Text

Disbursed by During September. Relief Advances to States Totalled House Clerk Reports. Corporation shown today its report $177,346,000 during September. South Trimble, clerk of the house made the report The corporation authorized 691 loans aggregating $59,155,319, banks, and panies building and Adequate security quired for such loans. for relief purLoans aggregated loans projects the $53,105,000. advance of 000 authorized Raisin growers California. $2,500,000 in Crop Loans. In Atlee the board, said letter during the corporation $2,500,000 secretary of agriculture for loans, bringing the that had been paid Sept. wrote that loans thorized nies included aid the or liquidabuilding 370,000; loan $960,000; stock $576,000; and 341 to railroad Missouri Loans. Loans authorized during Septembanks and trust companies, "exclusive during month, listed include the following: Bland, Farmers and Traders Bank Bland, Peoples Bank of Cha$30,000. Chillicothe, First National Bank (receiver). Springs, Bank of EldoSprings, Leonard. Farmers Bank of Leon$5,000. Luray, Central Bank of Luray, Maplewood, Bank Maplewood Trust National Maplewood, Marceline, Marceline State Bank, Louis, Bank, $15,000. Louis, Vandeventer National Bank of Louis Sedalia, Sedalia National Bank Exchange Bank, Waynesville, Waynesville State Bank, $9,000. Loans authorized July 21 which cancelled part Sept. Missouri: St. Louis, Lowell Bank, Macon, First National Bank and Company, $2,500.

7. October 22, 1932 Columbia Daily Tribune Columbia, MO
Article from Columbia Daily Tribune, October 22, 1932

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Article Text

MISSOURI BANKS AIDED BY Fourteen Got Loans in September, Report Made Public Today Shows The Associated WASHINGTON, C., Oct. The shown today in its report to congress loaned $117,346,000 during South Trimble, clerk of the house representatives, made the report public. The corporation authorized 691 loans aggregating and loans for total of $64.217,500 to banks, trust and insurance companies and building and loan securrequired for all such loans Loans to states for relief purpeses aggregated and projects authorized to the amount of $53,105,000. advance was authorized the SunMaid Raisin Growers of Califoraddition Atlee chairman of the board, letter Trimble that during the month the corporation allocated $2,500,000 to the secretary agriculture for crop production loans bringing the total allocations for that purpose to $110,000,000. of this $75,000,000 had been paid over September Pomerene wrote that loans authorized bank and trust companies amounted to September, which included in reorganization liquidation of closed banks. Loans authorized to building and Joan associations amounted to insurance companies 370,000: to mortgage loan companto joint stock banks agricul*ural credit corporations livestock credit corporaitons 101,198. and railroads including $473.341 to railroad receivers. Loans authorized during September to banks trust companies "exclusive amounts withdrawn cancelled" during the month. listed to include the followBland. Farmers & Traders Bank $2,200. Chamois, Peoples Bank of Chamois, $30,000. Chillicothe. First National Bank of Chillicothe (receiver) Eldorado Springs. Bank of dorado Springs, $4,000 Leonard. Farmers Bank of LeonCentral Bank of Luray $1,500. Maplewood, Bank of Maplewood Trust $100,000. Maplewood Citizens National Bank of Maplewood, $57,000 Marceline, Marceline State Bank St. Louis Hodimont Bank. $15, DOO. St. Louis, Bank of St. Louis (receiver), $187.Sedalia, Sedalia National Bank $30,300. Summer, Summer Exchange Bank ville State Bank, $9,000.

8. October 23, 1932 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, October 23, 1932

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$137,346,000 Lent During September by C., Report Shows Marked Decline in Number of Applications Is Disclosed. By Associated Press. WASHINGTON, October 22. The monthly report of the Reconstruction Corporation to Congress today showed advances authorized in September amounting to $137,346,000 and outstanding loans of nearly $1,000,000,000. Made public today by South Trimble, clerk of the House of Representatives, the report revealed marked decline in applications for loans by financial institutions as compared with the 1151 received in August. In September, there were 700 such applications. Less repayments exceeding $100,000,000, loans outstanding to financial institutions and railroads wre listed at $995,406,493 on September 30, with $289,580,373 in authorized advances to the same class of borrowers yet to called for Crop Relief In the statement of the corporation's condition on September 30, recorded that of the $110,000,000 granted the Secretary of Agriculture for crop production loans, $35,000,000 remained in addition, total of $125,900,587 in loans authorized for relief purposes and self-liquidating projects had not been called upon by October 1. During September, the report said, $64,217,500 in loans was authorized to financial institutions, compared with $122,277,641 in August. New loans numbering 691 totaling $59,155,319 were authorized in September and the remainder were increases in previous loans. Of the total, $28,981,374 was advanced to banks and $21,293,541 to railroads. In August total 1110 new loans was authorized. Of the applications for loans to states and cities for relief purposes, the corporation authorized twenty-seven to twenty-three states and territories in September, amounting to $18,523,502. It granted three of sixty-six loan applications for self-liquidating projects aggregating $53,105,000, and authorized $1,500,000 loan to the Sun-Maid Raisin Growers' of California. Aid Loans at 3 Per Cent. The relief loans are at per cent interest; bank loans at 5 and 5½, and railroads and per cent. Among the larger loans authorlized in September were, to the Metropolitan Water District of Southern California, $40,000,000; the New Orleans Belt Railroad bridge in Louisiana, $13,000,000; Railway Company, New York, Chicago and St. Louis, $6,800,000; Denver and Rio Grande Western Railroad Company, $3,850,000; the Pennsylvania Railroad Company, $2,000,000; Union Guardian Trust Company of Detroit, $2,767,000; State of Illinois, $5,000,000; Pennsylvania, $2,500,000; Ohio, a total of $2,807,000, and Louisiana, $1,008,844. Chairman Atlee Pomerene of the board said, in letter accompanying the report, that the board had in debentures to the Treasury in September, making total of $600,000,000 sold, which, with the $500,000,000 capital set up by Congress, brings the aggregate amount procured from the Treasury since its organization to $1,100,000,000. Actual cash disbursements in September, report said, amounted to $73,592,596. cash balance of $31,545,053 on hand October Chairman Pomerene also reported that number of authorized loans had been by prospective borrowers or withdrawn in full or in part, aggregating more than $2,000,000. Loans in Missouri. Loans authorized during September to banks and trust companies, "exclusive of amounts withdrawn or cancelled" during the month, were listed to include the following: Missouri Bland, Farmers and Traders' Bank of $2200. Chamois, Peoples' Bank of Chamois, $30,000. Chillicothe, First National Bank of Chillicothe (receiver), $35,000. Eldorado Springs, Bank of Eldorado Springs, $4000. Leonard, Farmers' Bank of Leonard, $5000. Luray, Central Bank of Luray, $1500. Maplewood, Bank of Maplewood and Trust $100,000. Citizens' National Bank of Maplewood, $57,000. Marceline, Marceline State Bank, $2500. St. Louis, Hodiamont Bank, $15,000. St. Louis, Vandeventer National Bank of St. Louis (receiver), $187,300. Sedalia, Sedalia National Bank (receiver), $30,300. Sumner, Sumner Exchange Bank, $11,000. Waynesville, Waynesville State Bank, $9000. Loans authorized July 21 to 31. which withdrawn cancelled in part September 22 to 30: Missouri-St Louis, Lowell Bank $1000 and Macon. First National Bank and Trust Company, $2500.

9. July 20, 1934 Kansas City Journal Kansas City, MO
Article from Kansas City Journal, July 20, 1934

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NAMED BANK RECEIVER Chillicothe Man in Charge of Six. (UP) S. A. Browning of Chillicothe Friday assumed his new duties as receiver for six national banks in this area following his appointment by F. G. Awalt, acting comptroller of the currency He succeeds E. B Todd of Nevada in supervision of the First National bank of Chillicothe, First National bank of Ludlow. First National bank of Brookfield, First National bank of Marceline. First National bank of Brunswick and the First National bank of Sweet Springs Browning mailed his resignation as Livingston county representative in the state legislature to Governor Park. He said his resignation as receiver for four'state banks would not be forwarded until completion of dividend disbursements at state banks in Chillicothe, Wheeling. Breckinridge and Sampsel. His successor as receiver of the state banks will be named by Q. H. Moberly, state finance commissioner.

10. July 21, 1934 Columbia Missourian Columbia, MO
Article from Columbia Missourian, July 21, 1934

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NEW BANK RECEIVER NAMED S A. Browning, of Chillicothe, to Take Over Federal Institutions CHILLICOTHE July 21 A. Browning, of Chillicothe, yesterday assumed his new duties as receiver for six National Banks in this area following his appointment by F. G. Awalt, acting comptroller of the currency. He succeeds E. B. Todd of Nevada, in supervision of the First National Bank of Chillicothe, First National Bank of Ludlow, First National Bank of Brookfield; First National Bank of Marceline, First National Bank of Brunswick, and the First National Bank of Sweet Springs. Browning immediately mailed his resignation as Livingston County representatve in the State Legislature to Gov. Guy B. Park, He said his resignation as receiver for four state banks would not be forwarded until completion of dividend disbursements at state banks in Chillicothe, Wheeling, Breckenridge and Sampsel. His successor as receiver of the state bank will be named by O. H. Moberly, state finance commissioner. the Potashnick truck service operating from southwest Missouri, finding the concern guilty of "deliberately and intentionally. defrauding the state out of fees that should have been paid for the purpose of maintaining the highways of the state." The commission said the truck line's scheme "consisted simply of giving to the truck drivers travel orders which would show authority to operate that particular truck for number of days, while the duplicate travel order which was to be sent to the commission (and was the only means the commission had to determine the amount of fees owned) showed much less amount than was actually due." J. Caskie Collet, commission chairman, said investigation showed that the Potashnick company had failed to pay "between $800 and $900 due the state" in extra carrier fees.

11. July 27, 1934 The Marceline News and the Bucklin Herald Marceline, MO
Article from The Marceline News and the Bucklin Herald, July 27, 1934

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NEW RECEIVER AT NATIONAL BANK HERE S. A. Browning, Chillicothe, Succeeds E. B. State Representative. Browning of Chillicothe has been appointed receiver for the First National Bank here and five other national banks in this territory. Mr. Browning succeeds Todd of Nevada, who was appointed several months ago. Besides the bank here, Mr. Browning will have charge of the closed First National Banks at Chillicothe, Brookfield, Ludlow, Brunswick and Sweet Springs. The six banks have total souces of about million dollars and between 5,000 and 6,000 depositors. Mr. Browning has been resentative in the state legislature from Livingston County. Before his as a national appointment bank receiver, he was the receiver for four state banks.