10813. Republic National Bank (St Louis, MO)

View Charter #11973 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
11973
Charter Number
11973
Start Date
June 1, 1924*
Location
St Louis, Missouri (38.627, -90.198)

Metadata

Model
gpt-5-mini
Short Digest
71d68e86

Response Measures

Full suspension

Other: Bank entered liquidation and American Trust Company acted as liquidation agent; suit alleges conspiracy forced run.

Description

Multiple 1925 articles report that Republic National (St. Louis) was the subject of a run that forced its directors to close the bank about a year earlier. The bank was liquidated by the American Trust Company (acted as liquidation agent). The petition alleges the run was caused by publicity about Frank C. Millspaugh's refusal to approve a reorganization — i.e., an informational trigger — although the bank also had charged off large worthless assets (bank-specific problems). I classify the immediate trigger as rumor_or_misinformation per the petition's claim that the publicity aroused suspicion and 'caused a run.' Dates are approximate: papers in June 1925 describe the closure as occurring a year ago.

Events (6)
1. May 14, 1921 Chartered
Source
historical_nic
2. June 1, 1924* Run
Cause
Rumor Or Misinformation
Cause Details
Publicity of Frank C. Millspaugh's refusal to approve a reorganization plan; petition alleges refusal became widely known and aroused suspicion, triggering withdrawals.
Measures
Directors closed the bank following inability to obtain funds to meet depositors' demands.
Newspaper Excerpt
his refusal becoming widely known aroused suspicion among the stockholders and caused a run on the bank.
Source
newspapers
3. June 1, 1924* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank had charged off large amounts of worthless assets and changed management; inability to obtain funds to meet withdrawals led directors to close the bank.
Newspaper Excerpt
The Republic National was closed by its directors a year ago, following its inability to obtain funds to meet the immediate demands of its depositors.
Source
newspapers
4. September 16, 1924 Voluntary Liquidation
Source
historical_nic
5. June 27, 1925 Other
Newspaper Excerpt
American Trust Company acted as liquidation agent and collected July 1. Amount of Suit. ... The petition asks specifically for judgment for $80,774.88 which ... was the amount the American Trust received in fees and commissions for acting as liquidation agent. In addition, compensatory and punitive damages are sought ... (suit filed June 27, 1925).
Source
newspapers
6. October 2, 1927 Other
Newspaper Excerpt
the Republic National Bank, now in process of liquidation. ... The Republic National Bank acquired the Universal Building ... the bank which suspended business several years ago, and those assets are now in process of liquidation.
Source
newspapers

Newspaper Articles (10)
1. June 27, 1925 Jefferson City Post-Tribune Jefferson City, MO
Article from Jefferson City Post-Tribune, June 27, 1925

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Article Text

$80,000 Damage Suit Against Millspaugh Republic National Bank of St. Louis Alleges Conspiracy To Close TO TERM REFUSED HIS APPROVAL American Trust Company Acted As Liquidation Agent and Collected July 1. Amount of Suit. St. Louis. Mo., June 27.-A damage suit alleging a conspiracy to force the Republic National Bank here to close its doors and to enable the American Trust Company to oh tain its business was filed in Circuit Court today by the Republic paugh. former state finance com missioner. and the American Trust Effort. of the Republic National to decrease its capitalization from $1,000,000 to $500,000 and change the form of the corporation to company and failure of these efforts through the refusal of Millspaugh to approve the organization of the trust company outlined in the Mill paugh. the petition alleges legally refu ed to approve" the plan for reorganization and his refusal becomin widely known aroused week suspicion among the tockholder and caused a run on the bank The Republic National was closed by its directors year ago following its inability to obtain fund to meet the immediate demand of it depositor: The bank previously had charged off large amount of worth less asset and had changed the per sonnel of its management to a con siderable extent The petition ks specifically for judgment for $80.774 which " was alleged. was the amount the American Trust received in fee: and commissions for acting for liquida tion agent In addition. compensa tory and punitive damages are sought in sum to be set out in a later amended petition Henry H Hopkins first vice prestdent of the American Trust. said today there was nothing unusual in the system by which the American liquidated the Republic National He said the fee charged was reason able and the contract was volun tarily entered into

2. June 27, 1925 Carthage Evening Press Carthage, MO
Article from Carthage Evening Press, June 27, 1925

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Article Text

With Conspiring Force St. Louis Bank to Close Its Doors to TRUST COMPANY IS CO-DEFENDANT (By the Associated Tress) St. Louis, June 27.-A damage suit alleging a conspiracy to force the Republic National bank to close its doors and to enable the American Trust Co., to obtain its business, was filed in circuit court today by the Republic National against Frank C. Millspaugh, former state finance commissioner and the American Trust Co. Efforts of the Republic National to decrease its capitalization from $1,000,000 to $500,000 and to change the form from a national bank to a state trust company and failure of these efforts, through the refusal of Millspaugh to approve the organization of the trust company, were outlined in the petition. Millspaugh, the petition alleges, "without cause, wrongfully and illegally refused to approve" the plan for reorganization and his refusal, becoming widely known, aroused suspicion among the stockholders and caused a run on the bank. The Republic National was closed by its directors a year ago, following its inability to obtain funds to meet the immediate demands of its depositors. The bank previously had charged off a large amount of worthless assets and had changed the personnel of the management to a considerable extent. The petition asks specifically for judgment for $80,774.88. which, it was alleged, was the amount the American Trust Co., received in fees and commissions for acting as liquidation agent. In addition, compensatory and punitive damages were sought in a sum to be set out in a later amended petition.

3. June 27, 1925 St. Joseph News-Press St. Joseph, MO
Article from St. Joseph News-Press, June 27, 1925

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Article Text

CONSPIRACY CHARGED MILLSPAUGH PARTY TO ST LOUIS BANK SUIT. Petition Alleges Plot to Force Repub- lic National to Close Its Doors, Thereby Enabling the American Trust to Obtain Its Business. suit alleging conspiracy force the Bank here its doors and the American to its was filed court today by the National against missioner, and the American Trust Blocked Reorganization. Efforts of the Republic National capitalization from to and to change the form the corporation from national bank to state trust company. failure these efforts through the refusal Millspaugh to approve the organization of the company were outlined the Millspaugh, the petition alleges "with out cause, and Illegally plan for zation and his refusal known. among the stockholders and caused run on the bank. Closed Year Ago. The Republic National was closed by Inability to obtain funds meet the Immediate demands of its depositors The bank had off amount of worthless assets and had changed the personnel of its manconsiderable extent. The asks specifically for Judgment for which, it was alleged. was the amount the American Trust received fees and for acting agent. In addition, compensatory and punitive damages are sought in sum to be set out in later amended petition Henry H. Hopkins. first president of the American Trust. said today there was nothing unusual in the system by which the American liquidated the Republic National He the fee charged was reasonable and the contract. was voluntarily entered into

4. June 27, 1925 Columbia Daily Tribune Columbia, MO
Article from Columbia Daily Tribune, June 27, 1925

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Article Text

DEFUNCT St. Louis Institution Alleges Conspiracy With American Trust Company. ASK FOR DAMAGES Petition Says Run on Republic National Was Caused Intentionally. By The Associated Press. ST LOUIS, Mo., June damalleging conspiracy force the Republic National Bank here close its to the Amerfean Trust Company to obtain bust. in circuit court today the Republic National against Frank Millspaugh, former state finance missioner, the American Trust Efforts of the Républic National its from to $500,000 change the form the from bank trust company, and failure of these through the refusal Millspaugh approve the outlined in of the company, the petition. the petition "without cause, refused approve" the plan ganization and his refusal, becoming widely known, aroused suspicion among the stockholders and caused the bank. The Republic National was closed by its following inability obtain funds to meet the immediate demands of its depositors. had charged off The board previously large of assets ano had changed the its manto considerable extent. The asks specifically for alleged, was the amount the American Trust in fees tor liquidation agents. In punitive dam. ages sought to be set out later petition. Henry H. Hopkins, first vice. presisaid today dent of the American there nothing musual the HyK tem by the the Republic National. and the concharged tract was voluntarily entered into.

5. June 28, 1925 The Daily News and Intelligencer Mexico, MO
Article from The Daily News and Intelligencer, June 28, 1925

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Article Text

REPUBLIC NATL. BANK FILES SUIT AGAINST AMERICAN St. Louis Institution Asks Judgement Against Trust Company for More Than $80,000. By The Associate Press. ST. LOUIS, June 27.-A damage suit alleging a conspiracy to force the Republic National Bank to close its doors and to enable the American Trust Company to obtain its business was filed in circuit court today by the Republic National against Frank C. Millspaugh, former state finance commissioner and the Amer ican Trust. Efforts of the Republic National to decrease its capitalization from $1,000,000 to $500,000 and to change the form of its corporation from a national bank to a state trust company and failure of these efforts thru the refusal of Millspaugh to approve the organization of the trust company were outlined in the petition. Millspaugh the petition alleged alleged "without cause, wrongfully and illegally refused to approve" the plan for reorganization and his refusal becoming widely known around aroused suspicion among the stockholders and caused a run on the bank. The Republican National was closed by its directors a year ago following its inability to obtain funds to meet the immediate demand of its depositors. The bank had previously charged off a large amount of worthless assets and had changed the personel of its management to a considerable extent. The petitions asks specifically for judgement of $80,774.88 which it was alleged was the amount the American Trust received in fees and commissions for acting for liquidation agent. In addition compensatory and punitive damages are sought in a sum to be set out in a later amended petition.

6. July 1, 1925 The Weekly Kansas City Star Kansas City, MO
Article from The Weekly Kansas City Star, July 1, 1925

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Article Text

Republic National of Louis damage suit alleging conspiracy force the Republic National Bank here to close its doors and enable the American Trust Com pany obtain its business filed circuit court Saturday by the Republic National against Frank formerly finance and the Trust petition and illegally refused plan organization and his refusal widely known. suspicion among the stockholders and caused run the The petition asks specifically for ment for $80,774.88 Lightning Kills Mexico. Mo., Boy Mexico Hendrix 16. son Mr and Mrs. Walter killed when lightning struck shed which gone to care for some Saturday

7. July 2, 1925 The Fulton Gazette Fulton, MO
Article from The Fulton Gazette, July 2, 1925

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Article Text

LOUIS BANK ST. Republic National June damage suit, St. Louis, to force the alleging conspiracy National Bank here to close public and enable the American doors to Trust to obtain its business, Company court today by the filed circuit National against Frank Republic former state finance commissioner, and the American trust. Efforts of the Republic National to its capitalization from decrease $1,000,000 to $500,000 and to change the status of the corporation from national bank to state trust comand failure of these efforts pany, refusal of Millspaugh to through the the organization of the trust approve outlined in the peticompany, were tion. Millspaugh, the petition alleges, "without wrongfully and illegcause, refused to approve" the plan for ally, and his refusal, bereorganization, coming widely known, aroused the stockholders and picion among caused run on the bank. The Republic National was closed by its directors year ago, following its inability to obtain funds to meet the immediate demands of its positors. The bank had previously charged off large amount of worthless assets and had changed the sonnel of its management to considerable extent. The petition specifically for of which, it judgment alleged, was the amount the American Trust Company received in fees and commissions for acting as liquidation agent. In addition, compensatory and punitive damages are sought for to be set out in later amended sum petition.

8. July 2, 1925 The Milan Standard Milan, MO
Article from The Milan Standard, July 2, 1925

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Article Text

MILLSPAUGH SUED AS BANK WRECKER Conspiracy to Force Run on Institution and Close Its Doors Is Charged. St. Louis, June 27.-A damage suit, alleging a conspiracy to force the Republican National Bank here to close its doors and to enable the American Trust company to obtain its business, was filed in circuit court today by the Republican National against Frank C. Millspaugh, former state finance commissioner, and the American Trust Company. Efforts of the Republican National to decrease its capitalization from $1,000,000 to $500,000 and to change the form of the corporation from national bank to a state trust company, and failure of these efforts through the refusal of Millspaugh to approve the organization of the trust company, were outlined in the petition. Millspaugh, the petition alleged, "without cause, wrongfully illegally refused to approve" the plan for reorganization and his refusal becoming widely known, aroused suspicion among the stockholders and caused a run on the bank. The Republican National was closed by its directors a year ago, following its inability to obtain funds to meet the immediate demand of its depositors. The bank previously had charge of a large amount of worthless assets and had changed the personnel of its management to a considerable extent.

9. October 2, 1927 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, October 2, 1927

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NATIONAL CITY BUYS REPUBLIC BANK BUILDING Depository, Now Being Liquidated, Acquires Universal Building at Olive and Beaumont Streets. By Berry Moore. A transaction has been concluded embracing the building at 716 Locust street, formerly occupied by the Republic National Bank and the Universal building. at the northwest corner of Olive and Beaumont streets, involving approximately $800,000. Final papers in the transaction will be executed Monday. The bank building was purchased by the National City Bank for approximately $300,000 and the Universal building by the Republic National Bank, now in process of liquidation. for $500.000. to Julius R. Van Raalte, who handled the deal. The bank building was bought from the Pine Co., which had acquired it in exchange for the Universal build. ing. Simon Van Raalte. with offices in the Arcade building, is president of the Pine Investment Co. Including the re-sale by the Pine Investment Company of the lank building to the National City Bank. the operation totaled more than $1,000,000 it is believed. The National City Bank, it is understood, proposes to remodel the building for new quarters for the bank which now occupies a sectien of the ground floor of the Central National Bank building at Seventh and Olive streets. The National City's lease of its present quarters still has years to run, but is said the space can be sublet at an price. B. F. Edwards is president of the National City Bank. Modern Banking Equipment. The building acquired by the National City has frontage on Locust street of 60 feet, with an easement on both sides, and has all the equipment, including large vaults, of modern banking building. Prior to its occupancy by the Republic National. the building was the quarters of the American Trust Co., which now is in the Compton building at the southwest corner of and Locust streets. Opposite the home of the Mercantile Trust Co., and in the heart of the business district. the Locust street location is regarded as one of the best in the city for banking The Republic National Bank acquired the Universal Building. subject to deed of trust of $300.000. but in exchange for the Locust street building received from the Pine Investment Co. $100,000 in cash. in adjustment of the differences in the valuation of the two buildings. Resell Universal Building. The $300.000 deed of trust represents the building loan made by Simon Van Raalte as head of the Pine Co., on the Universal Building. which was afterwards taken over by the Van Raalte Three in height the building is of fire. proof construction. with a frontage on Olive street of 300 feet by a depth on Beaumont of 150 feet to an The Universal Building probably will be resold by the Republic National Bank. which suspended business several years ago, and Those assets are now in process of liquidation. Since the building was erected. property on Olive street has undergone substantial increase in value, as a result of the widening of this thoroughfare Negotiations throughout the real estate market were more or less suspended in many instances as a result of the tornado. affecting many valuable holdings in the devastated sections. This also appiles to deals pending for several large holdings in the central busiDess district. which were halted

10. June 24, 1931 Springfield Leader and Press Springfield, MO
Article from Springfield Leader and Press, June 24, 1931

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HOLLAND PATRONS LOSE SUIT ON REPUBLIC BANK A claim of $100,000 against the Republic National bank of St. Louis for depositors in the defunct Holland Banking company of Springwas overruled in the state supreme court. division two, today. The court affirmed ruling of the Boone county circuit court which held the Holland Banking company liquidation agents had no claim against the Republic National bank, which also is in liquidation The state finance department, charge of liquidation of the closed bank. which failed in alleged the Republic National bank owed the Holland bank $100,000 funds had received in payment of notes by officers of the Holland bank Testimony was that E. Randall and Hine purchased jority of stock in the Holland bank, borrowing $100,000 from the Republic National bank and giving personal notes. Later they sold their stock to who was president of the Holland bank when closed. Sanford agreed to off pay the $100,000 He used Holland bank funds for this puraccording to the The trial court held the notes were individual notes and not for the benefit of the bank, but also ruled that the Republic National bank could accept drafts in ment of the notes without becomliable to the Holland bank for the amount thereof Arthur M. Curtis, attorney for the Holland Banking company in the case, explained here today the claim against the Republic bank never listed asset of the Holland company, and loss of the appeal would have no affect on the depositors in the closed bank. The decision in the Holland against the St Louis bank will in no affect somewhat similar claim for $112,000 which Mr. the Holland bank has pending against the Continental National bank of Kansas City Judgment in favor of the Holland bank has been entered in this latter case, and the receiver's attorneys now are fighting to force early payment of this judgment.