15202. First National Bank (Logan, OH)

View Charter #7649 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
7649
Charter Number
7649
Start Date
March 6, 1931
Location
Logan, Ohio (39.538, -82.406)

Metadata

Model
gpt-5-mini
Short Digest
c20bf7d19488db8e

Response Measures

Full suspension

Other: Board of directors closed the bank and placed it in the hands of the Comptroller of the Currency for voluntary liquidation.

Receivership Details

Depositor recovery rate
68.8%
Date receivership started
1931-04-16
Date receivership terminated
1937-09-25
OCC cause of failure
Economic conditions
Share of assets assessed as good
43.3%
Share of assets assessed as doubtful
46.6%
Share of assets assessed as worthless
10.1%

Description

Articles (Mar 20 and Mar 22, 1931) report a heavy run that began about two weeks earlier and the board's decision to close the bank and place it in the hands of the Comptroller of the Currency, placing the bank in voluntary liquidation. Cause of the run is explicitly described as malicious and unwarranted gossip.

Events (5)
1. March 17, 1905 Chartered
Source
historical_nic
2. March 6, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Run started about two weeks before Mar 20, 1931, attributed to malicious and unwarranted gossip.
Measures
Board decided to close the bank and place it in the hands of the Comptroller of the Currency; voluntary liquidation announced.
Newspaper Excerpt
A run was started on the bank two weeks ago and has continued ever since.
Source
newspapers
3. March 20, 1931 Other
Newspaper Excerpt
placing the bank in voluntary liquidation. ... notice was posted by Thrimble Smith, national bank examiner. A statement issued by A. F. White, vice-president, said: Owing to a continued run due to malicious and unwarranted gossip, it was decided ... by placing the bank in voluntary liquidation.
Source
newspapers
4. March 20, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Board closed the bank because of continued withdrawals driven by malicious/unwarranted gossip; then placed the bank in voluntary liquidation and in hands of Comptroller.
Newspaper Excerpt
The First National Bank here closed its doors today due to a heavy run and continued withdrawals. ... the board of directors had adopted a resolution to close the bank and place it in the hands of the comptroller of currency.
Source
newspapers
5. April 16, 1931 Receivership
Source
historical_nic

Newspaper Articles (2)
1. March 20, 1931 The Daily Times New Philadelphia, OH
Article from The Daily Times, March 20, 1931

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Article Text

BANK AT LOGAN CLOSES TODAY Logan, O., Mar. 20. (UP)- The First National Bank here closed its doors today due to a heavy run and continued withdrawals. A notice posted on the door said the board of directors had adopted a resolution to close the bank and place it in the hands of the conptroller of currency. The notice was posted by Thrimble Smith, national bank examiner. A statement issued by A. F. White, vice-president, said: "Owing to a continued run due to malicious and unwarranted gossip, it was decided by the board of directors to further protect the interest of the depositors and community by placing the bank in voluntary liquidation. A run was started on the bank two weeks ago and has continued ever since. Capital stock on the bank is listed as $100,000 and resources at $250,000. The bank resulted from a merger of the First National and Rentel National banks two years ago.

2. March 22, 1931 News Journal Mansfield, OH
Article from News Journal, March 22, 1931

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Article Text

Logan Bank Closes By Order Of Board United The First tel National bank here closed its doors today due heavy run and continued withdrawals notice posted the door the board of directors had adopted to close the bank and place in the hands of the comptroller of currency notice was posted by Thrimble Smith. national bank examiner. statement issued by A. F. White, vice president said "Owing to continued run due unwarranted gossip, was decided by the of further the interest of the depositors and by placing the in voluntary liquidation run started on the bank two weeks and has continued Capital stock of the bank listed as $100,000 and reat $250,000