15204. 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
February 28, 1931
Location
Logan, Ohio (39.538, -82.406)

Metadata

Model
gpt-5-mini
Short Digest
28961c6344740e86

Response Measures

Accommodated withdrawals

Other: Pledged $63,000 in securities/bonds to county officials to protect county deposits (collateral provided to reassure/secure institutional depositors).

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

Newspapers report a run on the National Bank of Logan around Feb 28, 1931, after which county officials forced the bank to pledge additional securities; the bank 'crashed' and went into receivership on March 19, 1931. Sequence: run → suspension/receivership (permanent closure).

Events (4)
1. March 17, 1905 Chartered
Source
historical_nic
2. February 28, 1931 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors/ county officers alarmed by a run on the bank; contemporaneous allegations the bank was insolvent or in immediate danger of insolvency.
Measures
Bank gave $63,000 in securities and bonds to Hocking County to protect $100,000 in county deposits (additional security demanded Feb. 28).
Newspaper Excerpt
county officers, alarmed at run on the bank, on February 28 forced the bank to give the additional security
Source
newspapers
3. March 19, 1931 Receivership
Newspaper Excerpt
The bank went into receivership March 19, 1931; receiver filed suit ... to recover $63,000 in securities and bonds ... which the bank gave the county ... less than month before the bank crashed. (Aug. 29, 1931 report.) )
Source
newspapers
4. April 16, 1931 Receivership
Source
historical_nic

Newspaper Articles (2)
1. August 29, 1931 The Piqua Daily Call Piqua, OH
Article from The Piqua Daily Call, August 29, 1931

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Article Text

RECEIVER FILES SUIT FOR BANK Secks to Recover Securities Deposited in Institution Before Its Failure. Columbus, O., Aug. 29, (U.P)-C. Jones, receiver for the National Bank, Logan, O., has filed sult in federal court against H. Troxel, treasurer, and county commissioners of Hocking county to cover $63,000 In securities and bonds which the bank gave the county to protect county deposits less than month before the bank crashed. Jones alleged that the bank was Insolvent or In immediate danger of so being when the county officers, alarmed frim on the bank, on Feb. 28 forced the bank to give the additional security to protect $100,000 county reposits. The bank went into receivership March 19, 1931.

2. August 29, 1931 The Daily Advocate Greenville, OH
Article from The Daily Advocate, August 29, 1931

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Article Text

RECEIVER Columbus, Ohio, Aug. Jones, receiver for the National Bank, Logan, Ohio, has filed suit in federal court against H. Troxel, treasurer, and county commissioners of Hocking county to recover $63,000 in curities and bonds which the bank gave the county to protect county deposits less than month before the bank crashed. Jones alleged that the bank was insolvent in immediate danger of so being when the county officers, alarmed at run on the bank, on February 28 forced the bank to give the additional security to protect $100,000 in county deposits. The bank went into receivership on March 19, Andrew Brown, of Memphis made perfect score in grade examination, high mark in second grade tests, and was promoted without dely to the third grade.