15211. National Bank of Commerce (Lorain, OH)

View Charter #5371 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5371
Charter Number
5371
Start Date
May 13, 1934
Location
Lorain, Ohio (41.453, -82.182)

Metadata

Model
gpt-5-mini
Short Digest
496af47e94895f87

Response Measures

None

Receivership Details

Date receivership started
1934-05-09
Date receivership terminated
1934-10-22

Description

Articles (May 13 and May 19, 1934) report the National Bank of Commerce of Lorain being placed under a conservator and then in receivership with a receiver named and a reorganization plan being reviewed by Treasury — no run or depositor panic is mentioned. Thus this is a suspension leading to receivership/closure. Dates inferred from publication dates; conservatorship preceded receivership.

Events (6)
1. May 25, 1900 Chartered
Source
historical_nic
2. May 9, 1934 Receivership
Source
historical_nic
3. May 13, 1934 Suspension
Cause
Government Action
Cause Details
Conservator (Harry Nicholl) was managing the bank until it was placed in receivership; a receiver was named pending acceptance or rejection of reorganization plan.
Newspaper Excerpt
Lorain Bank Receiver Named.
Source
newspapers
4. May 18, 1934 Receivership
Newspaper Excerpt
Treasury officials today were working on legal details of reorganization plan for the National Bank of Commerce of Lorain, Ohio... Harry Nicholl, Conservator of the bank until last week, when it was placed in receivership, has said the plan ... would mean an initial dividend to depositors ... .
Source
newspapers
5. October 22, 1934 Restored To Solvency
Source
historical_nic
6. December 29, 1934 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)
1. May 13, 1934 The Plain Dealer Cleveland, OH
Article from The Plain Dealer, May 13, 1934

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Article Text

WOODIN WILL IS FILED Children Get $5,000 Each: Wife In. herits Rest of Fortune. NEW May will of William H. Woodin. former secretary of the treasury, was filed today. leaving the entire estate to his family The document consisted of a single typewritten sheet which read "Having already provided for my dear children, Mary, Anne, William vise and bequeath to each of them the of Then was stated that the remainder of the estate should go to his Attorneys for the estate declined to give an estimate of its size, ing We would not venture Lorain Bank Receiver Named. Sartor of Elyria today was named the Lorain National Bank of Commerce pending acceptance or rejection of reorganization plan

2. May 19, 1934 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, May 19, 1934

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Article Text

OHIO BANK PLAN STUDIED. Washington, May 18 (AP) Treasury officials today were working on legal details of reorganization plan for the National Bank of Commerce of Lorain, Ohio. Representative Harter Democrat, Ohio, after talking with the Treassaid there be no announcement for few days until all phases of the plan have been reviewed. Harry Nicholl, Conservator of the bank until last week, when it was placed in receivership, has said the plan, submitted by himself and the Board of Directors, would mean an initial dividend to depositors of at least per cent, or around $1,250,000. Columbus, Ohio, May 18-The Bank of Sherwood. County, was closed for today by Ira Fulton, State Bank Superintendent.