15232. First National Bank (Medina, NY)

View Charter #229 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
229
Charter Number
229
Start Date
October 1, 1867*
Location
Medina, New York (43.220, -78.387)

Metadata

Model
gpt-5-mini
Short Digest
2eabaa80

Response Measures

None

Receivership Details

Depositor recovery rate
39.1%
Date receivership started
1867-03-13
OCC cause of failure
Fraud
Share of assets assessed as good
15.2%
Share of assets assessed as doubtful
1.7%
Share of assets assessed as worthless
83.2%

Description

Multiple contemporaneous newspaper lists (Oct–Nov 1867) report First National Bank, Medina, N. Y. as having suspended and passed into the hands of Receivers. No article mentions a depositor run; the bank was placed in receivership and did not reopen in these reports.

Events (4)
1. February 3, 1864 Chartered
Source
historical_nic
2. March 13, 1867 Receivership
Source
historical_nic
3. October 1, 1867* Receivership
Newspaper Excerpt
The following National Banks have passed into the hands of Receivers: ... First National Bank, Medina, N.Y.
Source
newspapers
4. October 1, 1867* Suspension
Cause
Government Action
Cause Details
Reported as having passed into the hands of Receivers (placed in receivership following suspension).
Newspaper Excerpt
First National Bank, Medina, N.Y. ... have suspended and passed into the hands of Receivers
Source
newspapers

Newspaper Articles (10)
1. April 18, 1867 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, April 18, 1867

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Article Text

Miscellaneous. Money is reported easier at New York at 5 @6 per cent., quotations do not show a revival of business confidence. There is a timidity and laggardness in prices, save in exceptional articles, that is quie obvious. The application of the New York banks for remission of the monthly tax of 1-24th of 1 per cent. upon their undistributed surplus has been passed upon by the Treasury Department, which, by way of compromise, refuses to pay the taxes already paid, but yields the point to the banks so far as future assessments are to be affected. The notes of National Banks that are winding up, and of those that have failed, are at a premium in New York. Those banks that have not obtained their full share of currency can use such notes in obtaining more. It is not often that the notes of broken banks are worth more than those of solvent institutions. The following banks are quoted 2 per cent, premium: Venango National Bank, Franklin, Pa.; Merchants' National Bank, Washington, D. C.; Tennessee National Bank. Memphis, Tenn.; First National Bank, Utica, N. Y.; First National Bank, Medina, N. Y.; First National Bank, Columbus, N. Y.; First National Bank, Carondelet, Mo. Of the temporary financial trouble in Richmond an exchange says: The tears of a monetary panic in Richmond, reported yesterday, arose from the fact that during the recess of the Legislature, certain officers of the banks of that city, which are depositories of the public moneys, attempted to create the impression that the act of the Legislature providing for the payment of the interest on the public debt could not be executed, and that any movement on the part of the State to withdraw the money deposited would precipitate a financial crash. The action of the dry goods firm of Clafin & Co, o, of New York, in levying upon the goods of Steenbock & Co., the largest dry goods house in Richmond, has created great excitement in the latter city. The Richmand papers say if this system is generally adopted by the North on creditors, it will inaugu-rate a fearful panic among the business men of the South. The Cincinnati Gazette of yesterday, has an interesting article in regard to the rivalry of the different railroads touching or centering at that point for western trade and for west connections. The Pennsylvania Central now has a continuous line by means of the Steubenville cut off and the Columbus and Indiana Central road to Indianapolis. And she is barganing for the Pacific railroad of Missouri. That concluded, it will remain to acquire the line from Indianapolis, through Terre Haute and Alton to St. Louis, and then the company will control a line extending from Philadelphia to the western terminus of the Eastern Division of the Union Pacific Railroad, wherever that may be. In regard to the Baltimore and Ohio, the Gacette says: While these things are going on, the Baltimore & Ohio Railroad Company are not idle. The managers of this mammoth corporation have been buying up the stock of the Marietta & Cincinnati Railroad, with a view to controlling and completing it to Cincinnati. It will then only remain to build a bridge-or rather to finish the bridge at Parkersburg-in order to secure a continuous line from Cincinnati, via Baltimore, to Philadelphia and New York. Besides the Baltimore & Ohio Company are establishing a first class line of steamers between Baltimore and Europe. Already much of the foreign goods imported for the West come over this line. It is not certain yet what particular connection the Baltimore & Ohio Company will have beyond this city.

2. June 4, 1867 Nashville Union and Dispatch Nashville, TN
Article from Nashville Union and Dispatch, June 4, 1867

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London advices of yesterday quote 5-20's at 73. Exchange on New York was in good demand yesterday. The banks were buy ing at par and selling at 1 premium. But little was done in uncurrent money. Bank of Tennessee was quoted at 33c. buying and 38c. selling. Other Tennessee money and Southern bank notes were unchanged. Nashville Corporation Checks were getting dull at 15c discount. Tennessee bonds sold in New York on the 30th ult., as follows: $5000 new at 651c, $10,000 new at 654e, £7000 new at 65$ $3000 new, 2d call, at 65c, $2000 new at 653, $5000 new at 66c, $4000 ex. cou ipons 66c, and $10,000 new at 66c; and on the 31st: $22,000 new at 66c, $10,000 new at 661c, $1000 new at 66g, $35,000 new at 66c, $80,000 new at 66c, and $140,000 new at 67c. These sales show a steady ap. preciation in the value of our bonds. The New York Post of the 30th ult., says, "The notes of the following broken banks are actually selling at a premium Venango National Bank, Franklin, Pa.; Tennessee National Bank, Memphis, Tennessee; First National Bank, Attica, N. Y.; First National Bank, Medina, N. Y.; First National Bank, Columbia, Mo.; First National Bank, Carondolet, Mo.; Merchants' National Bank, Washington, D. C." The Washington correspondent of the Cincinnati Commercial, says in his letter of May 31: "The Treasury Department learns that the notes of the national banks which have failed are at a premium, offered by such national banks as have been established without circulation. The latter banks desire to use these notes as a circulating medium." The New York World of the 30th ult., says: "New York is in the enjoyment of a little panic in the flour market. Prices have declined in ten days from one to two dollars per barrel. The greatest decline has been in the finer grades of family Hours. The supply of California flours has had an important influence in promoting the decline. But, as is always the case, when prices took a slight downward tendency supplies from all quarters largely and unaccountably increased. Our supplies are somewhat in excess of the current wants of the market, to say nothing of the meagre business now done, and with warm weather upon ns, there can be no disposition to increase stocks, but rather to decrease them, and we see no reason why the best family flours may not decline to about fifteen dollars per barrel. So long as prices are above the export limits, the market has no support; and holders can feel no safety until we approximate an export basis. To be sure, we shall have nothing to sparê for export in a long time, but the possibility of export orders being executed is necessary to give stability to the market."

3. June 4, 1867 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, June 4, 1867

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Article Text

receiver or money ceipt and to furnish for it the proper stamp. This obligation, however, like that of returning a civil answer to proper question, is governed by the laws of courtesy, and sanctioned by custom instead of statute. The undermentioned national banks have failed or are in proceess of liquidation, but their notes, being secured by Government bonds, are still at par, and in some instances a premium is paid for them by banks which have in view the sanction of an increase of their own circulation, and think that by holding the notes of a suspended bank they can secure an equivalent; but this is, or at least should be, founded on erroneous supposition: Venango National Bank, Franklin, Pa.; Tennessee National Bank, Memphis, Tenn.; First National Bank, Attica, N. Y.; First National Bank, Medina, N. Y.; First National Bank, Columbia, Mo.; First National Bank, Carendelet, Mo.; Merchants' National Bank, Washington, D.C. The Journal of Commerce referring to the status of business affairs says: The month closes amida general depression in nearly all branches of trade and commerce. It is probable that never before, during this quarter of the century, was there such a nniversal suspension of business engagements and business activity, except in connection with a monetary panic or a financial crisis. We do not regard this pause as utterly useless, and we are not without hope that it may be productive of great good to the country. While the expansion continued, and all classes of values seemed to be thereby enhanced, counsel was wasted, even warnings were disregarded, and lessons of wisdom fell upon listless ears. "To-morrow shall be as this day and much more abundant," was the thought in most hearts, if the sentence was not heard on the lip, and the whirl was too rapid for consideration or sober reflection. The revolving wheel runs more slowly now, and threatens to stop altogether. Those who were maddest in the day of excitement now question if their prosperity was real. Not a few would be glad to have as much of their supposed gains now in hand as would pay the tax on what was reckoned as last year's income; and those whose apparent increase still remains intact are restless and troubled about the future. We recall this description with a view of encouraging the despondent. Surely there must come no little good to the coun try out of the sober thought born of such an hour of quiet and freedom from specnlative excitement. Sensible men of all parties are drawn much closer together in such a season; and measures in which all but the unprincipled or fanatical can agree, rise in importan ce as it is seen that great material interests depend on the issue, while mere partisan questions shrink toward their proper insignificance. If this opportunity for sober thought is not wasted, the day of unity, and consequent peace and prosperity, will be all the nearer for the interruption. The money market continues moderately active, but the demand for capital is little less urgent than yesterday, and temporary loans are made upon acceptable securities at 5a7 per cent., mostly 5a6 per cent. for new contracts. Firstclass commercial paper is taken at 7 per cent. per annum discount, with but few exceptions above and below this rate.

4. June 9, 1867 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, June 9, 1867

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For the benefit of our readers we again state that taxes on incomes by the present law are levied on the first of March and due and payable on or before the 30th of April. If " due and unpaid after of as aforesaid, and for after notice the ten 30th days April and demand by the collector, there shall be levied, in addition thereto, the sum of five per cent. on the amount of taxes unpaid, and interest at the rate of one per cent per month upon said tax from the time the said became due, as a penalty." The New York city banks' deposits have been drawn down five and a quarter millions since last return, and the legal tenders have decreased nearly two millions. The loans have decreased two millions. The undermentioned national banks have failed or are in process of liquidation, but their notes, being secured by government bonds, are still at par, and in some instances a premium is paid for them by banks which have in view the sanction of an increase in their own circulation, and think that by holding the notes of a suspended bank they can secure an equivalent; and by other parties who have already secured charters but have no bills of their own, the national circulation being as large as the law allows: Venango National bank, Frankliu, Penn.; Tennessee National bank, Memphis, Tenn.; First National bank, Attica, N Y.; First National bank, Medina, N. Y.; First National bank, Columbia, Mo.; First National bank, Carondelet, Mo.; Merchants' National bank, hington, D. C. Fire Marshal Blackburn, of Philadelphia, reports a total of 594 fires in that city last year; losses, $3,192,987; insurance, $1,975,855. The marshal says: From the records which I have kept, and statistics collected by me from the most reliable sources, I estimate the total loss by burning in the United States at not less than $50,000,000 for 1864; $75.000,000 for 1865; and $100,000,000 for 1866. The aggregate loss in New York city, alone, last year, reached $10,000,000. Four hundred new money order offices. scattered all over the United States, are to be opened in July, This will make the whole number of such offices eleven hundred and ninety-six. President Johnson has appointed Mr. J. C. Walten sub-treasurer at New Orleans, in place of W. R. Whittaker, turned out for irregularities. This is the first removal made under the tenure of office act, and must be acted upon at the next session of the United States senate. Mr. W. R. Whittaker was at one time a clerk in the Boston postoffice. There was no change perceptible in business to-day which would justify even a paragraph on the subject. The absence of a local White or St. Francis river packet on Saturday adds to the general quietude of our trade. COTTON-The Liverpool dispatches of yesterday caused more firmness on the part of the holders, and put a stop to sales to-day. Factors are asking 25c for middling, but we could learn of no sales. The sales in New York were also light. The following statement we take from the Merchants' Exchange Prices Cur-

5. October 10, 1867 Clearfield Republican Clearfield, PA
Article from Clearfield Republican, October 10, 1867

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NATIONAL BANKS SUSPENDED.-The following National Banks have passed into the hands of Receivers: Croton National Bank, N. Y. National Bank of W bitestown, Oneida county, N. Y. Atlas Bank, of Providence, R. I. Unadilla National Bank, Unadilla, New York. Kingston National Bank, Kingston, New York. Farmers' and Citizens' National Bank, Brooklyn, N. Y. First National Bank, Utica, N. Y. First National Bank, Medina, N.Y. First National Bank, Columbia, N.Y. Venango National Bank, Franklin, Pennsylvania. Merchants' National Bank, Washington, D. C. Tennessee National Bank, Memphis, Tennessee. First National Bank, New Orleans, Louisiana. First National Bank, Carondelet, Missouri. First National Bank, Selma, Alabama.

6. October 24, 1867 The Jeffersonian Stroudsburg, PA
Article from The Jeffersonian, October 24, 1867

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National Banks Suspended. The following National Banks have passed into the hands of Receivers : Croton National Bank, New York. National Bank of Whitestown, Oneida co., New York. Atlas Bank of Providence, Rhode Island. Unadilla National Bank, Unadilla, New York. Kingston National Bank, Kingston, New York. Farmers' and Citizens' National Bank, Brooklyn, N. Y. First National Bank, Utica, N. Y. First National Bank Medina, N. Y. First National Bank, Columbia N. Y. Venango National Bank, Franklin, Pa Merchants' National Bank, Washing ton. D. C. Tennessee National Bank, Memphis, Tenn. First National Bank of New Orleans Louisana. First National Bank, Carondelet, Mo. First National Bank, Selma, Alabama Mrs. Jesse Craig of Island Falls, Maine made, in six weeks this summer, 50 pounds of cheese.

7. October 31, 1867 Fayetteville Observer Fayetteville, TN
Article from Fayetteville Observer, October 31, 1867

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BROKEN NATIONAL BANKS.The following is a list of the National Banks that have suspended and passed into the hands of receivers. It will be found interesting to business men : Croton National Bank, New York; National Bank of Whitestown, Oneida county, N. Y.; Atlas Bank of Providence, R, I. ; Unadilla National Bank, Unadilla, N. Y.; Kingston National Bank, Kingston, N. Y.; Farmers' and Citizens' National, Brooklyn, N. ¥.; First National Bank, Utica, N. Y.; First National Bank, Medina, N, Y.; First National Bank, Columbia, N. Y.; Venango National Bank, Franklin, Pa.; Merchants' National Bank, Washington, D. C.; Tennessee National Bank, Memphis, Tenn.; First National Bank, New Orleans, La.; First National Bank, Caroudelet, Mo.; First National Bank, Selma, Ala.

8. November 1, 1867 The Pulaski Citizen Pulaski, TN
Article from The Pulaski Citizen, November 1, 1867

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The Lexington Statesman says the corn crop of Kentucky will be a very short one, perhaps not much above one-third of a crop; in some portions of the State that not more than five bushels to the acre, and in this region, where the yield ought to be from fifty to sixty bushels to the acre, not more than thirty or forty will be raised. Corn is already selling at $2 25 a barrel in the field, and it is expected it will be as high as $5 per barrel, gathered and delivered. BROKEN NATIONAL Banks.--The following is a list of the National Banks that have suspended and passed into the hands of receivers. It will be found interesting to business men : Croton National Bank, New York ; National Bank of Whitestowc, Oneida county, N. Y. : Atlas Bank of Providence, R.I.; Unadilla National Bank, Unadilla, New York ; Kingston National Bank, Kingston, New York; Farmers' and Citizens' National Bank, Brooklyn, New York ; First National Bank, Urica, New York; First National Bank, Medina, New York ; First National Bank, Columbia, New York ; Ve. nango National Bank, Franklin, Pa.; Merchants' National Bank. Washington, D. C. ; Tennessee National Bank, Memphis, Tenn.; First National Bank, New Orleans, La. First National Bank, Carondelet, Missouri; First National Bank, Selma, Ala.

9. November 22, 1867 Indiana American Brookville, IN
Article from Indiana American, November 22, 1867

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List of Broken National Banks. The following is a list of the National Banks that have suspended and passed in. to the hands of receivers: Croton National Bank, New York, National Bank of Whitestown, Oneida county, N. Y. Atlas Bank of Providence, R. I. Unadilla National Bank, Uuadilla, N. Y. Kingston National Bank, Kingston, N. Y. Farmers' and Citizens' National Bank, Brooklyn, N. Y. First National Bank, Utica, N. Y. First National Bank, Medina, N. Y. First National Bunk, Columbia, N. Y. Venango National Bank, Franklin, Pa. Merchants' National Bank, Washington, D C. Tennessee National Bank, Memphis, Tennessee. First National Bank, New Orleans, La. First National Bank, Carondelet, Mo. First National Bank, Selma, Ala. The notes of these Banks are not affect. ed in value.

10. January 3, 1868 The Athens Post Athens, TN
Article from The Athens Post, January 3, 1868

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# Broken National Banks. The following is a list of the National Banks that have suspended and passed into the hands of receivers. It will be found interesting to business men: Croton National Bank, New York. National Bank of Whitestown, Oneida county, New York. Atlas Bank of Providence, R. I. Unadilla National Bank, Unadilla, N. Y. Kingston National Bank, Kingston, N. Y. Farmers' and Citizens' National Bank, Utica, New York. First National Bank, Medina, N. Y. First National Bank, Columbia, N. Y. Venango National Bank, Franklin, Pa. Merchants' National Bank, Washington, District of Columbia. Tennessee National Bank, Memphis, Tenn. First National Bank, New Orleans, La. First National Bank, Carondelet, Me. First National Bank, Selma, Alabama.