15286. First National Bank (Niles, OH)

View Charter #4190 on SPMC

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
4190
Charter Number
4190
Start Date
September 3, 1908
Location
Niles, Ohio (41.183, -80.765)

Metadata

Model
gpt-5-mini
Short Digest
eb9691a41abf46f6

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1908-09-03
Date receivership terminated
1909-09-30
OCC cause of failure
Losses
Share of assets assessed as good
17.3%
Share of assets assessed as doubtful
47.8%
Share of assets assessed as worthless
35.0%

Description

Multiple contemporary papers (early Sept 1908) report the First National Bank of Niles was closed by order of its board of directors as insolvent and P. Tillinghast was appointed receiver. No article describes a depositor run prior to suspension; later (Nov 3, 1908) the receiver was authorized to pay a 40% dividend, consistent with an ongoing receivership rather than reopening.

Events (5)
1. December 28, 1889 Chartered
Source
historical_nic
2. September 3, 1908 Receivership
Source
historical_nic
3. September 3, 1908 Receivership
Newspaper Excerpt
P. Tillinghast was appointed receiver of the institution; the Comptroller placed the bank in charge of a receiver.
Source
newspapers
4. September 3, 1908 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed by board of directors on grounds of insolvency; statement showed liabilities exceeding available funds; receiver appointed.
Newspaper Excerpt
The First National bank of Niles, O., was closed today by order of the board of directors on the grounds of insolvency. P. Tillinghast has been appointed receiver.
Source
newspapers
5. November 3, 1908 Other
Newspaper Excerpt
The comptroller of the currency has authorized Receiver Tillinghast of the First National Bank of Niles to pay depositors a dividend of 40 per cent.
Source
newspapers

Newspaper Articles (15)
1. September 3, 1908 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, September 3, 1908

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Article Text

OHIO BANK CLOSED Last Statement Shows $610,000 Due Depositors. Washington, Sept. 3.-The First National bank of Niles, O., was closed today by order of the board of directors on the grounds of insolvency. P. T. Tillinghast has been appointed receiver. A statement of the condition of the bank on July 15 last showed the resources and liabilities to be $1,384,625. Of the liabilities $610,000 are due depositors. Niles, O., Sept. 3.-This notice was posted on the doors of the First National bank this morning: "This bank ordered closed by its board of directors, pending action by the comptroller of the treasury. It is the opinion of the board of directors that this bank is solvent and every depositor will be paid in full. "WILLIAM HERBERT, President,"

2. September 3, 1908 The Detroit Times Detroit, MI
Article from The Detroit Times, September 3, 1908

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Article Text

Niles, O., Bank Closed. NILES, O., Sept. 3.-The First National bank of this city was closed today by order of its directors on the ground of insolvency. P. Tilinghast was appointed receiver.

3. September 3, 1908 Albuquerque Citizen Albuquerque, NM
Article from Albuquerque Citizen, September 3, 1908

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Article Text

OHIO BANK CLOSED. / Washington, Sept. 3.-The First National bank of Niles, Ohio, was closed today by order of the board of directors on the ground of insolvency. P. Tillinghast was appointed receiver.

4. September 3, 1908 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, September 3, 1908

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Article Text

After October 1st we will discontinue giving away premiums with all cash sales. Joyce-Pruit CoPROSPERITY WAVE AGAIN STRIKES OHIO. Washington, Sept. 3.-The First National Bank of Niles, Ohio, was closed today by order of the board of directors on the ground of insolvency. P. Tillinghast was appointed receiver. July 15 last the bank's resources and liabilities were $1,384,625. The deposits were then $610,000.

5. September 3, 1908 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, September 3, 1908

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Article Text

BIG BANK CLOSED [By Associated Press. WASHINGTON, SEPT. 3.-THE FIRST NATIONAL BANK OF NILES. 0., WAS CLOSED TODAY BY ORDER OF THE BOARD OF DIRECTORS ON THE GROUNDS OF INSOLVENCY. P. TILLINGHAST HAS BEEN APPOINTED RECEIVER OF THE INSTITUTION. THE DIRECTORS OF THE BANK SAY THAT THE INSTITUTION IS SOLVENT AND THAT THE DEPOSITORS WILL BE PAID IN FULL.

6. September 3, 1908 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, September 3, 1908

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Article Text

National Bank Closed. Washington, Sept 3.-The First National bank of Niles, O., was closed to-day by order of the board of directors, on the ground of insolvency. receiver has been appointed.

7. September 3, 1908 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 3, 1908

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reported as having protested to the president that the placing of Du Pont in such a conspicuous position and giving him control of the campaign oratory, will not only add credence to the democrats, charge that there is to be no further following of the Roosevelt auti-trnet policy, but that the selection may greatly. embarrass the government in its prosecution of the powder trost, The president has been informed that the government, up to this time, has been unable to get a master appointed to take testimony in the powder suit, although action was begun almost a year ago, and notwithstanding the fact that the attorney geueral has been urging the court to start the wheels. The court in this case is United States Judge Gray whom the eastern conservative democrats tried to pit against Bryan. According to the government law officers, Gray "sees no occasion for undue haste." Other federal judges in that circuit prefer to keep hands off, because of "jadical courtesy." The government's only other recourse, if it declines to be put off, is through the supreme court, which is now in vacation. Some folks are looking for DuPont's speedy retirement, or a broadside from the president. The comptroller of the currency today announced the closing of the First National Bank of Niles, o., by order of the Board of Directors and the appointment of P. Tillinghast as receiver. The resources and liabilities of the bank at the date of the last statement of condition to the comptroller, were $1,385,625 each. Former Minister to Venezuela, W. W. Russell, is preparing to leave America the later part of this month for Quito, Ecuador, to plant his country's exhibit at the exposition there next year. Fifty thousand dollars was appropristed by Congress last session for participation in the exposition. Mr. Russell, who is empowered as commissioner, will supervise the erection of a United States building. Politiciaus interested in the Ohio situation are holding a little guessing contest here today over the glad-hand-fest, at Toledo, yesterday, in which Taft and Foraker were the star participants. In the first place, they are wondering whether the senator had his fingers crossed when be said all those lovely things about the presidential candidate. Next, they are mighty curious to know what Taft thought of the remarks of Senator Dick, who butted into the proceedings with an appeal for the reelection of his colleague. According to reports from the scene Taft sat tight, and looked uncomfortable when the senatorial situation was ir jected into the polit cal love feast. Talt has repeatedly rejected overtures from the Foraker following to lend bis support to the senator's candidacy for re-election. He has constantly maintained the position that this matter is not now before the people and that theonly thing that conceros him, and the only thing in which the voters of Ohio should be interested at this time. is the presidential campaign. That the senstorial end ]of the episode was a "frame-up," of which Taft had been kept in ignorance when be consented to join Foraker in a public interment of the hatchet, is the general opinion in these parts.

8. September 3, 1908 Lewiston Evening Teller Lewiston, ID
Article from Lewiston Evening Teller, September 3, 1908

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Article Text

Eastern Bank Suspends. Niles, O., Sept. 3.-The First Na tional bank closed today on the grounds of insolvency. Liabilities are $1,300,000.

9. September 4, 1908 The Washington Herald Washington, DC
Article from The Washington Herald, September 4, 1908

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Article Text

Insolvent National Bank. The Comptroller of the Currency yesterday placed the First National Bank of Niles, Ohio, in charge of a receiver.

10. September 4, 1908 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, September 4, 1908

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Article Text

USUAL NOTICE ON THE DOOR Ohio National Bank Closed, but It Is Expected "Every Depositor Will Be Paid in Full." Washington, Sept. 3.-The First National bank of Niles, Ohio, was closed today by order of the board of directors on grounds of insolvency. P. Tillinghast has been appointed receiver. A statement of the condition of the bank on July 15 last showed the resources and liabilities to be $1,384,625. Of the liabilities $610,000 are due depositors.

11. September 10, 1908 Audubon Republican Audubon, IA
Article from Audubon Republican, September 10, 1908

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Article Text

GENERAL NEWS. Germany's policy in the Morocco affair has annoyed British officials excessively, and they feel that the kaiser is trying to secure an advantage over the other powers. Great Britain intends to recognize Mulai Hafid after he has pledged himself to accept all the obligations of the former sultan. Col. Henry M. Nevius of Red Bank, N. J., was elected commander-in-chief of the Grand Army of the Republic and Mrs. W. L. Gillman of Roxbury Mass., was chosen president of the Womans' Relief Corps. The forest fire which threatened the famous Calaveras big tree grove was brought under control and the great trees were saved. Chester Jordan, an actor, killed his wife Honorah, an actress, during a quarrel in their home in Somerville a suburb of Boston, and then dismem bered her body and tried to take it away in a trunk. The special grand jury at Spring field, III., returned 117 indictments in connection with the race riots, and made a final report in which it com mended certain officials and severely condemned some of the police for their cowardice. Late returns from the Michigan primaries put Gov. Fred Warner in the lead for renomination. More than $4,000,000 was left to charitable institutions, the Metropoli tan Museum of Art and Yale univer sity by the will of Frederick Coopei Hewitt, who died at his home in Owego, N.Y. Orville Wright made a fairly suc cessful test of his aeroplane built for the army at Fort Myer. Near Ithaca N. Y., two Cornell students made 8 good flight of several miles in ar peroplane of their own construction. Spanish war veterans voted to next encampment at Tacoma. Wash. The territorial supreme court a: Manifa decided that the sultan o Dunaharra must hang for the part no took as a leader of the raid on Par ang, island of Mindanao, in January 1906, wherein J. W. McDonald of the place was killed by the raiders. Judge Vandeventer in the United States circuit court at St. Paul en joined the Arkansas railway commis sion from enforcing the two-cent-fare law. Chief of Detectives Gill of East St Louis and Patrolman Ransome Pain were shot while trying to trap bur glars in the home of Philip Wolff treasurer of St. Clair county. The condition of the natives of the Aleutian Indian village in Akutan har bor, Bering sea is most deplorable according to the report of Dr. Robert Olsen, assistant surgeon on the rev enue cutter McCulloch. The First National bank of Niles O., failed and a receiver was ap pointed. The United Spanish war veterans drew the color line by declaring the Charles M. Thomas camp of Washing ton "unattached." Daniel Walser, a Detroit confectioner, was shot and killed by burg lars at his store. The Nevada Democratic state con vention nominated Francis G. New lands for United States senator and George A. Bartlett for congressman. A new comet was discovered at the Yerke's observatory at Lake Geneva, Wis., by Prof. D. W. Morehouse of Drake university. Seven summer visitors out of a party of ten were drowned by the capsizing of a 35-foot sloop in Penobscot bay, off Deer Isle. The cruisers of the Pacific fleet, each towing a torpedo boat destroyer, reached Honolulu without any accident worth mention. In the Michigan primaries Auditor General J. B. Bradley was nominated for governor by the Republicans. Dispatches from Peking said the Chinese government was ljkely to recall Minister Wu Ting Fang from Washington, because of dissatisfaction with his doings and

12. September 11, 1908 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, September 11, 1908

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Article Text

GENERAL NEWS. Germany's policy in the Morocco affair has annoyed British officials excessively, and they feel that the kaiser is trying to secure an advantage over the other powers. Great Britain intends to recognize Mulai Hafid after he has pledged himself to accept all the obligations of the former sultan. Col. Henry M. Nevius of Red Bank, N. J., was elected commander-in-chief of the Grand Army of the Republic, and Mrs. W. L. Gillman of Roxbury, Mass., was chosen president of the Womans' Relief Corps. The forest fire which threatened the famous Calaveras big tree grove was brought under control and the great trees were saved. Chester Jordan, an actor, killed his a wife Honorah, an actress, during quarrel in their home in Somerville, a suburb of Boston, and then dismembered her body and tried to take it away in a trunk. The special grand jury at Springreturned 117 indictments in with the race field, connection III., riots, and made a final report in which it commended certain officials and severely condemned some of the police for their cowardice. Late returns from the Michigan Gov. Fred primaries put Warner in the lead for renomination. More than $4,000,000 was left to charitable institutions, the Metropolitan Museum of Art and Yale univerthe will of Frederick Cooper who died at Hewitt, sity by his home in Owego, N. Y. Orville Wright made a fairly successful test of his aeroplane built for the army at Fort Myer. Near Ithaca, N. Y., two Cornell students made a good flight of several miles in an aeroplane of their own construction. Spanish war veterans voted to hold next encampment at Tacoma, Wash. The territorial supreme court at Manila decided that the sultan of Dunaharra must hang for the part he took as a leader of the raid on Parang, island of Mindanao, in January, 1906, wherein J. W. McDonald of that place was killed by the raiders. Judge Vandeventer in the United States circuit court at St. Paul enjoined the Arkansas railway commission from enforcing the two-cent-fare law. Chief of Detectives Gill of East St. Louis and Patrolman Ransome Paine were shot while trying to trap burglars in the home of Philip Wolf, treasurer of St. Clair county. The condition of the natives of the Aleutian Indian village in Akutan harbor, Bering sea is most deplorable, according to the report of Dr. Robert Olsen, assistant surgeon on the revenue cutter McCulloch. The First National bank of Niles, O., failed and a receiver was appointed. The United Spanish war veterans drew the color line by declaring the Charles M. Thomas camp of Washington "unattached." Daniel Walser, a Detroit confectioner, was shot and killed by burglars at his store. The Nevada Democratic state convention nominated Francis G. Newlands for United States senator and George A. Bartlett for congressman. A new comet was discovered at the Yerke's observatory at Lake Genevis, Wis., by Prof. D. W. Morehouse of Drake university. Seven summer visitors out of a party of ten were drowned by the capsizing of a 35-foot sloop in Penobscot bay. off Deer Isle. The cruisers of the Pacific fleet, each towing a torpedo boat destroyer, reached Honolulu without any accident worth mention.

13. September 11, 1908 The Ely Miner Ely, MN
Article from The Ely Miner, September 11, 1908

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brought under control and the great trees were saved. The special grand jury at Springfield, III., returned 117 indictments in connection with the race riots, and made a final report in which it commended certain officials and severely condemned some of the police for their cowardice. Late returns from the Michigan primaries put Gov. Fred Warner in the lead for renomination. Orville Wright made a fairly successful test of his aeroplane built for the army at Fort Myer. Near Ithaca, e ั‚ั€ะตัˆ strepts Cornell OM1 "X 'N good flight of several miles in an aeroplane of their own construction. Spanish war veterans voted to hold next encampment at Tacoma, Wash. The territorial supreme court at Manila decided that the sultan of Dunaharra must hang for the part he took as a leader of the raid on Parang, island of Mindanao, in January, that JO MeDDana 'M T wherefu '906T place was killed by the raiders. Judge Vandeventer in the United States circuit court at St. Paul enjoined the Arkansas railway commission from enforcing the two-cent-fare law. Chief of Detectives Gill of East St. Louis and Patrolman Ransome Paine were shot while trying to trap burglars in the home of Philip Wolff, treasurer of St. Clair county. The condition of the natives of the Aleutian Indian village in Akutan harbor, Bering sea is most deplorable, according to the report of Dr. Robert Olsen, assistant surgeon on the revenue cutter McCulloch. The First National bank of Niles, O., failed and a receiver was appointed. The United Spanish war veterans drew the color line by declaring the Charles M. Thomas camp of Washington "unattached." William H. Taft and Senator Foraker met in Toledo and entire harmony between them was assured, the senator promising to take the stump for the Republican ticket. Charles O. Jones, a noted aeronaut, fell 500 feet with his blazing dirigible balloon at the Central Maine fair at Waterville, and was killed. The accident was witnessed by 25,000 persons. The parade of the Grand Army of the Republic at the encampment in Toledo was reviewed by Mr. Taft, Senator Foraker and others. About 12,000 veterans were in line. James S. Stackpole, a member of the firm of Stackpole Brothers, publishers of the Lewistown (Pa.) Gazette, while mentally unbalanced committed suicide near Mifflintown by shooting. Fifteen thousand Americans and Australians took part in a grand review and parade at Flemington, a suburb of Melbourne. The Victorian journalists gave a reception in honor of Rear Admiral Sperry. It was his birthday and the city of Melbourne commemorated the occasion by presenting him with a silver bowl bearing a suitable inscription. A Paris newspaper prints an interview with Sidi el Mokhri, Moroccan minister of foreign affairs, in which he declares that Abd-el-Aziz has deflnitely resolved to give up the struggle. Unknown persons dynamited the bank of the Illinois and Michigan canal at Channahon, 12 miles southwest of Joliet, and the entire district was flooded. Foreclosure proceedings against the Pittsburg-Wabash Terminal Railway company were begun in Pittsburg by the Mercantile Trust company of New York. Wisconsin primaries resulted in the nomination for United States senator of Isaac Stephenson, Republican, and Neal Brown, Democrat; for governor, James O. Davidson, Republican, and J. A. Aylward, Democrat. Republicans carried the Vermont election by a plurality of about 28,000, a decrease of eight per cent. from the vote of 1904. The Democratic vote also showed a decrease. The crew on board the racing balloon Ville de Dieppe tried to descend at Niagara Falls. The rip cord failed to work properly, resulting in a poor landing. The three men in the basket got a bad shaking up and narrowly escaped death in the whirlpool rapids. Secretary George McLaughlin of the state commission of prisons in a report on a recent inspection protested strongly against the keeping of Harry K. Thaw in the Dutchess county jail at Poughkeepsie. Judge A. H. Huston declared unconstitutional the Oklahoma school law providing separate school boards and separate schools for negroes in the new state. Fire in Atlanta, Ga., destroyed the plants of the Atlanta Trunk factory and the Empire Printing & Box company. The loss is estimated at $100,000 Standing at the stern of a motor boat which he had stolen and with bullets whizzing over his head, Edward Burnett, a full-blooded Pottawattomie Indian, led two detectives an exciting chase through the down-town section of the Chicago river clear to the drainage canal before he was captured. Charged by his wife with non-support, Rev. William C. Cummings, for-

14. November 3, 1908 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, November 3, 1908

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Depositors Get 40 Per Cent. YOUNGSTOWN, Ohio, Nov. 3.-The comptroller of the currency has authorized Receiver Tillinghast of the First National Bank of Niles to pay depositors a dividend of 40 per cent. The bank closed its doors about two months ago.

15. November 3, 1908 The Winchester News Winchester, KY
Article from The Winchester News, November 3, 1908

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Bank Dividend Ordered. Youngstown, O.. Nov. 3. - The comptroller of the currency has authorized Receiver Tillinghast of the First National Bank of Niles to pay depositors a dividend of 40 per cent. The bank closed its doors about two months ago.