17351. First National Bank (Cleveland, OH)

View Charter #2690 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7
Charter Number
2690
Start Date
March 1, 1929*
Location
Cleveland, Ohio (41.499, -81.695)

Metadata

Model
gpt-5-mini
Short Digest
69d0e600

Response Measures

None

Description

The First National Bank of Cleveland had failed and a receiver (Charles Draper) was in charge by March 1930 (article states bank 'failed about a year ago' following the cashier's suicide). No run is described in the articles; a receiver was appointed and the bank remained closed. A later 1933 article discusses formation of a new First National Bank in connection with Union Trust and Guardian Trust reorganization, but this appears to relate to broader restructurings rather than reopening of the original failed bank. Dates are given where possible; OCR errors in 1933 article corrected for clarity.

Events (7)
1. June 22, 1863 Chartered
Source
historical_nic
2. May 13, 1882 Chartered
Source
historical_nic
3. December 30, 1920 Voluntary Liquidation
Source
historical_nic
4. March 1, 1929* Receivership
Newspaper Excerpt
26 armed robbers who held up Charles Draper receiver for the First National Bank of this city ... 'this bank failed about year ago, following the suicide of the former cashier, and there is no money in the vaults.'
Source
newspapers
5. March 27, 1930 Other
Newspaper Excerpt
26 armed robbers who held up Charles Draper receiver for the First National Bank of this city ... the gunmen searched the vaults. Finding the statement true. they backed sheepishly from the bank office.
Source
newspapers
6. April 6, 1933 Other
Newspaper Excerpt
Payment of 20 per cent. their deposits depositors the Guardian Trust Co. made possible by loan nearly $9,000,000 from the and arrangement with proposed First tional Bank ... plan for liquidation the Guardian announced tonight.
Source
newspapers
7. April 14, 1933 Other
Newspaper Excerpt
form new National Bank which partner. United States government. bank not the cessor either assets. federal through the Finance Corporation ... the new national bank
Source
newspapers

Newspaper Articles (4)
1. October 31, 1913 Evening Star Washington, DC
Article from Evening Star, October 31, 1913

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Article Text

District Supreme Court. EQUITY COURT NO. -Justice Stafford. In re lunacy of Helen D. Carter; order to sell bond; attorney, F. A. Fenning. Pacific Coast Casualty Company agt. Saunders: leave granted defendant to withdraw answer and attorney for defendant to withdraw answer; plaintiff's attorney. C. F. R. Ogilby, jr. O'Neill agt. Dulin; time for defendant to plead or answer extended; plaintiff's attorney, George C. Gertman; defendant's attorney, H. T. Hynson. Pacific Coast Casualty Company agt. Saunders: pro confesso ordered and C. F. R. Ogilby, jr., appointed receiver; bond, $15,000; plaintiff's attorney, C. F. R. Ogilby, Jr. Magruder agt. Drury; pro confesso ordered; plaintiff's attorneys, Nathaniel Wilson and C. R. Wilson; defendant's attorney, H. Prescott Gatley. First National Bank of Cleveland agt. Michigan Buggy Company; receivers discharged and bond canceled; plaintiff's attorneys. Ralston & Richardson; defendant's attorney, S. D. Willis. Donovan agt. McGrath: rule as to receiver returnable November 7; plaintiff's attorney, James A. O'Shea. Gant agt. Gant; rule as to-alimony returnable November 7: plaintiff's attorneys, J. G. Hodges, Gaskins and Pinchback; defendant's attorney, N. C. Turnage. Speer agt. Dudley; trustee's second account approved: plaintiff's attorney, Thomas G. Hurney. Merryman agt. Merryman; rule returnable November 7, 1913; plaintiff's attorneys, J. S. Easby-Smith and R. B. Fleharty: defendant's attorneys, McNeill & McNeill. Grinder agt. Grinder: rule returnable November 20, and sales ratified nisi: plaintiff's attorneys, W. C. Sullivan and I. H. Linton. CIRCUIT COURT NO. 1-Justice Barnard. Kissal agt. Splendid Lunchroom Company: demurrer to first count of declaration overruled: motion to strike out second count of declaration overruled: plaintiff's attorney, Burton Macafee; defendant's attorneys, E. F. Colladay and S. Nicholson. Blankenship agt. Miller Brothers and Hartley agt. same; demurrers to declaration sustained: plaintiff's attorney, C. M. Fulton; defendants' attorneys, Kappler & Merillat. Skinker & Garrett agt. Forrest; demurrer to amended declaration overruled; plaintiffs' attorneys, Rhodes, Johnson & Cromelin; defendant's attorney, H. A. Hagerty. Clark agt. Chesapeake and Potomac Telephone Company; motion to strike out first and second counts of declaration granted, with leave to file a new declaration in ten days; plaintiff's attorney, Rice Hooe; defendant's attorneys, Tucker, Kenyon & Macfarland, H. G. Macfarland and E. S. Bailey. Umberger agt. Philadelphia, Baltimore and Washington Railroad Company et al.: commission ordered to issue; plaintiff's attorney, H. H. Glassie: defendants' attorneys, McKenney & Flannery. Smith agt. Washington Railway and Electric Company: verdict for plaintiff for $1,000; plaintiff's attorney, F. J. Hogan; defendant's attorney, W. G. Johnson. Weber agt. City and Suburban Railway Company; plaintiff called, and suit dismissed; defendant's attorney, W. G. Johnson Arrow agt. Miller: order striking out first and second counts and allowing case to stand on third count as an amended declaration, and demurrers overruled; plaintiff's attorneys, W. J. Lambert, R. H. Yeatman, W. A. Coombe and A. S. Worthington: defendant's attorneys, Swingle & Swingle, M. J. Keane and W. C. Clephane. CIRCUIT COURT NO. 2-Justice Anderson. New Era Elevator and Machine Company agt. Schneider; motion to strike out third plea overruled; plaintiff's attorneys, Gardiner & Roberts: defendant's attorneys, A. A. Birney and H. F. Woodard. Lyon agt. Willett: motion to quash certiorari overruled: plaintiff's attorney. I. S. Lyon; defendant's attorney, H. Winship Wheatley. Clagett agt. Oates; judgment of condemnation of $50 in hands of garnishee; plaintiff's attorney, W. A. Lee; defendant's attorney, J. B. Carter. Johnston agt. Lawman; judgment under rule against defendant for

2. March 27, 1930 The Plain Dealer Cleveland, OH
Article from The Plain Dealer, March 27, 1930

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Article Text

ARMED ROBBER PAIR STICKS UP DEFUNCT BANK 26 armed robbers who held up Charles Draper receiver for the First National Bank of this city, and L. M. Derby. cashier of another bank, who was in the office at the time this afternoon could not understand why the two officials gazed at them in amazement when they ordered them to "hold 'em up and shell out." "Can't you understand you're being held up." one of the gunmen finally explained to Draper. "Well, that's too bad," the bank receiver replied. "for this bank failed about year ago, following the suicide of the former cashier, and there is no money in the vaults.' Discounting that explanation. the gunmen searched the vaults. Finding the statement true. they backed sheepishly from the bank office. joined two other companions in waiting automobile and drove away.

3. April 6, 1933 The Plain Dealer Cleveland, OH
Article from The Plain Dealer, April 6, 1933

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Article Text

Unassailable Guardian Offi- cers to Help Run New Bank, Burton Says in Statement. UNION AND GUARDIAN CONSERVATORS COMING Appointments Are Up To- day; New Bank May Take Trust Business. BY WALKER BUEL. Plain Dealer Bureau. 611 Albee Bldg Payment of 20 per cent. their deposits depositors the Guardian Trust Co. made possible by loan nearly $9,000,000 from the and arrangement with proposed First tional Bank is provided plan for liquidation the Guarannounced tonight. The Union Trust Co., succeeded by the First National "Substantial qualified and employes the Guardian employed by the First National Bank, Harold Burpresident the adding and officers must. the approval the and accepted who regarded sponsible for any actions the bank which will justify criticism of them. has also been stated that none of the officers directors be permitted to be indebted to the new bank to carrying any questionable loans at the Approves Program. Believing interests depositors of institutions and the community will be served best by having strong bank succeed the two be liquidated. after two conferences here representatives both institutions. tonight approved program The Finance Corp its to the bank added already loaned. brings the Guardian indebtedness to The Guardian obtain by transfer of liquid the new national bank, which will the old institution 100 per cent. credit for them. This provides total of $18,074,000 The Guardian's general deposits total $66,000,000. to meet which there hand, announced cash, added the and the retirement of Federal ReBank stock for produces which the entire possible to obtain this time, Burton Cent. Payment. Out this total will be made the of 20 per cent. deposits which will release to Guardian depositors through the bank Other immediate (Continued on Page Column 2)

4. April 14, 1933 The Cleveland Press Cleveland, OH
Article from The Cleveland Press, April 14, 1933

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Article Text

PRESS PAGE Bank New First National Policies of Over Radio, Cannon Outlines, Declares Any Guilty of Illegal Acts Still Liable to Prosecution; Anticipates Double Liability V. Cannon's speech over the is the text of Following radio last evening talk to for a short RADIO FRIENDS: want to you MY bank in this city to be known as time on the plans new in Cleveland. want to tell you why First National Bank the the formation of it, what means became associated with Union Trust Co. and the Guar200,000 of the to the depositors the citizens of Greater Cleveit means to dian plainly, always land. frank in what have to say. to be brutally know their banks largely through loaning their This called money in the bank. ings account. banks pay interon the-acèount. checkaccount, usually the bank does pay interest that account. bank, order to pay this terest the its to pay its positors, to pay and other the the in the to individand the depositor's money may be times bonds. and in other securities. certain the money must be kept the bank so that can have your money when you want loaned and bonds moneys bought should be his that, money the pay. This called liquidity are not normal times We know that stocks real estate fallen treour and that market for many years ago. In and what have frequently called the golden ury and many loans made by both the Union Guardian. which that time have considered fairly safe. iron age necessity distress, they cannot Many investments made which today are questionable. result. we have what is called frozen sets. "Called" Good Loans the bank loans on which the pay and the has too large the bank unable to too many deposipay tors demand their money once. Union Trust Co., years had April 1929. $301.The day when took charge of deposits. three have been paid to depositors. Guardian Trust Co. three The years had April of The when the conservator took charge had deposits. three years $67,995,852 have been paid its depositors. these large sums to the In paying banks depositors, had to good loans, sell good finally to borrow securities, from the Federal Reserve vast Bank and from the order Finance the banks notes and the Federal the pledge large amount nance assets there formed In addition, known the ReCo., company banks Reserve Mortgage Co. The Western two banks the from these their real estate greater portion mortgages, them part with the notes the and part Reserve Mortgage Co. Western Not Able the assets An banks leads one the concluboth sion that today they are not able the money owed their depositors They are in the the same condition which sell for enough to pay the present prices moneys owes the shoe which unable turer, sell in order what owes for raw such Both banks have large sums due them from which, the lateral sold placed in might result the persons who the notes with loss the banks. This, course, would result in great loss the bank depositors. the Western Mortgage Co. should foreclose the mortgage your which purchased from Trust the Guardian Trust Co. many homes owners would their homes and the banks would share the loss All these liquidate money than they today You have We there brighter but surely come. If they do chaos. situation Forty 175,000 peotheir food, clothing, from the AssociCharities, Social Bureau, Soldiers' Sailors' Reand organiza1929 the number of families about 1000. The drain today the social the city, the state and the tional tremendous. There over women children who have deposits the county over $8,000,000 closed greater Nearly every every its money the closed banks There of the Fund's money closed Adding that the funds hospitals charities, there over $1,000,000 money closed banks, which money for care of the sick, for the children, and for the feeding men and women who, through no fault their have obliged ask aid. There factories and stores need money for their Today's Picture This Union Trust Co. and the two our great banks, closed. The charge. How shall they dated? They they have in the past. Three ways First, liquidation by the superIntendent of banks that will take long period. We illustration this city in the Standard Trust Co., which was closed liquidation the superintendent of banks will result in most drastic liquidation. will result many failures. will into not the of the The through official who charge. will fast possible, the money. used First. for the payment expenses; Second. for the payment preferred secured claims, Third, for the general creditors, who the depositors. The plan would be reorganization of the two banks. This would mean that the assets which each the banks has, and which are not pledged. could be used carrying on the bank paying expenses conducting that the large assets which known frozen assets would liquidated Such plan would leave the charge, and not release the time any volume of The third plan the one which been asked to head, namely. form new National Bank which partner. United States government. bank not the cessor either assets. federal through the Finance Corporation, agreed to least up stock, the every dollar ment the new bank depositors the closed banks: citizens Cleveland, will common stock To illustrate, in that this bank be formed. the depositors and citizens Clevepurchase shares mon stock, equaling $5,000,000. stock has value of $10 per share. Ten dollars be paid for surplus $5 for profit. double liability stockholders this bank, should fail, would be $10. Loan Promised The Finance Corhas agreed the Union $20,rowings, and the Guardian Trust Co. dition to Its present borrowings This will allow Union Trust Co. and the Guardian Trust Co. to make distribution their and other creditors. Five per cent has by Trust Co. you the you right to draw That your There through the and 35 per the due This hae the right out. One has the Guardian Trust drawn you have the right That leaves 99 cent of your deposit.. There will through the new bank, and entered upon books deposit your favor, per cent the amount now due you. Depositors Must Help In make this deal the take of the moneys. which will the due and buy stock the new bank not required law to do this portion of the depositors which they reiceive and buy stock the bank, otherwise the $5,000,000 stock will and paid buy stock. one decide that for the stock cannot revert either plan plan number two. going to run to the board drafted. tively time bank out banker. for have devoted my time securing the unemGreater CleveMost know have mistakes, never consent, individual loans made any director while serves There will department bonds to the the public. commissions shape form. Economy Stressed Under the national can person excess which limits the the openthe $900,000 to any or corporation. will not retain general counsel When services counsel are required, will select that which, the judgthe best fied each particular The will purpose money factor the life the business that business entitled proper credit, may proper This drifted from the ideals city and hope that can brought the days mantake the position. take under obligation and will endeavor my duty and for the depositors and stockcare Mr. Joseph Kraus. who has the Union will president. investigated Mr. with the Co. He tion no money the Union any the of the He has and think he confidence of the depositors National Bank will First The be run in the department trust funds the Invested the stock the will and stocks which will be bought the are bought market various other brokers in