17541. Lima National Bank (Lima, OH)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
2859
Charter Number
2859
Start Date
March 1, 1892
Location
Lima, Ohio (40.741, -84.112)

Metadata

Model
gpt-5-mini
Short Digest
ca8c4cea

Response Measures

Full suspension, Books examined

Other: Receiver wound up affairs and paid depositors in full later in 1892.

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1892-03-21
Date receivership terminated
1893-04-12
OCC cause of failure
Fraud
Share of assets assessed as good
27.0%
Share of assets assessed as doubtful
60.3%
Share of assets assessed as worthless
12.7%

Description

Multiple articles (Mar 1–3, 1892) report heavy borrowing/speculations by President B. C. Faurot/Fauret created distrust and brought on a run; examiner closed the bank on order of the Comptroller and a receiver was/was to be appointed. By Dec 1, 1892 the receiver had wound up affairs and paid depositors (final dividend). OCR variants: president's name appears as Faurot/Fauret; capital stock reported as $100,000 (most sources) but one OCR instance gives $200,000. Classification: run led to suspension/closure with receiver — ultimately wound up and depositors paid, so closure (permanent).

Events (6)

1. January 16, 1883 Chartered
Source
historical_nic
2. March 1, 1892 Receivership
Newspaper Excerpt
George H. Ford, examiner, is in charge ... a receiver would be appointed as soon as he receives full instructions from Washington.
Source
newspapers
3. March 1, 1892 Run
Cause
Bank Specific Adverse Info
Cause Details
Speculations/large loans made by President B. C. Faurot in railroad and Mexican land projects created distrust and triggered heavy withdrawals.
Newspaper Excerpt
it created distrust, which brought on a run.
Source
newspapers
4. March 1, 1892 Suspension
Cause
Government Action
Cause Details
Closed by the bank examiner on order of the Comptroller of the Currency after the run and loss of confidence resulting from the president's speculations.
Newspaper Excerpt
The Lima National Bank ... was closed this morning by an examiner on the order of the comptroller of the currency.
Source
newspapers
5. March 21, 1892 Receivership
Source
historical_nic
6. December 1, 1892 Receivership
Newspaper Excerpt
The affairs of the Lima National bank which failed last March were wound up today and taken out of the hands of the receiver by the payment of a second and final dividend of fifty per cent.
Source
newspapers

Newspaper Articles (15)

Article from The Morning News, March 2, 1892

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RUINED BY ITS PRESIDENT. The National Bank of Lima Closed by an Examiner. LIMA, O., March 1.-The Lima National Bank of this city was closed to-day by Examiner G. H. Ford on order of the controller of the currency. The trouble is brought about by the speculations of President B. C. Faurot, who, for the past four years, has been engaged in extensive railroad and land projects in Mexico which have resulted disastrously. He borrowed from the bank extensively, and although securing it by ample mortgages it created a distrust which brought on a run. The crisis has been impending for nearly a year, but was averted by heroic efforts on the part of the directors, who saw too late their error. The capital stock is $100,000 and the holders belong mostly to this city. It is believed that the depositors will receive their amounts in full. As the crash was expected it has caused little excitement and the other banks are uninjured.


Article from Grand Rapids Herald, March 2, 1892

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AN OHIO BANK FAILS. Examiner Ford Closes the Lima National Bank-Its Trouble, Caused by a SpecuInting President. LIMA, O., March 1.-The Lima national bank has been closed by Examiner C. H. Ford on the order of the comptroller of the currency. The trouble is brought about by the speculations of the president, B. C. Faurot, who for the past four years has been engaged in extensive railroad and land projects in Mexico, which have resulted disastrously. He borrowed from the bank extensively. and although securing it by ample meetings it created a distrust which brought on a run. The crisis has been impending for nearly a year, but was averted by heroic efforts on the part of the directors who saw too late their error. The capital stock is $100,000, and the holders belong mostly in this city. It is believed the depositors will receive their amounts in full. As the crash was expected it has caused little excitement and other banks are uninjured.


Article from Deseret Evening News, March 2, 1892

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A Bank Closed. LIMA, O,, March 1.-The Lima National Bank of this city was closed this morning by an examiner and order from the Comptroller of the Currency. The trouble was brought about by the speculations of President B. C. Fauret, who for the past four years has been engaged in extensive railroad and land projects in Mexico, which resulted disastrously. He borrowed from the bank entensively, and, although securing it by ample mortgage, it created distrust, which brought on a run. The cepital stock is $100,000, and the holders belong mostly in this city. It is believed that the depositors will receive their money in full.


Article from The Seattle Post-Intelligencer, March 2, 1892

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'SMHOLVASIG GASNHGNOO The bishop of St. Jacquien, France, is dead. The U. S. S. Yorktown, now at Callao, will be ordered to San Francisco. The inquiry into Edward M. Field's sanity is still in progress in New York. Fliteen Newfoundland seal-hunters perished in the late storm, and ten are missing. Tebb & Yelland, of Peterboro, Ont., are about to establish a boat-building yard at Victoria. The District of Columbia appropriation bill has been reported to the House and referred to committee of the whole. A negro suspected of being the brute who committed the outrage at Sedalia, Mo., last week, has been arrested at St. Louis. The final races for the world's skating championship, at Christiania, Norway, between Smart and Hagen, resulted in a victory for the latter. The Brisbane, Queensland, government will prohibit immigration temporarily because of am up Mou perfoldment 10 Jequinu eq1 city. Brain & Co.'s store, at Drain, Or., was burglarized Saturday night, the thieves obtaining $400. They failed in an attempt to blow open safe. 047 Young Raum testified in the pension office investigation at Washington City on Monday that he had not been allowed to defend himself against the charges. William H. Bradley, the venerable clerk of the United States court for the northern district of Illinois, died Tuesday afternoon, at Chicago, of apoplexy. A crazy shoemaker named Revell, living at Broadsworth, England, killed his four children on Sunday by cutting their throats. He then fatally wounded himself. Muir, a London shoemaker, who some time ago murderded a woman named Sullivan, who was living with him as his wife, was hanged on Tuesday in Newgate prison. Arabs have revolted in Tripoli because of the issuance of a firman by the sultan of Turkey making natives liable to conscription, from which they have been exempt. Jefferson Lodge, No. 12, I. O. G. T., of Port Townsend. celebrated its twenty-fifth anniversary on Monday. Delegations from Seattle and other cities were in attendance. As the Bering sea arbitration treaty has been signed, the English papers are pleased that the 10u PIP eseo the III court emerges touch upon the international equities. The first volume of Count von Moltke's war strepts 01 chicky JO si of military tactics. The volume contains 146 1864 JO JUM Datush eq1 01 Jelsting [etters] Twelvesuits now stand against the Wabash railroad, aggregating $104,000, growing out of the accident to the sleighing party at St. Louis in January, when eight persons were killed. The comptroller of the currency has appointed Isaac M. Smith, of McIntosh Falls, Vt., receiver of the First National bank of Deming and the First National bank of Silver City, both in New Mexico. General Murray will probably be appointed receiver for the savings department of the defunct California National bank, at San Diego, Cal. Ex-President Collins, of the bank, is still in custody. In the case of the Pacific Land Association vs. the city and county of San Francisco and 700 blooks 001 JOAO 01 one 01 other of Mission creek and Potrero lands, the defend"nom SIUB California's commissioner to the World's fair, Thomas L. Thompson, has allotted the space for the state's horticultural exhibit equally between the Northern and Southern California Citrus Fair Associations. The supreme lodge of the Knights of Rec procity met at Excelsior Springs, Mo., Tuesday and was somewhat of a fizzle. Only four delegates from the many lodges which the order claims in the country showed up. Thomas Douglass, ex-policeman and deputy inspector of customs, is in jail at San Francisco, exploine un "UUSIA searer statement THE persuge of the surveyor's office. Douglass was drunk, and Flynn's wounds may be fatal. The missing British steamer Sirius has been towed into San Diego, disabled. The Sirius has a cargo of coffee valued at $180,000 for San Francisco. On February 22 she lost her propeller and part of her shaft off Cedros island. An importer's case involving the constitution ality of the McKinley administrative customs act was argued before Judge Blodgett in the United States circuit court at Chicago Tuesday. out 10 JOANJ up peppep eSpnf 94L "$200 eq1 01 ON TIM asso ey: pus Chinese at Shanghai say that the accounts of the succes es of the government in the North were grossly magnified: that winter weather pus operations JO uo our редиолены that the rebels, who are 20,000 strong, are still secure in the mountains, ready to renew the rebellion when the weather becomes mild. The Lima National bank, of Lima, O., has 10 our sq posop used pesneo una " &q SHAL out by loss of public confidence owing to the desperate speculations of President B. C. Fauret, who borrowed heavily from the bank, though -uion 1080 TIM Deposition Signature poog SUJAIS 2011 The Molle Gibson mine. in Colorado, will disstore eq: SHOULD 000'978$ 10 spueptain email holders of record for March. It is estimated 01 IIIA spueplaip guy out 1841 000 up prud JOAD am ST SIND Resides *PIJOM our up enjur Auv sq quoum -0J 8 seq Ausdmos em esays 000.008$ 10 punj GAJOB It is said the Catholic church of Canada has Consentative em 4114 E орвш ment by which the church pledges itself to give the Conservatives the entire Catholic vote, on condition that Abbott, the present Dominion premier, shall retire in the near future and be B st OUM uyor 418 4q persons Roman Catholic Another part of the agreeII#49 our 1841 st justu REQUIRED up stoods The indictments against Milton Wright, genT pus Tellary eq1 10 quaSe 1840 M. B. Kehlor, of St. Louis, doing business under the name of Kehlor Bros., for violation of the interstate commerce act by cutting rates on


Article from Los Angeles Herald, March 2, 1892

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An Ohio Bank Wrecked. LIMA, O., March 1.-The Lima National bank, of this city, was closed this morning by the examiner, on the order of the comptroller of currency. The trouble was brought about by speculation of the president, B. C. Fauret, who for the past four years has been engaged in extensive railroad and land projects in Mexico, which resulted disastrously. He borrowed from the bank extensively, and although securing it by ample mortgages, it created distrust which brought on a run. The capital stock is $100,000, and the holders belong mostly in this city. It is believed the depositors will receive their money in full.


Article from The Salt Lake Herald, March 2, 1892

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Lima, 0., National Bank Closed. Lima, O., March 1.-The Lima National bank of this city was closed this morning by the bank examiner on the order of the comptroller of the currency. The trouble was brought about by the speculations of President B. C. Fauret, who for the past four years has been engaged in extensive railroad and land projects in Mexico, which resulted disastrously. He borrowed from the bank extensively and although securing it by ample mortgages it created a distrust which brought on a run. The capital stock is $100,000 and the holders belong mostly in this city. It is believed the depositors will receive their money in full.


Article from The Record-Union, March 2, 1892

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National Bank Failure. LIMA (0.), March 1.-The Lima National Bank of this city was closed this morning by the Examiner on the order of the Comptroller of the Currency. The trouble was brought about by speculations of the President, C. B. Fauret, who for the past four years has been engaged in extensive railroad and land projects in Mexico, but which have resulted disastrously. He borrowed from the bank extensively, and although securing it by ample mortgages, it created distrust, which brought on a run. The capital stock was $100,000, and the holders belong mostly in this city. It is believed depositors will receive their money in full.


Article from Pittsburg Dispatch, March 2, 1892

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TOO MANY IRONS IN THE FIRE. Gets a Lima Bank in Trouble, aitil a Receiver Will Be Appointed. LIMA, March 1.-[Special. ]-Lima National Bank was closed to-day by order of the Comptroller of the Currency. George H. Ford, examiner, is in charge. He said tonight the depositors would be paid in full, and that a receiver would be appointed as soon as he receives full instructions from Washington. Cashier Langan states that the depositors will be paid in full and that stockholders will be paid their investment if the affairs are handled in proper manner No statement is as yet made of the assets and liabilities, but one is being prepared. Mr. Faurot, the President of the bank, made heavy investments in the stock of the Columbus, Lima and Milwaukee Railroad and in a Mexican land deal. Rumors became prevalent that he was heavily involved and had the effect of running the deposits of the bank down from $600.000 18 months ago to less than $130,000 at present. He has placed mortgages on real estate for $165,000 to secure depositors and stockholders. He built the Opera House, which bears his name; was President of the Lima Street Railway and Electric Light Company, and was interested in many other enterprises. The closing of the bank had but little effect on the other banks.


Article from Grant County Herald, March 3, 1892

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AN OHIO BANK FAILS. Examiner Ford Closes the Lima National Bank-Its Trouble, Caused by a Speculating President. LIMA, O., March 2.-The Lima national bank has been closed by Examiner C. H. Ford on the order of the comptroller of the currency. The trouble is brought about by the speculations of the president, B. C. Faurot, who for the past four years has been engaged in extensive railroad and land projects in Mexico, which have resulted disastrously. He borrowed from the bank extensively, and although securing it by ample meetings it created a distrust which brought on a run. The crisis has been impending for nearly a year, but was averted by heroic eforts on the part of the directors who saw too late their error. The capital stock is $100,000, and the holders belong mostly in this city. It is believed the depositors will receive their amounts in full. As the crash was expected it has caused little excitement and other banks are uninjured.


Article from Union County Courier, March 11, 1892

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IN THE EAST. BALTIMORE special: Cardinal Gibbons has addressed a circular letter to the archbishops and bishops of the I nited States. in favor of a celebration with religious observance in all the Catholic dioceses in the United States on the 12th day of October next. commemorative of the discovery of America. YONKERS, N. Y. special: Rev. Mr. Conway. while attempting to preach here. was dragged from the platform and put out of the building by the police. after a desperate struggle. The police went to the hall at the request of a person. who said that Conway was about to make a speech which would cause trouble. NEWTONVILLE, Ind., is all excitement over a riot and cutting affray. A quarrel which began some days ago between u young man named Joseph Sherrill and one of a party drinking in a saloon was renewed. and the men finally came to blows, and eventually knives were drawn. AP took a hand. Joseph Sherrill was fatally wounded in the back with a knife: Jim Sherrill had his skull fractured and George Hill was stabbed in the left breast. They will-die. Two shots fired almost simultaneous y In a room occupied by Fernleigh Montague, an artist, and his wife, startled the families of Fourth street northeast, at Washington, D. C. The door was forced open by an officer, when husband and wife were found lying on the bed dead. From their position the woman had evidently lain on the bed and allowed her husband to place the pistol to her mouth and fire. Despondency. the result of long and painful illness, was undoubtedly the cause of the deed. THE Lima (Ohio) National Pank was closed by an examiner on the order of the Comptroller of the Currency. The trouble was brought about by the speculations of the President, who for the past four years has been engaged in extensive railroad and land projects in Mexico, which have resulted disas. trously. He borrowed from the bank extensively, and although securing it by ample mortgages it created a distrust which brought on a run. The capital stock was $200,000. It is believed the depositors will receive their money in full. INDIANAPOLIS, Ind., special: A fearful crime has been enacted at Alexandria. Altce Blader, the daughter of Farmer George Blader, was the victim of a vicious outrage. perpetrated by of and couple badly injured glassblowers. is confined The to girl her is bed. Miss Blader has been employed as a domestic and has borne an excellent reputation. A couple of glassblowers who boarded at the house induced the unsuspecting Kirl to get into a buggy for a short drive about town. They turned toward the country and when they had teached lonely spot


Article from Alma Record, March 11, 1892

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MEN AND THINGS. Jay Gould has started on a trip west, accompanied by his daughter and medical adviser. Sam McHargue, a desperate character of Williamsburg, Ky., shot and killed Deputy Sheriff Saddler. A stock train broke apart 20 miles east of Spring Valley, Minn., and 25 cars were ditched. Four carloads of stock were killed and a brakeman fatally injured. Ann French. of Belfast, Me., a widow, aged 90 and worth $100,000, has created a sensation by marrying Herbert C. Peavy. of Amherst, Me., aged 36, an itinerant peddler. The anarchists had a meeting in Chicago and eulogized Padlewski, the Russian who killed Gen. Silverkroft in Paris and was himself murdered near San Antonio, Tex. Gov. Pattison, of Pennsylvania, has commuted the sentences of Andrew Toth. Michael Sabol and George Rusnok, who were to be hanged on April 8. to life imprisonment. An explosion of a stationary boiler occurred at the S. F. & W. railroad round house at Savannah, Ga., killing four men and wounding others. The debris was scattered all over the city. The Lima National bank of Lima, O., has been closed by Examiner G. H. Hurd on the order of the comptroller of the currency. The trouble is brought about by the speculations of the president, B. C. Faurot, who for the past four years has been engaged in extensive railroad and land projects in Mexico which have resulted disastrously. He borrowed from the bank extensively and although securing it by ample mortgages it created a distrust which brought on a run.


Article from Grand Rapids Herald, December 1, 1892

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On Its Legs Again. LIMA, O., Nov. 30.-The affairs of the Lima National bank which failed last March were wound up today and taken out of the hands of the receiver by the payment of a second and final div. idend of fifty per cent. The money to liquidate this bank's affairs was paid to the comptroller two weeks ago, but his checks were not received until todav.


Article from St. Paul Daily Globe, December 2, 1892

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A Receiver Makes a Record. LIMA, O., Dec. 1.-The receiver of the Lima national bank is here from Galion to wind up the affairs of the bank, as the money to pay off all depositors has been paid in and the checks are ready to be distributed. The bank failed seven months ago, which makes one of the shortest receiverships on record.


Article from People's Voice, January 6, 1893

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BUSINESS FAILURES. THE MORE DISASTROUS ONES NOTED-BANKS GENERALLY. Jan. 11-First national bank, of Muncie, Pa. Jan. 23-First national bank of Downs, Kan.; $100,000. Jan. 25-Bank of Jefferson at Shepherdstown, W. Va. Jan. 29-Fall River county bank at Oelricks, S. D.: $30,000 Butler county bank at Chicora, Pa.: $60,000. Feb. 2-Commercial loan and savings bank at Kearney, Neb.: $150,000. Feb. 3-National bank of Silver City, and Feb. 4-Marcy, Geer & McCann's back at Raton, N. .M.; $800,000 First national bank of Deming, N. M. Feb. 6-Western Farm Mortgage Company at Denver; $1,000,000. Feb. 8 - Merchants' bank of Moorehead, Minn.: $175,000. Feb. 26-Newmarket (N. H.) savings bank suspended; $191,000. Mar. 1-Lima (0.) national bank. Mar. 21-Painesville (O.) Savings and Loan Association bank. Mar. 24 -American national bank of Birmingham, Ala. Apr. 15-Interstate national bank of New York. Apr. 27-Commercial bank of St. Paul, Minn.: ; $1,000,000. May 25-People's bank of Sea Isle City, N. J. June 4-Platte Valley bank at Central City, Neb. June 25-First national bank at Erie, Kan, Nesha county; losses, $30,000. Sep. 2-Nebraska State bank. at Crete. Sep. 23-Richmond (Me.) savings bank. Sep. 24-People's bank at Hope, Ark Oct. 17-Two Nebraska state banks, one at Ainsworth, the other at Springview. Oct. 27-Hot Springs (Ark.) Valley bank (private); $80,000. Nov. 5-Continental bank at Kansas City, Mo. Nov. 30-Stone City bank, of Joliet, 111., and Joliet Enterprise Co. (barb wire manufacturers); $1,000,000. Dec. 6-Wholesale mercantile firm of Wilczinski & Nelson at Greenville, Miss.: $100,000. Dec. 13-Black Hilis national bank at Rapid City, S. D. Dec. 13-Lipman & Co., jute merchants at Dundee. Scotland, failed for $1,250,000. Dec. 15-National bank of Newton, Kan. Dec. 18-Wholesale grocery in Brooklyn, N. Y.; $400,000. Dec. 26-E.S.Corser Minneapolis, real eastate dealer: $1,000,000.


Article from The Irish Standard, January 7, 1893

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GLANCE BACKWARD. Review of the Many Important Happenings of 1892. Heavy Business Failures, Startling Casualties and Horrible Crines-Industrial, Political and Sporting Events, Disastrous Fires of the Year, Etc. BUSINESS FAILURES. MORE DISASTROUS ONES NOTED-BANKS GENERALLY. Jan. 11-First national bank. of Muncie, Pa. Jan. 23-First national bank of Downs, Kan; $100,000. Jan 85-Bank of Jefferson at Shepherdstown, W. Va Jan. 29-Fall River county bank at Oelricks, S. D.; $30,000 Butler county bank at Chicora, Pa.; $60,000. Feb. 2-Commercial loan and savings bank at Kearney, Neb.: $150,000. Feb. 3-National bank of Silver City, and Feb. 4-Marcy, Geer & McCann's bank at Raton, N. M.; $800,000 First national bank of Deming, N. M. Feb. 6-Western Farm Mortgage Company at Denver; $1,000,000. Feb. 8 - Merchants' bank of Moorehead, Minn.: $175,000. Feb. 26-Newmarket (N. H.) savings bank suspended; $191.000. Mar 1-Lima (O.) national bank. Mar. 21-Painesville (O.) Savings and Loan Association bank. Mar. 24-American national bank of Birmingham, Ala. Apr. 15--Interstate national bank of New York. Apr. 27-Commercial bank of St. Paul, Minn.; $1,000,000. May 25-People's bank of Sea Isle City, N. J. June 4-Platte Valley bank at Central City, Neb. June 25-First national bank at Erie, Kan, Nesha county: losses, $30,000. Sep. 2--Nebraska State bank. at Crete. Sep. 23-Richmond (Me.) savings bank. Seu 21-People's bank at Hope, Ark Oct. 17-Two Nebraska state banks, one at Ainsworth, the other at Springview. Oct. 27-Hot Springs (Ark.) Valley bank (pri-, vate); $80,000. Nov. 5-Continental bankat Kansas City, Mo. Nov 30-Stone City bank, of Joliet, 111., and Jollet Enterprise Co. (barb wire manufacturers); $1,000,000. Dec. 6-Wholesale mercantile firm of Wilozinski & Nelson at Greenville, Miss.; $400,000. Dec. .11-Black Hills national bank at Rapid City, S. D. Dec. 13-Lipman & Co., jute merchants at Dundee, Scotland, failed for $1,250,000. Dec. 15-National bank of Newton, Kan. Dec. 18-Wholesale grocery in Brooklyn, N. Y.; $400,000.