First National Bank - Millersburg, OH

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1923
Charter Number: 1923
Start Date: August 15, 1878
Location: Millersburg, Ohio (40.555, -81.918)

Metadata

Model: gpt-5-mini
Short Digest: d042a71c

Response Measures

None

Description

The article (Aug 15, 1878) reports that the Bank of Millersburgh, which succeeded the First National Bank (the First National withdrew in 1875), closed its doors on Aug. 15, 1878. It describes a closure/failure rather than a depositor run. I mark bank_name_unsure=true because the closure is reported for the successor firm Bank of Millersburgh rather than explicitly the First National at the time of closing. Cause attributed to 'hard times' and tight money (macro/systemic), and depositors expect losses until stockholders settle.

Events (3)

1. January 13, 1872 Chartered

Source: historical_nic

2. January 12, 1875 Voluntary Liquidation

Source: historical_nic

3. August 15, 1878 Suspension

Cause: Macro News
Cause Details: Closure attributed to hard times and the closeness of money; general tight money conditions led to insolvency/withdrawal of business and closing.
Newspaper Excerpt: The Bank of Millersburgh, at this place, closed its doors to-day at noon
Source: newspapers

Newspaper Articles (1)

1. August 22, 1878 The Stark County Democrat Canton, OH

Article from The Stark County Democrat, August 22, 1878

Click image to open full size in new tab

Article Text

BANKRUPT BUSINESS. A Millersburg Bank Closes its Doors. Millersburgh, O., August 15.-The Bank of Millersburgh, at this place, closed its doors to-day at noon, and as it has taken many by surprise, and the cashier, B. C. Brown, is absent from the city, your correspondent at this writing is unable to gather much of the inwardness of the cause of the closing, but on cornering one who has a great deal of knowledge on the subject, the following facts were elicited: The First National Bank of Millersburgh withdrew from business in 1875, and had at that time $200,000 deposits, all of which has been paid. The last. consisting of two certificates amounting to $600, was paid a day or two ago, and nothing is left unsettled with that corporation, but with its corporate officers and stockholders. B. C. Brown, James Morehead and Samuel R. Weirick were the successors to the First National Bank, under the name of the Bank of Millersburgh, and which closed its doors to-day. Their deposits amount to about $50,00 0, and the depositors are many. The fact of the hard times and the closeness of money matters would convey the idea that no one depositor had a great amount in the bank, but on the contrary the deposits would run from 850 and even up to $3,000, but not many to the latter amount. It has been known by many who were acqainted with its business for some time that this erisis was coming, and come it has with all the pangs it will entail on depositors, many of whom are in no shape to suffer loss. The stockholders express their ability to pay out in a little time, and even many of the depositors express entire confidence in the solvency of the bank, and others shake their heads in doubt. The stockholders composing the firm are among our oldest citizens, and although they do not possess much real estate, it is believed that they are all willing to toe the mark to the extent of their means. When the cashier returns a more detailed account can be given, if he is disposed to be conversant upon the subject. It is the first bank failure or temporary suspension, if it turns out to be the latter, that has ever taken place here, and it is to be regretted that it has come, but it is to be hoped that the matter will be straightened up in an honest way and all depositors be made whole, which will be done undoubtedly, if it is in the power of the proprietors to do so, as the citizens have confidence in the men who compose the firm and think them honest but have probably overshot in their investment.