First Citizens National Bank - Mount Sterling, OH

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 5382
Charter Number: 5382
Start Date: May 1, 1928*
Location: Mount Sterling, Ohio (39.719, -83.268)

Metadata

Model: gpt-5-mini
Short Digest: 2538f404

Response Measures

None

Receivership Details

Depositor recovery rate: 58.6%
Date receivership started: 1928-05-19
Date receivership terminated: 1931-07-16
Share of assets assessed as good: 42.9%
Share of assets assessed as doubtful: 36.1%
Share of assets assessed as worthless: 21.0%

Description

The bank was closed (suspended) in the third week of May 1928 due to frozen assets (wartime land paper). A federal receiver (C. H. Jones) was appointed and began taking proofs of claim (Aug 29, 1928). No contemporaneous run is described in the articles; later the receiver filed a fraud suit (Oct 1928).

Events (5)

1. May 31, 1900 Chartered

Source: historical_nic

2. May 1, 1928* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closed in third week of May 1928 because of frozen assets, particularly wartime land loans/land paper.
Newspaper Excerpt: The bank was closed the third week in May the action being taken because of frozen assets, especially in wartime land paper.
Source: newspapers

3. May 19, 1928 Receivership

Source: historical_nic

4. August 29, 1928 Receivership

Newspaper Excerpt: Beginning on Wednesday, Aug. 29th. the Receiver of the First-Citizens National bank will receive proofs of claim for deposits and other accounts held against the bank. C. Jones, receiver for the closed First Citizens National Bank of Mt. Sterling, has begun task of receiving proofs ... The federal banking department will not mail notices to all depositors ... Claims must be filed within three months.
Source: newspapers

5. October 20, 1928 Other

Newspaper Excerpt: An alleged fraudulent transfer ... from E. Quimby Smith, president of the defunct First Citizens National Bank of Mt Sterling, ... was charged by C. H. Jones receiver for the bank, in a suit filed Friday in federal court.
Source: newspapers

Newspaper Articles (3)

1. August 25, 1928 The Circleville Herald Circleville, OH

Article from The Circleville Herald, August 25, 1928

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Article Text

ADJUSTING OF MT. STERLING BANK STARTED Receiver To Take Proof of Claims Starting On Wednesday, Aug. 29th. MT. STERLING, Oug. 23 Beginning on Wednesday, Aug. 29th. the Receiver of the First-Citizens National bank will receive proofs of claim for deposits and other accounts held against the bank. decided not be the best course to mail had previously been considered here, so that this tice as published in successive of The will be the only notice to prospective claimants. Claims must filed in three months. In filing pass books, certificates of deposit must be surrendered to receiver. who, in due course, issue Receiver's Certificate to the claimant. It will be impossible, of course for the receiver and his assistants to handle more than a percentage of the customers of the bank day. While who appear will be taken care of so far whatever day they possible on pear, it will save time for customers and officials of the bank if claimants will come on the days, set apart, lowing ly for names beginning with their letter, and on these days claimants coming under the letter assigned will have first preference as lows: 30-31, B: Sept. Aug Aug. Sept 10 6: Sept. 17 E: 20. Sept. Sept. K: Sept 24, 25, L: Sept. 21. Oct. 27. M; Oct. Oct 10. R: Oct. 17, 18, Oct. to Proofs of claim may not be made Saturdays but on any day in accord with the above schedule may be filed between and 12 or and 3 o'clock. There will be no advantage in filing claim out of the order as given in the schedule above. but claimants asked to be prompt on the days assigned to their letters. Mr. R W Goodhart, special aminer of Trusts is here with assistant, Mr O'Dwyer, who is accompanied by his wife, engaged in a regular examination of bank closed as the one here. Inquiries made by bankers indicate that interest is manifest relative to the starting of new bank here, and it does not seem impossible that before long some outside parties initiate a in this direction.

2. September 6, 1928 The Circleville Herald Circleville, OH

Article from The Circleville Herald, September 6, 1928

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Article Text

MT. STERLING BANK PLAN NEW SCHOOL CLAIMS ARE FILED FOR NEW HOLLAND Enrollment Forces Record Board to Rent Two Rooms In Fayette-Co. Sponsors of the proposed $60.bond issue for new school at New Holland building the fact that the board pointing to of education has been compelled rent two rooms from Fayetteto accomodate the record 1928 enrollment. The extra rooms were found to be necessary when school opened this week Total enrollment of which 248 are in the grades and 55 in the high school This is the largest high school in the history of the town. The following teachers have been selected: P. O. Wagner, perintendent; M. D. Sumption, Miss Katherine Baker, Miss Elizabeth Wottring Elzie Radcliffe, Miss Eunice Dennis, Miss Grace Peck, Miss Clara Turner, Miss Marie Hughes Mrs. Margie Arnold, Mrs. Elizabeth Leverson and Mrs. Ethel Owens The bond issue will be voted on at the November election. Reso lution authorizing the issue passed by the school board July, Receiver Reciving Proof of DeAccounts posits Examiner on Job. C. Jones, receiver for the closed First Citizens National Bank of Mt. Sterling, has begun task of receiving proofs the huge of and other of claims deposits held the bank accounts against The federal banking department will not mail has decided that it notices to all depositors, as announced, but all claims ned and filed within three must be Receiver In filing the that all pass Jones books certificates of deposit, be surrendered for the must issuance of a receiver's certificate to the claimant R. W Goodhart special of trusts, with his assistant been the Mt Sterling bank has at engaged in the regular tion of the closed bank Reports from business men interested in the project of the establishment of bank in the village, state that the is under consideration, plan no definite action has been but taken. Mt. Sterling bank afforded The financial for from four counties Franklin, Pickaway and Fayette, Sterling being located on the Mt southeast corner of Madextreme ison. within sight almost of perresiding in the other three counties. The bank was closed the third week in May the action being taken because of frozen assets, especially in wartime land paper.

3. October 20, 1928 Chillicothe Gazette Chillicothe, OH

Article from Chillicothe Gazette, October 20, 1928

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Article Text

BIG STATEMICHIGAN FIRST PERIOD Michigan 7- State 6. FRAUD IS CHARGED BY BANK RECEIVER Columbus, O., Oct. 20 (AP)-An alleged fraudulent transfer of prop. erty valued at $7500 from E. Quimby Smith, president of the defunct First Citizens National Bank of Mt Sterling, to Mary Mogan of tha town was charged by C. H. Jones receiver for the bank, in a suit 111ed Friday in federal court. Recovery of the property from Mrs. Mogan was sought by the receiver, who contended Smith was not authorized by the bank directors to carry out such a transfer. The suit was filed against her. In return for the property, the receiver alleged. the woman cancelled $7500 indebtedness. of $12,500, which Smith owed her. The transfer occurred Feb. 12, 1928, Jones stated.