Article Text
OHIO BANK CLOSES Mar. National bank examiners here announced today the Citizens Nationbank Wilmington, Ohio, has been closed because frozen sets.
17813. Citizens National Bank (Wilmington, OH)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 8251
- Charter Number
- 8251
- Start Date
- March 5, 1931
- Location
- Wilmington, Ohio (39.445, -83.829)
Metadata
- Model
- gpt-5-mini
- Short Digest
08b4b63f
Response Measures
None
Receivership Details
- Depositor recovery rate
- 72.3%
- Date receivership started
- 1931-03-09
- Date receivership terminated
- 1937-01-29
- Share of assets assessed as good
- 45.6%
- Share of assets assessed as doubtful
- 32.6%
- Share of assets assessed as worthless
- 21.8%
Description
Directors closed the Citizens National Bank on March 5, 1931 and asked the Comptroller to take over for liquidation due to frozen assets, heavy withdrawals by farmers following drought and local rumors. The bank was placed in federal receivership and never reopened as an operating bank; dividends were paid to depositors during liquidation.
Events (7)
1.
June 7, 1906
Chartered
- Source
- historical_nic
2.
March 5, 1931
Suspension
- Cause
- Local Shock
- Cause Details
- Frozen assets and heavy withdrawals caused by drought losses to farmers, exacerbated by idle and malicious rumors about the bank.
- Newspaper Excerpt
- Directors of the Citizens' National Bank closed the institution today and placed its affairs in the hands of Federal banking officials... closed last March 5 because of frozen assets.
- Source
- newspapers
3.
March 9, 1931
Receivership
- Source
- historical_nic
4.
March 12, 1931
Receivership
- Newspaper Excerpt
- In speaking of Lanum, who has been appointed Receiver of the Citizens National Bank here... the liquidation of the National Bank Wilmington.
- Source
- newspapers
5.
July 27, 1931
Other
- Newspaper Excerpt
- The Citizens National Bank, closed last March 5 because of frozen assets, will pay a substantial dividend about September 15, according to an announcement made by Receiver Harry L. Lanum...
- Source
- newspapers
6.
October 13, 1931
Other
- Newspaper Excerpt
- The Citizens National Bank, which closed last March 5 because of frozen assets, will pay first dividend of 35 per cent. Tuesday, October 13, beginning...
- Source
- newspapers
7.
January 30, 1932
Other
- Newspaper Excerpt
- Dividend checks totaling approximately $75,000 will be distributed to 1,400 depositors of the defunct Citizens National Bank... The 15 per cent. dividend will be the second to be paid since the bank was taken over for liquidation by the U. S. Comptroller of Currency in March 1931.
- Source
- newspapers
Newspaper Articles (14)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
Steel Corporations Seek Court Reversal YOUNGSTOWN. O., March (AP)-In petition in error filed to. day in the court of appeals, the Bethlehem Steel corporation and the Youngstown Sheet and Tube company ask that the judgment given to opponents of their merger be reversed. The petition charges that Judge David G. Jenkins. enjoined the merger, erred in overruling motion for new trial, and that the facts set forth in the original petition are not sufficient in law to maintain the action. date for hearing in the appeals court has not yet been set, though it probably will not be held until June. BIRTH RATE INCREASE CONCORD. March (AP) Births more than doubled deaths in Cabarrus county in 1930, 1,085 persons being born during the year while 467 died. WILL MODERNIZE SHIPS. The navy department announced today that the battleship New Mexico will be modernized at the Philadelphia navy yard and the Mississippi at the Norfolk navy yard. CLOSE OHIO BANK CLEVELAND. March National bank examiners here announced today the Citizens National bank at Wilmington, Ohio, has been closed because of frozen assets.
Click image to open full size in new tab
Article Text
FROZEN ASSETS Cause Bank To Close. Farmers Forced To Withdraw Deposits Because or Drought today the gusher at Tioga forced place of was gradually brought Brought the Meeker more than feet Institution At Wilmington Ohio, Is the Taken Over By Federal Depart ment For Liquidation point control by tors of the Citizens National Bank closed the institution today and placed its affairs in the hands of Federal banking officials. George F Gaskell, bank examiner and an immediately began check of the bank' records. Late today they declined to make any statement of their findings Bank directors. in signed statement, blamed frozen assets" and heavy of deposits which lowed idle and reports of bank's the general action in closing the They bank solvent when and they believed no danger of loss Their statement Withdrawals Are Heavy the patrons and friends of the Citizens National Bank the Directors desire to thank you for your loyalty and friendship of the last quarter of Idle and malicious reports, com bined with general and crop failures, caused us to lose heavy deposits. Not being able combat counteract this unfriendly talk, and not being able to collect frozen assets without causing undue distress and hardship many of our patrons, we have no desire to do, we believe, that in order to best the for the protection of our depositors and to our time to our duty to close our bank for liquidation We believe there will be no loss The condition our bank justifies this statement, according to our judgment The was signed by Will Fife, Hugh McCoy H. Bryan E Briggs, F. M. Harlan and I. N. Lair A statement of the bank's condi tion. issued on 30 1930 $922,126.15 and deposits of $520,491.59 Patronized By Farmers The decision to close the institu tion followed meeting of four Di of the bank with the Chief National Bank Examiner in Cleve land Wednesday afternoon. William Fife President N. Lair, Cashier and H. Bryan and F. M. Harlan attended the meeting no at the bank and depositors made no demonstraThe Citizens' National Bank since its in 1910. had done of its business with farmers the having only compara the mercantile and factory banking business of the Farmers. suffering heavy losses because the drought have been forced draw on reserve sup plies of cash, cutting the bank's re For past year rumors have the ty the of threatening to curtail its oper There are two other banks in Will County National Bank and Trust Company and the Bank Officers of the Citizens' National Bank William Fife, President Hugh McCoy Vice President N. F. M. Assist ant Cashier Directors Lair Bryan. E. Briggs and F. M the the shipments
Click image to open full size in new tab
Article Text
FROZEN ASSETS Cause Bank To Close. Farmers Forced To Withdraw Deposits Because Of Drought Institution At Wilmington, Ohio, Is Taken Over By Federal Department For Liquidation. DISPATCH THE ENQUIRER Wilmington, Ohio, March 5-Directors of the Citizens' National Bank closed the institution today and placed its affairs in the hands of Federal banking officials. George Gaskell, national bank examiner, Cleveland, an assistant immediately began check of the bank's records. Late today they declined to make any statement of their findings. Bank directors. in signed statement, blamed "frozen assets" heavy losses of deposits which fol. lowed idle and malicious reports the bank's condition, general depression numerous crop for their action in closing the for liquidation. They the bank solvent when and they depositors in no danger of loss. Their reads: Withdrawals Are Heavy. "To the patrons and friends of the Citizens' National Bank. "We, the undersigned Directors, desire you for your loyalty and friendship the last quarter century. "Idle and malicious reports, combined general and crop failures, have caused us to lose heavy deposits. Not being able combat this unfriendly talk, and not being able to collect frozen without causing undue distress and hardship many of our patrons, which we no to do, we believe, that order to best conserve the assets for the protection of our depositors to give our time liquidate. duty to close our bank for "We believe there will be no loss to depositors. The condition justifies this statement, according to our The statement signed by Will Fife, Hugh McCoy. Bryan, Briggs, M. Harlan and N. Lair, Directors. statement of the bank's condi issued on December 30, 1930 shows $922,126.15 and deposits $520,491.59 Patronized By Farmers. The decision close the institution meeting four Di. rectors the bank the Chief National Bank Examiner Cleveland Wednesday William Fife, President: N. Lair, Cashier. and Bryan and F. M. Harlan attended the meeting. There was no "run" at the bank. and depositors made no demonstraCitizens' National Bank. since its in 1910, done its business with farmers of county, having only comparatively part the mercantile and factory banking business of the Farmers, suffering heavy losses because the drought, have been forced to draw on their supplies of cash, cutting the bank's re For the past year rumors have the concerning the condition of the bank, threatening to curtail its operation. There are two other banks in Will mingto- the Clinton County Bank Trust Company and the First Bank. Officers the Citizens' National Bank William Fife, Hugh McCoy. Vice President: Lair, Cashier: M. Harlan, AssistCashier. Directors Lair, William Hugh McCoy, Bryan, Dr. E. Briggs and F. Harlan.
Click image to open full size in new tab
Article Text
Town Topics SWEET PEA BOUQUETS were presented to all women arriving in the city the Atlantic Coast Line railroad Thursday. The flowers, do. nated by Miller Brothers' Goose Pond gardens, were presented by commitof the Chamber Commerce, including Dr. Vance, Capt. Kidd and W. A. Kenmuir in and Arthur Vonnegut. Harry Childs and T. Carlisle Crump in another. THE ST. PETERSBURG Festival of States described as of Flor: major winter events in list included on the time table of the Big Four railroad, which is part of the New York Central system, according to William F. Canada, general agent of the New York Central lines, was in the city Thursday OHIO BANK CLOSED National bank examiners here nounced today the Citizens National bank Wilmington, O., has been closed because of frozen assets.
Click image to open full size in new tab
Article Text
BANK H. Lanum Native Of Washington C. In speaking of Lanum, who has been appointed Receiver of the Citizens National Bank here, the Washington C. H. Herald says: Federal examiner Lanum brother of Dr. Lanum and Miss Dell Lanum. He was born and raised here and after graduating from the local high school became connected with one of the banks doing business here at that time, more than 30 years ago, and began his life Associated with banks in the larger cities Mr. Lanum later became an examiner of the State Department of Banks, "graduating," from them to National bank examiner and now comes his promotion in the Federal service to the liquidation of the National Bank Wilmington. Mr. Lanum has many friends here who feel pride his success and the honor that has come him.
Click image to open full size in new tab
Article Text
BANK RECEIVER SPEEDING WORK OF LIQUIDATING First Payment To Depositors To be Substantial One, It Is Said AMOUNT TO BE ANNOUNCED Converting Local Bank's Assets Is Said to be Progressing Satisfactorily The Citizens National Bank, closed last March 51 because of frozen assets, will pay a substantial dividend about September 15, according to an announcement made by Receiver Harry L. Lanum to the News-Journal Monday noon. Exact amount of the dividend cannot be state at this time but it is known that it will amount to a considerable sum of cash, which will be distributed to the depositors of the closed bank, and which in turn will be turned into local business channels. Every effort is being made by Receiver Lanum to hurry along the work, and an immense amount of clerical labor has been done out of banking hours in order to prevent any delay in paying back to depositors as much of their money as possible. Receiver's certificates, the first necessary step in the payment of dividends. are now being made out. This requires great amount of checking and rechecking, and cannot be hurried, it was pointed out. Announcement Good News While the Receiver has made no statement, as is customary, it is known that converting the bank's assets into cash or its equivalent, has been very satisfactory considering prevailing conditions, and since it had been predicted by some in a position, presumably, to know, that a dividend would not be paid for a considerable length of time, Monday's announcement comes as "cheer news" to the large number of depositors as well as the community generally. The Citizens National Bank was closed last March when the directors asked the National Bank Comptroller to take over its affairs and liquidate its assets, which were frozen. The bank did most of its business with farmers. The liquidation has gone along in a surprisingly smooth manner, considering the general business conditions, and especially in the farming line. Receiver Lanum has shown a willingness to co-operate in every reasonable way with those who owe the bank, yet has overlooked no opportunity to collect assets when necessary, it is stated by those who have followed the process of liquidation closely. His whole plan has been to conserve in every way the real assets of the bank and to assist, where possible in aiding slow-pay accounts to be liquidated.
Click image to open full size in new tab
Article Text
Today's Prize Winners (These hints each receive a prize of $1. Write with ink on one side of ginger. Cook two hours and seal. paper. Address contributions to HouseBucyrus. MRS BIRD BAKER. hold Editor, Plain Dealer. Prizes for week are mailed Monday of week Baked Mexican Steak. 1½ round steak Two in One Cookies. sugar shortening eggs sour cream soda. baking powder sifted flour broken nut meats vanilla Cream sugar and shortening. add eggs and beat Stir in sour cream sift all dry ingredients together and add to Drop from spoon on baking and bake for fifteen minutes. Cut up two squares of chocolate and melt After half of the mixture has been baked add melted chocolate and cup raisins and drop as before and bake Elyria. MRS. E. REISING. English Chutney. 12 large ripe tomatoes large onions peppers, green, red apples Chop through coarse food chopper and add quart vinegar, cups su- Flour Bacon drippings 1 green pepper, chopped salt and pepper Have the steak cut to 11/2 inch thickness. Pound into the meat onehalf to cupful the flour. Season with salt and pepper. Place in ba. con drippings and fry enough to well on both sides. Then add tomatoes, and green pepper Cover. Place in the and bake for two hours 302 degrees Fahrenheit. With this steak baked potatoes are good. R. S. 1217 Cleveland Heights Boulevard Named Bank Receiver by U. S. WILMINGTON, Sept. 29 Harry Lanum. receiver in charge of the Citizens National Bank here. today was appointed by the United States of currency ceiver for First National Bank at Lynchburg, near here. which closed its doors last Wednesday. Lanum immediately took charge of the Highland County institution BY WINIFRED H. GOODSELL Miss Goodsell, the Plain Dealer's is one of series of are sings she sending from there, showing the newest styles favored by the fashion PARIS will see in the accompanying illustration garments sketched the House of Molyneux. and while they are not especially intended as an ensemmode the contrasting colors has rather done away with this type of costume-st they could worn together with very effect. The coat, an model of green the top of bodice and sleeves being corded in intricate mode The collar black broadtail the fur forming an effective contrast The frock is also an afternoon mode and fashioned of brocaded green satin Note how the terminate at the back of the skirt with an tendant fullness, this effect favored mode of the Winter.
Click image to open full size in new tab
Article Text
Name Bank Receiver WILMINGTON Sept. 30 Harry L. Lanum, receiver in charge of liquidation of the Citizens National bank here, has been assigned to similar duties in connection with the recent closing of the First National bank of Lynchburg. Highland county
Click image to open full size in new tab
Article Text
CLOSED Checks To Be Distributed To About 1,500 Clinton County Residents PAYMENT Process Of Liquidation Of Trust Is Progressing, Receiver Says The Citizens National Bank, which closed last March 5 because of frozen assets, will pay first dividend of 35 per cent. Tuesday, October 13, beginning Harry L. Lanum, receiver for the bank, announced Saturday afternoon. Approximately $175,000 will go out to the bank's depositors. Authorization for pay" ment of the dividend was received by the bank receiver Saturday from the United States Comptroller of Currency. Checks payable to about 1,500 depositors were returned from Washington. Mr. Lanum issued the following statement in connection with the announcement: "All having persons claims against this trust are requested to call Tuesday after M., sign receipts and receive their certificates and dividend checks." Liquidation of assets of the institution is progressing satisfactorily, Mr. Lanum Saturday.
Click image to open full size in new tab
Article Text
$75,000 TO BE DISTRIBUTED TO 1,400 PERSONS Payment of 15 Per Cent. To Be Second Since Closing of Bank Last March DIVIDENDS TOTAL $250,000 Depositors Must Bring Their Receivers Certificates To Get Checks Dividend checks totaling approximately $75,000 will be distributed to 1,400 depositore of the defunct Citizens National Bank, Monday at 9 A. M., Harry L. Lanum, receiver, announced, Saturday. The 15 per cent. dividend will be the second to be paid since the bank was taken over for liquidation by the U. S. Comptroller of Currency in March 1931. The pay. ment, Monday, will place the amount paid depositors at $250,000. A first dividend of 35 per cent. was paid last October 13. Depositors received approximately $175.000 which was converted into business channels or.deposited in the two Wilmington banks. The receiver said, Saturday, in connection with the announcement of the payment of a dividend that future payments depended entirely upon the progress made in liqui dation of the defunct institution's remaining assets. All depositors must bring their receivers' certificates when they apply for the dividend checks, Mr. Lanum stated. Authorization of the payment of a 10 per cent. dividend was made by the U. S. Comptroller of Currency last December 29 in a message to the bank receiver. Mr. Lanum notified the Comptroller that funds were available for a 15 per cent dividend and this was approved. The action was taken by Mr. Lanum to provide Clinton County residents with funds to pay their December taxes and county officials co-operated by extending the time allotted to taxpayers. Wilmington business men regard the payment of the dividends by the bank an important factor in restoring economic stability in the community as a large share of the money is used by depositors to meet financial obligations.
Click image to open full size in new tab
Article Text
Bank's Receiver Answers. In the suit W. S. Wallace, Ohio, Harry Lanum, of the Citizens National Bank and the Citizens National Wilmington, for $9,900 alleged to value Liberty bonds and coupons alleged missing from Wallace's safety box the the receiver filed his answer in United States District Court. He admits that on March 1931, the plaintiff the bank and presented key safety which opened but denies knowledge the box, there that bonds other property Court asked dismiss the and award the defendant
Click image to open full size in new tab
Article Text
RECEIVER FILES ANSWER IN SUIT Denies Knowledge Of Bonds In Safety Deposit Box In Bank In the suit of W. S. Wallace, Wilmington, vs. Harry L. Lanum, as Receiver of the Citizens Na tional Bank of Wilmington, and the Citizens National Bank of Wilmington, for recovery of $9,900 alleged to be the value of Liberty bonds and coupons alleged to be missing from Wallace's safety deposit box in the bank, the receiver filed his answer in United States District Court at Cincinnati. He admits that on March 31, 1931, the plaintiff called at the bank and presented a key to safety deposit box which was opened for him, but he denies knowledge of the contents of the box, if there were any, or that there were any bonds or other property missing therefrom. Court is asked to dismiss the suit, and to award the defendant his cost
Click image to open full size in new tab
Article Text
assets, he has been unable do and in the opinion of said applicant that said sum of $1500 is the largest amount that can be realized." Approval of Comptroller of Currency has been given to compromise, applicant says. Started Stock Company The Wilmington Fair Company the original company. having been organized about 1920, and giving Its first Fair about 1922 The old Fairgrounds, then owned by Harry G. Chaney, were purchased, the race track was rebuilt and new art hall constructed. Finding that and County aid, which is compulsory under the state laws, could not be obtained for private fair company, the Clinton County Agricultural Society was formed, with few of the stockholders of the Fair company taken in as members of the new company. The Fairgrounds were leased to the Clinton County Agricultural Society by the Wilmington Fair Co., owners of the grounds, at rental of $1,500 per year. Officers of the two companies were identical. Almost from the first the fair companies were in financial difficulties and financing was done through the Citizens National Bank. In addition mortgage was placed on the real estate, said now to be $4,000 principal. No fairs have been held for two years, although last year the grounds were leased to Frank D. Woodland, Washington C. H. promoter, who put on small fair with only two weeks preparation. Elect New President Dr. Frank Peelle only recently became President of the fair companies and has endeavored, with few associates, to refinance and revamp the fair organization, so that could function. By clearing much of the indebtedness held by the closed Citizens National Bank. the present or the fair hopes to put ganization back on its feet. Its indebtedness consist of $4,000 will then gage on the grounds and some bills of which has the amount payable, been announced.