19547. National Bank (De Pere, WI)

View Charter #6469 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
6469
Charter Number
6469
Start Date
February 15, 1932
Location
De Pere, Wisconsin (44.449, -88.060)

Metadata

Model
gpt-5-mini
Short Digest
58cfbc60f83a0a46

Response Measures

None

Receivership Details

Depositor recovery rate
54.2%
Date receivership started
1932-02-16
Date receivership terminated
1937-12-28
Share of assets assessed as good
22.2%
Share of assets assessed as doubtful
39.8%
Share of assets assessed as worthless
37.9%

Description

Articles describe the National Bank of De Pere being closed by directors on Feb. 15, 1932, a receiver (L. J. / L. Bosworth) appointed shortly thereafter, discovery of large shortages/forged notes and indictments of the cashier Omer M. Kiley for misappropriation/embezzlement. The bank remained closed and was liquidated (receiver statements, asset collections, sale of building in 1933). OCR errors in articles (names and word order) were corrected where obvious (e.g., dates, 'Bosworth' as receiver, 'Kiley' cashier). No bank run is described in these articles—closure followed discovery of adverse bank-specific information/forgery.

Events (7)
1. October 23, 1902 Chartered
Source
historical_nic
2. February 15, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed the bank after examiners found apparent shortages, forged signatures and large amounts of forged notes; alleged embezzlement/misappropriation by cashier Omer M. Kiley.
Newspaper Excerpt
When the bank was closed by order of the directors on Feb. 15.
Source
newspapers
3. February 16, 1932 Receivership
Source
historical_nic
4. February 17, 1932 Receivership
Newspaper Excerpt
L. Bosworth is named receiver to liquidate affairs; inventory revealed apparent shortage in the accounts; examiners found forged signatures and shortages.
Source
newspapers
5. March 3, 1932 Other
Newspaper Excerpt
First statement of condition of National Bank issued ... Deposits $612,000; forgeries total $188,000 ... receiver interviewing; figures on shortages and forgeries being studied.
Source
newspapers
6. December 10, 1932 Other
Newspaper Excerpt
Kiley described methods he used to conceal large shortages in funds of the De Pere bank; civil action to determine ownership of about $40,000 in bonds; Kiley under indictment.
Source
newspapers
7. October 23, 1933 Other
Newspaper Excerpt
Authority to sell the lot, building, fixtures and furnishings of the National bank of De Pere ... sale approved to Frank Schumerth (bank closed Feb. 15, 1932).
Source
newspapers

Newspaper Articles (12)
1. February 17, 1932 Green Bay Press-Gazette Green Bay, WI
Article from Green Bay Press-Gazette, February 17, 1932

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Article Text

DE PERE NATIONAL BANK IS AROUND $200,000? L. BOSWORTH IS NAMED RECEIVER TO LIQUIDATE AFFAIRS Directors Raised $60,000 In Effort to Prevent Closing, Report. DE PERE an inventory the and liabilities the bank De which orders the of directors alleged of the Omer has revealed figures amount alleged the An opinion that the that figure the of closed No the bank's today connected the process of Bosworth Receiver McCartney National bank Green Bay terday the and His duties with both comappointment Mr. Bosworth the the Currency the United inventory of the assets and the bank being national placed of the institution regMonday, by Vincent and an apparent shortage in the accounts. examiners became suspicious signatures the an and forged in make shortage the critical and found Directors Raised Although not be positively from source that Mr. mayor directors the bank after investigation the federal bank that was short said that the irregularthe bank first started about when certain and juggling and nothing about the the first heard The the rectors closed complete Business Routine Not Interrupted. inventory being the examiner to turn Bosworth bank's of preparing ventory require the terday that and the bank Ancallers will the was explained in making of the National bank The routine here this but due at the end payment expected to find the this large amount taxes March to the fact that retail business concerns individuals depending deposited in the National pay taxes $12,000. City Money in Bank had collected The city the total tax roll The amount of the tax receipts and school money on City money on between was estimated clerk this mornThe deposit in two by bonds signed the direcand bond Brown county has deposthe according Ole treasurer. secured county the directors At bond signed by weeks deposcounty in the bank totalled of No money belonging to the De Pere Community Chest on deposit National bank the time was said the Mark that of the paid the of subbecause in that bank money bank, the law. subject to an to the value protect be known make the the the National Bank, the assessment would made the capital of closed Institution the larger stockholders in Some of be: E. W. Lawbank Wilcox estate. Wells Horace Smith. Edward and Mrs. Lee: Grover McGeeJohn Steckart estate and Kiley National Bank of De Pere has between 800 De majority said from the many Rownships surrounding the city.

2. March 3, 1932 Green Bay Press-Gazette Green Bay, WI
Article from Green Bay Press-Gazette, March 3, 1932

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Article Text

NO CHANGE IN ESTIMATE OF FORGED NOTES First Statement of Condition of National Bank Issued. DE on hand at the the National bank of De amounted only was revealed today the first relative the condition bank pension issued by the Bills including many admittedly forgeries by the who charged upwards and the jail the total the statement two with sets, than receivable and on the to total of the bank's and other represented in of assets Deposits the of $612 reached the unsecured as the Other liabilities are by by the bank pledge gating $25,800 as deposit pledge colbank aggregating money lateral the Federal Reserve bank. and the De Pere the latter is deposit total liabilities to Forgeries Total $188,000 occurred the No change of notes was learned forged this since the receiver gan interviewing no appear been the day the closing he admitted for. report submitted by the examforged and began going through other bank forgeries may not higher than the after signatures notes been and studied fully. the extent Kiley's defalcareach larger sum than $300,000. which the United States district attorney announced he had admitted. for the reason had not been for the Figures Until Mr. Kiley released bond the can affairs, the way of accurate will De people fear that Liberty and other negotiable paper the bank may not be located. all, of the bonds be deposit the vaults of Chicago they safer the deposit Kiley alone knows the whereabouts of such securities In the owners liberty bonds hold receipt from the cashattesting the that they were left at the bank. However, othhave receipt for entrusted to the cashier, it is said. BOND FURNISHED of Omer Kiley. De Pere charged with up to noon today The bond was reduced from $35,000 LEGAL NOTICES STATE WISCONSIN BROWN Wisconsin and Defendants CREDITORS OF THE COMPANY Wisconsin NOTICE hereby that Brown was entered whereby undersigned appointed the said are creditors said defendant become their claims tion hereby and debt over Courthouse and parties benefits judgment may ment. FRANK McGINN Wisconsin Dated March for Receiver STATE WISCONSIN FOR BROWN matter of the estate of and said fifth matter considered Hartmann admit Sylvester Hartmann late deceased with the annexed in hereby further given that And said and claims for and 2nd 1932 CARLTON STREHLOW & CRANSTON Attorneys

3. March 9, 1932 The Oshkosh Northwestern Oshkosh, WI
Article from The Oshkosh Northwestern, March 9, 1932

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Article Text

CONFERS WITH KILEY REGARDING THE closed National of De Pere yesterday conferred Omer M Kiley, former De and cashier the bank, in here after about $100,000 of the funds. The receiver ed in his position. to state Howit was understood the discussions centered about Kiley might assist in untangling the bank's The banker held under $20,000 bond to await grand jury THREE BANKS OPEN. Stanley, banks closed several months ago because financial have opened for business in this territory. The institutions The Farmand Merchants bank. Stanley the Northwestern bank, Chippewa Falls, and the Bank Elk Elk Mound. Officials said the conditions the banks were such that "their communities will not suffer materially from the closings. The banks have been reorganized.

4. March 11, 1932 Green Bay Press-Gazette Green Bay, WI
Article from Green Bay Press-Gazette, March 11, 1932

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Article Text

BAIL; TO RECEIVER Spends First In SeDay clusion, May Make Statement Later. DE PERE Wis Released the county der Omer M. former cashier of the De Pere National bank. was ready to help out the institution's tangled affairs today Kiley arrived De Pere on the Milwaukee road train night. in company his brother. W. Kiley. also one of men He went directly to his home and remained in clusion intimated that he might have statement later. Kiley was his arrest by United States orities Feb. charges embezzling more of the bank's funds. He has admitted the estimated the amount involved would total more Friends strenuous effort raise the bond that Kiley could Bosworth. receiver, in going over the accounts. The bond executed the banker's brother Walter Kiley. and William of Pere Bosworth has that 79 stockholders the bank will be sessed

5. May 18, 1932 Green Bay Press-Gazette Green Bay, WI
Article from Green Bay Press-Gazette, May 18, 1932

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Article Text

$57,000 OF CLAIMS NOT FILED AGAINST CLOSED DE PERE BANK Receiver Requests That Depositors Present Claims to Avoid Disallowance. DE PERE days remain filed against the National bank of De Pere. clos. Feb. and claims aggregating nearly not been filed by was said today the receiver, Bos worth. Those who have neglected file their claims asked by worth do without further delay. When the bank was closed by der of the directors on Feb. 15. after

6. May 25, 1932 Green Bay Press-Gazette Green Bay, WI
Article from Green Bay Press-Gazette, May 25, 1932

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BANK RECEIVER GETS $4,500 ON KILEY BOND DE PERE-A check for $4,500 from the American Surety company, New York city, was turned over by the company's De Pere Agency, Smith and Smith to J. Bosworth receiver of the National bank of De Pere. yesterday afternoon in settlement in full on the bond it carried on the bank's former cashier. Omer M. Kiley. The American company is the second to meet its obligation by paying the amount of the cashier's bond. The first company paid $2,500. making total of $7,000 paid to date of the total carried by the cashier. One more company carried $3,500 and when that is paid the bank will receive total of $10,500 from surety companies. AUXILIARY TO MEET DE PERE-The American Legion auxiliary will meet tomorrow night at the Legion building. and the president. Mrs. Earl Walsh, and the secretary, Mrs. Louis Plog. will report on the ninth district conference held here last week. Plans will be completed for the sale of memorial poppies next Saturday. DE PERE PERSONALS Mrs. Kate Sullivan returned yesterday from St Mary's hospital, Green Bay, where she received treatments for five weeks She is at the home of James Manning, 918 Third-st Miss Nell Peters arrived from Milwaukee yesterday to spend a vacation here.

7. October 7, 1932 Green Bay Press-Gazette Green Bay, WI
Article from Green Bay Press-Gazette, October 7, 1932

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$119.000 CASH ON HAND FOR BANK'S CLAIMS Over 80 Per Cent of Stock Assessment Paid to Date. DE PERE Cash amounting to $119,046.14 is in the hands of the comptroller of the currency to the credit of the National bank of De Pere, revealed in the latest quar terly statement issued today by the bank receiver. L. J. Bosworth. This statement shows the condition of the bank at the close of business Sept 30, and is as follows: Assets Bills receivable $639 699 Cash hand $5,019.25 on Assets other than bills receivable and cash on hand $168,312.60 Additional assets acquired Stock assessment $100,000.00 Total of all assets coming into the hands of receiver $946,141.0 Remaining Assets Uncollected Bills receivable $464,116.40 Assets other than bills receivable $124,551.15 Additional assets acquired Stock assessments $19,885.88 Total assets uncollected. $629,645.56 Liabilities Total claims proven on unsecured liabilities $551,689.50 Total unproven unsecured claims $26,380.87 Total additional liabilities proven $3,215.48 Total of all liabilities $581,285.85 Dividends paid during last quarter $110,765.21 Dividends paid prior thereto. None Total dividends paid to date $110,765.21 Cash on hand $119,046.14 Progress in the liquidation of the affairs of the closed bank is shown in the statement. The collection of stock assessments has reached total above $80,000. approximately 80 percent of the bank's capital, $100,000. An 80 percent collection is above the Since the statement of June 30. the amount paid by stockholders amounted to $20,219.15. leaving $19,885.88 unpaid. The total assets uncollected was reduced $70,539 56 in the last three months, and the bills receivable were reduced $56,026.67 in that period. The large amount of cash In reserve is being held pending the adjudication additional claims filed, it is understood.

8. December 10, 1932 The Daily Tribune Wisconsin Rapids, WI
Article from The Daily Tribune, December 10, 1932

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BAY BANKER IS BOUND OVER TO FEDERAL COURT PLEADS NOT GUILTY TO SEVEN CHARGES GROWING OUT OF MISAPPROPRIATION OF FUNDS OF DEFUNCT McCARTNEY BANK. Green Bay, Wis., Dec. 10-(P)Pleading not guilty to seven charges growing out of misappropriation of funds of the McCartney National Bank of Green Bay, Joseph H. Tayler, former president of the bank, will go on trial in federal court at Milwaukee next Wednesday. Bound Over Friday Tayler was arraigned and bound over late yesterday by Judge F. A. Geiger in a federal court session at which Omer M. Kiley, former cashier of the National Bank of DePere and former mayor of De Pere, described some of the methods he used to conceal large shortages in funds of the De Pere bank. James H. McGillan, attorney for Tayler, attempted to enter plea of nolle to a charge that the former bank president manipulated three worthless checks to conceal the true condition of accounts, contending the transactions were little more than customary banking practice and were carried out without intent to defraud. Argument Not Acceptable The argument was not acceptable to Edward Gehle, federal district attorney, and the plea was entered as not guilty. Kiley testified in a civil action to determine ownership of about $40,000 in bonds. He acknowledged that he is under indictment for misappropriating large sums, and told the court he testified knowing that his statements might be used in criminal action pending against him. To deceive bank examiners, Kiley said, he took bonds of individuals from safety deposit boxes and from other places of safe keeping and deposited them temporarily with assets of the bank. Receiver Finds Them L. J. Bosworth, receiver of the De Pere bank, found the bonds among the bank's assets. He claimed them for the institution, but later the owners demanded them. The civil action was brought to establish ownership, and Judge Geiger awarded them to the individuals who originally brought them to the bank for safe keeping. Kiley will be arraigned in Milwaukee Monday on a charge of misappropriating funds of the bank.

9. December 11, 1932 Leader-Telegram Eau Claire, WI
Article from Leader-Telegram, December 11, 1932

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Green Bay Banker Pleads Not Guilty (By Associated Press) GREEN BAY, Wis., Dec. Pleading not guilty to charges growing out misappropriation funds the McCarthy National bank of Green Bay, Joseph H. ler, former president of the bank, will go on trial in federal court Milwaukee next Wednesday. Tayler arraigned and bound over late yesterday Judge Geiger federal court session which Omer Kiley, cashier the National Bank of De Pere former mayor of De Pere, described some the methods used conceal large shortages funds of the DePere bank. James H. McGillan, attorney Taylor, attempted to enter nolle charge the former bank president manipulated three worthless checks to ceal true condition accounts, contending the transactions were little more than customary banking practice and were carried out with out intent to defraud. The argument was not acceptable Edward Gehle, federal district attorney. the plea was entered guilty Kiley testified in civil action of about 000 in bonds He acknowledged that he under indictment for largo sums, the court testified knowing that statements might criminal action pending against him. To deceive bank examiners, Kiley said, he took bonds of individuals from safety deposit boxes and other places of safe keeping and posited them temporarily with the bank. Bosworth receiver of the bank, found the bonds among the bank's assets. He claimed them for the institution, but later the owners demanded them. The action was brought establish ership and Judge Geiger awarded them to the individuals ally brought them to the bank for Kilev will arraigned in Milwaukee Monday charge of misappropriating funds of the bank. had nothing on Clarence Smith's black crow. Among the bird's misdeeds police listed: Theft letter advising Maitland Palmer the death of his mother. Soiling woman's weekly washing pulling out all the clothes pins hung on line. Condemned to die, "Blackie" won reprieve Clarence tearfully premised to keep him locked up. It estimated that between twenty million meteorites the earth's surface every day. The hobby Gar boat racer, raising turkeys.

10. October 23, 1933 Green Bay Press-Gazette Green Bay, WI
Article from Green Bay Press-Gazette, October 23, 1933

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APPROVE BID ON OF BANK SITE Judge F. A. Geiger Authorizes Sale to Frank Schumerth. DE PERE-Authority to sell the lot, building. fixtures and furnishings of the National bank of De Pere to Frank Schumerth was granted by Judge F. A. Geiger in federal court, Milwaukee, Saturday, to the bank receiver, L. Bosworth, according to Jerome R. North, the receiver's attorney. The bid of $10,000, submitted sevetal weeks ago by Mr. was not the date of the expiration notices by the receiver, and the sale to the De Pere furniture and undertaker was approved. Formal transfer of the property will shortly. it assumed, although Mr. Bosworth was not his office today to confirm such an Although Mr. Schumerth is buying the property of the bank, which was closed Feb. 15. 1932, it is not his intention to hold it, it is understood. Negotiations for the acquisition of the building and furnishings to the State bank of De had been discussed by the officers Mr. Schumerth filed his and understood that the are to meet at convenient this week further into the deal. The National bank building larger than the and occupied, by the State bank, contains greater vault space. Both properties are lo. cated the Broadway, between George and James-sts.

11. October 31, 1933 Beaver Dam Daily Citizen Beaver Dam, WI
Article from Beaver Dam Daily Citizen, October 31, 1933

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JUDGE GEIGER PRESIDES AT GREEN BAY HEARING GREEN Federal Judge Geiger, Milwaukee. day opened hearing on actions recover bonds from the closed National Bank DePere. The against Bosworth bank receiver allege certain bonds were placed the bank. for safekeeping and should not be considered as part the bank's assets. Omer Kiley, cashier now term at Leavenworth prison for the institufunds, was here der guard testify in the

12. October 11, 1934 Green Bay Press-Gazette Green Bay, WI
Article from Green Bay Press-Gazette, October 11, 1934

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$59,447 ON HAND AT DE PERE NATIONAL BANK DE PERE-Cash in the hands of the receiver of the National bank of De Pere and of the comptroller the currency amounts to it revealed in the latest statement of conditions of the bank just issued by the receiver, L. Bosworth does not include $10.000 which agreed recently to pay while making a compromise offer the receiver. Total remaining uncollected assets amount to $230,067 the statement shows The amount of cash collected from and stock assessment is since the receiver began functioning in February of 1932. the the bank suspended operation Collections from other est. premium, rent, etc., bring the total to $383,173.