19655. First National Bank (Ladysmith, WI)

View Charter #5535 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5535
Charter Number
5535
Start Date
June 2, 1905
Location
Ladysmith, Wisconsin (45.463, -91.104)

Metadata

Model
gpt-5-mini
Short Digest
307ebf0427469888

Response Measures

None

Receivership Details

Depositor recovery rate
75.0%
Date receivership started
1905-06-02
Date receivership terminated
1912-03-31
OCC cause of failure
Fraud
Share of assets assessed as good
18.9%
Share of assets assessed as doubtful
39.7%
Share of assets assessed as worthless
41.5%

Description

Multiple contemporaneous newspaper dispatches (June 2–3, 1905) report the directors voted to close the First National Bank of Ladysmith temporarily and that National Bank Examiner Peter R. Earling was appointed receiver. No articles mention a depositor run. Subsequent local coverage indicates efforts to establish replacement banks and sale of the First National building, consistent with permanent closure under receivership.

Events (4)
1. August 13, 1900 Chartered
Source
historical_nic
2. June 2, 1905 Receivership
Source
historical_nic
3. June 2, 1905 Receivership
Newspaper Excerpt
National Bank Examiner Earling has been appointed receiver of the First National bank of Ladysmith, Wis.
Source
newspapers
4. June 2, 1905 Suspension
Cause
Government Action
Cause Details
Directors voted to close the bank and requested National Bank Examiner Peter R. Earling to take charge; examiner appointed receiver.
Newspaper Excerpt
the directors have voted unanimously to close its doors temporarily, and at their request Peter R. Earling, national bank examiner, has taken charge and been appointed receiver.
Source
newspapers

Newspaper Articles (18)
1. June 2, 1905 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, June 2, 1905

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Article Text

RECEIVER FOR LADYSMITH BANK Doors of the First National Closed Temporarily by Vote of the Directors. By W. W. Jermane. Washington, June 2.-The president of the First National bank of Ladysmith, Wis., has advised the controller of the currency that the directors have voted unanimously to close its doors temporarily, and at their request Peter R. Earling, national bank examiner, has taken charge and been appointed receiver. The resources and liabilities of the bank, on March 14, 1905, the date of the last report of condition, were as follows: Resources-Loans and discounts, $56,050; overdrafts, $924; U. S. bonds and premiums, $6,507; banking house, $5,816; other real estate owned, $4,180; due from banks and bankers, $3,833; cash and cash items, $5,794; redemption fund, $312; total, $83,420. Liabilities-Capital stock, $25,000; surplus and undivided profits, $3,613; circulation, $6,250; deposits, $42,659; notes and bills rediscounted, $2,197; bills payable, $3,700; total, $83,420.

2. June 2, 1905 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, June 2, 1905

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Article Text

A Wisconsin Bank Closes. Washington, June 2.-The president of the First National Bank of Ladysmith, Wis., has advised the comptroller of the currency that the directors voted unanimously to close its doors temporarily. National Bank Examiner Earling has been appointed receiver. The bank has a capital stock of $25,000.

3. June 2, 1905 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, June 2, 1905

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Article Text

WISCONSIN BANK CLOSED Directors Take Voluntary Action at Ladysmith, Wis. Washington, June 2.-The president of the First National bank of Ladysmith. Wis., has advised the comptroller of the currency that the directors voted unanimously to close its doors temporarily. National Bank Examiner Earling has been appointed receiver. Chicago, June 2.-The bank has a capital stock of $25,000.

4. June 2, 1905 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, June 2, 1905

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Article Text

VOTED TO CLOSE. Another Bank Goes Into the Hands of the Na. tional Examiner. Washington, June 2.-The president of the First National bank of Ladysmith, Wis, has advised the comptroller of the currency that the directors have voted unanimously to close Its doors temporarily, and at their request National Bank Examiner Peter R. Earling has taken charge. Examiner Earling has been appointed receiver. In a report made by the bank on March 14, 1905, $42,659 was owed depositors. The total capital was $83, 420.

5. June 2, 1905 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, June 2, 1905

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Article Text

is sending to the powers and while rejecting the suggestions for administrative reforms in asks for expressions on that from other countries interested, vet reached the State DepartWhether the United States will in the international discussion bound to arise in connection question is dependent to 80 ne upon the character of the MorocThe United States, it is dehas only its commercial interests, and future, to safeguard in that These are important now and to become much larger, but the States has no such interests politiMorocco as engage the attention European powers. General Henry C. Corbin, comthe Philippines Division, has to the War Department that nsport Sherman arrived at Manila Francisco lastnight with smallThe officials of the War are inclined to believe that Corbin has been mistaken and is no smallpox aboard the Sherpossibly some chickenpox. Hansbrough, of North Dakoon the President this morning some friends. The Senator cretary of the Treasury Shaw have agaged in an epistolary controouching npon the drawback questhis was one of the things he with the President. Senator rough is of the opinion that the deficit could be materially by abolishing the drawback. Secretary of War has selected General Adna B. Chaffee and Generals J. Franklin Bell Villiam Crozier to represent the States army at the annual of the French army, to be France during the early part of next. The three general will be accompanied by three Captain Daniel Moore, Artillery a relative of Mrs. Roosevelt; Grote Hutchinson, General one other captain not yet sewill be the aides to the general Cassini, the Russian Ambassamorning made an appointment the President this afternoon. presumed that the possibility of the near future between Russia pan will be discussed. In recent with the President, Japanese Takahira has made known to sident in a general way the attibis government on the subject satisfaction the Mikado would having the President act as an in the preliminary negotipeace should Russia manifest to come to terms. The will donbtless convey to the Ambassador his information as position. nctions were issued by the GenOffice today that will prevent person from entering on more acres of any kind of non-minunder the act of Congress of 30, 1890. Hitherto this act has not to apply to lands entered the timber and stone law, 'additional law and certain classscript and land warrants. The the new ruling will be to preersons from acquiring title to in violation of the spirit of Mineral lands will not be President of the First National Ladysmith, Wisconsin, has rethe Comptroller of the Curthe directors yesterday voted ously to close its doors tempoAt their request, National Bank Earling has taken charge been appointed receiver. The and liabilities of the bank at of business March 14, the date report, were $83,420 each. Cabinet meeting today the in the far East and the prosregarding peace were discussed a general way, most of the time ccupied with departmental matwas decided, among other that the body of John Paul Jones brought direct to Annapolis

6. June 3, 1905 Evening Star Washington, DC
Article from Evening Star, June 3, 1905

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Article Text

Ladysmith, Wis., Bank Closed. The president of the First National Bank of Ladysmith, Wis., has advised the controller of the currency that the directors have voted unanimously to close its doors temporarily, and at their request National Bank Examiner Peter R. Earling has taken charge. Examiner Earling has been appointed receiver.

7. June 3, 1905 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, June 3, 1905

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Article Text

BANK IS CLOSED. Institution at Ladysmith, Wis., Goes Into Receiver's Hands. Washington, D. C., June 2.-The president of the First National bank of Ladysmith, Wis., has advised the comptroller of the currency that the directors have voted unanimously to close the bank's doors temporarily. National Bank Examiner Earling has been appointed receiver. The bank has a capital stock of $25,000.

8. June 3, 1905 Bryan Morning Eagle Bryan, TX
Article from Bryan Morning Eagle, June 3, 1905

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Article Text

Temporarily Closed. Washington, June 2.-The president of the First National bank of Ladysmith. Wis., has advised the comptroller of the currency that the directors voted unanimously to close the doors temporarily, and at their request National Bank Examiner Earling has taken charge. Examiner Earling has The bank's been appointed receiver. capital is $25,000 and deposits $42,659.

9. June 3, 1905 Palestine Daily Herald Palestine, TX
Article from Palestine Daily Herald, June 3, 1905

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Article Text

Temporarily Closed. Washington, June 3.-The president of the First National bank of Ladysmith, Wis.. has advised the comptroller of the currency that the directors voted unanimously to close the doors temporarily, and at their request National Bank Examiner Earling has taken charge. Examiner Earling has been appointed receiver. The bank's capital is $25,000 and deposits $42,659

10. June 3, 1905 The Pensacola Journal Pensacola, FL
Article from The Pensacola Journal, June 3, 1905

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Article Text

BANK FAILURE IN WISCONSIN FIRST NATIONAL BANK AT LADYSMITH IN HANDS OF A RECEIVER, By Associated Press. Washington, June 2.-The president of the First National bank of Ladysmith, Wis., has advised the comptroller of the currency that the directors have voted unanimously to close its doors temporarily, and at their request National Bank Examiner Peter R. Earling has taken charge. Examiner Earling has been appointed receiver. The resources and liabilities of the bank on March 14,1905, the date of the last report of the condition, were $83,420. The bank's capital was $25,000 and deposits $42,659.

11. June 4, 1905 Gainesville Daily Sun Gainesville, FL
Article from Gainesville Daily Sun, June 4, 1905

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Article Text

Wisconsin Bank Fails. Washington, June 3.-The president of the First National bank of Ladysmith, Wis., has advised the comptroller of the currency that the directors have voted unanimously to close its doors temporarily, and at their request the National Bank Examiner Peter R. Earling has taken charge. Examiner Earling has been appoint receiver. The resources and liabi ities of the bank on March 16, 1906 the date of the last report of the COP dition were $83,420. The bank's cap. ital was $25,000 and deposits $42,659.

12. June 8, 1905 Valentine Democrat Valentine, NE
Article from Valentine Democrat, June 8, 1905

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Article Text

Wisconsin Bank Closes. The president of the First National Bany of Ladysmith, Wis., has advised the comptroller of the currency at Wash ington the directors voted unanimously to close its doors temporarily. National Bank Examiner Earling has been appointed receiver. The bank has a capital stock of $25,000.

13. July 12, 1905 Watertown Republican Watertown, WI
Article from Watertown Republican, July 12, 1905

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Article Text

TO GET TWO NEW BANKS Ladysmith Failure Followed by Rivalry to Establish Depositories-First National Building Secured. Ladysmith, Wis., July 10.-[Special.] -That Ladysmith will have another banking institution to take the place of the First National, which recently went into the hands of a receiver, within a few weeks, seems to be a certainty. A representative of the Union Investment company of Minneapolis was here a short time ago to investigate the advisability of opening a bank here. The plan is to purchase the First National building, but the company is said to have been anticipated in this by W. S. Manning of this city and a capitalist not a resident of Ladysmith, who, according to report, have bought the First National building for the purpose of opening a bank. According to Howard Dykman of the First National bank of Breckenridge, Minn., and a member of the Investment union, his company will build a new bank. A. B. Calef of Minneapolis, who is here with Mr. Dykman, will be cashier of the new bank and will own a goodsized block of the stock. The Union Investment company owns and operates fifty banks in the northwestern states. The Ladysmith bank will be No. 51.

14. January 1, 1906 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, January 1, 1906

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Business Failures Jan. 3-First national bank of Faribault, Minn., closed; receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 27-Standard Rope & Twine Co., N. Y., for $12,000,000. 29-Pan-American bank, Chicago; assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. 7-Coe Co., Minneapolis; liabilities, $200,000. Apr. 3-Ladoga, Ind., bank; assets $80,000, liabilities $109,000. 24-Canton, O., state bank closes Lexington, Okla., First national bank falls. 26-Barberton, O., First national bank Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in receiver's hands. 23-Vicksburg, Mich., exchange bank. 26-Knight, Donnelly & Co., Chicago. 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, Ill., and Toluca, III., national banks close. 6-Hagerstown, Ind., Commercial bank; liabilities, $125,000. 19-Spring Valley, O., bank closes. 20-City national bank, Kansas City, Mo. Aug. 3-West Liberty, Ky., bank closes. 21-Western bank, Louisville, Ky.; due to overloans. Sep. 19-Minot, S. D., national bank closes doors. Oct. 6-Peoria (I11.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national bank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks in Ch'cago. Chicago National, Home Savingsand Equitable company in liquidation. Local clearing house guarantees payment of $26,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank, Memphis, Tenn., close doors; first named in liquidation.

15. January 2, 1906 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, January 2, 1906

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Business Failures Jan. 3-First national bank of Faribault, Minn., closed; receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 27-Standard Rope & Twine Co., N. Y., for $12,000,000. 29-Pan-American bank, Chicago; assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. 7-Coe Co., Minneapolis; liabilities, $200,000. Apr. 3-Ladoga, Ind., bank; assets $80,000, liabilities $109,000. 24-Canton, O., state bank closes Lexington, Okla., First national bank fails. 26-Barberton O., First national bank Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in receiver's hands. 23-Vicksburg, M h., exchange bank. 26-Knight, Donnelly & Co., Chicago. 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, Ill., and Toluca, Ill., national banks close. 6-Hagerstown, Ind., Commercial bank; liabilities, $125,000. 19-Spring Valley, O., bank closes. 20-City national bank. Kansas City, Mo. Aug. 3-West Liberty, Ky., bank closes. 21-Western bank, Louisville, Ky.; due to overloans. Sep. 19-Minot, S. D., national bank closes doors. Oct. 6-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national bank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks in Chicago. Chicago National, Home Savings and Equitable company in liquidation. Local clearing house guarantees payment of $26,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank, Memphis, Tenn., close doors; first named in liquidation.

16. January 5, 1906 Morgan County Democrat Versailles, MO
Article from Morgan County Democrat, January 5, 1906

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Business Failures Jan. 3-First national bank of Faribault, Minn., closed; receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 27-Standard Rope & Twine Co., N. Y., for $12,000.000. 29-Pan-American bank. Chicago: assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. Apr. 3-Ladoga, Ind., bank; assets $80,000. liabilities $109,000. 26-Barberton. O., First national bank Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in receiver's hands. 26-Knight, Donnelly & Co., Chicago. Jul. 5-Spring Valley, Ill., and Toluca, III., national banks close. 6-Hagerstown, Ind., Commercial bank: liabilities. $125,000. Aug. 3-West Liberty, Ky., bank closes. Sep. 19-Minot. S. D., national bank closes doors. Oct. C-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla) national bank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks in Ch'cago. Chicago National. Home Savings and Equitable company in liquidation. Local clearing house guarantees payment of 826,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank. Memphis, Tenn., close doors; first named in liquidation.

17. January 12, 1906 The Montgomery Tribune Montgomery City, MO
Article from The Montgomery Tribune, January 12, 1906

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Business Failures Jan. 3-First national bank of Faribault, Minn., closed: receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 27-Standard Rope & Twine Co., N. Y., for $12,000,000. 29--Pan-American bank, Chicago; assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. 7-Coe Co., Minneapolis; liabilities, $200,000. Apr. 3-Ladoga, Ind., bank; assets $80,000, liabilities $109,000. 24-Canton, O., state bank closes Lexington, Okla., First national bank fails. 26-Barberton, O., First national bank Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in receiver's hands. 23-Vicksburg, Mich., exchange bank. 26-Knight, Donnelly & Co., Chicago. 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, Ill., and Toluca, Ill., national banks close. 6-Hagerstown, Ind., Commercial bank; liabilities, $125,000. 19-Spring Valley, O., bank closes. 20-City national bank, Kansas City, Mo. Aug. 3-West Liberty, Ky., bank closes. 21-Western bank, Louisville, Ky.: due to overloans. Sep. 19-Minot, S. D., national bank closes doors. Oct. 6-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national bank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks in Ch'cago. Chicago National, Home SavIngs and Equitable company in liquidation. Local clearing house guarantees payment of $26,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank, Memphis, Tenn., close doors; first named in liquidation.

18. February 10, 1906 The Ladysmith News and Ingram News Ladysmith, Ingram, WI
Article from The Ladysmith News and Ingram News, February 10, 1906

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THE CITY AND VICINITY The Misses Eleanor and Della Manes returned Tuesday from a visit at Neilsville. F.C. Fagan of Glen Flora was in Ladysmith Thursday. Farm insurance lower than it has ever been written here. See us before insuring and save money. ANDERSEN & ANDERSEN. W. A. Carroll of Bruce was a visitor in Ladysmith Wednesday. P. R. Earling, receiver of the First National bank, was in the city a few days this week. E. L. Higgins, supervising engineer of the Superior & Southeastern railway, was in Ladysmith Thursday. Attorney A.N. Anderson made a business trip to Ingram Thursday. County Suberintendent Mackin visited schools in the town of Stubbs the first of the week and later in the town of of Washington. Mrs. V. A. Paulson went to Bruce Thursday for a few days visit. Miss Laura Howe, teacher in the Gerard district south of Bruce, has been called to her home at Northfield, Minn., by the serious illness of her mother. R. H. Harrison of Fern was a business visitor in Ladysmith Monday. A. F. Hein and wife of Tony were visitors in Ladysmith Monday. Born-To Mr. and Mrs. John P. Pederson on Monday, the 5th inst., a son. J. C. Stubbs of Weyerhaeuser was a business caller in Ladysmith Tuesday. W. N. Allen of Wausau was a visitor in the city Tuesday-looking over the country for other parties. The Reverend Sherman of Rib Lake has been a guest of the Reverend Barstow this week. B. A. Grunseth, the Ingram merchant, was a business caller in Ladysmith Wednesday. H.N. Lowell, who came to the city some months ago, will soon return with his family to Canton. Reverend Barstow entertained members of the Chistian church at the Ivan Lepley home Thursday evening in honor of his guest, the Rev. Sherman of Rib Lake. Miss Maisie Page entertained a number of her friends at the paternal home south of the city Wednesday evening. The occasion was an anniversary of the young lady's birthday. The Harmony club met with Mrs. Blonde and Miss Paul Tuesday evening at the Robert Corbett residence and were royally entertained. Luncheon was served and the evening was spent in reading and discussion. The Cresent society met at the Odd Fellow hall Tuesday evening. The young men of the society served luncheon and a good time was enjoyed. Edward Klipps was in the city from Flambeau Tuesday. Baxter & Goocher can sell milk cheaper than others because they have the trade, and sell for cash.. Baxter & Goocher can furnish cream milk or skimmed milk in any quantity desired and cheaper than any one else. See them and get prices. Remember-wood is taken on subscription a tthe News office. WASHING-washing called for and delivered. Address me through p. o. J. A. Benson. FOR RENT-Four room house, $5.00 per month. Inquire at this office.