19789. Paine Thrift Bank (Oshkosh, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 22, 1933
Location
Oshkosh, Wisconsin (44.025, -88.543)

Metadata

Model
gpt-5-mini
Short Digest
7179428a1489c21b

Response Measures

None

Description

Articles (Mar 22 and Sep 19, 1933) indicate Paine Thrift Bank was closed and under a receiver; customers are filing claims and stockholders are paying assessments. There is no mention of a depositor run. The bank is in receivership and appears to be in liquidation with anticipated dividends. I classify this as a suspension followed by closure/receivership (suspension_closure). OCR errors in Article 2 were corrected (garbled text referring to the city claiming against the closed bank and obtaining a first dividend).

Events (2)
1. March 22, 1933 Receivership
Newspaper Excerpt
the bank receiver has been recipient of paidin assessments from several of the stockholders. Collections in this regard have been moving at a satisfactory pace.; the closed City bank...the Paine Thrift bank...the claim the would result the obtaining...first dividend . . . . (OCR text)
Source
newspapers
2. March 22, 1933 Suspension
Cause
Government Action
Cause Details
Bank placed in receivership (closed by banking authorities/receiver) and depositors/creditors required to file claims; receiver collecting assessments from stockholders for liquidation/rehabilitation costs.
Newspaper Excerpt
Paine Thrift bank will be open again this evening...for filing of claims. ...the bank receiver has been recipient of paidin assessments from several of the stockholders.
Source
newspapers

Newspaper Articles (2)
1. March 22, 1933 The Oshkosh Northwestern Oshkosh, WI
Article from The Oshkosh Northwestern, March 22, 1933

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Article Text

MANY FILE CLAIMS AT THE PAINE BANK Paine Thrift bank will be open again this evening. from 7 to o'clock, for filing of claims. This accommodation was arranged for last night and tonight, for the convenience of persons who cannot visit the bank during regular daily hours, or during the noon hour Tuesday night. from to 8 o'clock, there was steady procession of customers, who appeared pleased with the arrangement for the evening business hour. In the last several days, the bank receiver has been recipient of paidin assessments from several of the stockholders. Collections in this regard have been moving at a satisfactory pace.

2. September 19, 1933 The Oshkosh Northwestern Oshkosh, WI
Article from The Oshkosh Northwestern, September 19, 1933

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Article Text

RESOLUTION Is Given First and Second Council Action to Be Taken at Meeting Oct. 2 First and second readings were resolution calling by the regular session the council last evening. opposition the council ordered cording and that be the regular Oct bond issue be used money needed meet general during 1933. the general fund having depleted heavy expenditures the persons thrown poor by unemployment, explained. signed by Alderchairman the finance provides for direct negotiation for the bonds Mayor Oaks, City Clerk Chase, and finance mayor taken the stand that this must done order not to cause through taking formal bids, matter was opened for argument, appearaccord reached NATURE OF BONDS The bonds bear interest will mature rially during years 1934 1937 1941 city officers are the issue not 95 per par value, which $1,000 each. The motion for proper advertisement resolution made Roeder. on the for nays, there were no opposing votes. council was informed that the city obtain the the closed City bank. and proper officials collect the amount from EXERCISE OPTION The explained by derman Marden, provided that the city claim the state the the Paine Thrift bank. its option dealing with the bank Mr. Marden explained that the the claim the would result the obtaining cent the total now, but with definite when the obtained He the has assured more will be out bank first dividend. Since the need he asserted offer should be cepted. The necessary make this possible was approved without comment