Union National Bank - Racine, WI

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 2557
Charter Number: 2557
Start Date: August 13, 1900
Location: Racine, Wisconsin (42.726, -87.783)

Metadata

Model: gpt-5-mini
Short Digest: ca0c3611227e45dd

Response Measures

None

Description

Articles report that on Aug 13, 1900 the Union National's business and assets were transferred to the First National of Racine — a consolidation/transfer that effectively closes the Union National permanently. No run is described in these items. The transfer appears voluntary (to allow First National to realize on assets and settle depositors). Article also notes a prior 1893 temporary closing and reorganization.

Events (3)

1. September 1, 1881 Chartered

Source: historical_nic

2. August 13, 1900 Suspension

Cause: Voluntary Liquidation
Cause Details: Management decided to transfer business and assets to First National to allow that bank to realize on assets and settle depositors due to existing state of affairs; a consolidation rather than a run-induced failure.
Newspaper Excerpt: At 3 o'clock this afternoon took place the transfer of the business and assets of the Union National to the First National bank
Source: newspapers

3. September 1, 1900 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. August 15, 1900 Watertown Republican Watertown, WI

Article from Watertown Republican, August 15, 1900

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Article Text

TWO BANKS COMBINE. The Union National and First National of Racine Are Consolidated. Racine, Wis., Aug. 13.--[Special.]Two Racine banks were consolidated today. At 3 o'clock this afternoon took place the transfer of the business and assets of the Union National to the First National bank, a step that was decided on Saturday night. The deposits of the Union National amounted to about $500,000 and sufficient assets have been transferred to the First National not only to insure the payment of depositors in full. but to make it reasonably certain that the stockholders will also get their money all out. The Union National was organized in 1881 with a capital of $100,000 and developed quite a business, but in 1893, during the panic, was forced to close its doors. However, all depositors were paid in full and a few months later the bank was reorganized and the capital stock increased to $150,000. As there are three other banking concerns in the city, however, the Union National has not had very smooth sailing and on account of the existing state of affairs it was determined to make the transfer to the First National and allow that bank to realize on the assets and settle with the depositors. In the circuit court Judge Fish denied a motion for a new trial in the suit of Adam Deshoy against the Milwaukee Electric Railway and Light company.