22500. Security Savings Bank (Ashland, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 22, 1906
Location
Ashland, Wisconsin (46.592, -90.884)

Metadata

Model
gpt-5-mini
Short Digest
1ef75532

Response Measures

None

Description

Articles (Feb and Jul 1906) refer to Security Savings Bank of Ashland as 'defunct' and 'when the bank suspended'. Receivers J. A. Paulson and Dr. Schlect are named and a grand jury probe is imminent, indicating suspension followed by winding up/receivership rather than reopening. No mention of a depositor run in the texts provided.

Events (2)

1. February 22, 1906 Receivership
Newspaper Excerpt
Another dividend has been declared by the receivers of the defunct Security Savings Bank at Ashland. ... Those who live in this city, who had deposits in the bank can get their dividends by writing J. A. Paulson and Dr. Schlect, receivers, Ashland, Wis.
Source
newspapers
2. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended and later declared defunct; grand jury to probe the affairs of the institution, indicating alleged mismanagement or adverse bank-specific information.
Newspaper Excerpt
when the bank suspended, that the assets would more than cover the liabilities, and that all would get 100 per cent on the dollar.
Source
newspapers

Newspaper Articles (2)

Article from The Washburn Times, February 22, 1906

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Article Text

# McLeod Makes a Proposition. Attorney A. W. McLeod appeared before a meeting of the depositors of the defunct Security Savings Bank at Ashland last week and made an offer of $35,000 for the total assets of the bank. The offer was rejected by the depositors. If they had accepted the proposition the affairs of the bank would have been wound up immediately and the depositors would receive about 40 per cent on the dollar. This would also have prevented the grand jury from probing into the affairs of the institution, which they will do inside of a month. The depositors are all anxious for an investigation as it was asserted when the bank suspended, that the assets would more than cover the liabilities, and that all would get 100 per cent on the dollar. A number of depositors live in this city. Fifteen per cent has already been paid on the deposits.


Article from The Washburn Times, July 12, 1906

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Article Text

The steamer Bradshaw will run an excursion from Duluth and Superior arriving in the city on the morning of the July 15th. Fully five hundred people are expected to come in on this excursion. Rev. Fossum of Duluth will preach at the Norwegian Lutheran church Sunday morning. The sermon will be in the nature of a tribute to the late Rev. O. E. Bordahl who died a short time ago, and who was the regular pastor of the church. Bayfield county strawberries are now upon the market and they are about the best that we have tasted this season. It is feared that the farmers will have a hard time to supply the demand owing to the shortage of the crops in the country south of us. C. H. Nygaard has moved his household effects to Chippewa Falls and will leave in a day or so with his family for that place. Mr. Nygaard expects to engage in the tailoring business at that place. We wish the family all kinds of success in their new home. Another dividend has been declared by the receivers of the defunct Security Savings Bank at Ashland. Those who live in this city, who had deposits in the bank can get their dividends by writing J. A. Paulson and Dr. Schlect, receivers, Ashland, Wis. Miss Maud Perley who has been employed in the office of Register of Deeds Myhre during the past year and a half, has resigned her position on account of ill health. She will spend the summer on her father's farm. Miss Lillian Mortensen has taken her place in the office. It is said that a good hearty laugh is a tonic. If so, those that go to see the Bence & Aller Co. at the Opera House tonight may depend on plenty of tonic being distributed, for there is more laugh to the square inch in "All a Mistake" than any show on the road. Tickets for sale at Sweet's. Word from all along the line of the Northwestern railroad in South Dakota, Nebraska, Iowa and Minnesota is to the effect that the excursion to be run to this city Friday evening will exceed anything in size that has ever been run to the Lake Superior. The visitors will find after visiting here that there is no better place to come to. Mrs. John Rockstad died at her home in this city Saturday evening of Consumption. Mrs. Rockstad had lived here a long time and had been a sufferer from the dread disease for some time. She was formerly Miss Betsie Aune. Her husband died about a year ago. She leaves three small children to mourn her loss. Funeral services were held at the Norwegian Lutheran church Tuesday afternoon.