First National Bank - Fennimore, WI

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 9522
Charter Number: 9522
Start Date: October 16, 1931
Location: Fennimore, Wisconsin (42.984, -90.655)

Metadata

Model: gpt-5-mini
Short Digest: 6ce8f770

Response Measures

None

Receivership Details

Date receivership started: 1931-10-16
Date receivership terminated: 1932-02-25

Description

Article (The Kickapoo Scout, 1931-10-22) reports First National Bank of Fennimore failed to open its doors the previous Friday. Closing was precautionary after inspectors marked bond holdings to current low market values, which they felt impaired capital. No run is described; reopening/reorganization was planned and little likelihood of depositor loss was reported.

Events (5)

1. August 27, 1909 Chartered

Source: historical_nic

2. October 16, 1931 Receivership

Source: historical_nic

3. October 16, 1931 Suspension

Cause: Macro News
Cause Details: General depreciation in the bond market caused marked-down securities that inspectors judged impaired the bank's capital, prompting precautionary closure.
Newspaper Excerpt: This community received another hard jolt when the First National Bank of Fennimore failed to open its doors for business last Friday morning. ... the inspectors, after a careful and minute check of the securities owned by the bank, decided there had been too great a shrinkage in the bonds ... and in their opinion impaired the capital stock of the institution. The closing was entirely due to the general depreciation in the bond market ... it was deemed best to close the bank, pending a re-organization of the same, to protect the interest of the depositors.
Source: newspapers

4. February 25, 1932 Restored To Solvency

Source: historical_nic

5. March 12, 1932 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. October 22, 1931 The Kickapoo Scout Soldiers Grove, WI

Article from The Kickapoo Scout, October 22, 1931

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Article Text

Earl Davis has traded his old Chevrolet for a new Chevrolet coach. Mr. and Mrs. Donald McDowell attended the Wisconsin-Purdue footbail game at Madison Saturday afternoon. Paul Sanger spent Sunday with relatives at Boscobel. Mr. and Mrs. Carl Helgerson of McFarland are visiting their uncle and aunt, Mr. and Mrs. O. J. Erie.. Sampling of tobacco at the Pool warehouse in Soldiers Grove began Tuesday. Paul Schoville had the misfortune to inujre his knee in a baseball game between Soldiers Grove and Seneca high schools Tuesday. All the ligaments were torn lose and he is now wearing a cast over the knee. Mrs. Sigrid Bergstein of Viroqua visited Mrs. Soren Hereid at the Oak Forest Sanitarium at Onalaska last Sunday. Dr. N. A. Peterson is a member of the International Assembly of the Inter-State Medical Association which meets in Milwaukee this week, Oct. 19-23, but he is unable to leave his duties to attend. Bernice Haffa and James Masat of Cazenovia called on Rev. and Mrs. Peter Doherty at Wonewoc Thursday. Mr. and Mrs. Earl Alexander and Mrs. Exie Alexander attended the golden wedding of Mr. and Mrs. Hank Williams Sunday. Mrs. Margie Stark of Westville, III., a former resident of Soldiers Grove and a cousin of R. L. Smith, has been visiting for a few days at the R. L. Smith home. and other friends, and also called at this office to pay her Scout dues. She returned to her home at Westville today. T. C. Silbaugh, 25, Viroqua, wanted for theft of an automobile Aug. 9. was captured near New Lisbon Thursday evening by Sheriff Jacobson. Brought to Viroqua he plead guilty to the charge and was sentenced to 4 to 5 years in state prison by County Judge Mahoney. W. H. Babcock of Oshkosh made this office a short visit Monday while passing through. Mr. Babcock, who is 83 years old, says that he visited Soldiers Grove in 1880 or 1881 when he brought a concert troupe here, the first concert troupe that ever -came to Soldiers Grove. He was well acquainted with Jim Davidson and Atley Peterson. This community received another hard jolt when the First National Bank of Fennimore failed to open its docrs for business last Friday morning. Its closing seems particularly tragic, inasmuch as there were ample funds on hand to meet any emergency, its business affairs were in excellent cor dition and there was not the slightes semblance of a run on the bank by its depositors. But the inspectors. after a careful and minute check ") of the securities owned by the bank, decided there had been too great a shrinkage in the bonds, which were checked off and charged to the bank at the present low level market value, and in their opinion impaired the capital stock of the institution. The closing was entirely due to the general depreciation in the bond market So it was deemed best to close the bank, pending a re-organization of the same, to protect the interest of the depositors. There seems but little likelihood that there will be any loss to the patrons of the bank. Efforts are being made to reorganize and reopen the institution at as early a date as possible.-Fennimore Times. Dewey Schoville of Trout Creek had an experience with the bull in his par ure that might have proved serious but luckily the bull tossed him out into a deep hole in the creek and Dewey escaped with a few tches and bruises. Still nother new racket has been devised to gull money from livestock produce S according to the latest report received by Commissioner William F. Renk of the department of agriculture and markets. A fraudulent stock-buyer has been working Rusk County recently visiting farmers and making large promises regarding prices and weights. According to the report, this stranger agrees to visit the farm with a truck, haul the cattle direct to the city and have the check payment sent direct from the commission firm. In all cases when the check come, the price has been under the market a heavy trucking charge is deducted, and the weights have been inaccurate. One farmer recently received $13.27 for a 1100 pound bull. The animal had been weighed as 885 pounds and instead of the promised price of 4 cents a pound, the price given was 2½ cents, and the trucking charge was $8.85, leaving the total returned to the farmer as $13.27. Commissioner Renk again warns farmers throughout the state to do business only through reputable shippers.