22597. Farmers Exchange Bank (Green Bay, WI)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
June 3, 1931
Location
Green Bay, Wisconsin (44.519, -88.020)

Metadata

Model
gpt-5-mini
Short Digest
db690334

Response Measures

Accommodated withdrawals, Public signal of financial health, Partial suspension, Books examined

Description

Multiple articles (dated 1931-06-03) describe a heavy run on six Green Bay banks, including South Side State Bank, triggered after the closing of the Brown County State Bank and the McCartney National Bank. Clearing-house action (requiring 30/60/90-day notices), armored deliveries of currency, and public statements stopped the run. No suspension or permanent closure of South Side State Bank is reported in these items.

Events (1)

1. June 3, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals followed the closing of Brown County State Bank and the recent failure of McCartney National Bank; circulation of groundless rumors also cited as contributing factor.
Measures
Clearing house order requiring 30/60/90-day notices on savings withdrawals; banks displayed large amounts of currency (armored trucks delivered cash); some banks stayed open late to allow withdrawals; public statements by prominent citizens to restore confidence.
Newspaper Excerpt
An order from the Green Bay Clearing House association, requiring from one to three months' notice on withdrawal of savings deposits, today appeared to have halted a heavy run on six local banks which followed the closing of the Brown County State bank for check by state examiners.
Source
newspapers

Newspaper Articles (3)

Article from The Sheboygan Press, June 3, 1931

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Article Text

Withdrawals Green Bay Are Checked Confidence Expressed In Solidarity Of Various Banking Institutions In That City Green Bay, Wis., order from the Green Bay Clearing House association, requiring from one to three months' notice on withdrawal of savings deposits, today appeared to have halted heavy run on six local banks which followed the closing of the Brown County State bank for check by state examiners. More than in currency, brought here armored trucks, express and parcel post from Milwaukee Chicago, was stacked conspicuously on bank counters to lend confidence to patrons. Anxious crowds milled through the bank reading the notices posted by the members when the banks opened for business this morning. Disturbances were minor nature, however, since fears of depositors previously had been assuaged by statements of prominent citizens and bankers expressed confidence in the solidarity of the institutions. Six Banks Involved The banks involved in the runs the National, Bank Green Bay, West Side State, South Side State, Farmers' Exchange, and the Peoples' Savings and Trust Officers of the House sociation for hours last night evolved the plan quiring 30, 90-day notices Scores depositors had taken advantage of demand privileges, safety deposit boxes for their money had cashiers' checks on Milwaukee Chicago banks. Affiliated In Investments Cashier Schultz the Brown County Bank that his bank affiliated in investments with the McCartney National Bank which closed its doors May 21, marking the first bank failure Green in years. The National Bank kept its doors open 45 minutes after regular closing hours yesterday to enable customers to make withdrawals they wished. In radio addresses last night, Fontaine, prominent lawyer and politician; R. Minahan Judge Carlton Merrill expressed their conviction that six Green Bay banks were sound shape and to deposit all their availpromised able funds local banks as indicative of their belief.


Article from The Oshkosh Northwestern, June 3, 1931

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Article Text

CLEARING HOUSE ORDER ENDS HEAVY RUN GREEN BAY BANKS Green Bay. order from the Bay Clearing House requiring from to months withdrawals savings deposits. today appeared have halted heavy six banks the clos. the Brown County State bank check examiners More than $500,000 in rushed here by armored trucks press parcel post from Milwauand Chicago stacked conspicuously bank counters to lend confidence Anxious through the lobbies association members the opened for morning since depositors been assuaged statements prominent bankers who expressed confidence the solidarthe The banks involved the runs are Bank Green West Side State: South Side State Farmers Exchange, People's and Trust Investment Officers the clearing house sociation conferred for hours last night and evolved plan quiring 30 60 and for notice itors had taken advantage of mand rented safety deposit their money cashiers checks on or Chicago banks. Cashier Schultz the Brown County bank announced that bank was affiliated in investments with the McCartney National bank which closed its doors 21 markthe first bank failure in Green Bay in 46


Article from Kenosha News, June 3, 1931

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Article Text

Can Withdraw Cash Only on Given Notice Green Bay Clearing House Takes Steps to Save Six Banks Green Bay, Wis.-(P)-An order from the Green Bay Clearing House association, requiring from one to three months notice on withdrawal of savings deposits, today appeared to have halted a heavy run on six local banks which followed the closing of the Brown County State bank for a check by state examiners. More than $500,000 in currency, rushed here by armored trucks, express and parcel post from Milwaukee and Chicago, was stacked conspicuously on bank counters to lend confidence to patrons. Anxious crowds milled through the bank lobbies reading the notices posted by the association members when the banks opened for business this morning. Disturbances were of minor nature, however, since fears of depositors previously had been assuaged somewhat by statements of prominent citizens and bankers who expressed confidence in the solidarity of the institution. The banks involved in the runs are the Kellogg Citizens National; Bank of Green Bay; West Side State; South Side State; Farmers Exchange; and the Peoples' Savings and Trust Investment company. Evolve Plan at Meet association conferred for hours last night and evolved the plan of requiring 30, 60, and 90 day notices on withdrawals. Scores of depositors had taken advantage of demand withdrawal privileges, rented safety deposit boxes for their money or had accepted cashiers' checks on Milwaukee or Chicago banks. Cashier A. FV Schultz of the Brown County bank announced that his bank was affiliated in investments with the McCartney National bank which closed its doors May 21, marking the first bank failure in Green Bay in 46 years. A near run on several banks was averted yesterday when the Kellogg Citizens' National bank kept its doors open 45 minutes after regular closing hours to enable to make withdrawals if they wished. The action, bank officials said, gave citizens the assurance necessary to halt the run. Vow Faith in Banks In radio addresses last night, A. B. Fontaine, prominent lawyer and politician; Dr. J. R. Minahan and Judge Carlton Merrill expressed their conviction that the six Green Bay banks were in sound shape and promised to deposit all their available funds in local banks as indicative of their belief. Several Green Bay citizens started withdrawing funds from their accounts after the Brown County bank shut its doors. Cashier A. F. Schultz said the bank was closed merely because the directors wished an accounting as result of heavy withdrawals following the closing of the McCartney National bank last Thursday. "Circulation of groundless and vicious rumors was responsible for the depositors' uneasiness," he said. "They will not lose anything as a result of the directors' action." There is one dentist for every 1700