22614. First National Bank (Hayward, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7831
Charter Number
7831
Start Date
March 8, 1924
Location
Hayward, Wisconsin (46.013, -91.485)

Metadata

Model
gpt-5-mini
Short Digest
cfc6451f

Response Measures

None

Receivership Details

Depositor recovery rate
16.2%
Date receivership started
1924-03-29
Date receivership terminated
1926-06-30
OCC cause of failure
Fraud
Share of assets assessed as good
28.4%
Share of assets assessed as doubtful
25.3%
Share of assets assessed as worthless
46.3%

Description

Articles report First National Bank of Hayward closed March 8, 1924 after discovery of an alleged shortage > $200,000; a receiver (C. P./C. B. Coffin) was appointed and the bank is in liquidation. Newspaper 2 uses the typo 'Haywood' for Hayward. No mention of a depositor run in these articles—this is a suspension leading to permanent closure/receivership and liquidation.

Events (5)

1. July 11, 1905 Chartered
Source
historical_nic
2. March 8, 1924 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of an alleged shortage of more than $200,000; president surrendered to federal authorities; led to closure and receivership.
Newspaper Excerpt
which was closed March 8 according to federal authorities, following the discovery to an alleged shortage of more than $200,000
Source
newspapers
3. March 29, 1924 Receivership
Source
historical_nic
4. April 17, 1924 Receivership
Newspaper Excerpt
C. P. Coffin of Chicago has been appointed receiver for the First National bank at Hayward, closed last month. (Apr 17, 1924 article).C. B. Coffin is named as receiver in the July article (likely same receiver, OCR/print variation).
Source
newspapers
5. July 24, 1924 Other
Newspaper Excerpt
First National Bank of Haywood is in the Process of Liquidation ... is now in process of liquidation, being in the hands of the receiver, C. B. Coffin. (Jul 24, 1924).
Source
newspapers

Newspaper Articles (2)

Article from River Falls Journal, April 17, 1924

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Article Text

Mr. and Mrs. William Warren returned to their home at Bessemer, Mich., Monday after a weeks' visit at the homes of Mr. Warren's sisters, Mrs. J. W. Allard and Mrs. A. Oligney. Harry Sauthoff, former secretary to Governor Blaine, is a candidate to succeed H. A. Huber as senator from Dane county. Huber, administration floor leader last session, will be a candidate for lieutenant governor The three one-act plays given by the Normal school faculty at the Auditorium last Friday evening were well attended and greatly enjoyed. The proceeds from this program are to go toward the expense of staging the June pageant. Final returns show that La Follette delegates won out in the Spring election by over 100,000 votes throughout the state. The amendment to increase the pay of state legislators was defeated by a vote of 249,553 to 189,245. C. P. Coffin of Chicago has been appointed receiver for the First National bank at Hayward, closed last month. An attempt is being made this week to reorganize the bank without going through the eastly proceedure of recivership. It does look as though the owner of the hereinafter mentioned cow is foolish to sell it, but here's his ad., as it appeared in a Barron county paper: "For Sale.-Full-blooded cow, giving milk, 5 tons of hay, a lot of chickens and several stoves." Mr. and Mrs. J. A. Haddow, Mrs. E. B. Armstrong, G. W. Chinnock, Jr., and son, Dwight, Mr. and Mrs. C. B. Medley and Mr. and Mrs. Harvey Dean went to Minneapolis last evening to attend the wedding of Mr. Haddow's son, Dr. Norval G. Haddow of Chippewa Falls, and Miss Louise Helen Miller. Anthony Meath, a New Richmond restaurant proprietor, was arrested last Wednesday on a charge of the illegal possession and sale of liquor. Dist. Atty. W. R. Kirk swore out the complaint upon alleged evidence secured by a detective sent to New Richmond for that purpose. It is alleged that Meath secured prescription liquor and then sold it at 35c a drink in his restaurant.


Article from The Telegraph-Courier, July 24, 1924

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Article Text

HAYWOOD BANK IN TO LIQUIDATE SOON First National Bank of Haywood is in the Process of Liquidation and a New Bank Being Formed. Hayward, Wis.-The First National bank here of which Henry E. Rohlf was president, and who last Saturday surrendered to federal authorities in Portland, Ore., and which was closed March 8 according to federal authorities, following the discovery to an alleged shortage of more than $200,000, is now in process of liquidation, being in the hands of the receiver, C. B. Coffin. Work of organizing a new bank to be known as the Sawyer County State bank, has been carried on here by a committee of six citizens since the First National bank's failure. Those on the committee are: District Attorney W. V. Silverthorn, chairman; Alvin Johnson, William Alexander, I. Silskey, Al. Hazelhurst and J. S. McGeorge. According to the committee members the plan is to have the new organization in a position where it can acquire the assets of the First National bank when the receiver offers them for sale. When that arrangement is completed the new bank is expected to open its doors for business. The only bank now operating in Hayward is the Farmers State bank.