Article Text
Hurley National Suspends By resolution of the directors. the Hurley National Bank suspended business last It is possible that the bank will reorganize national bank examiner is in charge.
22626. Hurley National Bank (Hurley, WI)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- national
- Bank ID
- 11594
- Charter Number
- 11594
- Start Date
- June 25, 1932
- Location
- Hurley, Wisconsin (46.450, -90.187)
Metadata
- Model
- gpt-5-mini
- Short Digest
1ea2c64b
Response Measures
Full suspension, Books examined
Receivership Details
- Depositor recovery rate
- 76.2%
- Date receivership started
- 1932-06-21
- Date receivership terminated
- 1938-01-04
- Share of assets assessed as good
- 52.0%
- Share of assets assessed as doubtful
- 46.2%
- Share of assets assessed as worthless
- 1.8%
Description
Newspaper reports (June 24–25, 1932) state the bank suspended after withdrawals and depreciation in the market value of its securities; a receiver was placed in charge. The bank remained in receivership in subsequent years (articles 1933–1934 refer to 'Hurley National bank (receiver)' and receiver actions). OCR minor fixes applied (e.g., truncated text in Article 1).
Events (5)
1.
February 6, 1920
Chartered
- Source
- historical_nic
2.
June 21, 1932
Receivership
- Source
- historical_nic
3.
June 25, 1932
Receivership
- Newspaper Excerpt
- The Hurley National Bank closed Saturday noon and is now in the hand of a receiver. ... the bank closed ... is now in the hand of a receiver. Later articles (1933, 1934) refer to 'Hurley National bank (receiver)'.
- Source
- newspapers
4.
June 25, 1932
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Withdrawal of deposits (heavy withdrawals) combined with depreciation of the bank's securities triggered the liquidity problem.
- Measures
- Bank remained open Saturday forenoon; deposits made Saturday forenoon were to be returned to depositors; board voted to close pending possible reorganization.
- Newspaper Excerpt
- The bank's suspension is due, it is claimed, to withdrawal of deposits and depreciation in the market value of its securities.
- Source
- newspapers
5.
June 25, 1932
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Directors voted to suspend business to protect depositors after withdrawal of deposits and falling market value of securities; suspension placed bank in hands of receiver.
- Newspaper Excerpt
- The Hurley National Bank closed Saturday noon and is now in the hand of a receiver. At a meeting of the board of directors held on Friday it was voted to close the bank in order to protect depositors and pending possible reorganization.
- Source
- newspapers
Newspaper Articles (5)
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Article Text
Hurley National Bank Closes Its Doors Board of Directors Votes to Suspend Business; Was Organized More Than Twelve Years Ago. The Hurley National Bank closed Saturday noon and is now in the hand of a receiver. At a meeting of the board of directors held on Friday it was voted to close the bank in order to protect depositors and pending possible reorganization. The bank's suspension is due, it is claimed, to withdrawal of deposits and depreciation in the market value of its securities. The bank remained open Saturday forenoon. According to Chas. Noren, cashier, deposits made Saturday forenoon will be returned to the depositors. The last statement of condition of the bank at the close of business last Dec. 31 showed total resources of $732,223.23, with amounting to $532,703.04. The bank had paid in capital stock of $50,000. The last statement showed surplus, profits and reserves amounting to $31,020.19. Other liabilities were: Circulation, $50,000; bills payable, $45,000; and rediscounts, $23,500. Organized in 1920 The Hurley National Bank was granted a charter on February 6, 1920, and on March 23 that year opened for business, with W. D. Tyler, former Iron county clerk, as cashier. Chas Bonino has been president of the bank since it was organized. The first vice-president was John W. Black, of Minneapolis, who remained in that capacity until his interests were purchased by W. B. Foster and Mr. Bonino several years ago. Mr. Foster then succeeded Mr. Black as vice-president. Mr. Tyler was succeeded as cashier by J. H. Bradish, of Grand Forks, N. D., several years ago. A little more than two years ago Mr. Bradish resigned and Chas. Noren, who succeeded Mr. Tyler as county clerk, became cashier of the bank. J. B. Bertolone has been assistant cashier. Others on the board of directors besides Mr. Bonino, Mr. Foster and Mr. Noren, were W. H. McDonell, Geo. B. Gerry, A. E. Erspamer and Dominic Rubatt.
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Article Text
LOANS FOR WISCONSIN FROM THE FINANCE BODY Washington, D. Reconstruction Finance corporation announced today were authorized during January seven Wisconsin nine Wisconsin building loan associations. They Commercial National bank, Fond du Old National Farmers State bank Hurley National bank (receiver), First National bank Security Savings bank La Crosse, Lincoln State bank, Milwaukee BUILDING AND LOAN $60,000. Green Bay Avenue Mutual, Milwaukee. Milwaukee Keystone $60,000. Peoples Building Milwaukee, $26,000 Sherman Park Building MilwauCounty Building. West Allis. $9.West Allis Building West Allis.
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Article Text
Friola and Pasquale Costagna, all Hurley, stockholders in closed Hurley National bank. The receiver, Daniel Waite, said Mildred Flandrena holds ten shares, and that her unpaid assessment $1,000, plus interest Bessie Friola holds six shares and her unpaid assessment $600, plus interest, Waite said, while Costagna owes $800 and interest on an assessment against eight shares. For more than century, Britain numbers more female than male her population.
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Article Text
Court Confirms Awards in Alma Proceedings Neither Government Nor Property Owners Object to Figures. Superior, Wis. Patrick Stone was advised in federal district court that two damage suits against the hound bus lines have been settled court. In one case, Catherine Schalow her guardian, John Michalski, both Wausau, sued the company for for injuries the recelved when bus collided with which riding. In the other case, Leo Michalski, driver the car, asked $5,000 damages. final decree confirming the awards in condemnation in connection with the Mississippi river improvement project at Alma was The involved 1,740 acres of land in Buffalo county. Neither property owners objected to the awards. Judge Stone ordered default judgment against Mildred Flandrena, Bessie Friola and Pasquale Costagna, all of Hurley, and stockholders the closed Hurley National bank. The receiver, Daniel Waite, said Mildred Flandrena holds 10 shares and that her unpaid assessment plus interest. Priola holds shares and her unpaid assessment plus interest, Waite said, while Costagna owes $800 and on an against eight shares.