First National Bank - Marshfield, WI

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 4573
Charter Number: 4573
Start Date: *
Location: Marshfield, Wisconsin (44.669, -90.172)

Metadata

Model: gpt-5-mini
Short Digest: 8828f0a0

Response Measures

None

Receivership Details

Depositor recovery rate: 57.8%
Date receivership started: 1932-12-22
Date receivership terminated: 1939-08-29
Share of assets assessed as good: 9.5%
Share of assets assessed as doubtful: 88.7%
Share of assets assessed as worthless: 1.8%

Description

Article (1932-12-30) describes local banks having closed and public funds tied up in the First National; funds were later paid by the state insurance fund. OCR errors in text; no explicit day of suspension or reopening mentioned. No description of a depositor run; the bank appears to have closed during the banking failures and not been described as reopening.

Events (3)

1. May 23, 1891 Chartered

Source: historical_nic

2. December 22, 1932 Receivership

Source: historical_nic

3. * Suspension

Cause: Macro News
Cause Details: Closure occurs in context of local banks closing during the wider banking crisis; public deposits tied up and later paid by state insurance fund.
Newspaper Excerpt: When the local banks closed, city officials called ... their money the fund and the state could not reimburse the city.
Source: newspapers

Newspaper Articles (1)

1. December 30, 1932 Marshfield News-Herald Marshfield, WI

Article from Marshfield News-Herald, December 30, 1932

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Article Text

City of Marshfield $42,in First National Insured by State MANY CLAIMS ON FUND The city of Marshfield has tied up in the First National bank $42,The amount insured by the state of Wisconsin but the state pay because from eight of dollars behind. When the local banks closed, city officials called Sol who that there money the fund and the state could not reimburse the city. sult, Marshfield and school ployes were obliged to loan could be negotiated by the city to meet its During its first 17 days an infunds the state paid Eventually all paid but the State Senator Thomas M. Duncan, requires about months audit claims and then they are promptly. Pass Law In 1931 little than year when 1931 legislature special session that private surety had cided to retire from the of public funds in some the state and in other parts deThe statutes that all designate by Dec. 10 the banks that to be public depositories, public deposits quiring bonded protection against loss. special islature organized and ready for Dec. One its first legislative acts law which made possible for banks accept public deposits without surety into state insurance fund the one per cent of the daily of such deposits. state fund thus ated insure deposits loss. The became effective Premium the state fund, heavy and the state board deposits, through the authority invested it, premrates from one to two per cent Considerable criticism has been directed state by some municipalities and other local whose funds became tied up in closed banks, the principal contention that the state does not settle some circles of the democratic party, which the administration of state on has come for repeal public deposits amount outstanding claims against the state fund been (CONTINUED PAGE