First National Bank - Marshfield, WI

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 4573
Charter Number: 4573
Start Date: December 7, 1932
Location: Marshfield, Wisconsin (44.669, -90.172)

Metadata

Model: gpt-5-mini
Short Digest: 885a007f

Response Measures

Full suspension, Books examined

Other: Receiver appointed and limited payments/dividends made over time.

Description

A run on First National Bank began 1932-12-07 driven by rumors other local banks would not open; board closed the bank and placed affairs with the Comptroller. A receiver (Perry Peters) was appointed in December 1932 and the bank remained in receivership (dividends paid in 1934) — it did not resume normal banking operations.

Events (3)

1. December 7, 1932 Run

Cause: Rumor Or Misinformation
Cause Details: Rumors circulated that other Marshfield banks would not open, precipitating large-scale withdrawals from First National.
Measures: Board of directors closed the bank and placed its affairs in the hands of the Comptroller of the Currency pending investigation.
Newspaper Excerpt: the rumor, afloat in the city for several that other banks the city close...Such run began with the of the First National bank this morning.
Source: newspapers

2. December 7, 1932 Suspension

Cause: Rumor Or Misinformation
Cause Details: Immediate suspension enacted by board to prevent depositor preference after run triggered by rumors about other banks; awaiting comptroller's examination.
Newspaper Excerpt: The First National bank closed o'clock this morning upon olution of the board of directors who placed the affairs of the bank in the hands of comptroller of the currency Washington
Source: newspapers

3. December 24, 1932 Receivership

Newspaper Excerpt: Perry Peters will be here Wednesday, Dec. to take over the fairs of the First National bank receiver the trust...He has been ten years in the service and has liquidated six seven banks. ...the question of reorganization reopening indefinite, and matured, probably could not be completed for announcement for several months.
Source: newspapers

Newspaper Articles (4)

1. December 7, 1932 Marshfield News-Herald Marshfield, WI

Article from Marshfield News-Herald, December 7, 1932

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Article Text

National Directors Act To Save Funds The First National bank closed o'clock this morning upon olution of the board of directors who placed the affairs of the bank in the hands of comptroller of the currency Washington News closing the CloverState bank known the city night and morning when First National withdrawals large scale started immediately. Adding the impetus of the withdrawals the rumor, afloat in the city for several that other banks the city close. Earlier the week, current that one of the closed. statement issued at this morning, the board directo the First bank declar the institution closed prevent depositor from ting preference over any other positor. The follows: precipitating cause of the closing due rumors afloat yesterday that one the banks Marshfield would not open morning that anoth bank were expected today. "Such run began with the of the First National bank this morning. After 15 minutes, the ficers the bank were convinced the severity of the withdrawals real was progress and their duty close the bank in order give no depositor preference over any other deposit the Until representative of comptroller currency's Washington arrives and examination of the bank, plans be announced. Office the bank refused to make statement, pending the comptrolle investigation and decision.

2. December 24, 1932 Marshfield News-Herald Marshfield, WI

Article from Marshfield News-Herald, December 24, 1932

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Article Text

Oconto Man to Arrive Wednesday to Take fairs of First National Perry Peters will be here Wednesday, Dec. to take over the fairs of the First National bank receiver the trust, according word received by Cutler, examiner charge. Mr. Peters been at Oconto during the last year receiver bank there. He has been ten years in the service and has liquidated six seven banks. He will his family to Marshfield. In the meantime, the bank will open each morning from 10 until o'clock and at other hours, persons wishing to confer with the examiner may so appointment. Mr. Cutler said this morning that he would receive any payments that persons owing the bank wished to make. of the First National now considering reorganization plans which, matured, will be presented to the receiver. Mr. Cutler said had conferred and advised with several stockholders on plans but that the question of reorganization reopening indefinite, and matured, probably could not be completed for announcement for several months.

3. October 24, 1933 Marshfield News-Herald Marshfield, WI

Article from Marshfield News-Herald, October 24, 1933

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Article Text

Court Orders Fruit Company and to Make Checks Good Judgment default entered favor Perry Peters receiver the First Bank, by Judge Byron Park in circuit court Rapids this in five suits brought the Miller company of Marshfield Miller Fruit and Lathain; Miller Fruit company and Hauntiet. Miller Fruit company and Baker, Miller Fruit company and Miller Fruit company and H. Rutzky. Suit in each case was instituted to recover thousand dollars represented by so-called accomodation checks issued to the Miller Fruit endorsed that concern, cashed at the First Nationbank of Marshfield and later pudiated banks on which they been issued.

4. February 15, 1934 Marshfield News-Herald Marshfield, WI

Article from Marshfield News-Herald, February 15, 1934

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Article Text

500 Call Dividends This Morning Portion of Money Used to Pay Taxes and Discharge Accounts Money today through the payment of 27 cent per to depositors the First National bank of Marshfield stimulated ness, resulted in the payment of good portion city taxes and, general, led the way for renewed Not all the (the total amount the per called for today, nor did the bank receiver and expect would be; less, until noon more than 500 persons, armed their certificate, been given checks representing the share of released funds which they were entitled. The bank's records show that checks have been prepared -for about depositors. many persons, today's dividend the first actual money come their possession since the closing of First National and Cloverland State banks on December 1932. Many dollars changed hands almost quickly emerged from bank with their checks. Some used the money to pay back bills, meet taxes cansome other obligation. The reported that few the received office, and business men generally seemed satisfied that the release funds having effect upon the volume of their The reaction depositors they their checks varied. Some uttering word. "thank similar while still others made no effort their One man remarked: dividend check represents much the present some bonds intended to buy the money deposited shortly before closed, Receiver Perry Peters has three and the bank banking being and Most checks will be issued during those days, believes. Mr. Peters explained today again that must present their certificate before checks be issued. In cases where certificates have been lost, depositors must provide receiver bond. The form will be In cases where death of certificate holder occurred, persons applyfor checks show authority receive them. This authority consists certified copy appointment administrator of estates, estate has entered bate court, other forms of identification must be provided.