First National Bank - Mineral Point, WI

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 3203
Charter Number: 3203
Start Date: October 12, 1900
Location: Mineral Point, Wisconsin (42.860, -90.183)

Metadata

Model: gpt-5-mini
Short Digest: 9ca975c0

Response Measures

None

Receivership Details

Depositor recovery rate: 57.0%
Date receivership started: 1909-10-12
Date receivership terminated: 1918-08-30
OCC cause of failure: Fraud
Share of assets assessed as good: 42.5%
Share of assets assessed as doubtful: 18.3%
Share of assets assessed as worthless: 39.1%

Description

Article is a Comptroller/receiver report on the defunct First National Bank of Mineral Point. The bank was closed on Oct 12, 1900 and placed in receivership; no run is described in the article. The closure is permanent and a receiver handled collections and dividends through 1910.

Events (4)

1. June 10, 1884 Chartered

Source: historical_nic

2. October 12, 1900 Receivership

Newspaper Excerpt: the total collections made by the receiver from Oct. 12, 1900, when the bank was closed, to Oct. 31, 1910 ... receiver appears throughout the report describing administration of assets and payment of dividends.
Source: newspapers

3. October 12, 1900 Suspension

Cause: Government Action
Cause Details: Bank was closed and placed in receivership on Oct. 12, 1900 following failure; Comptroller/receiver administering collections and dividends.
Newspaper Excerpt: From an examination of this report it appears that the total collections made by the receiver from Oct. 12, 1900, when the bank was closed, to Oct. 31, 1910, amount to ...
Source: newspapers

4. October 12, 1909 Receivership

Source: historical_nic

Newspaper Articles (1)

1. March 22, 1911 Grant County Herald Lancaster, WI

Article from Grant County Herald, March 22, 1911

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Article Text

REPORT ON DEFUNCT MINERAL POINT BANK. Outlook for Depositors Not as Gloomy as Might Be-Creditors Are Now More Hopeful. The creditors of the defunct First National Bank of Mineral Point will be interested in the following summary of facts gleaned from the annual report of the Comptroller of the Currency which is the first report made since the failure of the bank: From an examination of this report it appears that the total collections made by the receiver from Oct. 12, 1900, when the bank was closed, to Oct. 31, 1910, amount to $473,940 in which is included the $150,000 Kennedy mine money and which has to be kept separated by order of the court, leaving $323, net cash for dividends and other purposes. From this amount payments have been made as follows: Dividends of 40 per cent amounting to $223,678 loans paid and other disbursements amounting to $23,660, legal expenses, including all attorney fees, court costs and other such items amounting to $4,570; all other expenses, including rents, clerk hire and the different receivers' salaries amounting to $9,396. These four items total $260,704, which deducted from $323,940 leaves a balance on hand with the government of $63,236. Out of this last amount $40 000 had to be held for payment of 40 per cent dividends on miscellaneous claims amounting to about $100,000, which claims have been presented but not yet adjusted. Thus there is left on hand as available cash the sum of $23,236. In the item "loans paid and unpaid and other disbursements of $23,060'' is included moneys which the banks owed in bills payable and otherwise, also moneys for which the bank became liable through the manipulation of Allen. At the time the last dividend of 5 per cent waspaid, which was figured as of August 5th, 1910, it used up all the money then available except about $800, and the difference between this $800 and the $23,236 as available October 31, 1910, represents the amount collected by the receiver between those dates. Now as suon as the receiver is successful in realizing on some more of the assets, creditors may, in the near future, receive another small dividend. Unfortunately the assets of the bank are in such condition that they have greatly depreciated, while the liabilities have increased. This is owing to the fact that many of the assets were not real, others had to be surrendered and given up to other parties and for other causes and that the assets now remaining are not voluntarily paid. There is every reason to believe, however, that the creditors will yet receive a considerable amount in addition to that they already have received. Suits, which the receiver has had to institute and defend, were a necessity, otherwise collection of same could not be made. It is hoped a considerble amount will yet be obtained from the Allen estate in bankruptcy, but as to this the amount is indefinite, owing to the many cliams filed against the estate and the worthless assets that make up same. Another source from which dividends will be paid is through the directors suit, which was recently started by the receiver and of which mention has heretofore been made, but this, like all other matters, takes time, though in the end will result beneficially to the creditors.