22804. Citizens Bank (Monroe, WI)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: January 7, 1931
Location: Monroe, Wisconsin (42.601, -89.638)

Metadata

Model: gpt-5-mini
Short Digest: b815d4a9

Response Measures

Full suspension, Books examined

Other: Officers voluntarily turned affairs over to the state banking department; stockholders raised surety bond to protect city funds.

Description

Articles report heavy withdrawals Jan 7, 1931 causing the Citizens' Bank of Monroe to fail to open and officers to turn affairs over to the state banking department. Later (Jan 29, 1931) a preliminary examiner's report is 'favorable' and stockholders expect reorganization/reopening. Cause tied to a lapse in surety bond renewal that precipitated withdrawals though bank reportedly in good condition.

Events (3)

1. January 7, 1931 Run

Cause: Bank Specific Adverse Info
Cause Details: Run precipitated by lapse/nonrenewal of a surety bond on public deposits, undermining confidence and prompting heavy withdrawals
Measures: Directors voted to turn affairs over to the state banking department; stockholders raised a $50,000 surety bond to protect city funds.
Newspaper Excerpt: heavy withdrawal of deposits resulted in the closing of the Monroe bank
Source: newspapers

2. January 7, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Directors closed the bank after heavy withdrawals despite cash on hand; affairs turned over to state banking department.
Newspaper Excerpt: failed to open Wednesday ... The Monroe bank had deposits totaling $1,363,000 ... The officers of both institutions voted to turn over their affairs to the department.
Source: newspapers

3. January 29, 1931 Reopening

Newspaper Excerpt: EXPECT MONROE BANK TO REOPEN SOON ... A preliminary report of State Bank Examiner ... was submitted ... condition of affairs was said to have been reported as favorable and encouraging to plans for the reorganizing of this bank.
Source: newspapers

Newspaper Articles (7)

1. January 7, 1931 Des Moines Tribune Des Moines, IA

Article from Des Moines Tribune, January 7, 1931

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SCHOOLS TO PAY BYRD TRIBUTE Students to Send Greetings to Explorer. Des Moines school children will co-operate in a move to pay tribute to Rear Admiral Richard E. Byrd when he speaks before the department of superintendence at Detroit, J. W. Studebaker, superintendent of schools here, announced Wednesday. School children from every state will send letters of greeting to the/explorer. One letter will be sent from each school in Des Moines. The formulating of the letters will afford students an opportunity to study historic and scientific results of the polar explorations of Admiral Byrd. BANK SUSPENDS PAYMENT. The Tribune's Iowa News Service.) LAMOTTE-The Iowa Savings bank here suspended payment late Tuesd by order of the board of directors The bank is capitalized nt $40.000 and has deposits of $360,000. according to W M. Hayes vice president M Mahoney is president. Lamotte is in Jackson county. 2 WISCONSIN BANKS CLOSED. banks, the Citizens' Bank of Monroe. and the State Bank of Robcrts at Roberts, Wis. failed to open Wednesday, the state bank ing department announced. The Monroe bank had deposits of $1.363,000. while the Roberts institation amounted to $67,500. MYSTIC BANK CLOSED. MYSTIC. IA. (P)-The Mystic Industrial Savings bank closed Wednesday and was placed in the hands of receiver report to the state banking department last June showed deposits of $175,000.

2. January 7, 1931 The Capital Times Madison, WI

Article from The Capital Times, January 7, 1931

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Monroe Large Bank Closed By Withdrawals Citizens' Bank Had Deposits Over Million; Roberts, Wis., Bank Closes the Citizens' Bank Two banks. and the State Bank of Roberts Roberts. Wis. with total deposits of nearly failed the state banking departopen ment announced. bank had deposits totalThe Monroe while Roberts instiing tution's amounted to $67,500. heavy withdrawal of deposits sulted the closing of the Monroe in yesterday. The directors decided close the institution although cash reserve on hand. bankthey had ing commissioner. Schwenker, said. The Monroe bank. organized in 1883. at $100,000 and had was capitalized surplus of $50,000 Undivided profits at $62,500. Knight were listed of the institution. Other officers are Bolender, vice president and H. Durst, cashier. The state bank of Roberts was organized 1903 with $4,000. W. H. $10,000. Its surplus and F. D. Ash, Ash president cashier. Neither bank was suspended by the state banking department. Mr. Schwenofficers of both instituker said. The voted to turn over their affairs tions to the department. Confidence was expressed today that speedy reorganization would be effectMonroe bank. More than for the 100 people own stock in the bank. None the depositors of the Monroe estimated between 2,800 and bank, was expected to suffer heavy losses. Deposits were distributed in many small amounts. according to Mr. Durst. City funds of $5,298 on deposit were protected by $50,000 surety bond raised by stockholders. The county's share in the tax receipts and school fund moneys were turned over the city treasury and will not be affected. Durst The closing of the bank was forecast Saturday when approximately $40.000 was withdrawn. the cashier said Withdrawals continued steadily on Monday and Tuesday and the director decided to call in the banking commission to effect This was the first bank closing record in Monroe and the third ever closed in Green county. trading center for rich agricultural and manufacturing territory.

3. January 7, 1931 The Capital Times Madison, WI

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Article Text

Large Monroe Bank Closed By Withdrawals Citizens' Bank Had Deposits Over Million; Roberts, Wis., Bank Closes Two banks, the Citizens' Bank Wis., and the State Bank Roberts Roberts, with total posits nearly failed open today, the state banking department announced. Monroe bank had deposits totaling while the Roberts institution's amounted to heavy withdrawal of deposits sulted the closing the Monroe bank The cided to close the institution although they had cash on hand. banking Schwenker, said The Monroe bank, organized 1883, was capitalized $100,000 and had surplus of profits were listed at $62,500. W. Knight president of the institution. Other officers president and Durst, cashier. The state bank of Roberts ized 1903 with Its surplus $4,000. W. H. Ash president and Ash, Neither bank was suspended by the state banking department, Mr. Schwenker said. The officers of both institutions voted to turn over their affairs the department. Confidence was expressed today that speedy would be effectfor the Monroe bank. More than 100 people own stock in the bank None the depositors of the Monroe bank, estimated between 2,800 and was expected to suffer heavy Deposits were distributed in many small according Mr. City funds of deposit were protected $50,000 surety bond raised The county's share the tax receipts and school fund turned over daily to the city treasury and will not Durst The closing the bank was forecast when approximately cashier said. Withcontinued steadily on Monday and Tuesday and the decided to call in the banking commission effect This was the first bank closing record in Monroe and the third ever closed Green trading center for rich and cheese manufacturing territory.

4. January 14, 1931 Platteville Witness Platteville, WI

Article from Platteville Witness, January 14, 1931

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Two More Banks Suspend Wednesday Two banks, the Citizens' Bank of Monroe, Wis., and the State Bank of Roberts at Roberts, Wis. with total deposits of nearly $1, failed to open Wednesday, the state banking department announced. The Monroe bank had deposits totaling $1,363,000, while the Roberts institution's amounted to $67, Neither bank was suspended by the state banking department, Mr. Schwenkr said. The officers of both institutions voted to turn over the ir affairs to the department.

5. January 29, 1931 The Davis Leader Davis, IL

Article from The Davis Leader, January 29, 1931

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Article Text

EXPECT MONROE BANK TO REOPEN SOON A preliminary report of State Bank Examiner G. W. Jameson, of Madison, was submitted to the stockholders of the Citizens' Bank of Monroe, which closed on January 7. The condition of affairs was said to have been reported as favorable and encouraging to plans for the reorganizing of this bank. Another meeting is to take place in the near future to make more definite ar angements. The nice weather of Saturday caused-the ground hogs to rush the season. Several were seen out Saturday. Theodore Jensen's dog killed a large one. Ground Hog day is not until next week.

6. February 10, 1931 The La Crosse Tribune La Crosse, WI

Article from The La Crosse Tribune, February 10, 1931

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Article Text

PROPOSE MAKE STATE SECURITY FOR ALL BANKS Bill Being Drafted Would Assess Banks For State Security Fund MADISON, plan under which the state will become security for all banks operating in the state is now under consideration. Under the present law banks must furnish security in the form of surety bond to all school districts and towns depositing money in the bank. The claim is now made that several banks recently failed because of run on the bank when it was evident that some surety bond on a town or district had not renewed. It was claimed that the run on the Citizens Bank of Monroe came as result of its surebond not being renewed, although the bank was in good condition. A bill which is now being worked out provides that percentage of the deposits made by the different towns and villages shall be paid into state security fund and that the state shall then furnish a security bond in the matter. Several years ago law was enacted whereby the funds of the state placed in banks were secured under method that is now proposed. A part of the surety bond fee was retained by the state treasurer. As result, fund of $300,000 was built up to meet any losses in the state banks. The bill which is being drafted than security fund for banks. It provides for more thorough inspection for all banks acting in the state and the furnishing of more accurate information the state of loans made Charles Farrell and Janet so that the state can be able to Gaynor, starring in Man check up and require banks to opWho Came Back, at the Riverate so that there will be no difoli Tuesday to Thursday ficulty of losses. Another plan that is under consideration provides for bank guaranty but this is much along the same lines as the state security fund now únder consideration. Court For Air Disputes Part of the new Austrian Polish air agreement is devoted to establising a court of arbitration to settle such air traffic disputes as cannot be adjusted through ordinary diplomatic channels. The court is to be composed of three members, each of the contracting parties nominating its arbitrator and chairman. Should either party fail to make nomination within month from the date of signing the agreement the other may request the President of to appoint an arbitrator and a chairman. The chairman must be an expert on air navigation and national of a third country. Costs will be shared equally by the two countries. FLOATING OCEAN PORTS DETROIT, series of floating islands, 350 miles apart, across the Atlantic ocean, is the scheme of Edward R. Armstrong. member of the Society of Automotive Engineers, who recently read paper on the subject before the Detroit branch of the society. These islands, he explains, would be used as airports by planes making transAtlantic flights. Eight such seadromes would be required on the route, he thinks. Austria shipped $4,000,000 worth of textiles to the United States last year.

7. February 11, 1931 Wisconsin State Journal Madison, WI

Article from Wisconsin State Journal, February 11, 1931

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State May Become Security of Banks Bill Being Worked Out to Secure Wisconsin Institutions A plan under which the state will become security for all banks operating in the state is now under consideration. Under the present law banks furnish in the form of a surety bond to all school and money in the bank. The claim is made several banks recently failed of run on the bank when was evident that some surety bond on town or district had not been renewed. It was claimed that the run on the Citizens Bank of Monroe came as result that its surety bond had not been although the bank was in good condition. The bill which is now being worked out provides that percentage of the deposits made by the different towns and villages shall be paid into a state security fund and that the state shall then furnish a security bond in the matter. Several years law was enacted whereby the funds of the state placed in banks under method that is now A part of the surety bond fee was retained by the state As result, fund of was built up to meet any losses in the banks. The bill which is being drafted goes than security fund for state banks provides for more thorough inspection for all banks acting in state the furnishing of more accurate information the state loans made so that the state can be able to check up and require banks to operate that there will be no difficulty of losses. Another plan that is under consideration provides for a bank