22816. Bank of North Freedom (North Freedom, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 30, 1906
Location
North Freedom, Wisconsin (43.460, -89.868)

Metadata

Model
gpt-5-mini
Short Digest
eabe5f62

Response Measures

None

Description

Director-ordered closure on advice of state bank examiner (capital impaired). No run described in the articles; examiner warned receiver would be appointed if requirements not met. Follow-up listings in 1907 business-failures columns repeat that North Freedom bank was closed by examiner.

Events (1)
1. March 30, 1906 Suspension
Cause
Government Action
Cause Details
Closed by directors on the advice of Bank Examiner Bergh because capital stock was deemed impaired; examiner said a receiver would be appointed if requirements not met.
Newspaper Excerpt
Later developments show that the bank of North Freedom was closed by its directors, acting on the advice of Bank Examiner Bergh, who decided that the capital stock was impaired.
Source
newspapers

Newspaper Articles (3)
1. April 6, 1906 Watertown Republican Watertown, WI
Article from Watertown Republican, April 6, 1906

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Article Text

BANK'S CAPITAL IS IMPAIRED. North Freedom Institution Closed by Directors on Bergh's Advice. BARABOO, Wis., March 30.-Later developments show that the bank of North Freedom was closed by its directors, acting on the advice of Bank Examiner Bergh, who decided that the capital stock was impaired. If the requirements of the examiner are not met, a receiver will be appointed. Mr. Bergh says the depositors would not lose. The bank has been running for three years. PHONE INTERESTS MAY MERGE.

2. January 3, 1907 River Falls Journal River Falls, WI
Article from River Falls Journal, January 3, 1907

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Article Text

BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago; liabilities, $400.000. Feb. 8.-Boliver County Bank, Cleveland, Miss.; liabilities, $110,000; assets, $130,000. 15-Bank of America, Chicago, placed in receiver's hands. 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.; liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh,* president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, Ill., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, Ill.; liabilities, $100,000. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20--Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. V. Chandler at Macomb, Colchester and Bardolph, Ill., closed for lack of ready cash. Dec. 1-Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets. 12-Farmers' and Drovers' National bank of Waynesburg, Pa., closed by comptroller of currency. 13-Cummings Commission Co., one of largest brokerage houses in northwest, suspends. 17-Lincoln bank of Morton Park, susurb of Chicago, fails.

3. January 11, 1907 Montpelier Examiner Montpelier, ID
Article from Montpelier Examiner, January 11, 1907

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Article Text

BUSINESS FAILURES Jan. 14-Parsons, Snyder & Co., Cleveland, O.; liabilities, $150,000. 18-G. S. McReynolds & Co., Chicago; liabilities, $400.000. Feb. 8.-Boliver County Bank, Cleveland, Miss.; liabilities, $110,000; assets, $130,000. 10-Bank of America, Chicago, placed in receiver's hands. 26-Cash Buyers' Union, Chicago, placed in receiver's hands Williamson Libbey Lumber Co., Oshkosh, Wis.; liabilities, $500,000. Mar. 1-Southern Bank & Trust Co., Ft. Smith, Ark., owing depositors $80,000. 2-Walsh, president defunct Chicago National bank, arrested on charge of falsifying reports. 27-National Business College, Quincy, III., assigns; liabilities, $30,000; assets, $100,000. 29-North Freedom (Wis.) bank closed by examiner. Apr. 2-Teis, Smith & Co., bankers, Pekin, Ill.; liabilities, $100,000. May 2-Delmont national bank, Delmont, Pa., closed Receiver for American Reserve Bond Co., St. Louis, appointed. Jun. 18-Farmers' State bank of Clearfield, Ia., closed by state bank examiner. Aug. 6-Milwaukee Ave. State bank, Chicago, closed by state bank examiner; liabilities, $4,000,000. 8-F. E. Coyne, ex-postmaster, Chicago, failed in bakery and luncheon business. 16-Garfield Park bank of Chicago closed as result of collapse of Milwaukee Ave. State bank. 28-Real Estate Trust Co., of Philadelphia, suspends business; liabilities, $7,000,000. Sep. 20-Bates National bank, of Butler, Mo., closed by directors. 29-Private bank at Middleport, O., closed. Nearly all deposits of $115,000 gone. Nov. 15-Bank of Beckwith & Co., at Evanston, Wyo., closed owing to financial troubles. 30-Three banks conducted by C. v. Chandler at Macomb, Colchester and Bardolph, Ill., closed for lack of ready cash. Dec. 1-Bank of Kiowa, I. T., closed on account of slow collections and inability to realize on assets.