22902. First National Bank (Shullsburg, WI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
4055
Charter Number
4055
Start Date
March 2, 1933
Location
Shullsburg, Wisconsin (42.573, -90.231)

Metadata

Model
gpt-5-mini
Short Digest
12b9fc04

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-10-27
Date receivership terminated
1939-08-22
Share of assets assessed as good
26.1%
Share of assets assessed as doubtful
70.0%
Share of assets assessed as worthless
3.9%

Description

Articles state the First National Bank of Shullsburg suspended operations on March 2, 1933 and a receiver (Bernard M. Mulvaney) was appointed; stockholders were assessed $50,000 in early 1934. No mention of a depositor run — suspension and receivership indicate closure/liquidation by authorities.

Events (4)

1. June 22, 1889 Chartered
Source
historical_nic
2. March 2, 1933 Suspension
Cause
Government Action
Cause Details
Bank suspended and subsequently placed in receivership under comptroller of the currency; suspension appears to be regulatory/closure by authorities
Newspaper Excerpt
The bank suspended operation March 1933
Source
newspapers
3. October 27, 1933 Receivership
Source
historical_nic
4. January 31, 1934 Receivership
Newspaper Excerpt
Bernard M. Mulvaney, has been appointed receiver ... stock has been assessed $50,000 to be paid on or before Feb. 24th. J. F. T. O'Connor, comptroller ... notified stockholders of the First National Bank of Shullsburg, that their stock has been assessed $50,000 ... bank suspended operation March 1933 ... The unsecured liabilities amount to $419,848.39. (Platteville Journal and Boscobel Dial, Jan/Feb 1934).
Source
newspapers

Newspaper Articles (2)

Article from The Platteville Journal and Grant County News, January 31, 1934

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Article Text

Stockholders Of Shullsburg Bank Pay Assessment O'Connor, comptroller of the Treasury departnotified stockholders the First National Bank of Shullsburg, that their stock has been assessed $50,000 to be paid on or before Feb. 24th. Bernard M. Mulvaney, has been appointed receiver with power to take all necessary proceedings by suit or otherwise enforce the the assessment for payment the value of the stock. bank suspended operation March 1933 and check up shows assets amounting to The unsecured liabilities amount to $419,848.39.


Article from The Boscobel Dial, February 7, 1934

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Article Text

Here and There J. F. T. O'Connor, comptroller of the currency, U. S. Treasury department has notified stockholders of the First National Bank of Shullsburg, that their stock has been assessed $50,000 to be paid on or before Feb. 24th. Bernard M. Mulvaney, has been appointed receiver and invested with power to take all necessary proceedings by suit or otherwise to enforce the payment of the assessment for the par value of the stock. The bank suspended operation on March 2, 1933 and check-up shows assets amounting to $480,397.14. The unsecured liabilities amount to $419,848.39. Henry Pepper, section foreman on the Madison division of the Chicago & Northwestern Railway, who lives in Cuba City, will retire Feb. 1, after 51 years with the road. He is one of 12 men retiring this month. The 12 have a service record of 529 years, or an average of more than 44 years apiece, an unusually high average for the pension list. Mrs. Emma Wilkowski, Watertown, was awarded $1,002 in a suit in federal court against four saloonkeepers because they had sold her husband liquor and caused him to become a sot, unable to provide for it. Dr. Preston Bradley, pastor of the People's church, Chicago, has accepted the invitation to deliver the commencement address at Platteville Teacher's college on June 6. The Lancaster school board called a meeting of Foreman G. Q. Sykes and his CWA workmen, who were medecorating the high school, and told them the city would pay them if they would finish the job at half the wages they had been getting. This they gladly consented to do, and the work went right on. According to a report from the office of the register of deeds of Grant county, records at Lancaster show eighty-one individual cases in the county on which federal money has been advanced, a total in cash of $3,267,108. During the past month there were two mortgage foreclosures started against urban homes and three mortgages against farms. The remaining assets of the defunct First National bank at Richland Center, including notes, mortgages and real estate will be offered for sale at public auction on Wednesday, Feb. 14th. This bank has been in course of liquidation for five years past and this sale is held to wind up its affairs. E. E. Graham of Lancaster, part owner of a gold mine claim at Durango, Colo., has received word that the opening of a new lead shows an assay of $680 to the ton at the present price of gold. The assay also includes $192 worth of silver to the ton. Funeral services for Charles Rooney, known in every hamlet in the country as a circusrider, were held at Baraboo last week. Mr. Rooney was 59 years of age and had been associated with the Ringlings for more than forty years. Managers of the Pra. du Chien woolen mills report orders on their books sufficient to keep that plant running full time for the next six or seven months. They started the first of the week a new crew to handle special rush orders. The mills give employment to 200 men and women during the rush season. The Platteville American Legion unit has elected to organize and support a baseball team during the season of 1934 and Dr. Glen McVay has been selected captain-manager. The team will become a member of the Grant County Baseball league. Car loadings last week reported by the Milwaukee railroad totalled 22,046 as compared with 19,545 for the corresponding week a year ago. Muscoda had another fire recently when a garage burned down, caused by a spectator witnessing repair of a car lighting a match. A car, owned by Walter Ward of Soldiers Grove, had been driven into the shop for re pairs, and in order to facilitate the work some dozen fellows congregated had put a shoulder to the wheel and tipped the vehicle on its side. The vacuum tank was removed and