National Exchange Bank - Waukesha, WI

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 2647
Charter Number: 2647
Start Date: September 23, 1932
Location: Waukesha, Wisconsin (43.012, -88.231)

Metadata

Model: gpt-5-mini
Short Digest: c063a5e2

Response Measures

None

Receivership Details

Depositor recovery rate: 78.5%
Date receivership started: 1933-01-27
Date receivership terminated: 1935-09-20

Description

The National Exchange Bank suspended operations on September 23, 1932 and did not resume. Deposits and assets were turned over/arranged with the Waukesha National Bank; a receiver is referenced in later legal proceedings (Nov 1933). The articles do not describe a depositor run prior to suspension, so this is classified as a suspension that resulted in permanent closure/receiver.

Events (5)

1. March 14, 1882 Chartered

Source: historical_nic

2. September 23, 1932 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended operations on Sept. 23, 1932 due to insolvency/financial distress; articles describe attempts at voluntary assessment and liquidation but officers found that inadvisable. Exact trigger not specified beyond the bank's failure to meet obligations.
Newspaper Excerpt: Announced Sept. that the Exchange bank had suspended operations ... made Sept. 23 by cials both institutions.
Source: newspapers

3. October 13, 1932 Other

Newspaper Excerpt: Book Work Completed enabling Transfer of All Accounts ... Waukesha National bank ... to carry out agreements entered with of suspended National Exchange bank, for the payment per cent of their deposits. ... Initial payment to depositors ... 70 per cent ... meeting of Exchange bank stockholders ... voted turn over sets Waukesha National bank which formal solution the Exchange bank. ... announced Sept. that the Exchange bank had suspended operations ... Sept. 23 ... the Exchange bank has been attempting ... voluntary ... raising enough money ... inadvisable ... last week developed that the deposits had ap. proved deal the two banks, last obstacle in the way of Waukesha bank deposits of the smaller institution \n
Source: newspapers

4. January 27, 1933 Receivership

Source: historical_nic

5. November 17, 1933 Receivership

Newspaper Excerpt: dismiss claim of the City of Waukesha against the Receiver of the National Exchange Bank and said Personal Sureties, providing the Personal Sureties pay ... and that the Board of Deposits of Wisconsin stipulate ... and that all parties to this action stipulate to have the Court enter an order directing the Court to turn over to the City of Waukesha the said sum tendered by the Waukesha National Bank into Court.
Source: newspapers

Newspaper Articles (3)

1. October 13, 1932 Waukesha Freeman Waukesha, WI

Article from Waukesha Freeman, October 13, 1932

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Article Text

NEXT BANK UTILIZED Book Work Completed abling Transfer of All Accounts Announcement was made the Waukesha National bank Thursday, Oct. details completed sufficiently enable carry out agreements entered with of suspended National Exchange bank, for the payment per cent of their deposits. The cent will be paid when further liquidation takes place. In order better care those the has provided lobby the store to the bank 269 where paybe of the great detail in70 per cent of the made an official of the bank today. staff of eight people have been at work daily since week, preparing the Exchange bank books Initial payment to depositors. meeting of Exchange bank stockholders last Thursday after noon was voted turn over sets Waukesha National bank which formal solution the Exchange bank. that time reported that the had signpossible for the payment of 70 per cent by the bank. Rialto Tassell, R. Estberg George McKerrow are trustees in charge of effecting exchange Announced Sept. that the Exchange bank had suspended operations that the National bank would made Sept. 23 by cials both institutions. Exthat assured that they would suffer no this with them time. The Exchange bank tas been tempting get into good some time had plans for voluntary ment cent against stockholders purpose raising enough money warrant This, however, inadvisable of ficers bank. Last week developed that the deposits had ap. proved deal the two banks, last obstacle in the way of Waukesha bank deposits of the smaller institution

2. December 11, 1933 The Waukesha County Freeman Waukesha, WI

Article from The Waukesha County Freeman, December 11, 1933

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Article Text

COMMON COUNCIL PROCEEDINGS SPECIAL MEETING OF THE COMMON COUNCIL OF THE CITY OF WAUKESHA, WISCONSIN, HELD IN THE COUN. CIL ROOM ON FRIDAY EVENING, NOVEMBER 17, 1933, AT 7:30 O'CLOCK P. M., ON THE FOLLOWING CALL ISSUED BY ACTING MAYOR FRANK L. ROBERTS: "A Special meeting of the Common Counc" of the City of Waukesha, Wisconsin, is called for Friday evening, November 17, 1933, at 7:30 o'clock P. M., for the purpose of considering proposition from the State Board of Deposits and the Personal Sureties of the National Exchange Bank in regard to settlemen. of the 30 per cent of funds belonging to the City of Waukesha which were on deposit in the National Exchange Bank at the time of closing on the 23rd day of September, 1932 Signed-Frank L. Roberts Acting Mayor. Ald Roberts. President of the Council presiding Also present Ald Atkinson, Koll Litt, Potts Suter, Willis (11). Absent Ald. Meyer. City Funds Nat. Exch. Bank Resolution presented by City Attorney. "WHEREAS an action has been commenced and is now pending in the Circuit Court of Waukesha County by the City of Waukesha as plaintiff to recover a deposit in the sum of $41,569.87 which sum the City of Waukesha had on deposit in the National Exchange Bank on September 23, 1932; and WHEREAS, there is now tendered into Court by the Waukesha National Bank. one of the defendants in said action. the sum of $29,098.91 or upwards thereof: and WHEREAS, the personal sureties, defendants said action. and the Board of Deposits of Wisconsin defendant in said action. have offered to accept and assume liability for $12,470.96 of the said total sum on deposit in said National Exchange Bank as aforesaid, the same to be paid in the following manner: $2,470.96 to be paid by the Personal Sureties to the Clerk of said Court in said pending action, and $10,000.00 thereof to be paid by the said Board of Deposits, $4,000.00 of said $10,000.00 to be paid in cash and the balance by lawful evidences of indebtedness issued by said Board of Deposits; and WHEREAS, the said Personal Sureties are to pay to the City of Wankesha, in addition to said sum of $2,470.96, one half of the portion of said $10,000.00 not paid in cash, to-wit: the sum of $3,000.00, and are to receive from the City of Waukesha one half of all payments made by the said Board of Deposits to the City of Waukesha from time to time in the discharge of and payment of said sum of $6,000.00. and are to receive from the City of Waukesha an assignment of one half interest in the said evidences of indebtedness of said Board of Deposits. NOW THEREFORE BE IT RESOLVED by the Mayor and Common Council that the City Attorney be and he is hereby authorized and instructed to enter into a stipulation providing for a dismissal of said action hereinbefore referred to on the merits and without costs to any parties thereto, and to make and enter into such motions or stipulations or instruments in writing as may be necessary to dismiss claim of the City of Waukesha against the Receiver of the National Exchange Bank and said Personal Sureties, providing the Personal Sureties pay to the Clerk of said Court the sum of $2.470.96 and the further sum of $3.000.00. and that the State Board of Deposits pay to the Clerk of said Court or to the City of Waukesha the sum of $4.000.00: and provided further that the said Board of Deposits stipulate to issue in due time proper acknowledgments and evidences of indebtedness to the City of Waukesha for said $6,000.00 and that all parties to this action stipulate to have the Court enter an order directing the Court to turn over to the City of Waukesha the said sum tendered by the Waukesha National Bank into Court. and moneys paid to the Clerk of said Court by the Personal Sureties and by the Board of Deposits as set forth in the preamble to this resolution: and provided that the Board of Deposits of Wisconsin stipulate through its attorneys to accept an assignment if the claim of the City of Waukesha in the sum of $10,000.00. BE IT FURTHER RESOLVED that the proper city officers be and they are hereby authorized and in"tructed to execute such papers instruments as they are instructed to execute by the City Attorney in order to settle the entire as hereinbefore referred to this-day of November, 1933. Approved this-day of November. 1933. Total members of Council Ayes Noes— Absent

3. December 11, 1933 The Waukesha County Freeman Waukesha, WI

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Article Text

'Who's In The News?" By O'Bryon BRILLIANT AND UNEMOTIONAL HER ONLY SENTIMENT A SPARTON LOVE FOR HER WAYWARD SON WHOSE WIFE SHE THOUGHT HIS MENTAL INFERIOR, DOCTOR UATED FROM NORTH WESTERN IN 1896. Acting Mayor and President of Council Ald. Potts moved adoption of resolution which motion was seconded by Ald Atkinson and carried upon roll call all members present (11) voting Aye. City Funds, National Exchange Bank Resolution authorizing assignment of claim. WHEREAS, the City of Waukesha had the sum of $10,000.00 on deposit in the National Exchange Bank, Waukesha, Wisconsin, on September 23, 1932, the date on which said bank suspended. thereby causing the above named public depositor to suffer a loss as defined by Sub-section (6) Section 34.01 of the Statutes: and WHEREAS under the provisions of sub-section (4) section 34.06 of the Statutes each public depositor suffering such loss is required to assign its claim against such bank to the Board of Deposits of Wisconsin within 60 days or forfeit all right of claim against the State Deposit Fund. NOW THEREFORE BE IT RESOLVED that in compliance with the statutes the above named municipality hereby sells, assigns. conveys and sets over to the Board Deposits of Wisconsin its interest in the aforementioned claim rainst said bank, and BE IT FURTHER RESOLVED Mayor, Morgan R. Butler or Frank L. Roberts, President of the Council and Acting Mayor. and the Treasurer of this municipality be and they are hereby authorized secure and deliver to the Board of Deposits of Wisconsin an as signment of said claim against said bank on the form of assignment prepared by the Board of Deposits consin. Attest Acting Mayor and President of the Council City Ald Koentop moved that the resauthorizing assignment of thin of the City of Waukesha to d Deposits be adopted: that the said assignment be executed and turned over to the City Attor nd not delivered to the Board of Deposits until stipulation referred to in resolution passed previous to this resolution has been duly executed by all parties there to. Motion seconded by Ald, Atkin son and carried upon roll call all embers present (11) voting Aye Upon motion of Ald. Coutts, sec onded by Ald. Litt, Council adjourned FRANCES M. MARTIN City Clerk FREEMAN ADS ALWAYS