Union Bank - Winneconne, WI

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 17, 1908
Location: Winneconne, Wisconsin (44.111, -88.713)

Metadata

Model: gpt-5-mini
Short Digest: 8ba68456

Response Measures

None

Description

Article (Madison, Sept. 17, 1908) reports the Union Bank of Winneconne voluntarily closed and the state banking commissioner (M. C. Bergh) taking charge and sending examiners. This indicates a suspension with commissioner/receiver control; no run is mentioned. It is described as 'one state bank has closed' and placed in charge, implying permanent closure/receivership rather than an immediate reopening.

Events (2)

1. September 17, 1908 Receivership

Newspaper Excerpt: Commissioner Bergh has taken charge of the Union Bank of Winneconne and has sent Examiners Thomas Herried and Milo Hagen to examine the assets. The bank voluntarily closed its doors Monday and called upon Commissioner Bergh to take charge.
Source: newspapers

2. September 17, 1908 Suspension

Cause: Government Action
Cause Details: Bank voluntarily closed and requested the state commissioner of banking to take charge; examiner sent to inspect assets; possible questionable paper on books.
Newspaper Excerpt: Commissioner M. C. Bergh has taken charge of the Union Bank of Winneconne... The bank voluntarily closed its doors Monday and called upon Commissioner Bergh to take charge.
Source: newspapers

Newspaper Articles (1)

1. September 23, 1908 Vernon County Censor Viroqua, WI

Article from Vernon County Censor, September 23, 1908

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Article Text

OLD BANK CLOSES a NEW ONE FORMED FINANCIAL DISTURBANCE IN WINNECONNE, WINNEBAGO COUNTY. COMMISSIONER BERGH TAKES CHARGE OF THE UNION BANK. Madison, Sept. 17. A financial disturbance has oc curred in the village of Winneconne, Winnebago county. One state bank has closed its doors and been placed in the charge of the state commissioner of banking and another bank has been incorporated. Commission er M. C. Bergh has taken charge o: the Union Bank of Winneconne and has sent Examiners Thomas Herried and Milo Hagen to examine the assets. The bank voluntarily closed its doors Monday and called upon Commissioner Bergh to take charge. The action was taken by Cashier George H. Miller. who it appears did not care 10 assume responsibility for the solvency of the institution. Commissioner Bergh has as yet received no report from his examiners, so he is not possessed of information as to the reason for the suspension. It is understood, however, that some officers of the bank, other than he cashier. placed some paper in it that is to say the least questionable. If this load of paper is good, the bank is solvent; if not, there is said to be a serious question as to the solvency of the institution, and if the bank is insolvent the cashier is criminally liable if he accepts any deposits after he knows of the insolvent condition. Therefore, it seems that the cashier did not wish to take any chances. It is understood that the directors of the bank are substantial men and that the depositors will not suffer loss. Articles of incorporation were filed yesterday by Commissioner Bergh after satisfactory examination, for the Winneconne State bank, to be established at Winneconne with capital stock of $10,000. The incorporators are J. H. Wall, George Hilton and T. R. Frentz. Articles of incorporation have been filed for the Farmers & Merchants State bank of Galesville, Trempealeau county. The capital stock is $15,000 and the incorporators are A. T. Twesme, H. F. Clausen, J. A. Berg. H. K. Hagestad, John Dick and Lars Gimmestad.