Richland County Bank (Butler, OH)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
July 15, 1911
Location
Butler, Ohio (40.588, -82.425)
Bank Type
state

Metadata

Episode ID
Bank ID
City ID
391060914
Model
gpt-5-mini
Short Digest

Notes

The bank was a seven-member partnership and went insolvent; withdrawals spurred by rumors precipitated the closing and receivership.

Events (3)
1. July 15, 1911 Run
Cause
Rumor Or Misinformation
Cause Details
Depositors were withdrawing money because of rumors about the bank's condition, prompting heavy withdrawals.
Newspaper Excerpt
The bank had been running down for a year, and they decided to quit business. So the bank didn't open its doors today.
Source
newspapers
2. July 20, 1911 Suspension
Cause
Rumor Or Misinformation
Cause Details
Bank closed its doors after inability to realize investments and after depositors withdrew funds amid rumors of insolvency.
Newspaper Excerpt
The Richland County bank at Butler O., formerly known as the First National bank closed its doors to-day. and it is understood its directors will ask for the appointment of a receiver
Source
newspapers
3. July 25, 1911 Receivership
Newspaper Excerpt
C F. Ackerman has been appointed receiver for Richland County Bank of Butler, which closed its doors last Wednesday, following failure to realize on investment fast enough to pay the depositors who were withdrawing their money because of rumors as to the bank's condition.
Source
newspapers

Newspaper Articles (11)
1. July 19, 1911 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, July 19, 1911

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Article Text

BANK FAILS AT BUTLER Richland County Bank goes Into the Hands of a Receiver. By United Press Wire. Butler, O., July 15.-Approximately $65,000 in deposits is tied up by the clósing of the Richiand county bank here today. A receiver will be asked for the institution, the only bank in this village, in the courts at Mans-' field tomorrow. The bank has been operated by a partnership of seven members with A. J. Solmon, Columbus financier, at its head. "Six of the partners, farmers and business men, met at the bank today," Cashier Downing stated this aftermoon. "Solomon was in Columbus, but they were in constant communleation with him by telephone. The bank had been running down for a year, and they decided to quit business. So the bank didn't open its doors today. "I think that the Sank," said Downing, "will be able to pay back dollar for dollar."

2. July 20, 1911 The Wheeling Intelligencer Wheeling, WV
Article from The Wheeling Intelligencer, July 20, 1911

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BUTLER BANK FAILS MANSFIELD O. July 19.-The Richland County bank at Butler O., formerly known as the First National bank closed its doors to-day. and it is understood its directors will ask for the appointment of a receiver Cashier J. H. Downing asserts that the bank will pay dollar for dollar

3. July 20, 1911 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, July 20, 1911

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Article Text

BUTLER BANK CLOSES Cashier Predicts It Will Pay Dollar For Dollar. Butler, O.. July 20.-Approximately $65,000 in deposits is tied up by the closing of the Richland County bank here. A receiver will be asked for the institution, the only bank in this village, in the courts at Mansfield. The bank has been operated by a partnership of seven members, with A. J. Solomon, Columbus financier, at its head. "I think that the bank," said Cashier Downing, "will be able to pay dollar for dollar."

4. July 25, 1911 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, July 25, 1911

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Article Text

Appoints Receiver. Mansfield, O., July 25-C F. Ackerman has been appointed receiver for Richland County Bank of Butler, which closed its doors last Wednesday, following failure to realize on investment fast enough to pay the depositors who were withdrawing their money because of rumors as to the bank's condition.

5. August 15, 1911 The Democratic Banner Mount Vernon, OH
Article from The Democratic Banner, August 15, 1911

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RECEIVER Of The Defunct Bank At Butler, Ohio Files A Petition That Is Quite Sensational Alleging Wise Deeded Property To His Wife To Avoid Any Financial Responsibility Court Is Asked To Declare Deed Fraudulent (Mansfield News) Charles F. Ackerman, receiver of The Richland County Bank, of Butler, by his attorneys, Brucker and Voegele, has. begun suit in common pleas court against F. E. Wise and Sylvia Wise to set aside a deed. The plaintiff alleges that he is the duly appointed, qualified and acting receiver of The Richland County Bank a partnership, located at Butler, Ohio. The plaintiff says the partnership consists of the following members: A. W. Mishey, O. B. Statler, F. E. Wise, A. J. Grubb, I. Hess, Chris Keller and A. J. Solomon. That each of the above mentioned parties are' partners composing the bank mentioned and each owns a one-seventh interest in the partnership. The plain'iff says that on July 20, 1911, all of the above partners joined in a petition in the court of common pleas of Richland county, Ohio, to have a receiver appointed for the bank, alleging in the petition that the Richland County Bank was insolvent and unable to pay its debts. The plaintiff says that on July 20, 1911, and a long time prior thereto, the partnership was wholly insolvent. The plaintim says that after applying all of the property and assets of the Richland County Bank to the payment of its debts, there will be a large deficiency. and that all of the private property of the partners will not be sufficient to make up the deficiency.

6. August 18, 1911 The Democratic Banner Mount Vernon, OH
Article from The Democratic Banner, August 18, 1911

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DEFUNCT Bank At Butler Holds Bad Paper (Mansfield News.) It is reported from Butler that the affairs of the Richland county bank which closed its doors some time ago are in worse shape than was expected, and that the assignment of A. W. Mishey, the president of the defunct bank. was brought about by disclosures in the methods of conducting the bank. The report was circulated that about $35,000 worth of bad paper is held by the bank and credited in the assets, but Receiver Charles F. Ackerman states that the bank no doubt holds some bad paper but not any where near the amount reported. Receiver Ackerman has appointed appraisers for the Richland county bank and they will meet and pass upon the liabilities and assets of the bank at a meeting to be held next; Tuesday. Butler people are not impressed very favorably with the prospect of paying their taxes a second time or having their property placed on the delinquent tax list. It'is reported that 92 Butler residents have united and will seek to enjoin County Treasurer Wigton from placing their properties on the delinquent tax list. They paid their taxes to the agent of County Treasurer Wigton and the money, amounting to $1,527 was deposited in the Richland county bank before that institution closed its doors. The money is now tied up and County Treasurer Wigton has ordered all those to pay their taxes the second time.

7. August 22, 1911 The Democratic Banner Mount Vernon, OH
Article from The Democratic Banner, August 22, 1911

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INJUNCTION To Restrain Partners Of Richland Co. Bank From Disposing of Their Property (Mansfield News) C. F. Ackerman, receiver for the Richland county bank at Butler, has filed in probate court, a petition against A. W. Mishey, O. B. Statler, F. E. Wise, A. J. Grubb, I. Hess, Chris Keller and A. J. Solomon, asking for an injunction to prevent them from disposting or encumbering their property The plaintiff says each of these persons are partners in the Richland county bank and each has one-seventh interest. The plaintiff says he has made a thorough examination of the assets and liabilities of said bank and that he has ascertained that if all the property and assets belonging to said Richland county bank, were applied to the payment of debts, there still would besa large amount left unpaid and unprovided for, and that all of the private property of the partners will be insufficient to pay the debts in full of said bank. The plaintiff says that the two members of said partnership, F. E. Wise and A. W. Mishey, have transferred their property to relatives for the purpose of placing it beyond the reach of their creditors and the creditors of the Richland county bank and particularly to prevent the receiver of said bank from subjecting said property to the payment of the money due the depositors of said Richland county bank. The plaintiff further says he believes the other members of the bank, unless restrained, will remove, encumber and transfer their property and place it beyond the reach of the creditors of the bank. The receiver says that if said partners are allowed and do transfer their property, it will delay and prevent him. from securing said property to pay the debts of said bank. He says he would have no remedy at law if they should transfer their property: that he cannot at present, commence an action, to subject said property to the payment of the debts as he does not now what the deficiency will be and how much each of the partners will be called upon to pay. C. H. Workman is attorney for the plaintiff. A temporary injunction was allowed.

8. September 12, 1911 The Democratic Banner Mount Vernon, OH
Article from The Democratic Banner, September 12, 1911

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LIABILITIES Exceed Assets Of Defunct Butler Bank According To The Report Of The Receiver (Mansfield Shield) Receiver Charles F. Ackerman of the Richland County Bank at Butler has filed his report as receiver with the clork of the courts. The report IS a lengthy one and it is thought that the liabilities will be much greater than the amount that can be realized upon. The liabilities are given at $76,279.48 while the total assets including the good, doubtful and worthless total $68,987.65. The Appraisement The appraisement shows the good assets to be $40,740.44; doubtful, $13,464.50; worthless, $14,782.71. Total, $68,987.65. Liabilities According to the report the liabilities follow: Individual deposits, $40,118.49; certificates of deposit and accrued interest, $25,348 91; due to banks and bankers, $89.13,; money loaned from First National Bank of Fredericktown, $2,100; due First National Bank of Fredericktown, borrowed by receiver through order of court to pay First National Bank of Columbus, $4,281.20; due Chase National Bank of New York city borrowed by receiver through order of court to pay Chase National Bank of New York City, $3,603.25; taxes, $260; sundry bills rendered to receiver, $284.89; New York drafts outstanding, $193.61. Total, $76,279.48. Contingent liability-George Baker Long note $2,500 March 2, 1911, six months, due Sept. 2, 1911, sold to Grove City, O., bank. Contingent liability-Knox County Glass Co. bonds $4,000, sold to First National Bank of Fredericktown, O. It is claimed Richland County Bank of Butler agreed to repurchase the bonds is demanded at any time.

9. February 20, 1912 The Democratic Banner Mount Vernon, OH
Article from The Democratic Banner, February 20, 1912

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Action On Promissory NoteCharles F. Ackerman, receiver of the Richland County Bank of Butler, has commenced a suit in the court of common pleas of Knox county against the Knox County Glass Co. and A. J. Solomon. The action is based on a promissory note, given in the sum of $1,500, with the Knox County Glass Company as maker and A. J. Solomon as indorser. The plaintiff asks for a judgment in the sum of/$1,500 with interest. Brucker & Voegele of Mansfleld are the attorneys for the plainliff in this action.

10. May 7, 1912 The Democratic Banner Mount Vernon, OH
Article from The Democratic Banner, May 7, 1912

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longing to the First National Bank of Butler be delivered to the plaintiff as the receiver of the Richland county bank of Butler. That the deposit mads by the directors of the First National bank of Butler be turned over to the plaintiff as receiver and that all of the funds so to be received by plaintiff as receiver of the Richland county bank of Butler, be applied by him in paying the creditors of the First National bank.

11. May 7, 1912 The Democratic Banner Mount Vernon, OH
Article from The Democratic Banner, May 7, 1912

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RECEIVER After The Assets Of The Butler Bank Suit In Richland Brings County Courts (Mansfield News) C. F. Ackerman, receiver of the Richland County Bank of Butler, by his attorneys Brucker & Voegele, has begun a suit in common pleas court against the First National Bank of Butler, Ohio, Isaac Hess, et al., directors and stockholders of the same. The plaintiff says that he is the duly appointed and acting receiver of the Richland County Bank of Butler, Ohio, and as such receiver he has full power to take charge of all assets of the bank and to institute necessary to collect the property and asset of the bank and to institute such proceedings as may be necessary to recover any property or assets of any kind or description held