Marine National Bank (Duluth, MN)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
October 14, 1896
Location
Duluth, Minnesota (46.783, -92.107)
Bank Type
national
Charter Number
4421

Metadata

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
65.5%
Date receivership started
1896-11-11
Date receivership terminated
1900-04-16
OCC cause of failure
Losses
Share of assets assessed as good
12.0%
Share of assets assessed as doubtful
63.4%
Share of assets assessed as worthless
24.6%

Events (5)

1. September 23, 1890 Chartered
Source
historical_nic
2. October 14, 1896 Run
Cause Details
Heavy withdrawals / inability to make collections to meet withdrawals (liquidity run)
Measures
Bank examiner placed in charge; bank suspended payments
Newspaper Excerpt
Inability to make collections rapidly enough to meet withdrawals is assigned as the cause.
Source
newspapers
3. October 14, 1896 Suspension
Cause Details
Suspension due to inability to make collections rapidly enough to meet withdrawals
Newspaper Excerpt
The Marine National bank has suspended. A bank examiner is in charge.
Source
newspapers
4. November 11, 1896 Receivership
Newspaper Excerpt
The comptroller of the currency has appointed William E. Lucas receiver of the Marine National Bank of Duluth, Minn.
Source
newspapers
5. November 11, 1896 Receivership
Source
historical_nic

Newspaper Articles (22)

Article from Santa Fe Daily New Mexican, October 14, 1896

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Bank Suspension

Daluth, Minn., Oct. 14.-The Marine National bank has suspended. A bank examiner is in charge. Inability to make collections rapidly enough to meet withdrawals is assigned as the cause. The bank has a capital of $250,000.


Article from Rock Island Argus, October 14, 1896

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Bank Suspende

Duluth, Minn., Oct 14.-The Marine National bank has suspended. Inability to make collections rapidly enough to meet withdrawals is assigned as the cause. No state. ment of assets or liabilities has yet been made. The bank has a capital of a quarter of a million.


Article from The Providence News, October 14, 1896

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A Bank in Trouble

DULUTH. Minn., Oct. 14.-The Marine National Bank has suspended, and the bank examiner is in charge. Inability to make collections rapidly enough to meet withdrawals 13 assigned as the cause The bank has a capital stock of $2.0,000. No statement has been issued asTyet.


Article from San Antonio Daily Light, October 14, 1896

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NATIONAL BANK CLOSED

Duluth, Oct. 14.-The Marine National bank has suspended and a bank examiner is in charge. Inability to make collections rapidly enough to meet withdrawals, is assigned as the cause. The bank has a capital of $250.000. No statement has been made yet.


Article from Evening Star, October 15, 1896

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A Duluth Bank Suspends

The Marine National Bank of Duluth, Minn., has suspended, and the bank examiner is in charge. Inability to make collections rapidly enough to meet withdrawals is assigned as the cause. The bank has a capital of $250,000. No statement has been Issued as yet.


Article from The Anaconda Standard, October 15, 1896

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Duluth Bank Failure

Duluth, Minn., Oct. 14.-The Marine National bank has suspended. The bank examiner is in charge. Inability to make collections rapidly enough to meet withdrawals is assigned as the cause. The bank has a capital of $250,000.


Article from The Roanoke Daily Times, October 15, 1896

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ANOTHER BANK FAILURE

Duluth, Minn., Oct. 14.-The Marine NationalBank has suspended and the bank examiner is in charge. Inability to make collections rapidly enough to meet withdrawals is assigned as the cause. The bank has a capital of $250,000. No statement has been issued as yet.


Article from The Madison Daily Leader, October 15, 1896

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Duluth Bank Suspends

DULUTH, Oct. 15.-The Marine National bank has suspended and the bank examiner is in charge. Inability to make collections rapidly enough to meet withdrawals is assigned as the cause.


Article from The Saint Paul Globe, October 15, 1896

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Duluth Marine Bank Closes

DULUTH, Minn., Oct. 14.-The Marine National bank suspended, and the bank examiner is in charge. Inability to make collections rapidly enough to meet withdrawals is assigned as the cause. The bank has a capital of $250,000. No statement has been issued as yet.


Article from The News & Observer, October 15, 1896

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Duluth, Minn., Oct. 14.-The Marine National bank has suspended and the bank examiner is in charge.


Article from The Saint Paul Globe, October 17, 1896

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McFarland for Receiver

WASHINGTON, Oct. 16.-Maj. Baldwin has recommended A. R. McFarland, of Duluth, as receiver of the Marine National bank of that city.


Article from The Dakota Chief, October 22, 1896

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Duluth Bank Goes Under

The Marine National Bank at Duluth, Minn., has suspended. Inability to make collections rapid y enough to meet withdrawals was the cause. The bank has a capital of $250,000.


Article from Evening Star, November 6, 1896

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A Receiver to Be Appointed

The controller of the currency has decided to put the affairs of the Marine National Bank of Duluth, Minn., in the hands of a receiver.


Article from Evening Star, November 12, 1896

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Bank Receiver Appointed

William E. Lucas has been appointed recelver of the Marine National Bank of Duluth, Minn. -


Article from Rock Island Argus, November 12, 1896

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Receiver for a

Duluth Bank. Washington, Nov. 12.-The comptroller of the currency has appointed William E. Lucas receiver of the Marine National bank of Duluth Minn.


Article from The Saint Paul Globe, November 12, 1896

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Lucas Becomes Receiver

WASHINGTON, Nov. 11.-The comptroller of the currency has appointed William E. Lucas receiver of the Marine National Bank of Duluth, Minn.


Article from Little Falls Weekly Transcript, November 13, 1896

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Receiver for a Duluth Bank

WASHINGTON, Nov. 12.-The comptroller of the currency has appointed William E. Lucas receiver of the Matine National bank of Duluth, Minn.


Article from The Madison Daily Leader, November 13, 1896

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Receiver for a Duluth Bank

WASHINGTON, Nov. 13.-The comptroller of the currency has appointed William E. Lucas receiver of the Marine National bank of Duluth


Article from Little Falls Weekly Transcript, November 20, 1896

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-W. E. Lucas has been appointed receiver of the Marine National bank of Duluth, of which F.E. Searle was cashier.


Article from Little Falls Weekly Transcript, November 20, 1896

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-W. E. Lucas has been appointed receiver of the Marine National bank of Duluth, of which F.E. Searle was cashier.


Article from St. Johnsbury Caledonian, January 1, 1897

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assigned; aggregate liabilities, nearly $500,000. The Chicago Consolidated Iron and Steel Co. assigned; liabilities, about $300,000. B. Hilton, Hughes & Co., successors to A. T. Stewart & Co., New York, made a general assignment and closed business; liabilities over $1,000,000. 31. The Kings County Elevated Railway Co. of Brooklyn placed in hands of a receiver. SEPTEMBER. 4. The First National bank of Helena, Mon., failed, with heavy liabilities. 26. The First National bank of Springville, N. Y., suspended. Wolf Bros.' dry goods establishment in Little Rock closed by attachments; liabilities, $500,000. OCTOBER. 6. The Car and Lumber Co. of Tyler, Tex., failed; liabilities, $250,000. John Maclean & Co., wholesale millinery, failed in Montreal; liabilities, $175,000. B. L. Price & Co., clothing manufacturers, failed; liabilities, $125,000. 7. The First National bank of Ithaca, Mich., failed. 14. The Marine National bank of Duluth failed. 15. The Bank of Commerce of Buffalo closed its doors. 16. Merchants' National bank of Atlanta failed. 19. The Western New York Preserving Co., at Buffalo, seized by the sheriff for debt; 11abilities, $167,323. Charles Bertrand & Co., merchants, of Isle Verte, Que., failed, with liabilities of $235,000. 29. The Mecosta County Savings bank, at Big Rapids, Mich., suspended. NOVEMBER. 20. The First National bank of Sioux City, Ia., failed. 23. The Dakota National bank of Sioux Falls failed. 30. The Missouri National bank, at Kansas City, passed into the hands of the comptroller of the currency. The First National bank of Tyler, Tex., failed. DECEMBER. 1. Gage & Felton, bankers and brokers, failed in Boston.


Article from The Saint Paul Globe, June 22, 1897

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Assessed the Stockholders

DULUTH, Minn., June 21.-Controller Eckels has notified Receiver William E. Lucas, of the Marine National bank, that an assessment of $78 per share has been levied on the stockholders of the bank, payable July 15.