Marion National Bank

Episode Information

Episode UID: 630801295
Episode Type: Run Only
Bank Type: national
Bank ID: 63080 national
Charter Number: 6308
Start Date: November 11, 1907
Location: Marion, Ohio (40.589, -83.129)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 1b520907931f7aa6

Response Measures

Accommodated withdrawals

Receivership Details

Depositor recovery rate: 87.6%
Date receivership started: 1931-12-24
Date receivership terminated: 1938-12-10
Share of assets assessed as good: 51.2%
Share of assets assessed as doubtful: 44.5%
Share of assets assessed as worthless: 4.3%

Description

Article describes a small depositor 'flurry' in Marion that affected local banks; the Savings Bank was singled out but the National bank is not named.

Events (3)

1. June 17, 1902 Chartered

Source: historical_nic

2. November 11, 1907 Run

Cause: Rumor Or Misinformation
Cause Details: Small-depositor panic/nervousness triggered modest withdrawals of $3–$25; no insolvency indicated.
Newspaper Excerpt: a flurry was started by small depositors, Monday evening ... amounts withdrawn varied from three to twenty-five dollars.
Source: newspapers

3. December 24, 1931 Receivership

Source: historical_nic

Newspaper Articles (1)

1. November 12, 1907 The Marion Daily Mirror Marion, OH

Article from The Marion Daily Mirror, November 12, 1907

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Article Text

TUESDAY, NOVEMBER 12, 1907. THE FINANCIAL SITUATION Notwithstanding the fact that Marion banks (and when we say Marion banks we mean every banking institution in the city) are perfectly solvent and really in better condition, so far as ready cash is conecrned, than they have been for months, a flurry was started by small depositors, Monday evening and it was demonstrated that even Marion people will sometimes lose their heads and do rash things. The flurry last evening was participated in by only small depositors. The amounts withdrawn varied from three to twenty-five dollars. The larger depositors, men who had money in any sums on deposit went quietly home and lost no sleep. There is no question but that the banks of the city are in better condition so far as ready cash is concerned than they have been for months. More money is lying in the vaults than is normal. The reason for this is the inability to invest it profitably. One banker is authority for the statement that there is more currency in Marion today than there has been in six months previously. The Marion banks are about the only ones in the central part of Ohio which have not placed a restriction upon the amount of money any depositor may ?withdraw in any day. The banks of some cities have placed a limit of ten dollars per day, but in Marion, no limit has been placed, and none will be placed unless the people get wild eyed and make demands which are unreasonable. One feature which is extremely gratifying when considering the Marion banks is the fact that the best of god feeling exists between the bankers of Marion. Every bank has every other bank back of it. The reason for this is the fact that each banker knows that every other bank has securities which are gilt edged and are more than sufficient to meet any and all demands which can be made upon it. All of the banks of the city stand back of the Marion Savings bank. the one which was singled out by the scared citizens Monday evening. The peculiar thing in connection with last night's flurry is the fact that the Savings Bank had more cash in its vaults when it ended than when it began. Marion Banks are all as solid as Gibraltar, they are standing together and unless the people insist in taking financial affairs in their own hands, the banking business in Marion will proceed in the same channels it has pursued for years.