First National Bank - Emporia, KS

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1915
Charter Number: 1915
Start Date: *
Location: Emporia, Kansas (38.404, -96.182)

Metadata

Model: gpt-5-mini
Short Digest: 1900a012

Response Measures

None

Receivership Details

Depositor recovery rate: 65.0%
Date receivership started: 1898-11-16
Date receivership terminated: 1906-12-31
OCC cause of failure: Fraud
Share of assets assessed as good: 23.4%
Share of assets assessed as doubtful: 44.0%
Share of assets assessed as worthless: 32.6%

Description

Article (1901-04-04) discusses the First National Bank of Emporia being in the hands of a receiver (Morton Albaugh). No mention of a depositor run; the bank is in receivership following insolvency and related litigation over asset disposition. Date of initial suspension/receivership is not specified in the article excerpt.

Events (4)

1. January 2, 1872 Chartered

Source: historical_nic

2. November 16, 1898 Receivership

Source: historical_nic

3. * Other

Newspaper Excerpt: About the time the Emporia bank was placed in the hands of a receiver Cross committed suicide. ... After his death, on November 16, 1896, Martindale, it is claimed, took possession of the farm and stock ... ,
Source: newspapers

4. * Receivership

Newspaper Excerpt: receiver of the First National Bank of Emporia, Kas. ... The controversy arose over the disposition of a certain fund, now in the hands of the receiver, amounting to $53,396.89. (St. Louis Republic, 1901-04-04). , and About the time the Emporia bank was placed in the hands of a receiver Cross committed suicide. (article text). ) , cause:
Source: newspapers

Newspaper Articles (1)

1. April 4, 1901 The St. Louis Republic Saint Louis, MO

Article from The St. Louis Republic, April 4, 1901

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Article Text

# DECISION FAVORS # DEFENDANT RECEIVER. St. Louis and New York Banks Lose Suit in U. S. Court of Appeals—Savings Bank Case. In the United States Circuit Court of Appeals Wednesday an opinion was handed down affirming the decision of the United States Circuit Court of Kansas in the case of the Fourth National Bank of St. Louis, the First National Bank of New York, and F. Harvey, appellants, against Morton Albaugh, receiver of the First National Bank of Emporia, Kas. The controversy arose over the disposition of a certain fund, now in the hands of the receiver, amounting to $53,396.89. The Fourth National Bank, the First National Bank of New York and Harvey entered suit to recover the amount of notes held by them and amounting to about $40,000. The receiver claimed that the fund should be disbursed, according to law, among the depositors. A judgment was rendered in the Kansas court in favor of the receiver of the Emporia bank. The case was appealed by the St. Louis and New York banks, which by the decision rendered lose their suit. The notes were given to the outside banks by C. S. Cross, president of the Emporia Bank, and William Martindale, the vice president, About the time the Emporia bank was placed in the hands of a receiver Cross committed suicide. Cross was the owner of a large amount of unincumbered live stock on his farm near Emporia. After his death, on November 16, 1896, Martindale, it is claimed, took possession of the farm and stock by virtue of bills of sale in which "one dollar and other valuable considerations" Cross had transferred to Martindale. The receiver of the bank claimed that Cross in his lifetime had borrowed money from the bank of which he was president, The suing corporations claimed that prior to July 8, 1898, an agreement had been made between Martindale and Cross that notes held by the other banks and Harvey should be paid by Cross. Also, as the debts owed to Martindale by Cross were personal debts and had nothing to do with the bank, that bills of sale were drawn up and executed July 15 and November 15, 1898, and accepted by Martindale with the design that they should operate as chattel mortgages to secure the personal indebtedness. A controversy arose after the death of Cross as to the rights of the fund derived from the sale of the property. After the sale of the property, the several parties interested interposed their claims for adjudication. After being fully preferred and considered the lower court sustained the contention of the receiver, and turned the fund over to him for disbursement.