Article Text
The Union National Bank of Monroe, La., was closed by its directors, who declared the suspension was due to inability to realize on outstaending loans.
7535. Union National Bank (Monroe, LA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 10153
- Charter Number
- 10153
- Start Date
- June 12, 1915
- Location
- Monroe, Louisiana (32.520, -92.077)
Metadata
- Model
- gpt-5-mini
- Short Digest
7e62f80d
Response Measures
None
Receivership Details
- Depositor recovery rate
- 100.0%
- Date receivership started
- 1915-06-24
- Date receivership terminated
- 1917-06-30
- OCC cause of failure
- Losses
- Share of assets assessed as good
- 33.8%
- Share of assets assessed as doubtful
- 35.0%
- Share of assets assessed as worthless
- 31.2%
Description
Bank was closed/suspended by its directors in June 1915 due to inability to realize on outstanding loans (asset problem). A federal receiver was appointed in August 1915 and the bank remained in receivership (dividends paid later), indicating permanent closure rather than a simple temporary suspension.
Events (6)
1.
March 4, 1912
Chartered
- Source
- historical_nic
2.
June 12, 1915
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Directors declared suspension due to inability to realize on outstanding loans (bad/illiquid assets).
- Newspaper Excerpt
- The Union National Bank of Monroe, La., has been closed by its board of directors, who in a statement declared that the suspension was due to the inability of the institution to realize on outstanding loans.
- Source
- newspapers
3.
June 24, 1915
Receivership
- Source
- historical_nic
4.
August 7, 1915
Receivership
- Newspaper Excerpt
- Hubert F. Thomas of Denver, Col., has been appointed by the United States comptroller of the currency as receiver for the Union National Bank of Monroe, La., which suspended business recently.
- Source
- newspapers
5.
July 22, 1916
Other
- Newspaper Excerpt
- The receiver of the Union National Bank at Monroe has accumulated $50,000 and is giving the depositors their first dividend of twenty per cent. There are said to be good prospects for full payment eventually.
- Source
- newspapers
6.
June 2, 1917
Other
- Newspaper Excerpt
- Receiver Hubert F. Thomas, of the Union National Bank of Monroe is to pay the balance due the depositors of the bank within the next two weeks and to end the receivership of the bank, it is announced.
- Source
- newspapers
Newspaper Articles (10)
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Article Text
The Union National bank of Monroe, La., was closed by its directors, who declared the suspension was due to inability to realize on outstanding loans.
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Louisiana Bank Closes. Monroe, La., June 12.-The Union National Bank of Monroe, La., has been closed by its board of directors, who in a statement declared that the suspension was due to the inability of the institution to realize on outstanding loans. The directors declared the bank was solvent and that depositors would be paid in full.
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Financial Briefs The Tonopah Belmont quarterly report, ending May 31, showed net earnings of $254,807, against $306,770 for the February quarter, and $444,148 for the corresponding period a year ago, Total net income was $260,973, against $454,851 last year. The New York Coffee Exchange will be closed July 3 and 6. The Iron Age says: "The steel trade enters upon the second half of the year with production about 60 per cent. greater than on January 1, and with the increase in production and consumption which has been more marked in the last two months still in progress. There is a general disposition to look for further expansion in the remainder of the year, in spite of some irregularity in prices and of the fallure of pig iron prices to reflect improvement In finished metal." The New Jersey Zinc Company declared an extra cash dividend of 30 per cent., payable July 15. Usually the company makes 10 per cent. extra disbursements. Excepting $335,600, all emergency ourrency issued under the Aldrich-Vreeland act has been retired by the Treasury Department, it was announced today. This sum represents funds held in two insolvent banks: the Union National Bank, of Monroe, La., holds $27,000, and the First National Bank, of Uniontown. Pa., $308,100. These securities are in the hands of receivers of the two banks and as soon as the affairs of the banks are straishtened out the securities will be retired. The Aldrich-Vreeland act expired by limitation today. During the month of June municipal bond issues throughtout the United States, including State and county flotations, reached a total of $100,484,806, against $36,467,600 the previous month and $52,224,500 in June, 1914. This brings the total for the first half of 1915 up to $285,060,808. against $352,487,851 for the corresponding period last year. There were no exports of cotton today. An initial dividend of 10 per cent. out of accumulated earnings was declared by the Jim Butler Mining Company today. Today was the last day on which deposits of the convertible sinking fund gold bonds, due January 1, 1931, of the Westinghouse Electric and Manufacturing Company could be made with the Guaranty Trust Company, of New York, depositary, in accordance with the plan of exchange for a new issue of convertible bonds, the details of which already have been announced. It is understood all but about $5,000,000 of the bonds had been deposited up to this morning. The Canadian Government has placed orders for $1,250,000 rolling stock for government railways, 15 locomotives, with the Canadian Locomotive Company, and 1000 boxcars, divided among Canadian Car Company, National Steel Car Company and Nova Scotla Car Company. The Federal Reserve Banks, now buyIng Government bonds under par in the open market, were warned today by the board that such purchases would not be deducted from the $25,000,000 Government bonds the board may require them to purchase from member banks after December 31. The Philadelphia bank clearings for June were $725,628,367, compared with $703,069,959 in June last year, an increase of $22,558,408, or 3.10 per cent. This is the first increase shown in local bank clearings since May, 1914. For the six months of the current year the clearings totaled $3,945,562,048, compared with $4,152,958,187 in the corresponding period last year, a. decrease of $207,396,139. or 4.99 per cent. The New York banks transferred $220,000 to San Francisco. New York banks lost $1,209,000 to the Subtreasury yesterday and have lost $2,759,000 since last Friday. The directors of the Missouri Pacific Railway have approved the plan of capital readjustment as drawn up by the bankers and the company's officials. Official announcement will be made next week. The Chicago Board of Trade directors turned down the petition for a holiday on Saturday, July 3. The committee representing the first refunding 4 per cent. bonds of the St. Louis and San Francisco Railroad Company, has arranged to advance to depositors of the bonds the amount of the coupons maturing July 1. There was listed on the local exchange $511,000 additional first and collateral trust 5 per cent. gold bonds of the Philadelphia Company, due March 1, 1949. At auction today National Security Bank stock sold at 439, a rise of no less than 89 points from the last previous sale on March 29, 1911. For the first time since the par value of Chelten Trust shares was changed from $50 to $100, the stock sold at $150. Last sale was at $75.
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The Union National bank of Monroe, La., was closed by its directors. who declared the suspension was due to inability to realize on outstanding loans.
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Hubert F. Thomas of Denver, Col., has been appointed by the United States comptroller of the currency as receiver for the Union National Bank of Monroe, La., which suspended business recently.
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JURY INVESTIGATES BANK FAILURE Monroe, La., October 21.-An investigation by the federal grand jury into the failure of the Union National bank here last June was terminated abruptly today when Judge Boarman dissolved the jury after it had been in session three days. A number of witnesses had been examined but no action toward returning indictments against former officials of the institution had been taken. The action of Judge Boarman created a sensation here and brought forth a statement to the public from the jury in which the jurymen protested against "the sudden arbitrary and unjust action of the court." The only explanation offered by Judge Boarman was that he was due to hold court today in Shreveport. The bank hold deposits approximating $275.000 and had a capital and surplus of $220,000 when it suspended.
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Lake Providence felt the force of the storm last week but suffered no damage. Blondy Williams, an Alexandria negro, murdered the woman with whom he lived, and is in jail. The Ascension grand jury found 11 true bills and adjourned. Baton Rouge has set the contrart for its three new school buildings to cost $125,000. Three negroes are in jail at Alexandria charged with arsti in connection with the burning of a building near the Rapides station. Harley Ryan, aged 10, and Daley Chaney, aged 9, drowned in Red River near Shreveport. Two other white boys of the party were rescued by negro boys. Boyce has organized a Jefferson highway association. Minor Johnson killed Arthur Jones at Fullerton when the latter attacked him with a club. Bothe were negroes. H. H. Spaulding was brought from Oklahoma to Shreveport for trial for tearing down the copy of a federal court in junction at Selma two years ago. The suit of W. E. Shell, principal of the Grayson high school and J C. Hines, parish superintendent of Caldwell against I. D. Meredith, for $19,000 for libel, was tried at Columbia last week. The judge reserved his decision. Caldwell now has an AA1 school row. The Ninth Ward of St. Tammany voted a special 2 1-2 mill tak for two years for schools. South Highland, a suburb of Shreveport, is the suffrage mecca of Louisiana. Its charter gives women an equal voice with men in village elections. B. W. Conway broke his right arm and was seriously injured by a fall from a tree at Forest Hill. Pollock's new school building approaching completion was destroyed by fire last week. The contractor and the insurance companies share the $20,000 loss. Joseph H. Jones was hot and dangerously injured by Thomas McQuiston following a quarrel at Grand River. The Arite City W. C. T. U. gave a dinner and reception Tuesday in honor of their president's birthday. People of French descent at Shreveport did not celebrate Bastile Day owing to the war in Europe. St. Rose has shipped 600 cars of vegetables north this season. Gus Weil of White Castle, has bought J. A. Dalferes brick store building in Donaldsonville for $9,500. Crowley is putting a tarvia pavement on Third street. Drs. Hendricks and Llofd of Shreveport and Parsons of Mansfield will spend $80,000 on a new four story brick sanitarium at Shreveport. Columbia fined a negro chauffer for driving an auto trough the streets without lights. Crowley has sold $40,000 school bonds to equip a lihgt and water plant. Jonas Rosenthal, postmaster of Alexandria, was elected president of the Louisiana league of postmasters. Winnfield was selected as the next meeting place. Oliver Schwartzenberg, a warlike deputy sheriff of Rapides, was put under a peace, bond for threatening a witness against him in a police court case. Dora Hawkins has brought suit in Shreveport for a share in the 80-acre estate of Caleb Surry, a former slave, from which $400,000 in oil and mineral has been taken The receiver of the Union National Bank at Monroe has accumulated $50,000 and is giving the depositors their first dividend of twenty per cent. There are said to be good prospects for full payment eventually. S. S. Hunter and W. B. McCormick have a franchise to furnish Monroe with natural gas. If they cannot develop a home supply they will pipe it from the Caddo field.
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Receiver Hubert F. Thomas, of the Union National Bank of Monroe is to pay the balance due the depositors of the bank within the next two weeks and to end the receivership of the bank, it is announced.
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facture and sale of alcoholic bever ages for the period of the war." Copiest of the resolution will be forwarded to Washington. The Covington Association of Commerce has been advised by officials of the New Orleans Great Northern Railroad Company that the company proposes to erect a new depot here, as desired, if the case is withdrawn from the hands of the Railroad Commission. General Manager L. B. Ferguson, of the Arkansas and Louisiana Midland Railway, has placed the entire office of the general manager and office space at the disposal of the sheriff of Monroe to assist in enrolling men subject to military duty on June 5. Governor Pleasant appointed the following municipal officers for the village of Columbia, vice no election held: C. P. Thornhill, as mayor; H. C. Blanks, L. R. Adams and T. A. Meredith, as aldermen, and J. F. Hamilton as marshal. Receiver Hubert F. Thomas, of the Union National Bank of Monroe is to pay the balance due the depositors of the bank within the next two weeks and to end the receivership of the bank, it is announced. The Acme Oil Company, which has at of oil deposits in velopment been formed Hammond for the the Anse dela Butte oil fields, is ready to commence drilling, the machinery and engineer being on the ground. Contracts for fifteen miles of model road to cost $45,804, were awarded jury. at Shreveport The roads by to the be Caddo improved police are laterals connecting with the trunk lines already built. Flag day, Thursday, June 14, will be made the occasion of a patriotic celebration at Donaldsonville. The newly-elected municipal commissioners will be formally inaugurated at that time. Two cars of Irish potatoes, the first of the season, were shipped from Franklin. The crop is unusually fine this season, and is about two weeks earlier than last year. Icta has a Home Guard company of 94, many of whom will enlist in the army and navy later. Several young men of this place have already en listed. 1 The first ripe home-grown tomatoes e $ have made their appearance on the market, from the farm of J. P. Dow ney, three miles west of Hammond. The Glenwood Planting Company b Inc., of Napoleonville, with a capital stock of $300,000, has filed its charter