The bank suspended due to a long-term depletion of deposits caused by rumors, but no acute run is described immediately preceding the closure.
Events (4)
1.January 30, 1905Chartered
Source
historical_nic
+6.8 years
2.December 4, 1911Suspension
Cause
Rumor Or Misinformation
Cause Details
Rumors unfavorable to its business standing, circulated for more than a year, so depleted the bank's deposits that the directors adopted a resolution to suspend.
Newspaper Excerpt
The Union National Bank today posted a notice of suspension by a resolution of the board of directors.
Source
newspapers
+3 days
3.December 7, 1911Receivership
Newspaper Excerpt
Richard W. Goodhart, national bank examiner and well known in banking circles throughout the country, has been appointed receiver of the Union National Bank, of Columbus, Ohio.
Source
newspapers
same day
4.December 7, 1911Receivership
Source
historical_nic
Newspaper Articles (20)
1.December 4, 1911Evening StarWashington, DC
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Ohio Bank Closes Its Doors
COLUMBUS, Ohio, December 4.-The Union National Bank today posted a notice of suspension by a resolution of the board of directors. It was further stated that the baik is now in the hands of the controller of the currency.
2.December 4, 1911The Fargo Forum and Daily RepublicanFargo, ND
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COLUMBUS BANK GOES TO WALL Columbus, O., Dec. 4.-The Union National bank today posted a notice of suspension by a resolution by the board of directors. It is further stated that the bank is now in the hands of the comptroller of the currency. The capital stock of the Union National bank was $750,000, the surplus $100,000, and it is estimated the deposits approximated $2,000,000.
(By Associated Press.) COLUMBUS, O., Dec. 4.-The Union National bank today posted a notice of suspension by resolution of the board of directors. It is further stated the bank is now in the hands of the comptroller of currency.
4.December 4, 1911The Hattiesburg NewsHattiesburg, MS
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(By Associated Press
) Columbus, Ohio, Dec. 4.-The Union National Bank suspended today by a resolution of the Board of Directors. The bank is now in the hands of the Comptroller of the Currency. It is not believed the suspension will atfeet the financial situation. The
5.December 4, 1911The Barre Daily TimesBarre, VT
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COLUMBUS BANK IN TROUBLE TO-DAY Union National Bank of the Ohio City Suspended To-day and Is Now in Hands of the Comptroller of the Currency. Columbus, O., Dec. 4.-The Union National bank of this city to-day posted a notice of suspension by the board of directors. It was further stated that the bank is now in the hands of the comptroller of the currency. It is not thought that the closing of the bank will have any effect on the local financial situation. The capital stock of the Union National bank is $750,000, and its surplus is $100,000. It is estimated that the deposits of the institution approach $2,000,000.
6.December 4, 1911Omaha Daily BeeOmaha, NE
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Columbus, 0., Bank Suspends Business COLUMBUS. O., Dec. 4.-The Union National bank today posted a notice of suspension by a resolution of the board of directors. It was further stated that the bank is now in the hands of the comptroller of the currency, As the action of the directors had been expected it is not thought the closing of the bank will have any effect on the local financial situation. The capital stock of the bank was $750,000, its surplus $100,000 and it is estimated that its deposits approximated $2,000.000. WASHINGTON Dec. 4.-The failure of the Columbus Union National bank involved a possible loss of about $860,000. according to reports to the comptroller of the currency. Assets to that extent covering the institution's capital, surplus and undivided profits appeared to be of questionable value
7.December 4, 1911El Paso HeraldEl Paso, TX
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COLUMBUS, OHIO. BANK SUSPENDS PAYMENTS Columbus, Ohio, Dec. 4.-The Union National bank today posted a notice of suspension by a resolution of the board of directors. It was further stated that the bank is ECW in the hands of the controler of the currency. The failure is said to involve a possible loss of $860,000.
8.December 4, 1911Evening Times-RepublicanMarshalltown, IA
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Ohio Bank Suspends
Columbus, Ohio, Dec. 4.-The Union National Bank today posted a notice of suspension, by a resolution of the board of directors. It was further stated that the bank is now in the hands of the comptroller of the currency.
9.December 4, 1911The Marion Daily MirrorMarion, OH
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COLUMBUS BANK FAILS TO OPEN DOORS Columbus, O,, Dec. 4.-The Union National bank, of Columbus, failed to open its doors for business today. Rumors, said to be unfavorable to its business standing, circulated for more than a year, so depleted the bank's deposits that the directors late yesterday adopted a resolution to suspend. National Bank Examiner R. W. Goodhart has (been placed in charge of the bank and will liquidate it. The bank's last report on September 1, showed deposits of $2,374,099. and surplus and undivided profits of $109,209. Its capital was $750,000.
10.December 5, 1911Norwich BulletinNorwich, CT
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The Union National Bank of Columbus, O., yesterday posted a notice of suspension by a resolution of the board of directors.
11.December 5, 1911Omaha Daily BeeOmaha, NE
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Columbus, 0., Bank Suspends Business COLUMBUS. O., Dec. 4.-The Union National bank today posted a notice of suspension by a resolution of the board of directors. It was further stated that the bank is now in the hands of the comptroller of the currency. As the action of the directors had been expected it is not thought the closing of the bank will have any effect on the local financial situation. The capital stock of the bank was $750,000, its surplus $100,000 and it is estimated that its deposits approximated $2.000,000. WASHINGTON, Dec. 4.-The failure of the Columbus Union National bank involved a possible loss of about $860,000, according to reports to the comptroller of the currency. Assets to that extent covering the institution's capital, surplus and undivided profits appeared to be of questionable value.
CLOSES Doors Does Union National Bank Of Columbus Columbus, O., Dec. 4-The Union National bank, at High and Spring streets, capital stock $750,000, surplus $100,000 suspended business Monday morning, as a result of a resolution of its board or directors passed Sunday night. The bank is now in the hands of the United States comptroller of the currency.
13.December 8, 1911The Washington HeraldWashington, DC
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Appointed Bank Receiver
Richard W. Goodhart, national bank examiner and well known in banking circles throughout the country, has been appointed receiver of the Union National Bank, of Columbus, Ohio.
14.December 8, 1911The CommonwealthGreenwood, MS
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Columbus Bank Suspends
Columbus, 0.-The Union National Bank Monday posted a notice of suspension by a resolution of the board of directors. The bank's capital stovck was $750,000, and its deposits approximated $2,000,000.
15.December 9, 1911The Diamond DrillCrystal Falls, MI
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COLUMBUS, OHIO-The Union National bank posted a notice of suspension by a resolution of the board of directors. It was further stated that the bank is now in the hands of the comptroller of the currency. --
16.December 14, 1911Iron County RegisterIronton, MO
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Ohio Bank Solvent, but Closes. Columbus, Ohio.-The State bank at Pleasantville has been forced to close .temporarily because of a run resulting from the failure of the Union National bank of Columbus. Bank Examiner Baxter declared the State bank solvent, and said it probably would reopen within a few days.
17.December 14, 1911Marble Hill PressMarble Hill, MO
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Ohio Bank Solvent, but Closes. Columbus, Ohio-The State bank at Pleasantville has been forced to close temporarily because of a run resulting from the failure of the Union National bank of Columbus. Bank Examiner Baxter declared the State bank solvent, and said it probably would reopen within a few days.
The Union national bank of Columbus have decided to close its doors. Rumors unfavorable to its business standing, circulated for more than a year, so depleted the bank's deposits that the directors adopted a resolution to suspend. R. W. Goodhart, national bank examiner, has been placed in charge of the bank and will liquidate it. The bank's last report on Sept. 1 showed deposits of $2,374,099 and surplus and undivided profits of $109,209. Its capital was $750,000. The Union national bank figured in the suits brought by the state in 1909 to recover interest on state money deposited on private accounts by former state treasurers.
19.December 15, 1911Greene County HeraldLeakesville, MS
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Ohio Bank Solvent, but Closes. Columbus, Ohio.-The State bank at Pleasantville has been forced to close temporarily because of a run resulting from the failure of the Union National bank of Columbus. Bank Examiner Baxter declared the State bank solvent, and said it probably would reopen within a few days
20.January 30, 1912The Marion Daily MirrorMarion, OH
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Depositors Get 60 Per Cent
Columbus, O., Jan. 30.-All depositors of the Union National bank, which failed December 4. will get a sixty per cent. dividend Friday, February 1, providing they have proof of their claims, according to official announcement made, by Robert W. Goodhardt, receiver.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.