Union National Bank (Columbus, OH)

Episode Information

Episode Type
Suspension โ†’ Closure
Start Date
December 4, 1911
Location
Columbus, Ohio (39.961, -82.999)
Bank Type
national
Charter Number
7584

Metadata

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1911-12-07
Date receivership terminated
1915-03-25
OCC cause of failure
Losses
Share of assets assessed as good
38.8%
Share of assets assessed as doubtful
36.2%
Share of assets assessed as worthless
24.9%

Notes

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, 1905 Chartered
Source
historical_nic
2. December 4, 1911 Suspension
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. December 7, 1911 Receivership
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
4. December 7, 1911 Receivership
Source
historical_nic

Newspaper Articles (20)

Article from Evening Star, December 4, 1911

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Article Text

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.


Article from The Fargo Forum and Daily Republican, December 4, 1911

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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.


Article from Bismarck Daily Tribune, December 4, 1911

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BANK SUSPENDS

(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.


Article from The Hattiesburg News, December 4, 1911

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Article Text

(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


Article from The Barre Daily Times, December 4, 1911

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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.


Article from Omaha Daily Bee, December 4, 1911

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Article Text

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


Article from El Paso Herald, December 4, 1911

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Article Text

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.


Article from Evening Times-Republican, December 4, 1911

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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.


Article from The Marion Daily Mirror, December 4, 1911

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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.


Article from Norwich Bulletin, December 5, 1911

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Article Text

The Union National Bank of Columbus, O., yesterday posted a notice of suspension by a resolution of the board of directors.


Article from Omaha Daily Bee, December 5, 1911

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Article Text

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.


Article from The Democratic Banner, December 5, 1911

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Article Text

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.


Article from The Washington Herald, December 8, 1911

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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.


Article from The Commonwealth, December 8, 1911

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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.


Article from The Diamond Drill, December 9, 1911

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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. --


Article from Iron County Register, December 14, 1911

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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.


Article from Marble Hill Press, December 14, 1911

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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.


Article from The Greenville Journal, December 14, 1911

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Bank is Closed by Rumors

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.


Article from Greene County Herald, December 15, 1911

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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


Article from The Marion Daily Mirror, January 30, 1912

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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.