Plankinton Bank (Milwaukee, WI)

Episode Information

Episode UID
7772889491183
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
777288949 hash
Start Date
July 1, 1898
Location
Milwaukee, Wisconsin (43.039, -87.906)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
373655e62f1d06ac

Response Measures

None

Description

Records show the bank was defunct with an assignee/receiver and large unexplained asset shrinkage.

Events (3)
1. July 1, 1898 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large unexplained shrinkage of assets (~$500,000) and mismanagement by assignee/management.
Newspaper Excerpt
he could not decipher his report made as assignee on July 1, 1898.
Source
newspapers
2. July 17, 1899 Receivership
Newspaper Excerpt
Judge Johnson in the circuit court appointed Captain Irving M. Bean to succeed William Plankinton as assignee of the defunct Plankinton bank. MILWAUKEE, July 17.-Judge Johnson ... appointed Captain Irving M. Bean to succeed William Plankinton as assignee of the defunct Plankinton bank.
Source
newspapers
3. November 15, 1899 Other
Newspaper Excerpt
Startling and sensational disclosures came out of the investigation of the Plankinton bank assigneeship before Commissioner Schreiber ... filing three orders made by Judge Johnson on April 8 last ... authorizing the settlement of claims aggregating $990,283 for the sum of $5,942.
Source
newspapers

Newspaper Articles (10)
1. June 30, 1899 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, June 30, 1899

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Article Text

Milwaukee Judge Served With a Writ of Mandamus by Supreme Court To Grant Relief to Plankinton Bank Creditors or to Show Cause Why He Has Not Done So---William Plankinton Accused of Bad Faith. MILWAUKEE, June 30.-Judge Johnson of the circuit court of Milwaukee county has been served with a writ of mandamus by the supreme court to grant relief, which the creditors of the Plankinton bank have prayed for, or to show cause before the supreme court on July 3, why he has not done so. A writ of certiorari has also been served upon Judge Johnson to produce all the papers and records in the case of which the creditors complain. The creditors claim to have lost about $127,000 through the operations of Assignee William Plankington of the bank, who levied upon the stock in the store of Frank A. Lappen. who had received large loans from the bank before the panic. which caused the failure. The creditors claim that a bid of $125,000 was made for the stock, which was bid in by the assignee. who, it is claimed, paid out $2,000 more in conducting the sale than he received in returns. The assignee did not make a report according to law, and the creditors failing to get satisfaction in the circuit court, carried the matter to the supreme court. It is now expected a complete investigation will follow.

2. July 20, 1899 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, July 20, 1899

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Article Text

To SUCCEED PLANKINTON. Judge Johnson Appoints a New Receiver for the Plankinton Bank. MILWAUKEE, July 17.-Judge Johnson in the circuit court appointed Captain Irving M. Bean to succeed William Plankinton as assignee of the defunct Plankinton bank. According to the writ of mandamus issued by the supreme court, the creditors are granted leave to examine the books of Assignee Plankinton and officers of the bank. The report issued by Mr. Plankinton was in accordance with the statute and unsatisfactory to the bank's creditors and a complete investigation of all affairs connected with the failure will now follow.

3. July 20, 1899 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, July 20, 1899

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Article Text

To SUCCEED PLANKINTON. Judge Johnson Appoints a New Receiver for the Plankinton Bank. MILWAUKEE, July 17.-Judge Johnson in the circuit court appointed Captain Irving M. Bean to succeed William Plankinton as assignee of the defunct Plankinton bank. According to the writ of mandamus issued by the supreme court, the creditors are granted leave to examine the books of Assignee Plankinton and officers of the bank. The report issued by Mr. Plankinton was in accordance with the statute and unsatisfactory to the bank's creditors and a complete investigation of all affairs connected with the failure will now follow.

4. July 21, 1899 Bismarck Weekly Tribune Bismarck, ND
Article from Bismarck Weekly Tribune, July 21, 1899

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Article Text

To SUCCEED PLANKINTON. Judge Johnson Appoints a New Receiver for the Plankinton Bank. MILWAUKEE, July 17.-Judge Johnson in the circuit court appointed Captain Irving M. Bean to succeed William Plankinton as assignee of the defunct Plankinton bank. According to the writ of mandamus issued by the supreme court, the creditors are granted leave to examine the books of Assignee Plankinton and officers of the bank. The report issued by Mr. Plankinton was in accordance with the statute and unsatisfactory to the bank's creditors and a complete investigation of all affairs connected with the failure will now follow.

5. August 10, 1899 Crawford Avalanche Grayling, MI
Article from Crawford Avalanche, August 10, 1899

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Article Text

HOW HE MANAGED THE BANK. Ex-Receiver William Plankinton Examined at Milwaukee. William Plankinton, ex-receiver for the defunct Plankinton Bank of Milwaukee, was examined Thursday before Court Commissioner Schreiber relative to his management of the bank's affairs. The shrinkage of over $500,000 from the face value of the bank's assets could not be accounted for by Plankinton, who claimed to be ignorant of many of the important details of the bank, as he did not give personal attention to the work. The ex-receiver had also credited himself with $20,000 fees as assignee without notifying the court or creditors until after he had paid himself. He could not decipher his report made as assignee on July 1, 1898. No attempt was made by the assignee to realize on various securities or collect numerous accounts due the bank.

6. August 10, 1899 Eagle River Review Eagle River, WI
Article from Eagle River Review, August 10, 1899

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Article Text

HOW HE MANAGED THE BANK. Ex-Receiver William Plankinton Examined at Milwaukee. William Plankinton, ex-receiver for the defunct Plankinton Bank of Milwaukee, was examined Thursday before Court Commissioner Schreiber relative to his management of the bank's affairs. The shrinkage of over $500,000 from the face value of the bank's assets could not be accounted for by Plankinton, who claimed to be ignorant of many of the important details of the bank, as he did not give personal attention to the work. The ex-receiver had also credited himself with $20,000 fees as assignee without notifying the court or creditors until after he had paid himself. He could not decipher his report made as assignee on July 1, 1898. No attempt was made by the assignee to realize on various securities or collect numerous accounts due the bank.

7. August 11, 1899 The Mitchell Capital Mitchell, SD
Article from The Mitchell Capital, August 11, 1899

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Article Text

HOW HE MANAGED THE BANK. Ex-Receiver William Plankinton Examined at Milwaukee. William Plankinton, ex-receiver for the defunct Plankinton Bank of Milwaukee, was examined Thursday before Court Commissioner Schreiber relative to his management of the bank's affairs. The shrinkage of over $500,000 from the face value of the bank's assets could not be accounted for by Plankinton, who claimed to be ignorant of many of the important details of the bank, as he did not give personal attention to the work. The ex-receiver had also credited himself with $20,000 fees as assignee without notifying the court or creditors until after he had paid himself. He could not decipher his report made as assignee on July 1, 1898. No attempt was made by the assignee to realize on various securities or collect numerous accounts due the bank.

8. November 16, 1899 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, November 16, 1899

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Article Text

MILWAUKEE SENSATION. Startling Disclosures in Plankinton Bank Inquiry. MILWAUKEE, Wis., Nov. 15.-Startling and sensational disclosures came out of the investigation of the Plankinton bank assigneeship before Commissioner Schreiber, this afternoon, by the attorneys for the bank's creditors. filing three orders made by Judge Johnson on April 8 last to the receivers of three institutions, formerly banks, auth. orizing the settlement of claims aggregating $990,283 for the sum of $5,942, and note for same amount. The withholding of the orders astounded the attorneys in the case. The first order filed is in the Plankinton bank assigneeship, authorizing William Plankinton to settle a claim for $123,878 against the Schlesingers for $1,486; the second in the case of William against the Commercial bank, of Mtwaukee, au(horizing Receiver Frank H. Thompson to : accept a settlement of the bank's claim of $365,439 against the Schlesingers for $4,385, and the third and most stupendous order filed is in the case of the South Side Savings bank, which authorizes the settlement for $6,014 of claims against the Schlesingers reaching $551,166. The petitions set up the indebtedness and states that Ferdinand Schlesinger, W. H. Schlesinger. Schlesinger Bros., and Adolph Schlesinger failed in 1893 for upwards of $2,000,000. The petitioner believes that all the property of the Schlesingers has been used to pay their debts, and reports that an offer in compromise has been made. The petitioner, owing to the settlement, states that it would be wise to do so also.

9. November 16, 1899 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, November 16, 1899

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Article Text

INFINITESMAL SUM Allowed for Vast Claims of the Three Plankinton Banks. MILWAUKEE, Wis., Nov. 15.-Startling and sensational disclosures came out of the investigation of the Plankinton bank assigneeship to-day. By the filing of three orders, made by Judge Johnson, April 8 last, the receivers of three institutions, formerly banks, authorized the settlement of claims aggregating $990,483 for the sum of $5,942 at present and a note for the same amount, to run eight months. The withholding of the order astounded the attorneys in the case. The first order filed is in the Plankinton Bank assigneeship, authorizing William Plankinton to settle a claim for $123,878 against the Schleisingers for $1,486; the second in the case of William H. Timlin against the Commercial Bank of Milwaukee, authorizing Receiver Frank H. Thompson to accept a settlement of the bank's claim of $365,439 against the Schleisingers for $4,385, and the third and most stupendous order filed is in the case of the South-side Savings Bank, which authorizes the settlement, for $6,014, of claims against the Schleisingers, reaching $501,166.

10. November 22, 1899 Virginian-Pilot Norfolk, VA
Article from Virginian-Pilot, November 22, 1899

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Article Text

How some millionaires are made may be learned from the revelations made in connection with the settlement of the affairs of the Plankinton Bank, Milwaukee, Wisconsin. It is said the judge having the matter in hand secretly authorized the settlement of claims aggregating $990,483 for the sum of $5,942 in cash and a note for the same amount to run eight months. That is not all, however, and further details are given, as follows: "The withholding of the orders astounded the attorneys in the case. The first order filed is in the Plankinton Bank assigneeship, authorizing William Plankinton to settle a claim for $123,S78 against the Schlesingers for $1,486; the second, in the case of William H. Timlin, against the Commercial Bank, of Milwaukee, authorizing the receiver, Frank H. Thompson, to accept a settlement of the bank's claim of $365,439 against the Schlesingers for $4,385, and the third and most important order filed is in the case of the Southside Savings Bank, which authorizes the settlement for $6,014 of claims against the Schlesingers reaching $501,166."