7840. First National Bank (Boyne City, MI)

View Charter #9020 on SPMC

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
national
Bank ID
9020
Charter Number
9020
Start Date
August 1, 1931
Location
Boyne City, Michigan (45.217, -85.014)

Metadata

Model
gpt-5-mini
Short Digest
fae71abb040860b3

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
82.1%
Date receivership started
1931-08-07
Date receivership terminated
1937-12-11
OCC cause of failure
Governance
Share of assets assessed as good
32.3%
Share of assets assessed as doubtful
61.7%
Share of assets assessed as worthless
6.0%

Description

Newspaper accounts report a run on the First National Bank of Boyne City (run on Saturday) followed by the bank failing to open its doors and being closed to protect depositors. No mention of receivership, takeover, or reopening in the provided articles, so it is unclear whether the closure is permanent.

Events (4)
1. February 5, 1908 Chartered
Source
historical_nic
2. August 1, 1931 Run
Cause Details
Article simply reports a run occurred Saturday afternoon; no specific trigger (rumor, correspondent failure, or bank-adverse information) is given.
Measures
None specified other than subsequent closing to protect depositors.
Newspaper Excerpt
There was run on the institution Saturday afternoon.
Source
newspapers
3. August 3, 1931 Suspension
Cause Details
Bank did not open following the run; officers announced bank had been closed to protect depositors.
Newspaper Excerpt
failed to open its doors for business yesterday. An announcement on the door of the bank said the action was taken for the protection of depositors.
Source
newspapers
4. August 7, 1931 Receivership
Source
historical_nic

Newspaper Articles (2)
1. August 4, 1931 The Herald-Palladium Benton Harbor, MI
Article from The Herald-Palladium, August 4, 1931

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Article Text

RUN CLOSES BANK AT BOYNE CITY By Associated Press) BOYNE CITY, Aug. 4.-The First National bank of Boyne City, capitalized at $50,000, failed to open its doors for business yesterday. An announcement on the door of the bank said the action was taken for the protection of depositors. There was run on the institution Saturday afternoon. The bank. of which Frank Katen is president, has deposits of $450,000. Surplus is listed at $5,000 and undivided profits are given as approximately $2,000.

2. August 5, 1931 The Escanaba Daily Press Escanaba, MI
Article from The Escanaba Daily Press, August 5, 1931

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Article Text

State Briefs Detroit Finney. 19. the daughter of Detroit police sergeant, and two young men companions. pleaded guilty when arraigned in recorder's court Tuesday on charges of robbery armed Miss Finney was arraigned with Edward Monarch, 19, and John 16. All were held under bond each pending sentence. Manistee Manistee plant of the American Paper Box company Tuesday was sold to Manistee interests represented by Glenn Larsen, of Manistee. and Frank Fales. of Saginaw The company to be operated as the Manistee Paper Box company. Boyne City First National bank of Boyne City, did not open for business Tuesday An announcement by the officers stated that the bank had been closed to protect depositors. The bank. capitalized at $50,000. listed deposits of $450,000 Lowell will celebrate its centennial anniversary starting Thursday with three days of festivities which will include presentation pageant depicting the village's history.