7855. First National Bank (Capac, MI)

View Charter #10631 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
10631
Charter Number
10631
Start Date
November 16, 1933
Location
Capac, Michigan (43.013, -82.928)

Metadata

Model
gpt-5-mini
Short Digest
b89477d00b39d348

Response Measures

None

Receivership Details

Depositor recovery rate
14.9%
Date receivership started
1930-12-19
Date receivership terminated
1937-10-29
OCC cause of failure
Governance
Share of assets assessed as good
35.4%
Share of assets assessed as doubtful
40.6%
Share of assets assessed as worthless
24.0%

Description

Articles (Nov 16, 1933) report testimony by the assistant bank receiver and a federal trial of the bank's former officials for misapplication of funds. A receiver is in place, indicating the bank had failed and was closed; the articles do not describe any depositor run or reopening. OCR errors in names (Miles/Niles) and garbled sentences were corrected where obvious.

Events (4)
1. October 2, 1914 Chartered
Source
historical_nic
2. December 19, 1930 Receivership
Source
historical_nic
3. November 16, 1933 Other
Newspaper Excerpt
Trial of Archie H. Medbury and Allen R. Miles, former officials of the First National bank, of Capac, charged with conspiring to violate the Federal Reserve Act through alleged misapplication of $17,000 of the bank's funds
Source
newspapers
4. November 16, 1933 Receivership
Newspaper Excerpt
Harry Fisher, assistant bank receiver, testified ... the First National bank, of Capac ... assistant bank receiver testified Wednesday ... juggled the bank records to conceal the losses
Source
newspapers

Newspaper Articles (4)
1. November 16, 1933 The Flint Journal Flint, MI
Article from The Flint Journal, November 16, 1933

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Article Text

CAPAC BANKERS' TRIAL ADVANCES Detroit. Nov. Further testimony regarding the handling of bank funds expected federal court today in the trial of Archie Medbury and Allen R. Niles, officials of the First National bank, of Capac, charged with conspiring to violate the federal reserve act. Medbury is former president of the bank, while Miles was cashier. They are of misapplication of $17,000 of bank funds. Harry Fisher, assistant bank receiver, testified Wednesday that E. Burger, Capac automobile dealer, $17,000 worth of checks and was permitted to draw against them they collected. Fisher said that when the checks were marked unpaid Burger had no money to them. He testified that Medbury and Miles changed the ords to conceal the loss, and that Burger was to open an account under the name of "Allen R. Miles, trustee.

2. November 16, 1933 The Flint Journal Flint, MI
Article from The Flint Journal, November 16, 1933

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Article Text

CAPAC BANKERS' TRIAL ADVANCES Detroit. Nov. Further testimony regarding the handling of bank funds expected in federal court today in the trial of Archie H. Medbury and Allen R. Niles, former officials of the First National bank, of Capac, charged with conspiring to violate federal reserve act. Medbury former of the bank, while Miles was cashier. They accused of misapplication of $17,000 of bank funds Harry Fisher, assistant bank receiver, testified Wednesday that E. Burger. Capac automobile worth of checks and to draw them before they were colagainst lected. Fisher said that when the checks were returned marked unpaid Burger had no money to er them. He testified that Medbury and Miles changed the records to conceal the and that Burger was allowed to open count under the name of "Allen R. Miles, trustee.

3. November 16, 1933 The Times Herald Port Huron, MI
Article from The Times Herald, November 16, 1933

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Article Text

BANK RECORDS AN ACCORD FRIDAY JUGGLED, CLAIM Capac Bank Receiver Tells Of $17,000 Bad Check Deal The Associated Press) mony handling of funds expected in federal court today trial of Archie H. Medbury and Allen R. Niles, of the First National bank. of Capac. charged with conspiring to violate the federal reserve is former president of the while was cashier accused of of funds. Harry assistant bank testified Wednesday that Burger worth of and permitted to before they were Fisher said that when the marked unpaid Burger money to testified that Med and the records that Burger an account under name of Allen R. Niles, After this account opened still held the unredeemed Burger to in the tioning Fred R. States assistant People's State identified records to trusfor testiany creCapac bank Medbury Roosevelt Hopeful, Seeks Six-Year Loan Press) Nov. Fresh hope for solution of the Ameriby Friday night expressed today at the Roosevelt and M. Litvinoff arranged for another meeting The President was termed hopeful the talks which may lead to of the before he leaves for the Friday night. no definite fixed for conference the President expected another talk before nightfall the Soviet envoy. Prospects long term loan to the died today when expressed disapproval of such proposition. long the Ameritariff He voiced the informally reporters it would not sound to abroad the on would be possible for to pay back the loans through The agriculture secretary made It clear he had not been discussing phase in the present Amerimerely rendering his is understood that in the preliminary the Soviets proposed year loan.

4. November 16, 1933 Detroit Free Press Detroit, MI
Article from Detroit Free Press, November 16, 1933

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Article Text

Juggling Records Laid to Bankers Capac Receiver Is on Stand at Trial Testimony purporting to show that records the Capac Mich. First National Bank were juggled to conceal the loses of one of its depositors given Wednesday before Federal Judge Edward Moinet, by Harry Fisher, assistant testified at the trial of Archie Medbury, former and Allen Miles, former cashier They are charged with conspiracy violate the Federal Reserve Act through alleged misapplication of $17,000 of the bank's Fisher testified that E Burger Capac agent posited of checks and was permitted draw against them before they were collected When the checks marked "unpaid," Burger had no money meet Fisher asserted He testified Miles and Medbury juggled the bank ceal Also, that Burger to under the name of "Allen R. Miles, Trustee.' After this account was opened and while the bank still held the $17,000 unredeemed checks Burger was allowed to deposit proximately $162,000 in the count, was brought out in tioning of Fisher by Fred R. Walk Charles Wood. assistant ceiver for the People's State ings Bank Pontiac, records two given to the Pontiac bank by Medbury tee for the Capac and testified he had the Capac bank showing Medbury was trustee