Receivership and multiple suits reported; closure date given as Nov 24, 1928 matching articles and known receivership.
Events (4)
1.September 5, 1905Chartered
Source
historical_nic
+23 years
2.November 24, 1928Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed because frozen assets/insolvency and heavy withdrawals
Newspaper Excerpt
The bank closed on Nov 24. 1928 ... closed year ago because frozen assets
Source
newspapers
+2 days
3.November 26, 1928Receivership
Newspaper Excerpt
Shell R. Smith, receiver for the First National bank of Richland Center
Source
newspapers
same day
4.November 26, 1928Receivership
Source
historical_nic
Newspaper Articles (12)
1.January 30, 1929The Platteville Journal and Grant County NewsPlatteville, WI
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Article Text
WM. IS RICHLAND CENTER BANK RECEIVER
Stockholders in the First National Bank were mailed notices on Saturday that the Comptroller of the Curreney at had ordered an assessment of 100 cent on their stock, and forfeiture of its in favor creditors of the bank. order making the assessment and demanding the value the par stock was made January 7th. assessments are be by 14th, but receiver amount on that date, 25 cent per of the month the full amount paid, to take steps by law to collect the share of stock. William Kane, the receiver charge the First National Bank, states that receiving proofs claims should be begun this week, and law allows 90 days in which claims should be filed. Thus it will be the middle April before all claims filed. In meantime the bank receiving paper as falls due adjusting of the bank, statement can be given vidends paid until after all claims filed the middle of April. The depositors permission from the currency at the securities held in the funct National Bank. The permission directs that the securities must examined in the of the presence ceiver that no written record shall made of them, except as to amount. Since receiver Kane will busy man, have to listed when the bank Democrat.
2.January 30, 1930Wisconsin State JournalMadison, WI
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Injunctions Asked by Bank Receiver
Five Richland Center Depositors Given Preferential Treatment, Claim
Injunctions to prevent sale mortgages and assigned five depositors defunct First tional Bank of Richland Center and recover the amounts those that already may have been sold are sought actions brought by Shell R. Smith, received for the federal court The complaints charge that the depositors given preferential treatment officers of bank knew its impending insolvency when they assigned them the mortgages on Richland Center real estate lieu of deposits approximately $9,000. If the transactions gages will be the of the bank for the benefit of named in the actions and the held by them are Alta Maybelle Florence and Mrs. W. F. Doudna. $3,000.
3.February 5, 1930The Boscobel DialBoscobel, WI
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INJUNCTIONS ASKED BY BANK RECEIVER
Injunctions to prevent sale of mortgages and notes assigned to five depositors the defunct First National Bank of Richland Center and judgments to recover the amounts those that already may have been sold, sought in actions brought by Shell Smith, receiver for the bank, in federal court at Madison. The complaints charge that the depositors were given treatment and that officers of the bank knew of its impending insolvency when they assigned to them the mortgages Richland Center real estate in lieu of deposits aggregating $9,000. If the transactions are proved to have been preferential, the mortgages will be restored to the general assets of the bank for the benefit of creditors. Depositors named in the actions and the amounts of the mortgages held by them are Alta King, $1,500 Maybelle Bush, $2,000; Florence Pease, $500; Drake, $2,000; and Mrs. W. Doudna, $3,000.
4.April 9, 1930The Capital TimesMadison, WI
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Suit Started In Richland Bank Failure
Comptroller Orders Accounting for $45,000 by Directors
Civil action to demand an accounting of directors the First National bank Richland Center, which closed year ago because frozen assets, has been started in district court here by Olin and Butler. Madison law firm. for the bank receiver and at the direction the U. S. bank comptroller. Clifford Mathys represents the local law firm the suit. bill complaint filed with Herbert court accounting for approximately $45,000. although it also requests determination of the exact amount. Directors are charged in the complaint under their and common law responsibility with having made excessive loans and with having made improvident loans persons who furnished insufficient collateral or unable repay One $29,000 specifically mentioned in the complaint No date has been set for hearing of the case.
5.April 9, 1930The Capital TimesMadison, WI
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Article Text
Suit Started In Richland Bank Failure
Comptroller Orders Accounting for $45,000 by Directors
Civil action to demand an accounting directors of the First National bank Richland Center, which closed year because frozen assets, has been started in district court here Olin and Butler. Madison law firm. for the bank receiver and the direction of the bank comptroller. Clifford G. Mathys represents the local law firm the suit. bill complaint filed with Herbert court asks accounting for approximately although also requests determination of the exact amount Directors are charged in the complaint under their statutory and common law responsibility with having made excessive loans and with having made improvident loans persons furnished insufficient collateral or were unable to repay borrowings. One item $29,000 specifically mentioned the complaint No date has been set hearing of the case
6.April 21, 1930The Capital TimesMadison, WI
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Bank is Closed Following 'Run'
& Merchants Bank Second in That City to Fail
The Farmers Merchants bank. Richland with resources of $500,000 was closed the end of business Saturday, the 18th bank close since Jan. the state banking department announced today The bank Richland Center banking institution close, the First National bank suspended about year and half ago. understood that the closing the bank was due to frozen assets and heavy withdrawn of deposits on Saturwas stated the state banking department today that the institution over vote of directors." Craig president of the bank and vice president. The Pease The bank had deposits of and surplus $20,000 according the bank's report of March had undivided profits listed $20.and was capitalized at $50,000.
7.April 23, 1930The Platteville Journal and Grant County NewsPlatteville, WI
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Article Text
Items Of State News action by the United States bank comptroller for approximately from directors of the First National bank Richland Center has been filed federal court at Madison through and Butler, Madison law firm. The complaint, which requests determination of the exact amount available to the the directors with responsibility excessive and improvident loans without sufficient collateral.
Henry H. Curran, president of Association Against the Prohibition Amendment, testified before the lobby committee today that organization had contributed the 1926 Senator campaign Blaine, republican, Wisconsin, member the and Detailing activities of the ciation during his fourth day the Curran also said that had been spent advocating repeal the state prohibition Wisconsin.
8.October 20, 1930Wisconsin State JournalMadison, WI
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Argue Richland Bank Bond
Officials Claim $1,500 Paper Should Add to Assets
An attempt on the part of the ceiver the First National bank Richland Center to take $1.500 in bonds sold to Alta R. King Center was being threshed out in federal court today before Judge Claude Z. Luse. Shell Smith. receiver, is complainant in the The bank closed on Nov 24. 1928 Among the assets were $25,000 issued on the building Center. On 23, $1,500 these bonds sold to Alta R. King. had the more who had $300 from her aunt the deal. The bank claims that this transthus the $1,500 should be part of the assets.
9.October 20, 1930The Capital TimesMadison, WI
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Bank Receiver Sues Depositor For $3,000 Sum
Says Money Was Illegally Withdrawn from Richland Bank
A hearing was being conducted before Judge Claude Z. Luse in U. S. district court here today in the suit of Shell R. King, receiver for the First National bank of Richland Center, against Alta Richards The hearing was continued this afternoon. Mr. King is seeking to recover about $3,000 withdrawn from the bank shortly before it was closed in 1928. Mr. King contends that Alta Richards and bank officials knew the financial condition of the bank at the time and should not have permitted the withdrawal. Bank officials claim that the withdrawal of the funds was part of Financial transaction and permissable. and toppled over, killing an 11-year-
10.October 20, 1930The Capital TimesMadison, WI
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Article Text
Bank Receiver Sues Depositor For $3,000 Sum
Says Money Was Illegally Withdrawn from Richland Bank
A hearing was being conducted before Judge Claude z. Luse in U. S district court here today in the suit of Shell R. King, receiver for the First National bank of Richland Center against Alta Richards. The hearing was continued this afternoon. Mr. King is seeking to recover about $3,000 withdrawn from the bank shortly before it was closed in 1928. Mr. King contends that Alta Richards and bank officials knew the financial condition of the bank at the time and should not have permitted the withdrawal. Bank officials claim that the withdrawal of the funds was part of Anancial transaction and permissable and toppled over, killing an 11-yearold boy.
11.June 22, 1932Grant County HeraldLancaster, WI
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APPEAL COURT HOLDS AGAINST BANK RECEIVER verdict in favor of Miss Alta Center, sued the the defunct First National bank Richland Center, for money she withdrew from the bank the day before closed, given the circuit court sitting Chicago. Shell R. Smith that Miss King was lowed to $1,573 by check from $1,676 Nov. 1928, the before the bank was closed for being insolvent. Smith charged that the withdrawal by bank officers, though they knew the institution be insolvent. United States circuit court verdict the favor, was reversed the of appeals.
12.July 6, 1932The Capital TimesMadison, WI
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Luse Ruling in Bank Case Upheld
Richland Bank Receiver Loses tempt to Reclaim $1,600 Withdrawal
The opinion of the late Judge Claude Luse district court dismissing the Shell Smith, for the First National bank Richland Center, against Alta King been upheld by the announced today by Quale, district court clerk. Mr. Smith sued recover about from Alta King the grounds that had permitted her draw out the money when they knew that the bank was insolvent Judge ruled that no had declaring the insolvent prior withdrawal the money. Mr. Smith appealed the decision of Judge Luse
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