8074. First State Bank (Hartford, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 29, 1931
Location
Hartford, Michigan (42.207, -86.167)

Metadata

Model
gpt-5-mini
Short Digest
94bf8253d57a5623

Response Measures

None

Description

The First State Bank of Hartford voluntarily suspended operations on June 29, 1931 to liquidate. A receiver (F. C. Stapleton) was appointed July 13, 1931 and the bank did not reopen; dividends were paid to depositors later in 1931. No run is mentioned in the articles; suspension was voluntary liquidation resulting in permanent closure/receivership.

Events (3)
1. June 29, 1931 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank voluntarily suspended operations in order to liquidate (closed June 29, 1931).
Newspaper Excerpt
The First State bank of Hartford closed on June 29, 1931.
Source
newspapers
2. July 13, 1931 Receivership
Newspaper Excerpt
Receiver F. C. Stapleton, as receiver for the First State, appointed July 13 of that year, has paid out percent dividends to depositors of the closed bank. Frank Stapleton ... was authorized ... to take over receivership of the Olney National Bank and liquidate its assets. ... Frank Stapleton, as receiver for the First State, appointed July 13 of that year, has paid out percent dividends to depositors of the closed bank.
Source
newspapers
3. November 12, 1931 Other
Newspaper Excerpt
Dividend checks amounting to 25 per cent of their deposits are being distributed to depositors of the First State bank this week. The first dividend since the bank closed out its business last June will total about $20,000.
Source
newspapers

Newspaper Articles (2)
1. November 12, 1931 The Herald-Press Saint Joseph, MI
Article from The Herald-Press, November 12, 1931

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Article Text

HARTFORD BANK PAYS DIVIDEND HARTFORD. Nov. 12. Dividend checks amounting to 25 per cent of their deposits are being distributed to depositors of the First State bank this week. The first dividend since the bank closed out its business last June will total about $20,000. Former officials of the bank said the initial dividend is the forerunner of others. The bank voluntarily suspended operations in order to liquidate and depositors will receive 100 cents on the dollar, according to a statement issued here. The first dividend is being paid in advance of expectations. Receiver F. C. Stapleton started payments immediately after approval of claims by Circuit Judge Glenn E. Warner.

2. September 27, 1933 The Herald-Palladium Benton Harbor, MI
Article from The Herald-Palladium, September 27, 1933

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Article Text

OLNEY NAT. PUT IN HANDS OF RECEIVER Government Orders Town's Only Bank To Be Liquidated HARTFORD, Sept. 27-Hartferd's only remaining bank, and its oldest, was placed in the hands of a receiver this morning. Frank Stapleton, of Decatur, was authorized by a telegram today from J. F. T. O'Connor, comptroller of the currency at Washington, D. take over receivership of the Olney National Bank and liquidate its assets. Town Without Bank This final closing the town's oldest institution deprives Hartford of any financial house. The First State bank of Hartford closed on June 29, 1931. Frank Stapleton, as receiver for the First State, appointed July 13 of that year, has paid out percent dividends to depositors of the closed bank. Its assets at closing were set at about $200,000. Half Million In Deposits The Olney National, organized in 1910, had capitalization of $25,000 and reserves of $20,000 more. Its combined savings and commerical deposits aggregated $500,000. Receivership the last chapter in the history of the Olney bank. The Olney National bank first closed its doors when the state moratorium ordered by Governor Comstock last February. Close on its heels, followed the federal bank moratorium on March reopened an acbasis to local on March 28, with Cashier James L Ingalls, who has been associated with the institution since its inception, as bank conservator. Although ostensibly operating under for the purpose of re-opening for active business, no effort was made to the bank. Will Liquidate Bank Receiver Stapleton, when interviewed by The this morning, said: our intention to liquidate the assets of the Olney National, and make return to its depositors.' His words mark the closing chapter in the career Hartford's last institution. Figures for the last financial stateof the bank were not available, but former cashier James L. Ingalls said total assets at time of closing in February were about one half million dollars. This amount was on deposit in combined accounts. Officers of the defunct Olney National bank were E. R. Smith, president; Frank Eagan, president; M. C. Mortimer, H. Myers. and James Ingalls, directors. Mr. Smith and Mr. Eagan were also directors of the bank.