8142. First National Bank (Manistique, MI)

View Charter #13513 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
13513
Charter Number
13513
Start Date
April 19, 1932
Location
Manistique, Michigan (45.958, -86.246)

Metadata

Model
gpt-5-mini
Short Digest
d8c54ab42057052d

Response Measures

None

Receivership Details

Depositor recovery rate
87.3%
Date receivership started
1934-11-22
Date receivership terminated
1938-05-18
Share of assets assessed as good
61.7%
Share of assets assessed as doubtful
36.7%
Share of assets assessed as worthless
1.5%

Description

Articles (April 20–21, 1932) report a run on another local institution in Manistique that forced that bank to close; officers of the First National Bank suspended business at noon as a precaution amid rumors and the appearance of state examiners. The First National announced it would reopen on Monday. Cause attributed to unfounded rumors aggravated by visit of state examiners; mayor declared a multi-day banking holiday to calm the situation.

Events (4)
1. December 22, 1930 Chartered
Source
historical_nic
2. April 19, 1932 Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension was precautionary after a run on the city's Manistique bank driven by rumors of insolvency and aggravated by the appearance of state bank examiners.
Newspaper Excerpt
Officers of the State Savings bank and the First National bank, fearing similar runs, suspended business at noon yesterday.
Source
newspapers
3. October 31, 1934 Voluntary Liquidation
Source
historical_nic
4. November 22, 1934 Receivership
Source
historical_nic

Newspaper Articles (4)
1. April 20, 1932 The Waukesha County Freeman Waukesha, WI
Article from The Waukesha County Freeman, April 20, 1932

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Article Text

HOLIDAY HALTS SERIOUS PANIC Run Bank Forces on Closing MANISTIQUE nancial panic in Manistique was lieved averted today through the action of Mayor Harry Eriksen in legal four-day holiday for the city's three banks. run, starte purely by unfound rumor, forced closing of the Manistique bank, oldest in the city, an hour after had opened for business yesterday. At noon, officers closed the First National and State Savings banks, fearing similar run. Rumors that the Manistique bank was insolvent were aggravated by visit of state bank examiners. The examiners explained, however, that they were making regular inspection. Late yesterday, the examiners completed their checkup and reported that the books showed the bank in good condition. With the three banks closed, Mayor Eriksen took steeps to vent what he termed "situation that might seriously affect the cial and economic welfare of the "It has come to my attention." he said, "that there is unrest among our citizens, due to vicious and insidious propaganda. Manistique business and society rest upon firm foundation. declare legal holiday for all the city's banks until Monday. Business will go on as usual, the mayor explained. and merchants will accept small checks and keep their cash in the safest places available. The State Savings bank and First National they will reopen Monday, while officers plan to make hurried the Manistique bank and open some time next week without loss to depositors. handled at the Sussex postoffice, Postmaster Peter F. Piasecki announced today.

2. April 20, 1932 Marshfield News-Herald Marshfield, WI
Article from Marshfield News-Herald, April 20, 1932

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Article Text

Mayor Orders Closing to Prevent Run; One Institution Forced to Close Manistique, Mich., April banking holiday last the mainder went into fect in today issued Harry Eriksen. The mayor's order issued which forced the Manistique oldest in city, close doors. Officers the Saving bank and the First National bank, fearing similar runs, suspended business noon yesterthree hours after the Manisbank Professing confidence in the stability the city's financial institutions, Mayor Eriksen declared action necessary prevent that might riously affect social and welfare Rumors that the bank the appearstate the Monday precipitated the Officers the bank, they would reorganize and probably would reopen some time next without depositors. The other banks announced they reopen Monday. Stores other places the city continued trading

3. April 21, 1932 Green Bay Press-Gazette Green Bay, WI
Article from Green Bay Press-Gazette, April 21, 1932

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Article Text

MANISTIQUE, MICH., BANKING HOLIDAY ORDERED BY MAYOR City Executive Moves to Curb Uneasiness In Financial Circles. MANISTIQUE Mich. (AP) - A nking holiday to last the remainder of the week went into effect in Manistique Wednesday as the result of proclamation issued by Mayor Harry The mayor's order was issued after a run which forced the Manistique bank. oldest in the city, to close its doors. Officers of the State Savings bank and the First National bank, fearing similar runs, suspended business at noon yesterday. three hours after the Manistique bank closed Professing confidence in the stability of the city's financial institutions, Mayor Eriksen declared some action was necessary at once to prevent a situation that might "seriously affect the social and economic welfare of the city Rumors that the Manistique bank was in difficulty and the appearance of state examiners at the bank Monday precipitated the run. Officers of the bank, however. said they would reorganize and probably would reopen time next week without loss to depositors. The other two banks announced they would reopen Monday Stores and other business places of the city continued trading as usual.

4. April 21, 1932 The Oshkosh Northwestern Oshkosh, WI
Article from The Oshkosh Northwestern, April 21, 1932

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Article Text

BANKING HOLIDAY FOR MANISTIQUE, MICHIGAN ing holiday of the week went Manistique the sult of proclamation issued by Mayor Harry Eriksen The mayor's order was issued after run which forced the Manistique oldest the city to close its doors Officers of the State Savings bank and First tional fearing similar runs suspended business at noon yesterday. three hours after the Manistique bank closed Professing confidence in the bility of the city's financial institutions. Mayor Eriksen declared some action was necessary at once to prevent situation that might riously affect the social and economic welfare of the city Rumors that the Manistique bank was in difficulty and the appearance of examiners at the