First National Bank - Sault Ste Marie, MI

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 3547
Charter Number: 3547
Start Date: August 21, 1896
Location: Sault Ste Marie, Michigan (46.495, -84.345)

Metadata

Model: gpt-5-mini
Short Digest: df2f2349007e73b4

Response Measures

None

Description

Articles describe the First National Bank of Sault Ste. Marie as insolvent with assets listed as of Aug. 21, 1896, and references to its 'existence' and a cashier who served until its end. There is no mention of a depositor run; rather evidence points to insolvency and an estate/receiver settlement. Therefore classification is a suspension leading to closure/receivership.

Events (3)

1. August 6, 1886 Chartered

Source: historical_nic

2. August 21, 1896 Receivership

Newspaper Excerpt: that $400 to the receiver of the First National Bank of Decorah, the balance being consumed by costs and collection; ... assets of the bank, Aug. 21, 1896. ... cashier of the First National Bank of Sault Ste. Marie for the last three years of its existence.
Source: newspapers

3. August 21, 1896 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank insolvent: numerous worthless notes/loans, debtors insolvent, stock of the bank 'of no value' as of Aug. 21, 1896; property depreciation reduced building value; bank evidently ceased operations prior to or on that date.
Newspaper Excerpt: were so assets of the bank, Aug. 21, 1896.
Source: newspapers

Newspaper Articles (1)

1. March 29, 1899 Decorah Public Opinion Decorah, IA

Article from Decorah Public Opinion, March 29, 1899

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Article Text

in Madison, Wis., is an attorney of the Northwestern Mutual Association, and in regard to the Gallian note of $2000, secured by a policy on the life of Gal lian, said that Mr. Gallian died in 1895, that $1000 was collected on his policy, $450 of which went to his widow and $400 to the receiver of the First National Bank of Decorah, the balance being consumed by costs and collection; and this note was part of the assets of the bank, Aug. 21, 1896. E.R. Baker was reralled and testified in regard to the C. Dexter note of $3000, identifying the signatures therealso a note of C. Dexter, signed by He also himself and a against Gardner. to, W. E. Akers, indorsed testified which wife by to to Gen. quite notes al- Q considerable amount, were so assets of the bank, Aug. 21, 1896. Also to $25,000 in notes of T. W. Burdick, which were secured by certificates of stock on the Sault Ste. Marie First National Bank; to the judgment against Wm. H. Ball, of $3036.71: to a note of G. G. Chatin, signed by T. W. Burdick for $5200, given in 1892, which was among the assets of the bank, Aug. 21, 1896; to a note of W. Matteson, given Oct. 19, 1894, for $2000, of which $800 was paid, the balance being part of the assets of the bank, Aug. 21, 1896; another note against Mr. Matteson for $500, another for $500, another for $2,500. Also a note of John H. Moore for $2,634,28, another of John H. Moore for $2,534,28; a judgment against H. C. Faris and others for $319, all being listed as assets, Aug. 21, 1896. C. R. Carpenter was called and testified that he was cashier of a bank at Racine, Wis. He stated in regard to the Jno. L. Gallian note that said Gallian was worthless on Aug. 21, 1896, and nothing could be collected from him. THURSDAY. J. G. Stradley, of Sault Ste. Marie, a real estate man and also a director of the First National Bank of that place testified that the stock had no value Aug. 21, 1896, also that John H. Moore, stepson of T. W. Burdick, had no property Aug. 21, 1896. G.G. Chafin and Nelson Burdick, nephew and son of T. W. Burdick were also insolvent on that date; the cost of the building of the First National Bank was $80,000, was built in 1887. In 1896 the building was worth about $50,000, owing to the depression of property in that city. Frank B. Warren was called, stated that his residence was Grand Rapids, Mich., that he was cashier of the First National Bank of Sault Ste. Marie for the last three years of its existence. J. G. Stradley was recalled and questioned in regard to John H. Moore, stating in substance the same as when on the stand before. Frank B. Warren was recalled and testified that the stock of the Sault Ste. Marie First National Bank was of no value Aug. 21. 1896, that N.A. Burdick and John H. Moore were both insolvent, and that T. W. Burdick was not re-elected after Jan. 1896. G.J. Lommen, an attorney of St. Paul, said that there was no claim filed against the estate of S. W. Matteson, and that the time for filing claims had expired. The state offered in evidence the full settlement of the estate, certified to by the clerk of Ramsey County, Minn. Mr. Lommen also testified to the settlement of the estate of W. E. Akers, deceased, and that no claim was filed against his estate by the First