8911. First National Bank (Bessemer, MI)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
3947
Charter Number
3947
Start Date
March 11, 1932
Location
Bessemer, Michigan (46.481, -90.053)

Metadata

Model
gpt-5-mini
Short Digest
e005fe72

Response Measures

None

Description

Articles (Feb 27 and Mar 11, 1932) describe the closed First National Bank of Bessemer being reorganized and prepared to reopen as the Bessemer National Bank. The closing was due to depreciation of securities (asset losses) rather than fraud; no run is described. Reopening was being arranged in March 1932 after new capital/subscribed and depositors signed waivers.

Events (4)

1. December 8, 1888 Chartered
Source
historical_nic
2. March 11, 1932 Reopening
Newspaper Excerpt
The reopening of the old First National Bank at Bessemer is now assured, and that the bank will be again doing business in a week or ten days ... The reopened bank will be known as the Bessemer National Bank.
Source
newspapers
3. May 7, 1932 Voluntary Liquidation
Source
historical_nic
4. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed because securities held had depreciated in value during the depression; reorganization required additional capital/subscribed under comptroller's plan.
Newspaper Excerpt
the closing of the bank being due solely to the depreciation of the securities held, this brought about by the depression.
Source
newspapers

Newspaper Articles (2)

Article from The Wakefield News, February 27, 1932

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Article Text

RANGE RANGINGS Noted Educators To Be At Ironwood Two noted educators will be the principal speakers or the annual institute for Gogebic county teachers, to be held at Ironwood Friday, March it was announced Monday by Mrs. Blanche Watson, county commissioner of schools. One of the speakers will be Supt. Milton Potter of Milwaukee, who is recognized as one of the most outstanding city school superintendents in Milwaukee. other speaker will be Orin W. Kaye, head of the Paw Paw Training school. He will speak in the morning on "World Problems" and in the afternoon on "Looking in on Soviet Russia." The second lecture is based upon observations made during the last two summers in Russia. It will be illustrated with motion picture scenes. Ramsay Marine Awarded By combining his military duties with special course of study, George A. Sally, Marine, of Ramsay, Gogebic county, Mich., was awarded diploma when he completed the Spanish course taught by the Marine Corps Institute at Washington. He also received letter from Major General Ben H. Fuller, commandant the Marine Corps, praising the Ramsay man's scholastic efforts. At the time he enlisted in the Marine Corps Sally made his his father, William Sally, of Ramsay. Prospects Good for Reopening Prosepects for reopening the First National Bank, of Bessemer, loomed as almost certainty when was announced that all of the $50,000 new capital and $25,000 new surplus had been subscribed. Under the reorganization plan approved by the comptroller of currency, business interests were required subscribe the additional capital and surplus. Shares of stock were sold for $150 on basis of $100 for new capital and $50 for new surplus. Funeral services for Mrs. Sophia Carls, 57, of Ironwood Township, were held Thursday afternoon. Last rites for Karl John Minkinen, Erwin township, were held Monday affternoon. Burial was in Riverside cemetery, Ironwood. Principal Made Superintedent Arthur E. Erickson, principal of the Luther L. Wright high school since August, 1929, was unanimously appointed of the Ironwood public school system for the year beginning July at special meeting of the board of education held Tuesday. As superintendent, Mr. Erickson also will be the head of the junior college which is proposed to tablish in the fall. His salary will be $5,000 year. The contract was signed once. Mr. Erickson will succeed DuFay R. Rice, who recently announced he was not candidate for reappointment to the position he has held for the past 12 years. Harry Markus and Frank Kaminski were found guilty of burglary and en- tering and by jury turned verdict at Wednesday afternoon. The charges against them grew out of chicken thefts in Ironwood. Ramsay Boy Stricken Wilbur Hagman, 11 year old son of Mr. and Mrs. Hjälmer Piispanen, Ramsay, died Wednesday noon at the Grand View hospital of heart disease. He had been ill with rheumatic fever for the last four years and had been at the hospital at various patient times during the last year. Miss Sophie Mattson, daughter of Mr. and Mrs. Leander Matison, Ironton, died at m. Monday at Grand View hospital. She had been at the hospital for the last two months. Mrs. R. A. Angst, of Montreal, suffered injuries to her knee when in which she was riding with her husband was struck by an outomobile driven by Harvey Gygi late Monday afternoon. With 43 cases of whooping cough listed on the records of the Ironwood health department at the present time, the number of cases of the direcorded since has reachsease ed 123. Found Guilty of Assault Raiph DeMassi was found guilty harm. less than the crime of murder, a jury in circuit court Wednesday assault with intent to great after more than 24 hours DeMassi was with the shooting of Henry Maki Dec. 21. He pleaded self defense, asserting that Maki and Steve Jeskie threatened to get him Because he failed to pay for some wood. City Gets Relief Check Thet City of Hurley received this week from Madison check for $3,as its share, based on population, of the relief fund provided by the recent special session of the legislature. The amount received is on the basis of $1.00 for each resndent of the city counted at the time of last federal census in 1930. Hurley May Have Municipal Band Electors of the City of Hurley will be given an opportunity at the April election to vote on the proposal of whether or not the city shall maintain municipal band. The Hurley Commercial club, at its meeting on last Thursday evening passed resolution favoring municipal band in Hurley and appointed a commitee to look into the matter. A petition is now being circulated asking that referendum be held at the April election to decide whether or not funds shall be levied to maintain municipal band. Mrs. resident of Iron Belt for the past 30 years. died at the home of her son, Matt, on Saturday morning. She was years of age and was native of Finland. Debilities of old age was the cause of death. Funeral services were held Tuesday afternoon at the Lutheran church in Iron Belt.


Article from The Ironwood Times, March 11, 1932

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Article Text

ing tears-or to laugh. Two and a half years ago, many people were inclined to agree with President Hoover in his statement that prosperity was "just around the corner". But the corner has been receding continuously, until today we find many people who are anxiously apprehending what the winter of 1932-1933 will bring in the way of unemployment and hard times, and with none of the optimism with which they viewed conditions when this panic started two years and a half ago. A break for the better may come at any time, and we are all hoping that it will not be long delayed, but, as a matter of fact, there are today no indications that such a break is in sight, or that we are nearing any betterment in economic conditions. Practically no one in the country is making any money, and those who are able to get their daily beans are doing very well. The best news that we have heard this week is that the reopening of the old First National Bank at Bessemer is now assured, and that the bank will be again doing business in a week or ten days, providing there are no unforseen delays. Over ninety-five percent of the depositors of the late bank have signed the necessary waivers, the stock has been over subscribed, and there now appears to be no reason why the bank should not be reopened as soon as a charter has been granted. The reopened bank will be known as the Bessemer National Bank. The people of Bessemer and the entire community are to be congratulated on the manner in which the affairs of this bank have been handled and a receivership and all the heavy expense of liquidation avoided. It is the first time that we have seen a bank which was closed reopened, and this was probably due in a large measure to the fact that there was no crookedness by the officials of the bank which closed. Some of the worst bank robberies are those which are pulled off on the inside of the banks, but this was not the case at Bessemer, the closing of the bank being due solely to the depreciation of the securities held, this brought about by the depression.