First National Bank - Boyne City, MI

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: national
Bank ID: 9020
Charter Number: 9020
Start Date: August 1, 1931
Location: Boyne City, Michigan (45.217, -85.014)

Metadata

Model: gpt-5-mini
Short Digest: 77799a34

Response Measures

Full suspension

Receivership Details

Depositor recovery rate: 82.1%
Date receivership started: 1931-08-07
Date receivership terminated: 1937-12-11
OCC cause of failure: Governance
Share of assets assessed as good: 32.3%
Share of assets assessed as doubtful: 61.7%
Share of assets assessed as worthless: 6.0%

Description

Newspapers (Aug. 4 and Aug. 5, 1931) report a run on the First National Bank of Boyne City on Saturday afternoon followed by the bank failing to open its doors (closed to protect depositors). No information in the articles about a reopening or receivership, so final disposition is unclear.

Events (4)

1. February 5, 1908 Chartered

Source: historical_nic

2. August 1, 1931 Run

Cause Details: Article states simply that there was a run; no specific trigger (rumor, correspondent failure, or bank-specific scandal) is given.
Measures: No specific remedial measures described at time of run beyond later closing to protect depositors.
Newspaper Excerpt: There was run on the institution Saturday afternoon.
Source: newspapers

3. August 3, 1931 Suspension

Cause Details: Bank closed (failed to open) following the run; announcement said closure was for the protection of depositors.
Newspaper Excerpt: The First National bank of Boyne City ... failed to open its doors for business yesterday. An announcement on the door of the bank said the action was taken for the protection of depositors.
Source: newspapers

4. August 7, 1931 Receivership

Source: historical_nic

Newspaper Articles (2)

1. August 4, 1931 The Herald-Palladium Benton Harbor, MI

Article from The Herald-Palladium, August 4, 1931

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Article Text

RUN CLOSES BANK AT BOYNE CITY By Associated Press) BOYNE CITY, Aug. 4.-The First National bank of Boyne City, capitalized at $50,000, failed to open its doors for business yesterday. An announcement on the door of the bank said the action was taken for the protection of depositors. There was run on the institution Saturday afternoon. The bank. of which Frank Katen is president, has deposits of $450,000. Surplus is listed at $5,000 and undivided profits are given as approximately $2,000.

2. August 5, 1931 The Escanaba Daily Press Escanaba, MI

Article from The Escanaba Daily Press, August 5, 1931

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Article Text

State Briefs Detroit Finney. 19. the daughter of Detroit police sergeant, and two young men companions. pleaded guilty when arraigned in recorder's court Tuesday on charges of robbery armed Miss Finney was arraigned with Edward Monarch, 19, and John 16. All were held under bond each pending sentence. Manistee Manistee plant of the American Paper Box company Tuesday was sold to Manistee interests represented by Glenn Larsen, of Manistee. and Frank Fales. of Saginaw The company to be operated as the Manistee Paper Box company. Boyne City First National bank of Boyne City, did not open for business Tuesday An announcement by the officers stated that the bank had been closed to protect depositors. The bank. capitalized at $50,000. listed deposits of $450,000 Lowell will celebrate its centennial anniversary starting Thursday with three days of festivities which will include presentation pageant depicting the village's history.