First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10631
Charter Number: 10631
Start Date: November 16, 1933
Location: Capac, Michigan (43.013, -82.928)

Metadata

Model: gpt-5-mini
Short Digest: 5c9f0d16

Response Measures

None

Receivership Details

Depositor recovery rate: 14.9%
Date receivership started: 1930-12-19
Date receivership terminated: 1937-10-29
OCC cause of failure: Governance
Share of assets assessed as good: 35.4%
Share of assets assessed as doubtful: 40.6%
Share of assets assessed as worthless: 24.0%

Description

Articles (Nov 16, 1933) describe federal trial of former officials and testimony from the assistant bank receiver about $17,000 misapplied and altered records. No run is mentioned; the presence of an assistant bank receiver indicates the bank was placed in receivership (closed) following bank-specific malfeasance.

Events (4)

1. October 2, 1914 Chartered

Source: historical_nic

2. December 19, 1930 Receivership

Source: historical_nic

3. November 16, 1933 Other

Newspaper Excerpt: Trial of Archie H. Medbury and Allen R. Niles, former officials of the First National bank, of Capac, charged with conspiring to violate federal reserve act and accused of misapplication of $17,000 of bank funds.
Source: newspapers

4. November 16, 1933 Receivership

Newspaper Excerpt: Harry Fisher, assistant bank receiver, testified Wednesday ... First National bank, of Capac, charged with conspiring to violate the federal reserve act ... misapplication of $17,000 of bank funds. Fisher said that when the checks were marked unpaid Burger had no money to them. He testified that Medbury and Miles changed the records to conceal the loss, and that Burger was to open an account under the name of Allen R. Miles, trustee.
Source: newspapers

Newspaper Articles (3)

1. November 16, 1933 The Flint Journal Flint, MI

Article from The Flint Journal, November 16, 1933

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Article Text

CAPAC BANKERS' TRIAL ADVANCES Detroit. Nov. Further testimony regarding the handling of bank funds expected federal court today in the trial of Archie Medbury and Allen R. Niles, officials of the First National bank, of Capac, charged with conspiring to violate the federal reserve act. Medbury is former president of the bank, while Miles was cashier. They are of misapplication of $17,000 of bank funds. Harry Fisher, assistant bank receiver, testified Wednesday that E. Burger, Capac automobile dealer, $17,000 worth of checks and was permitted to draw against them they collected. Fisher said that when the checks were marked unpaid Burger had no money to them. He testified that Medbury and Miles changed the ords to conceal the loss, and that Burger was to open an account under the name of "Allen R. Miles, trustee.

2. November 16, 1933 The Flint Journal Flint, MI

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Article Text

CAPAC BANKERS' TRIAL ADVANCES Detroit. Nov. Further testimony regarding the handling of bank funds expected in federal court today in the trial of Archie H. Medbury and Allen R. Niles, former officials of the First National bank, of Capac, charged with conspiring to violate federal reserve act. Medbury former of the bank, while Miles was cashier. They accused of misapplication of $17,000 of bank funds Harry Fisher, assistant bank receiver, testified Wednesday that E. Burger. Capac automobile worth of checks and to draw them before they were colagainst lected. Fisher said that when the checks were returned marked unpaid Burger had no money to er them. He testified that Medbury and Miles changed the records to conceal the and that Burger was allowed to open count under the name of "Allen R. Miles, trustee.

3. November 16, 1933 The Times Herald Port Huron, MI

Article from The Times Herald, November 16, 1933

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Article Text

BANK RECORDS AN ACCORD FRIDAY JUGGLED, CLAIM Capac Bank Receiver Tells Of $17,000 Bad Check Deal The Associated Press) mony handling of funds expected in federal court today trial of Archie H. Medbury and Allen R. Niles, of the First National bank. of Capac. charged with conspiring to violate the federal reserve is former president of the while was cashier accused of of funds. Harry assistant bank testified Wednesday that Burger worth of and permitted to before they were Fisher said that when the marked unpaid Burger money to testified that Med and the records that Burger an account under name of Allen R. Niles, After this account opened still held the unredeemed Burger to in the tioning Fred R. States assistant People's State identified records to trusfor testiany creCapac bank Medbury Roosevelt Hopeful, Seeks Six-Year Loan Press) Nov. Fresh hope for solution of the Ameriby Friday night expressed today at the Roosevelt and M. Litvinoff arranged for another meeting The President was termed hopeful the talks which may lead to of the before he leaves for the Friday night. no definite fixed for conference the President expected another talk before nightfall the Soviet envoy. Prospects long term loan to the died today when expressed disapproval of such proposition. long the Ameritariff He voiced the informally reporters it would not sound to abroad the on would be possible for to pay back the loans through The agriculture secretary made It clear he had not been discussing phase in the present Amerimerely rendering his is understood that in the preliminary the Soviets proposed year loan.