First National Bank - Manistique, MI

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 5348
Charter Number: 5348
Start Date: April 19, 1932
Location: Manistique, Michigan (45.958, -86.246)

Metadata

Model: gpt-5-mini
Short Digest: 5d79c59a

Response Measures

Full suspension, Books examined

Description

April 1932 articles report a run (driven by rumors and the appearance of state examiners) that forced the Manistique bank to close and led the First National and State Savings banks to suspend and a mayor-declared banking holiday. Papers state officers planned to reorganize and probably reopen, but a 1934 article reports a receiver was appointed for the First National Bank, indicating ultimate failure and receivership. Thus the sequence is run → suspension → eventual closure/receivership.

Events (5)

1. May 12, 1900 Chartered

Source: historical_nic

2. December 20, 1930 Voluntary Liquidation

Source: historical_nic

3. April 19, 1932 Run

Cause: Rumor Or Misinformation
Cause Details: Unfounded rumors that the Manistique bank was insolvent, aggravated by the appearance of state bank examiners, precipitated heavy withdrawals and a run.
Measures: Officers closed the Manistique bank; State Savings and First National suspended business fearing similar runs; mayor declared a four-day banking holiday.
Newspaper Excerpt: run, started purely by unfound rumor, forced closing of the Manistique bank, oldest in the city, an hour after had opened for business yesterday.
Source: newspapers

4. April 20, 1932 Suspension

Cause: Rumor Or Misinformation
Cause Details: Suspensions were precautionary, prompted by rumors of insolvency and contagion from the run at the Manistique bank; mayor proclaimed banking holiday to curb panic and banks suspended operations temporarily to prevent further runs.
Newspaper Excerpt: The mayor's order was issued after a run which forced the Manistique bank... Officers of the State Savings bank and the First National bank, fearing similar runs, suspended business at noon yesterday.
Source: newspapers

5. November 30, 1934 Receivership

Newspaper Excerpt: Named Bank Receiver Nov. Johnson, Manistique attorney, received notification by wire ... that he had been appointed as receiver of the First National Bank in Manistique. ... 60 per cent of the assets of the old bank were released to depositors the reorganization and the establishment of the bank the First National Bank at Manistique. (OCR errors in original). (note: OCR errors in original).
Source: newspapers

Newspaper Articles (5)

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

5. November 30, 1934 The Ironwood Times Ironwood, MI

Article from The Ironwood Times, November 30, 1934

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Article Text

Flyer Killed Nov. Anderson, son of and Anderson of Escanaba, was killed Madison, Wis., when an airplane struck high tension wires near the in takeoff. ball of fire airport shot out from the electric wires and caused immediate combustion of the plane's fabric. Anderson, trapped the pilot's seat, received mortal burns and died in few minutes. Clifton Dubois, 28, Madison, who flying instructions from Anderson, saved by the breaking safety strap which threw him free of the plane. Andermoved his family to Madison about eight months ago, and had been employed there autoinobile salesman, but was to have on new Sunday night. Prior Escanaba, he received his transport pilot's license, and was highly by the government inspector. The local flier had over 400 hours of flying time to his credit and held both transport and commercial licenses. Dubois was an aviation who four years ago married in the air over Madison, and recently had been receiving pointers from Mr. Anderson, who gave flying structions on Sundays. Named Bank Receiver Nov. Johnson, Manistique attorney, celved notification by wire from O'Connor, comptroller of rency that he had been appointed as receiver of the First National Bank in Manistique. the commission of Mauritz Carlson conservator of the old bank pired on the same date, Attorney Johnson will take over the trust mediately. The 18 of the remaining 40 per cent of the assets the old First National Bank in Manistique which are in the process of liquidation. On October 13 of this year 60 per cent of the assets of the old bank were released to depositors the reorganization and the establishment of the bank the First National Bank at Manistique.