9301. First National Bank (Mount Pleasant, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3215
Charter Number
3215
Start Date
October 5, 1896
Location
Mount Pleasant, Michigan (43.597, -84.776)

Metadata

Model
gpt-5-mini
Short Digest
2af059f4

Response Measures

None

Receivership Details

Depositor recovery rate
86.2%
Date receivership started
1896-10-07
Date receivership terminated
1903-03-20
OCC cause of failure
Losses
Share of assets assessed as good
21.3%
Share of assets assessed as doubtful
69.8%
Share of assets assessed as worthless
8.9%

Description

Multiple contemporary newspapers (Oct 5–9, 1896) report the First National Bank of Mount Pleasant, Mich., suspended/failed (owed depositors $67,000) and the comptroller appointed a receiver (Charles M. Wilson) Oct 7. Articles attribute the suspension to incompetency of management and inability to collect assets. No article describes a depositor run prior to suspension.

Events (4)

1. June 28, 1884 Chartered
Source
historical_nic
2. October 5, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Comptroller Eckels attributed suspension to general incompetency of management and inability to collect assets.
Newspaper Excerpt
The comptroller of the currency has received a telegram announcing the failure of the First National bank of Mount Pleasant, Mich. The bank at its last report owed its depositors $67,000. Mr. Eckels expressed the opinion that the suspension was due to general incompetency of the management and inability to collect assets.
Source
newspapers
3. October 7, 1896 Receivership
Source
historical_nic
4. October 7, 1896 Receivership
Newspaper Excerpt
Comptroller Eckels today appointed Charles M. Wilson of Grand Rapids, receiver of the First National bank of Mount Pleasant, Mich.
Source
newspapers

Newspaper Articles (14)

Article from Santa Fe Daily New Mexican, October 5, 1896

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Article Text

Bank Failure in Michigan. Washington, Oct. 5.-The comptroller of the currency has received a telegram announcing the failure of the First National bank of Mount Pleasant, Mich. The bank at its last report owed its depositors $67,000. Mr. Eckels expressed the opinion that the suspension was due to general incompetency of the management and inability to collect assets.


Article from The Topeka State Journal, October 5, 1896

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Article Text

Washington, Oct. 5.-The comptroller of the currency has received a telegram announcing the failure of the First National bank of Mount Pleasant, Mich. The bank at the date of its last report owed its depositors $67,000. Mr. Eckels expressed the opinion that the suspension of the bank was due to the incompetency of its management and inability to collect assets.


Article from The Seattle Post-Intelligencer, October 6, 1896

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Article Text

A Michigan Bank Suspends. Washington, Oct. 5.-The comptroller of the currency has received a telegram announcing the failure of the First National bank of Mount Pleasant, Mich. It is reported that the bank owes depositors $67,000. The comptroller has expressed the opinion that the suspension is due to general incompetency in the management and inability to collect assets. The comptroller has appointed William A. Douglass, of Buffalo, receiver of the First National bank of Springville, N, Y.


Article from The Wheeling Daily Intelligencer, October 6, 1896

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National Bank Falls. WASHINGTON, D. C.P. Oct. 5.-The comptroller of the currency has redelved a telegram announcing the failure of the First National bank of Mt. Pleasant. Mioh., the bank at the date of Its last report jowed Its depositors $67,000. Mr. Eckets expressed the opinion that the stispension of the bank was due to the general Incompetency of its management and inability to collect assets. The comptroller has appointed William A. Douglass to Buffalo, N. Y., receiver of the First National Bank, of Springville, N. Y.


Article from Deseret Evening News, October 6, 1896

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Article Text

Bank Failures. WASHINGTON, Oct. 5.-The comptroller or currency DBB received a tele. gram announcing the failure of the First National bank of Mount Pleasant, Mich. At the date of its last report the bank owed the depositors $67,000. The comptroller expressed the opinion that it was due to the Incompetency 01 the management and inability to collectthe assets. The comptroller has appointed Wm. A. Douglas of Buffalo, N. Y. receiver of the First National bank of Springville, N. Y.


Article from The Enterprise, October 7, 1896

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LATER. SECRETARY HERBERT has settled the controversy over the torpedo boat contracts by awarding two torpedo boats of the 30-knot class to the Bath (Me.) iron works, and one 30-knot torpedo boat of the larger class to the Union iron works, of San Francisco. KARATHEODORI Pasha, formerly governor of Crete and the Turkish plenipotentiary at the Berlin congress of 1878, has been appointed first translator to the sultan and it is understood that hereafter he will direct the foreign policy of the Turkish empire. TOWN elections were held on the 5th in all the 168 towns in Connecticut with the exception of Hartford, New Haven, Bridgeport, Ansonia, Derby and Naugatuck. The republicans made large gains over a year ago and nearly doubled their number of towns from 1893. It is probable that the complete returns will show that the republicans have gained at least 15 towns. MISS ANNIE LEWIS, the well-known actress, died near Washington, D. C., on the 5th, of consumption. THE treasury department is informed of the arrest at Niagara Falls, N. Y., of John Johnson for smuggling Sumatra leaf tobacco from Canada to the United States. The smuggling took place last. April and one arrest of an accomplice was made at that time, but Johnson, the principal, escaped. Officers have been tracking him ever since. JAMES H. BIBLE, of Chattanooga, United States attorney for the eastern district of Tennessee, has been forbidden to make any more speeches in the campaign. He has been speaking for the democratic ticket, but has cancelled all his appointments. THE First national bank of Mount Pleasant, Mich, closed its doors to business. on the 5th. The capital of the bank is $50,000 and it owes depositors $67,000. NONE of the striking telegraphers on the Canadian Pacific have returned to work. Several stations have been supplied with operators, but no freight trains are running. THE nomination papers of the Jeffersonian party (gold democrats) were filed at the state department in Harrisburg, Pa., on the 5th. There were 3,400 indorsers on the papers for eleotors and congressmen-at-large. JUSTICE CHARLES E. BROWN, who was recently nominated by the regular democrats of the Second New York judicial district for justice of the supreme court, has declined to run. He gives as his reason that he cannot indorse the Chicago platform.


Article from The Times, October 8, 1896

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Bank Troubles, WASHINGTON Oct. 7.-Comptroller Eckels to-day appointed Charles M. Wilson, of Grand Rapids, receiver of the First National Bank, of Mount Pleasant, Mich A bank examiner has teen placed in charge of the First National Bank, of Ithaca, Mich., which closed its doors today. ITHACA MICH. Oct. 7.-The First National Bank, of Ithaca, closed this morning. Robert M. Steele is president of this bank, as well as of the one which failed yesterday at Mount Pleasant. Steel failed at St. Louis recently for a large sum. Capital of bank is $85,000.


Article from Birmingham State Herald, October 8, 1896

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Article Text

Receiver Appointed. Washington. Oct. 7.--Comptroller Eckels today appointed Charles M. Wilson of Grand Rapids, Mich., receiver of the First National bank of Mount Pleasant, Mich. A bank examiner has been placed in charge of the First National bank of Ithaca, Mich., which closed its doors today.


Article from The Morning News, October 8, 1896

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Article Text

Washington, Oct. 7.-Controller Eckels to-day appointed Charles M. Wilson of Grand Rapids, receiver of the First National Bank of Mount Pleasant, Mich. A bank examiner has been placed in charge of the First National Bank of Ithaca, Mich., which closed its doors to-day.


Article from Evening Star, October 9, 1896

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Bank Receiver Appointed. The controller of the currency has appointed Charles M. Wilson of Grand Rapids, Mich., receiver of the First National Bank of Mount Pleasant, Mich.


Article from Belding Banner, October 27, 1898

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mill. The sea serpent in Indian lake, near Dowagiac, proved to be an otter and a muskalonge. Geo. W. Shelters, of Sebewaing, was sent up for 12 years for assaulting 13year-old girl. A cooperage plant with a capacity of 600 barrels a day will be established at Traverse City. The project to build an electric railroad from Lansing to Pine lake has been abandoned. Berrien county has another diphtheria epidemic, Benton township schools are closed. The report that the F. & P. M. and the Hocking Valley railroads are to consolidate is denied. Monroe county farmers and business men propose to erect a large sugar beet factory at Monroe. The third victim of the Pentwater boiler explosion was T. L. Palmer, engineer at the bedstead factory. Col. Milford Harmon, a prominent manufacturer of Jackson, an uncle of Mrs. Grover Cleveland, is dead. Rev. A. J. Comden, Methodist, of Entrican, took a dose of aconite by mistake and died in a short time. About 60 members of the Seventh Michigan cavalry met at Lansing on the anniversary of Sheridan's ride. The National General Passenger and Ticket Agents' association convention was held at Detroit and was a big affair. Ed Carns, of Three Rivers, has been missing for over a week. It is feared he accidentally shot himself in the woods. Mrs. Lillian Pratt, an attractive young woman of Woodstock, was arrested at Hudson charged with passing forged orders. A third dividend of 71/2 per cent has been declared in favor of the creditors of the defunct First National bank of Mt. Pleasant. The planing mill property of Wm. A. Blakely in Petoskev, was completely wiped out by fire. Loss $2,000; no insurance. The North American Chemical Co. of Bay City, has received orders from headquarters in London to double the size of its plant Fire destroyed the house belonging to Miss Nancy Simpson at Milan. It was occupied by the Milan laundry. Loss about $1,200. W. W. Cummer has sold 20,000 acres of hardwood timber lands adjacent to Cadillac to Delos F. Diggins. The timber will be cut this winter. Holly fears another gang of firebugs is at work. The destruction of Morrison Beardslee's cider mill is the second incendiary fire in a short time. A new light produced by a chemical battery and much stronger than incandescent lights has been invented by James Whiteomb, a laborer of Hudson. Bay has offered a site to burned City L. E. Woodward, $40,000 recently and out at Owosso, if he will build a furniture factory in that city. He may accept. The national civic philanthropic con ference at Battle Creek was attended by prominent scientists, educators preachers and reformers from all over the country. The shop and barns, with contents and of and straw. on near Bellethe several John stacks Gorndry farm, hay ville, were destroyed by fire. Loss about $1,100. The Belt mines, at Houghton, valued a at $500,000, have been transferred to company of Houghton capitalists who will reopen the mines which have been idle since 1887. Work is in progress on an extension of division of the M will a tract railroad, the of Prescott which open up D. large & pine timber which will b taken to Tawas City. The Houghton county election board decided by unanimous vote not to plac Sam Stephenson's name on the official ballot as a candidate for congress in the Twelfth district. The directors and stockholders o the "busted" Peoples' Savings bank al Mt. Pleasant will be sued to recover an assessment on the stock of theinsti tution to meet its debts. Benj. F. Powell, of Birch Run, a divorce from his Ber tha, on of extreme plied for the ground wife, cruelty ap The couple were married May 17, an lived together two weeks. The crownsheet of the boiler on th tug blew th Alpena, Arthur killing D. Capt. Arthur Lillis, Pontwood. out a fireman, instantly, and badly scaldin a deck hand named Peppler. The furloughs of all the Michiga men run out 4. The war Irvine t allow ment the has soldiers instructed Nov. Capt. depar pay from that dat to the date of


Article from The Yale Expositor, October 28, 1898

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STATE GOSSIP. Lake Linden has contracted for complete sewer system. The Bloomingdale Milling Co., will rebuild Bloomingdale's burned grist mill. The sea serpent in Indian lake, near Dowagiac, proved to be an otter and muskalonge. Geo. W. Shelters, of Sebewaing, was sent up for 12 years for assaulting a 13year-old girl. A cooperage plant with a capacity of 600 barrels a day will be established at Traverse City. The project to build an electric railroad from Lansing to Pine lake has been abandoned. Berrien county has another diphtheria epidemic, Benton township schools are closed. The report that the F. & P. M. and the Hocking Valley railroads are to consolidate is denied. Monroe county farmers and business men propose to erect a large sugar beet factory at Monroe. The third victim of the Pentwater boiler explosion was T. L. Palmer, engineer at the bedstead factory. Col. Milford Harmon, a prominent manufacturer of Jackson, an uncle of Mrs. Grover Cleveland, is dead. Rev. A. J. Comden, Methodist, of Entrican, took a dose of aconite by mistake and died in a short time. About 60 members of the Seventh Michigan cavalry met at Lansing on the anniversary of Sheridan's ride. The National General Passenger and Ticket Agents' association convention was held at Detroit and was a big affair. Ed Carns, of Three Rivers, has been missing for over a week. It is feared he accidentally shot himself in the woods. Mrs. Lillian Pratt. an attractive young woman of Woodstock. was arrested at Hudson charged with passing forged orders. A third dividend of 71/2 per cent has been declared in favor of the creditors of the defunct First National bank of Mt. Pleasant. The planing mill property of Wm. A. Blakely in Petoskev, was completely wiped out by fire. Loss $2,000; no insurance. The North American Chemical Co., of Bay City, has received orders from headquarters in London to double the size of its plant Fire destroyed the house belonging to Miss Naney Simpson at Milan. It was occupied by the Milan laundry. Loss about $1,200. W. W. Cummer has sold 20,000 acres of hardwood timber lands adjacent to Cadillac to Delos F. Diggins. The timber will be cut this winter. Holly fears another gang of firebugs is at work. The destruction of Morrison Beardslee's cider mill is the second incendiary fire in a short time. A new light produced by a chemical battery and much stronger than incandescent lights has been invented by James Whiteomb, a laborer of Hudson. Bay City has offered $40,000 and a site to L. E. Woodward, recently burned out at Owosso, if he will build a furniture factory in that city. He may accept. The national civic philanthropie conference at Battle Creek was attended by prominent scientists, educators, preachers and reformers from all over country. The shop and barns, with contents, and straw, on near Bellethe several John stacks Gorndry of farm, hay and ville, were destroyed by fire. Loss about $1,100. The Belt mines, at Houghton, valued at a $500,000, of have Houghton been transferred capitalists to company who will reopen the mines which have been idle since 1887. Work is in progress on an extension of of a large tract be railroad, the of Prescott pine which timber division will open which the up will D. & M. taken to Tawas City. The Houghton county election board decided by unanimous vote not to place Sam Stephenson's name on the official ballot as a candidate for congress in the Twelfth district. The directors and stockholders of the "busted" Peoples' Savings bank at Mt. Pleasant will be sued to recover an assessment on the stock of theinstitution to meet its debts. Benj. F. Powell, of Birch Run, applied for a divorce from his wife, Bertha, on the ground of extreme cruelty. The couple were married May 17, and lived together two weeks. The crownsheet of the boiler on the tug Arthur D. Capt. Lillis, blew out at Alpena, killing Arthur Pontwood, the fireman, instantly. and badly scalding a deck hand named Peppler. the men run 4. war ment The has furloughs out instructed Nov. of all The Capt. Michigan Irvine depart- to allow the soldiers pay from date


Article from Alma Record, October 28, 1898

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a Lake Linden has contracted for complete sewer system. The Bloomingdale 'illing Co., will mill. rebuild Bloomingdale's burned grist The sea serpent in Indian lake. near Dowagine, proved to be an otter and muskalonge. Geo. W. Shelters. of Sebewaing was sent up for 12 years for assaulting year-old girl A cooperage plant with a capacity of 600 barrels a day will be established at Traverse City. to build an road The from project electric rail. Lansing to Pine lake has been abandoned. Berrien county has another diphtheria epidemic. Benton township schools are closed. The report that the M. and the Hocking Valley railroads are to consolidate is denied. county farmers and men propose to erect a Monroe large business sugar beet factory at Monroe. victim of the Pentwater was T. L. enboiler The explosion third Palmer, gineer at the bedstead fa tory. Col. Milford Harmon, a prominent manufactu er of Jackson. an unele of Mrs. Grover Cleveland, is dead. Rev. A. J. Comden, Methodist. of Entrican, took a dose of aconite by mistake and died in a short time. About 60 members of the Seventh Michigan cavalry met at Lansing on the anniversary of Sheridan's ride. The National General Passenger and association convention Ticket was held Agents' at Detroit and was a big affair. Ed Carns, of Three Rivers, has been missing for over a week. It is feared he accidentally shot himself in the woods. Mrs. Lillian Pratt an attractive young woman of lock. was rested at Hudson enarged with passing forged orders. A third dividend of 71/2 per cent has been declared in favor of the creditors of the defunet First National bank of Mt. Pleasant The planing mill property of Wm. A. Blakely in Petoskey, was completely wiped out by fire. Loss $2,000; no insurance The North American Chemical Co., of Bay City, has received orders from headquarters in London to double the size of its plant Fire destroyed the house Miss Naney Simpson belonging It to at Milan. was occupied by the Milan laundry. Loss about $1.200. W. W. Cummer has sold 20,000 acres of hardwood timber lands adjacent to Cadillae to Delos F. Diggi is. The timber will be cut this winter. Holly fears another gang of firebugs is at work. The destruction of Morrison Beardslee's eider mill is the second incendiary fire in a short time. A new light produced by a chemical battery and much stronger than in candescent lights has been invented by James Whiteomb. a laborer o Hudson. f Bay City has offered $40.000 and site to L. E. Woodward, recently burned out at Owosso, if he will build a furniture factory in that city. He may accept. a The national civic philanthropic t ference at Battle Creek was attended 1 by prominent scientists, educators preachers and reformers from all over e the country. g The shop and barns, with contents and several stacks of hay and straw t on the John Gorndry farm, near Belle o ville. were destroyed by fire. Los about $1,100. v The Belt mines. at Houghton, valued t at $500,000. have been transferred to n company of Houghton capitalists who y will reopen the mines which have bee Z idle since 1887. n Work is in progress on an extension of the Prescott division of the D. & S railroad, which will open up a larg h tract of pine timber which will e taken to Tawas City. o The Houghton county election boar decided by unanimous vote not to plac Sam Stephenson's name on the officia ballot as a candidate for congress t the Twelfth district. n The directors and stockholders d the "busted" Peoples Savings bank d Mt. Pleasant will be sued to recove n an assessment on the stock of theinst r tution to meet its debts. Benj. F. Powell. of Birch Run. o plied for a divorce from his wife. n tha, on the ground of extreme cruelt The couple were married May 17. an ilived together two weeks t The crownsheet of the boiler on n tug Arthur D. Capt. Lillis, blew out Alpena. killing Arthur Pontwood. h fireman, instantly. and badly scaldin a deck hand named Peppler. e The furloughs of all the Michiga men run out Nov. 4. The war depar h ment has instructed Capt. Irvine h allow the soldiers pay from that da s to the date of mustering out. Veterans of the Fifth Michigan


Article from Alma Record, January 27, 1899

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ADDIONAL LOCAL. n S.L. Bennett was in Ionia Monday on business. Sim Miller of Saginaw was in town Tuesday. J. N. Ford was in St. Charles Tuesday on business. M. E. Medler of Carson City was in Alma over Sunday. H. U. Button and wife spent Sunday in Alma with relatives. Mrs. S. F. Barnes of Gouvernour, N. Y., is visiting relatives in town. M. C. Dallas has been confined to the house during the past week with the grip. Fred Derry of Owosso was in Alma Monday visiting his brother, L. A. Derry. Dr. A.F. Bruske filled the pulpit of the Presbyterian church in Bay City last Sunday. Attend the bonifide sale of dress goods at 50 cents on the dollar. Chas. Petty. john & Co. The Farmers' Institute dates are next Tuesday, Wednesday and Thursday Remember them. Dean's "Ten Nights in a Bar Room' at the opera house next Monday night. Admission 10 and 20 cents. Bert Woodward returned from his trip to Virgina last Wednesday night. His son. Floyd, accompanied him home. The annual report of the Farmers' Mutual Fire Insurance Co of Clinton county will be found in another column of the RECORD this week. Joe Dunevant has recovered from his recent attack of the fever sufficiently so that he has resumed his duties has village nightwatch. Geo. Reed, receiver of the First National Bank of Ithaca and the First National Bank of Mt. Pleasant, was in town Wednesday. Those wishing their eyestested will do well to call at Scattergood's .I Jacobs, the optician, is a graduate of one of the best optical colleges in Illinois. When trade is dull, then is the time to advertise and get your goods and low alprices before the people. Hustling ways wins and advertising always pays. Dr. J. R. Peters has rented the barn back of the Edwards hotel and put in a first-class livery stock. More evidence of the boom in Alma for the coming year. There is certainly something wrong in Michigan this year. Here it is well along toward the end of January, and yet there IS not been a single report that the peach buds have been killed. Miss Sara (NNAMARA has been quite ill with the grip during the past two weeks Miss but is convalescing at present. Ethel Hawley has been assisting at Vermeulen's during her sickness A play that every mother should take her family to see Hon James G. Blaine, Dean's Ten Nights in a Bar Room'' at opera house. Monday night Admission 10 and 20 cents. Mr. and Mrs. W. S. Turek were very pleasantly surprised on Wednesday even ing last by about eighteen of their immediate friends The evening was pleasantly spent in playing progressive pedro. The thirteenth annual convention of the Gratiot County Sunday School association will be held in the Presby terian. church, Alma, on Wednesday and Thursday, February 15 and 16. We will publish the program latter. Lafayette Stevens of Etm Hall was in Alma Tuesday on business. Mr Ste. vens has quite a large farm all in a good state of cultivation about one mile south and west of Riverdale and is very enthusiastic in regard to the prospects for the beet sugar factory in Alma Mr. Stevens tells us he has grown the sugar beet for the past four or five years for stock food, and that last year his crop was 500 bushels. The editor sat in his office cold. whence all but him had fled. but he wished that every list dead beat was in his grave-stone dead. His mind then wandered far away to the time when he should die, and his royal editorial soul go scooting to the sky: when he'd roam the fields of Paradise, and sail o'er Jas per seas, and all things glorious combined, his every sense to please He thought how he'd look across the great gulf, dark and dreary, that yawned be. tween his happy soul and those that swindle here. And when for water they should call, and in agony they'd caper, he'd shout to them: "Just moisten your tongue with the 'due' that's on your paper."-Ex. In the suit of D. D. Whitesell vs.