9372. First National Bank (Saginaw, MI)

View Charter #1768 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1768
Charter Number
1768
Start Date
November 21, 1896
Location
Saginaw, Michigan (43.419, -83.951)

Metadata

Model
gpt-5-mini
Short Digest
779475fe

Response Measures

None

Description

National Bank Examiner Caldwell took charge and the bank 'temporarily' closed on Nov 21, 1896 due to inability to realize on assets (bad paper). Articles state a receiver would likely be appointed and later references show a receiver in charge; no contemporaneous run is described. Classified as suspension leading to closure/receivership.

Events (4)
1. January 16, 1871 Chartered
Source
historical_nic
2. November 21, 1896 Receivership
Newspaper Excerpt
National Bank Examiner Caldwell took charge of the First National bank of this city today. ... The Controller has not decided whether or not he will appoint a receiver. / Receiver Takes Charge of the Institution at Saginaw, Mich.
Source
newspapers
3. November 21, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank examiner closed bank due to inability to realize on assets; heavy bad paper/immovable assets and overvalued loans described in follow-ups.
Newspaper Excerpt
Owing to inability to realize from assets, it is deemed wise to temporarily close this bank. Depositors will be paid in full.
Source
newspapers
4. February 6, 1899 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (10)
1. November 21, 1896 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, November 21, 1896

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Article Text

BANK SUSPENDS. Saginaw, Mich., Nov. 21.-National Bank Examiner Caldwell took charge of the First National bank of this city today. The following notice is posted on the bank door: "Owing to inability to realize from assets, it is deemed wise to temporarily close this bank." Depositors will be paid in full. It is hoped that arrangements can be made to resume. No statement has been prepared by the bank officials. The capital stock of the bank is $300,000. The last official statement showed a surplus of $60,000 and deposits of $30,000.

2. November 22, 1896 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, November 22, 1896

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Article Text

SAGINAW BANK CLOSED. First National Ordered to Liquidate by Treasury Controller. SAGINAW, Mich., Nov. 21.-National Bank Examiner Caldwell, took charge of the First National Bank of this city to-day. The following notice was posted on the bank doors: "Owing to inability to realize assets, it is' 'deemed wise to temporarily close the bank. Deposits will be paid in full. It is hoped that arrangements can be made to resume." No statement has yet been prepared by the bank officials. The capital stock of the bank is $100,000. The last official statement showed a surplus of $60,000 and deposits of $300,000. The action was taken on account of a telegram from Mr. Caldwell, who was making an examination of the bank, stating that its general condition did not, in his judgment, warrant its further continuance. No wrong doing was alleged. On Oct. 6 last, the date of the bank's last report, its loans and discounts amounted to $499,581; total assets, $632,632; owed depositors, $251,150; notes and bills rediscounted, $130,000; capital stock, $100,000; surplus, $60,000; undivided profits, $38,000. The Controller has not decided whether or not he will appoint a receiver.

3. November 22, 1896 The Morning Times Washington, DC
Article from The Morning Times, November 22, 1896

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Article Text

NATIONAL BANK CLOSED. Receiver Takes Charge of the Institution at Saginaw, Mich. Saginaw, Mich., Nov. 21.-The First National Bank of East Saginaw is in the hands of National Bank Examiner Caldwell, who took charge of its affairs this morning. The following notice is posted on the doors: "Owing to inability to realize from assets, it is deemed wise to temporarily close. this bank. Depositors will be paid in full It is hoped that arrangements can be made to resume-by order of board of directors." The capital stock is $100,000. E. T. Judd is president, John W. Howery, vice president, and Clarence L. Judd, cashier. The last official statement, October 6, showed a surplus of $60,000; individual deposits, subject to check, $88,565.40; demand certificates of deposit, $209,585.04.

4. November 24, 1896 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, November 24, 1896

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Article Text

IT HOPES TO RESUME First National Bank of Saginaw, Mich, WIll Pay Depositors in Full, Sanginaw, Mich., Nov. 21.-National Bank Examiner Caldwell took charge of the First National bank of this city today. The following notice was posted on the doors: "Owing to the inability to realize from assets it is deemed wise to suspend temporarily. Depositors will be paid in full. It is hoped that arrangements can be made to resume." No statement has yet been prepared by the bank officials. The capital stock of the bank is $100,000. The last official statement showed a surplus of $60,000 and deposits of $300,000.

5. November 27, 1896 Cottonwood Report Cottonwood, ID
Article from Cottonwood Report, November 27, 1896

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Article Text

SAGINAW, MICH., BANK SUSPENDS. Inability to Realize on Assets the Cause Assigned. Saginaw. Mich., Nov. 21.-National Bank Examiner Caldwell took charge of the First National bank of this city today. The following notice was posted: "Owing to the inability to realize on assets, it is deemed wise to temporarily close the bank. Depositors will be paid in full." It is hoped arrangements can be made to resume. The capital stock of the bank is $100,000. The last official statement showed a surplus of $60,000; deposits, $300,000.

6. November 28, 1896 Pullman Herald Pullman, WA
Article from Pullman Herald, November 28, 1896

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Article Text

At Seattle. Seattle, Wash., Nov. 23. - The Great Northern started an eastbound overland passenger train out of Seattle tonignt, the first train since Thursday evening a week ago, expecting to get it through to St. Paul. All back mails delayed on 2.Ccount of the floods were received and distributed today by the postal authorities. SAGINAW, MICH., BANK SUSPENDS. Inability to Realize on Assets the Cause Assigned. Saginaw. Mich., Nov. 21.-National Bank Examiner Caldwell took charge of the First National bank of this city today. The following notice was posted: "Owing to the inability to realize on assets, it is deemed wise to temporarily close the bank. Depositors will be paid in full." It is hoped arrangements can be made to resume. The capital stock of the bank is $100,000. The last official statement showed a surplus of $60,000; deposits, $300,000.

7. December 2, 1896 The Weekly Register Point Pleasant, WV
Article from The Weekly Register, December 2, 1896

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Article Text

THE CIRCUS That Was Advertised by the Advance Agent-Some of the Featuresjof the Show. CHARLESTON, W. VA., Nov. 24.Mavity & Davis, retail druggists here, assigned Saturday. Liabilities $2,500, assets unknown. CHARLESTON, W. VA., Nov. 24.--The Cannelton Coal Company, near Montgomery, has made a reduction of labor 5 per cent, to take effect at once. SAGINAW, MICH., Nov. 24.-National Bank Examiner Caldwell took charge of the First National Bank of this city Saturday. The capital stock of the bank is $100,000. The last official statement showed a surplus of $60,000 and deposits of $300,000. DETROIT, MICH., Nov. 24.-Mabley & Co., one of the largest clothing firms in the country foiled this morning. Liabilities $370,000; assets not yet given.

8. December 4, 1896 The Times Owosso, MI
Article from The Times, December 4, 1896

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Article Text

EAST SAGINAW FIRST NATIONAL. Mortgages Filed That Will Probably Save Bank Depositors from Loss. Saginaw, Mich., Nov. 30.-A mortgage covering all the real estate of the Standish Manufacturing companies, C. L. Judd principal owner, was filed at Standish, Arenac county, Saturday. Judd is cashier of the First National bank of East Saginaw, which closed its doors a week ago, and was also owner of the Arenac county bank, which suspended after the failure of the East Saginaw bank with little prospects of paying its Arenac county depositors. The mortgage filed gives a first lien of $25,000 to the First National bank of East Saginaw, a second of $35,000 to the depositors of the Arenac County bank, and a third of $35,000 to the First National bank of East Saginaw. The lands mortgaged are in the counties of Bay, Midland and Arenac, with J. B. Peter, of Saginaw, as trustee. A chattel mortgage was also placed on all property of the Standish Manufacturing companies. Suit was begun against these companies by E. W. Allen, of Standish, and attachments on the property issued. A stockholder's committee has completed an investigation of the affairs of the First National bank. The committee found assets of the bank at the time of suspension $615,000 and liabilities to depositors and for borrowed money $385,000. Bad paper carried was between $230,000 and $250,000. Depositors will undoubtedly be paid in full, but the stock and surplus will be wiped out. A receiver will undoubtedly be appointed.

9. March 27, 1930 The Saginaw News Saginaw, MI
Article from The Saginaw News, March 27, 1930

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Article Text

Robbers Foiled in Looted Bank Find Receiver and Friend in Charge But Only Dust and Musty Odor. (By Associated Press.) March banking men sat in the First National Bank here Wednesday chatting about money that used to be there. Two other men, with criminal intentions walked in and roughly ordered "hands up!" The bankers. Charles Draper, receiver for the bank, and neighbor cashier, just sat and stared incredulously They looked at each other and shook their heads. "Can't you see you're being held up one of the robbers. "That's bad," Draper "This bank has been broke since year ago. The cashier who was here then killed himself. There's not a penny in the vaults. Just the same robbers wanted to for themselves. They searched- found what the receiver had promisednothing but dust and a musty odor. The robbers backed out the door staring somewhat incredulously themselves. They took their guns with them and drove away. military were killed near Prossnitz Wednesday when their machine crashed from a thousand feet.

10. November 24, 1933 The Saginaw News Saginaw, MI
Article from The Saginaw News, November 24, 1933

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Article Text

EXPERT TO SEEK BANKING SOLUTION Mark A. Wilson Coimng to Saginaw Tuesday-Appointed by Reichert. Page One) representing the state banking for Mr Reichert also conferred terday members of the Bank of depositors by Miss Margaret Called Back to Help Banks. Mr of job the Reichert the situation in the mobile his most difficult son at to back to higan for this task making him the Savings bank Union Industrial Trust He reorganized the the basis of of its deposits and had it open early in June. H president and Buick is president of the institution The Union Industrial bank of bank to replace was applied for In the First National Bank approval its plan but the that would be to but one bank out of these two and was then that situation itself sintilar to. but more than that confronts Mr. Wilson Saginaw Solves Flint Bank Problems. The plan for the National Bank to the Union Industrial and First National then capital struepreferred and the remaining to be obtained from the funds that would be released to them the plan. The campaign for the stock rather for hr and finMr. ilson drafted by the of the depositors and to head the drive, since he had conducted the involved negotiations the various for approv. al of the plan. The quota was subscribed and Mr. Willnow is completing the work on the board personnel with the prospect that the new bank will open before the middle of December Depositors $10 and less and all school in the Union Industrial bank are being paid in full Other depositors will have 35 per cent made available to them through the new institution and it will per for those of the board of the hospital and park boards their the stock which 20 per of the amount which will be released immediThere were 000 shares of nonassessable stock of $20 par value but selling $35, the additional being divided $10 toward surplus and $5 toward undivided profits The old banks will be liquidated under receiverships in such manner produce the largest posto the Additional payments will be made to them as the assets are disposed of.