Sault Ste Marie National Bank - Sault Ste Marie, MI

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 3747
Charter Number: 3747
Start Date: December 10, 1897
Location: Sault Ste Marie, Michigan (46.495, -84.345)

Metadata

Model: gpt-5-mini
Short Digest: 67dd41e2

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1897-12-10
Date receivership terminated: 1898-11-15
OCC cause of failure: Losses
Share of assets assessed as good: 27.3%
Share of assets assessed as doubtful: 52.9%
Share of assets assessed as worthless: 19.8%

Description

Newspaper notices report the Sault Ste. Marie National Bank was declared insolvent and placed in receivership (Dec 10, 1897). A replacement receiver was appointed effective March 1, 1898. No run or reopening is mentioned; the bank was in receivership/closure.

Events (4)

1. July 7, 1887 Chartered

Source: historical_nic

2. December 10, 1897 Receivership

Source: historical_nic

3. December 10, 1897 Receivership

Newspaper Excerpt: The Sault Ste. Marie National Bank, Sault Ste. Marie, Michigan, was on December 10, 1897, placed in the hands of John J. Enright, receiver.
Source: newspapers

4. March 1, 1898 Receivership

Newspaper Excerpt: Insolvent-The Sault Ste. Marie National bank, Sault Ste. Marie, Mich.; Eugene McComas appointed receiver in place of John J. Enright (resigned), to take effect March 1, 1898.
Source: newspapers

Newspaper Articles (2)

1. December 19, 1897 The Herald Los Angeles, CA

Article from The Herald, December 19, 1897

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Article Text

National Bank Changes The latest bulletin of the comptroller of the currency, dated December 13, 1897, gives the following among other changes: National banks organized-The Franklin National Bank, Franklin, Ohio (capital $50,000), N. J. Catrow, president; Ralph B. Parks, cashier. The National Bank of Seneca, Kansas (capital $50,000), Jacob E. Taylor, president; John A. Gilchrist, cashier. Corporate existence of national bank extended-The Exchange National Bank of Olean, New York, until December 6, 1917. Application to organize national bank pproved-The Citizens' National Bank of Coshocton, Ohio, with a capital of $50,000, by the following persons: John M. Compton, Jerry A. Compton, John J. Rose and others. Liquidation-The First National Bank of Ovid, Michigan, has gone into voluntary liquidation by resolution of its stockholders dated October 13, 1897. to take effect December 1, 1897. Insolvent-The Sault Ste. Marie National Bank, Sault Ste. Marie, Michigan, was on December 10, 1897, placed in the hands of John J. Enright, receiver.

2. March 13, 1898 The Herald Los Angeles, CA

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Article Text

National Bank Changes The latest bulletin of the comptroller of the currency, dated March 7, 1898, gives the following, among other changes: Corporate Existence of National Bank Extended-The Nyack National bank, Nyack, N. Y., until February 28, 1918. Application to Organize National Bank Approved-The Northampton National bank of Easton, Pa.; capital, $100,000; by the following persons: E. J. Richards, Easton, Penn., T. Rinek, J. Moore et al. Liquidation-The First National bank of Aspen, Col., by resolution of its stockholders, to take effect February r, 1898. Insolvent-The Sault Ste. Marie National bank, Sault Ste. Marie, Mich. ; Eugene McComas appointed receiver in place of John J. Enright (resigned), to take effect March 1, 1898.