First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 5482
Charter Number: 5482
Start Date: September 12, 1902
Location: Yale, Michigan (43.130, -82.798)

Metadata

Model: gpt-5-mini
Short Digest: 1c45a9f5

Response Measures

None

Receivership Details

Depositor recovery rate: 55.6%
Date receivership started: 1933-01-12
Date receivership terminated: 1938-10-31
Share of assets assessed as good: 11.1%
Share of assets assessed as doubtful: 64.2%
Share of assets assessed as worthless: 24.7%

Description

Article (1902-09-12) refers to the 'defunct First National bank of this city' and describes the cashier Charles A. Johnson having spent funds which 'wrecked the bank.' A receiver (Seldon) is mentioned. No run or temporary suspension is described; the bank is closed and in receivership due to embezzlement/defalcation by the cashier.

Events (4)

1. July 2, 1900 Chartered

Source: historical_nic

2. September 12, 1902 Other

Newspaper Excerpt: The discovery of Kimmel solves the mystery of how Charles A. Johnson cashier of the defunet First National bank of this city, spent much of the money which wrecked the bank.
Source: newspapers

3. September 12, 1902 Receivership

Newspaper Excerpt: the defunet First National bank of this city, spent much of the money which wrecked the bank. ... Receiver Seldon ... that he could collect the $25,000 Insurance on Kimmell's life.
Source: newspapers

4. January 12, 1933 Receivership

Source: historical_nic

Newspaper Articles (1)

1. September 12, 1902 The Yale Expositor Yale, MI

Article from The Yale Expositor, September 12, 1902

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Article Text

Kimmell is Living. George A. Kimmell, formerly of Niles, later cashier of the Farmers' State Bank at Arkansas City, Ark., who has been missing for two years. has been found in Philadelphia by Richard Dougan, a young man of Niles, who instantly recognized Kimmell and spent some time with him there. The discovery of Kimmel solves the mystery of how Charles A. Johnson cashier of the defunet First National bank of this city, spent much of the money which wrecked the bank. The discovery of Kimmell alive and well also blasts the hope of Receiver Seldon. of the Niles bank. that he could collect the $25,000 Insurance on Kimmell's life.