Boedecker v. Marine National Exchange Bank

There is no dispute in the facts adduced. So many of them as are necessary to an understanding of this controversy will be stated. In 1933, there were two banks in the city of Algoma, namely, Citizens Bank and Bank of Algoma. Both banks were experiencing financial difficulties as a result of the depression. Patrick M. White was the owner of seventy-four shares of stock in Citizens Bank. During the summer of 1933, it was deemed advisable by the Wisconsin banking commission, hereafter called the commission, to take steps to stabilize both banks and ultimately consolidate them. We shall advert…