First National Bank (Hemingford, NE)

View Charter #10242 on SPMC View balance sheet

Episode Information

Episode UID
1024201487
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
102420 national
Charter Number
10242
Start Date
November 10, 1923
Location
Hemingford, Nebraska (42.322, -103.073)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
663b7c3888a8d356

Response Measures

None

Receivership Details

Depositor recovery rate
59.9%
Date receivership started
1923-11-10
Date receivership terminated
1927-02-17
OCC cause of failure
Governance
Share of assets assessed as good
25.2%
Share of assets assessed as doubtful
57.4%
Share of assets assessed as worthless
17.5%

Description

Receiver appointed and assessment actions indicate permanent failure under federal supervision.

Events (5)
1. August 10, 1912 Chartered
Source
historical_nic
2. November 10, 1923 Receivership
Source
historical_nic
3. November 10, 1923 Receivership
Newspaper Excerpt
The Receiver for the First National Bank has been appointed and is now in charge of bank's affairs.
Source
newspapers
4. November 10, 1923 Suspension
Cause
Government Action
Cause Details
Examiner turned affairs over to an appointed receiver after the bank closed; federal receivership instituted.
Newspaper Excerpt
The Receiver for the First National Bank has been appointed and is now in charge of bank's affairs.
Source
newspapers
5. January 16, 1924 Other
Newspaper Excerpt
I hereby make an assessment and requisition upon the stockholders of said The First National Bank of Hemingford for Twenty-five Thousand Dollars to be paid by them ratably, on or before the twenty-third day of February, 1924; and I hereby make demand upon each and everyone of them for One Hundred Dollars upon each and every share of the capital stock of said association held or owned by them, respectively, at the time of its failure; and I hereby direct Ralph S. Pryce, the Receiver heretofore appointed, to take all necessary proceedings, by suit or otherwise, to enforce to that extent the said individual liability of the said shareholders.
Source
newspapers

Newspaper Articles (8)
1. November 15, 1923 The Ledger Hemingford, NE
Article from The Ledger, November 15, 1923

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Article Text

Receiver In Charge The Receiver for the First National Bank has been appointed and is now in charge of bank's affairs. Ralph S. Pryce, former assistant receiver for the Sidney and Chappel defunct banks received the appointment as receiver the first of the week and arrived Monday afternoon to take charge. For several days the bank has been in the hands of the examiner who has now turned everything over to Mr. Pryce. Mr. Pryce is the owner of the Wells Undertaking establishment of Alliance and is known by a number in this vicinity. The fact that a receiver has been appointed will have no bearing in the reorganization provided the depositors are willing. If such an agreement is reached by the depositors and the new bank, the receiver will be released but will be in charge of the banks affairs until such time as a reorganization can be effected, if ever.

2. November 15, 1923 The Ledger Hemingford, NE
Article from The Ledger, November 15, 1923

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Article Text

Striving To Prevent Loss Stockholders Of Old National Bank Made Strong Effort To Save Bank And Are Now Trying To Prevent Excessive Loss There has been sustained effort on the part of the stockholders of the First National Bank to reopen that institution, and the proposition of the committee of the depositors to take certificates for 70 per cent of the amount of the deposits in a new bank, with the right to participate in what is realized over that amount meets the approval of a majority of the depositors. Part of the stockholders have been determined from the first that the bank shall go ahead and take care of the business, and that to do this they have each paid in so far $150.00 a share on their stock as a voluntary assessment. This could not have been collected legally but these stockholders advanced these amounts, and in addition helped others raise their assessment where it was difficult for them to do so. The last voluntary contribution of $100 per share $25,000 was either paid by the stockholders or was put up by J. P. Jensen, Theo. Neeland, C. Klemke and H. Van Bergen for them. These men had to put up the entire assessment of certain stockholders who did not come across, and this fact is very much to their credit. The four men mentioned have done their share and more than their share and deserve credit in the matter. On the Sunday night before the bank was closed these same men offered to do three times their share or more to raise the money that was demanded to keep the institution afloat. Nearly all the stockholders paid the $100 per share voluntary contribution and a large part paid the previous $50 voluntary contribution, making the $150 above referred to. The stockholders of the bank are leaving no stone unturned to bring the matter out with little or no loss to the depositors, and it is the general bad condition of the farmers and livestock owners that have made this bad condition possible. With co-operation on the part of every body, with these men working as they are, and with the possibility of a guarantee of the definite amount to the depositors thru a new bank which these men are helping to organize, the loss can be minimized to a great extent. We are in times of drastic deflation, the stock men all over are in a deplorable condition, and with farm prices low and continuing low there is a long hard pull ahead for this district and all the middle west farming country. Common sense and a resolve to make the best of present conditions rather than recriminations and obstruction will be the better part and the stockholders committee and the depositors committee should receive the support of the people interested. The committee is composed of the best practical minds in the community, all deeply interested financially and their conclusions deserve to be heeded. Grover Cleveland said in 1893, "We are faced with a condition, not a theory". These words apply to present conditions.

3. November 18, 1923 Lincoln Journal Star Lincoln, NE
Article from Lincoln Journal Star, November 18, 1923

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Article Text

question whether the industrial situation has sufficient flexibility and freedom to make the cost adjustments that may be necessary to maintain the balance all round and keep the wage earning population employed. Can the adjustments as they prove to be necessary be made without serious disturbance to industry? This is a problem of industrial relations, and while it is a serious problem it is by no means a new one. We have had it with us for a long time; every country has it; why should we throw up our hands about it now? There will continue to be profits in business for the individuals who know how to do business in the best way. The farmers in this country who are producing only six to ten bushels of wheat to the acre are having a hard time competing with the farmers of Canada, who have produced this year according to the official estimate, an average of 20.75 bushels to the acre, and the same rule governs in all business. There always will be the differential between the efficient producers and the marginal producer, no matter how general costs may rise. In conclusion, while the policy of caution now being generally followed undoubtedly is advisable, there is nothing to indicate any sudden depression of values falling off of consumption demands. The pessimistic views that are prevalent will affect business to the extent that they discourage enterprise, mainly in the line of construction work. If construction work falls off, so that unemployment actually results, it is probable, that the necessary readjustments will soon be made. NEBRASKA BANK NEWS. The Omaha National bank attorneys filed a brief in supreme court the other day in an effort to establish as a principle of law that when a bank that has been carrying another institution makes a new loan and requires new collateral, the organized American State bank at Bushnell. All are Kimball bankers. The Bushnell State, owned by R. E. Holmes and others, was taken over some time ago by the guaranty fund commission, which sold its best paper to the new group. Bankers are of the opinion that the losses that will result to the guaranty fund from the bankruptcy of the Atlas bank of Neligh will total, in the end, a lot more than the $300,000 estimated in the first reports. More than $700,000 in deposits and most of the good paper up with other banks for collateral means a heavy loss, they say. Elmer C. Tidvall has resigned as assistant cashier of the First National bank of Minden, where he has been employed for twenty years. Ill health is the cause assigned. He has been succeeded by J. M. McQuillan. Hemingford Ledger: At the meeting Saturday afternoon of the stockholders and depositors of the First National bank, there was a decided sentiment in favor of a reorganization to take over the old bank. A reorganization if, affected now, will make the old bank pay out about seventy-five per cent, while under a receiver, the percentage would be closer to half. The new organization will save the depositors about thirty per cent more than the receivership, besides giving them their money that much longer. It costs as much for the receivership, with the receiver and legal assistance, as it does to run a bank. A committee was appointed at the meeting to take the matter up with the various depositors and stockholders, and the examiner and see if there is any possible way for the reorganization to be effected. This committee has been working hard on the proposition but are not yet ready to report what progress has been made, other than to say that there is an active opposition to the reorganiz-

4. February 7, 1924 The Ledger Hemingford, NE
Article from The Ledger, February 7, 1924

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Article Text

No. 10242. ASSESSMENT UPON STOCKHOLDERS Treasury Department. Office of the Comptroller of the Currency. Washington, D. C., January, 16, 1924. In the matter of The First National Bank of Hemingford, Nebraska. To All Whom it May Concern: Whereas, Upon a proper accounting by the Receiver heretofore appointed to collect the assets of "The First National Bank of Hemingford," Nebraska, and upon a valuation of the uncollected assets remaining in his hands, it appears to my satisfaction that in order to pay the debts of such association it is necessary to enforce the individual liability of the stockholders therefore to the extent hereinafter mentioned as prescribed by Section 5151 and 5234 of the Revised Statutes of the United States: Section 1, c 156, Act of June 30, 1876, and section 23 of the Act approved December 23, 1913, known as the Federal Reserve Act. Now, therefore, by virtue of the

5. February 7, 1924 The Ledger Hemingford, NE
Article from The Ledger, February 7, 1924

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Article Text

hereby make an assessment and requisition upon the stockholders of said "The First National Bank of Hemingford" for Twenty-five Thousand Dollars to be paid by them ratably, on or before the twenty-third day of February, 1924; and I hereby make demand upon each and everyone of them for One Hundred Dollars upon each and every share of the capital stock of said association held or owned by them, respectively, at the time of its failure; and I hereby direct Ralph S. Pryce, the Receiver heretofore appointed, to take all necessary proceedings, by suit or otherwise, to enforce to that extent the said individual liability of the said shareholders. In witness whereof, I have hereunto set my hand and caused my seal of office to be affixed to these presents at the City of Washington, in the District of Columbia, this sixteenth day of January, A. D. 1924. (Seal) HENRY M. DAWES, Comptroller of the Currency.

6. April 25, 1924 The Alliance Times-Herald Alliance, NE
Article from The Alliance Times-Herald, April 25, 1924

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On Assessment of National Bank Stock James Potmesil Made Defendant in Four Suits Aggregating Nearly $25,000. James Potmesil is made defendant in four suits filed in district court this week which total $23,700. The principal action in the group was filed by Ralph H. Pryce, receiver of the First National bank at Hemingford, to collect a 100 per cent assessment on the bank stock held by Mr. Potmesil when the bank was closed. This amounts to $13,700. The suit is brought in the name of the comptroller of the currency and is in conformity with the law that bank stock is assessable at 100 per cent in case of a bank failure. Several attachments were filed in conjunction with the suit. The other suits were filed by Theodore Neeland, C. Klempke and Von Bargen, aggregating $10,000 with interest. These men were surety for Mr. Potmesil on a $10,000 note which they had to pay and they have brought suit to collect the amount. The actions were brought by Boyd, Metz and Meyer, attorneys for the bank receiver and the three plaintiffs.

7. February 12, 1925 The Ledger Hemingford, NE
Article from The Ledger, February 12, 1925

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SHERIFF'S SALE Notice is hereby given that by virtue of an order of sale issued by the Clerk of the District Court of the Sixteenth Judical District of Nebraska, within and for Box Butte County, Nebraska, in an action wherein Oscar D. Rouse is plaintiff and Clarence O. Rosenberger, Fern Rosenberger, his wife, and James V. Potmesil are defendants, and Ralph S. Pryce, Receiver of The First National Bank, Hemingford, Nebraska, as intervenor. will at two o'clock m the 16 day of February, 1925 at the west front door of the courthouse of the County of Box Butte in the City of Alliance, Nebraska, offer for sale at public auction, the following described lands and tenants, to-wit: Southeast Quarter (SE%), of Section Two (2), in Township Twenty-s (26). North, Range (49), West of the 6th Principal Meridian, in Box Butte County, Nebraska. Given under my hand this 5th day of January 1925. George Jones, Sheriff W. M. Iodence, Attorney for Pltf.

8. February 12, 1925 The Ledger Hemingford, NE
Article from The Ledger, February 12, 1925

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SHERIFF'S SALE Notice is hereby given that by virtue of an order of sale, issued by the Clerk of the District Court of the Sixteenth Judical District of Nebraska, within and for Box Butte County, Nebraska, wherein Theodore Neeland is plaintiff and Anson Johns, Nellie Johns and First National Bank of Hemingford, Nebraska, Corporation, duly organized under the laws of the United States Government and under the laws of the State of Nebraska, and Ralph Pryce, Receiver of said First National Bank of Hemingford, Nebraska, are defendants. will at three o'clock m. on the 16 day of February, 1925, at the west front door of the courthouse of the County of Box Butte in the City of Alliance, Box Butte County, Nebraska, offer for sale at public auction, the following described lands and tenants, to-wit: Southeast Quarter Section Twenty-four (24), Township Twenty-seven (27), North, Range Forty-nine (49), West of the 6th M. in Box Butte County, Nebraska. Given under my hand this 5th day of January 1925. George P. Jones, Sheriff W. M. Iodence, Attorney for Pltf.