First National Bank (Hastings, NE)

View Charter #2528 on SPMC View balance sheet

Episode Information

Episode UID
252801582
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
25280 national
Charter Number
2528
Start Date
October 3, 1931
Location
Hastings, Nebraska (40.586, -98.388)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e5b21dc3ed75ef3f

Response Measures

Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
70.5%
Date receivership started
1931-10-13
Date receivership terminated
1939-03-23
Share of assets assessed as good
29.3%
Share of assets assessed as doubtful
70.3%
Share of assets assessed as worthless
0.4%

Description

Closure triggered by heavy withdrawals and depleted reserves; receiver later appointed.

Events (5)
1. May 28, 1881 Chartered
Source
historical_nic
2. October 3, 1931 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals (a depositor run) depleted reserves; rumors and month‑end pressures contributed.
Measures
Attempts to reorganize and solicit new capital were made; directors closed bank and examiner put in charge.
Newspaper Excerpt
Depleted reserves, resulting from heavy withdrawals, was assigned by Examiner Nelson as the motivating cause of the closure.
Source
newspapers
3. October 5, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed by order of directors after depleted reserves from heavy withdrawals; examiner placed in charge.
Newspaper Excerpt
The First National Bank of Hastings today failed to open its doors for business, and federal authorities took charge.
Source
newspapers
4. October 13, 1931 Receivership
Source
historical_nic
5. October 13, 1931 Receivership
Newspaper Excerpt
Appointment of George B Cronkleton as receiver of the First National bank of Hastings, Neb., was announced by Comptroller of Currency Pole (reported Oct. 17).
Source
newspapers

Newspaper Articles (22)
1. October 5, 1931 Beatrice Daily Sun Beatrice, NE

Article Text

SUSPENSIONS ARE ANNOUNCED Neb., Oct. The First National Bank of Hastings today failed to open its doors for business. and federal authorities took charge. At the time its last statement carried posits totaling about Jones presdent and Vern Manahan, cashier. Attempts recently had been made to reorganize bank. The bank's capital was plus $100,000 and undivided profits $45,000. Advices received here today were to the effect that the deposits totaled about $1,500,000 the basis figures obtained since the last statement. May Reopen AUBURN, Neb., Oct. The First National bank here closed voluntarily this morning and officials they expected of Lincoln is president the bank and H. Bousfield cashier. Its capital stock $50,000 surplus $25,000 at the time of the last statement. notice the door of the bank it closed by order of its board of directors. Nelson. national bank examiner, is charge.

2. October 8, 1931 The Clay County Sun Clay Center, NE

Article Text

HASTINGS BANK IN RECEIVER'S The First National Bank of Hast ings failed to open its doors last Saturday morning, following ten day period of strenuous effort carry one of the oldest and most highly teemed financial institutions of the South Platte through adFollowing ization effort of about week ago thought that the storm might be weathered, but disturbing rumors, heavy first of the month and other conspired to defeat the plans for continuing the Report that little any actual loss, but serious will be caused many enterprizes Hastings which carried all of their funds in the closed institution.

3. October 8, 1931 The Hastings Democrat Hastings, NE

Article Text

Hastings Banks Make Splendid Showing Both the Hastings National the Nebraska National banks are publishing statements in this issue The Democrat that reflect uncertain terms the financial stability of the Despite the failure of the First National these remaining banks have no wise suffered from the strain the community. They entitle to the complete dence of this munity and that they enjoy confidence evidenced the splendid showing made the statements published today. Furnished apartments for rent $20 up. House $25 and $30. Lawsons. Reasonable prices, and ond-hand furniture. Van Gilders (18-tf).

4. October 8, 1931 The Nelson Gazette Nelson, NE

Article Text

First National at Hastings Is Closed By order of its board of directors the First National bank, established in 1881, at Hastings, closed Monday. United States Bank Examiner Frank S. Nelson of Grand Island was put in charge. "Depleted reserves, resulting from heavy withdrawals," was assigned by Examiner Nelson as the motivating cause of the closure. At the closing hour Saturday, the bank had deposits of $1,500,000 and capital stock of $200,000. The large business building in which the banking house was located is owned by the bank itself. With closing of the bank, A. H. Jones, president, announced that the plan for reorganization September 25, at which $200,000 in fresh capital was subscribed, to re-charter and continue operation of the bank, had failed to materialize. This, Jones said, was in part due due to representatives of metropolitan banks, who atthe time of the meeting at which the new subscribers were obtained had promised adequate backing, and later altered plans adn offered this support in a lesser degree. Jones issued a statement expressing confidence that the bank assets are in such a condition that if liquidated efficienty, depositors will suffer no loss. Efforts are being made, however, to reorganize the bank. Until 1917, the First National bank was under the direction of A. L. Clark, one of the best known bankers of the state. -Lincoln Evening Journal.

5. October 8, 1931 Norfolk Daily News Norfolk, NE

Article Text

folks glad! The jeweler said conference to examine the claims $3,000 diamond pin. of the committees which constitute India's population. Depositors To Get Paid Finds $3,000 Buffalo, N. Hewitt's uncle found shiny pin and gave to Bernice to wear to school. It looked like one of those ten cent kind. The teacher had aren't Bernice's Hastings, Neb., Oct. ficials of the First National bank which closed Monday, of the opinion that have expressed depositors will receive most their money. An inventory is being to transfer made, preparatory affairs to receiver.

6. October 18, 1931 The Daily Sentinel Grand Junction, CO

Article Text

BANK RECEIVER NAMED Washington Oct. 17.-Appointment of George B Cronkleton as receiver of the First National bank of Hastings, Neb., was announced by Comptroller of Currency Pole. Cronkleton, who has handled sev. eral receiverships in Nebraska. is in the state now and will report immediately at Hastings

7. January 28, 1932 York News-Times York, NE

Article Text

Bank Reorganization Prospect at Hastings Re-organization of the failed First National bank here is in prospect. Mayor William Madgett states that a committee of chamber of commeree members, and bankers from Lincoln, Omaha and Kansas City, have been considering plans for reorganization. Details of the plan have yet to be worked out before it can be:submitted to a depositors' committee, he said.

8. February 3, 1932 Kearney Hub Kearney, NE

Article Text

NEBRASKA NEWS NOTES. Tecumseh, Neb., Feb. 3.-Alvin Gustafson, Cook farmer, drove his cars onto the creek ice aid cutting ice for his house. Both cars broke through. He pulled them with tractor. Fremont, Neb., Feb. Frank Martin, renter the Albert Campbell farm, pleaded not guilty making liquor and bound over district court for trial. 250gallon still was found operating on the farm. Auburn, Neb., Feb. Paul, Stella, claims he was hit falling telephone pole he driving along highway. He filed action against the LinTelephone Telegraph Co., of Auburn, seeking damages. Hastings, Neb., Feb. 3.-Office headquarters for of persons seeking to bring: about ganization re-opening of the First National bank, of Hastings, have been here. The plan approved group of positors. Cooper, charge of the work of reorganization. said letter soon to be mailed to depositors, outlining plan for organization with $100,000 capital and $50,000 surplus. The capital surplus will derived from bank stock, for which the offices have been opened. Lincoln, Neb. Feb. Senators Andy Welch, democrat, Milford, and Hugo Srb, democrat, of Dodge, have filed for re-election. Welch has served two terms in senate representative the eighteenth senatorial district. Srb represents the eighth district.

9. February 4, 1932 Fort Calhoun Chronicle Fort Calhoun, NE

Article Text

State Capital News By PARK KEAYS The Bloomington State Bank, which suspended business October 20, 1931, has been reorganized and opened for business. Plans are under.way to open the First Na week. tional Bank of Hastings which closed last fall. From 11 to 21 cars of relief sup plies were shipped each day last week to the wrouth district in northeast Nebraska. That the railroads are making their contribution is shown by the fact that one road has donated over $35,000 worth of service and two or three other roads operating in this section have made proroftionate con tributions of free transportation. The state game commission has spent approximately $500 sn pur chasing feed for starving game birds 11) the northern counties wher the snow is deep. Sportsmen's organizations recently contributed

10. February 4, 1932 The Grand Island Herald Grand Island, NE

Article Text

CAPITAL NEWS Nebraska's total of federal taxes for 1931 amounted to ac cording to statements recently sued by the international revenue bureau. The Bloomington State Bank, which suspended business October 20, 1931, has been reorganized and opened for business. Plans under way to open the First National Bank of Hastings, which closed last fall. The second annual Nebraska en gineers' round-up will be held Febr 24 at the University of Nebraska. Leading speakers on various engineering topics will address the meeting. Dean Ferguson of the University College of Engineering is general chairman of the event. Frank J. Taylor of St. Paul has filed for the renomination on the non-political ballot as regent of the state university from the sixth dis trict. Stanley D. Long of Cowles has also filed for renomination university regent from the fifth dis trict. Although the congressional dis trict has been reduced from six to five in number there has been no change in the regent districts which are the same as the former con gressional districts Dr. Alfred E. Eeves of Farnam is the first republican to file as can didate for lieutenant governor. Alliance friends of Lee Brasye have filed a petition nominating him for railway commissioner on the republican ticket. Brasye, who is now Lincoln attorney, formerly lived in Alliance Henry Glissman of Omaha has announced that he will file for republican nomination for congressman from the second district. E. E. Placek of Wahoo has bee selected by the Ritchie democratic organization as a candidate for del egate to the democratic national convention from the old fourth congressional district. Mrs. L. M. Lord of Omaha will republican candidate for national from Nebraska as rival of Mrs. Cameron of Omaha, present national committeewoman. WANTED: Clean cotton rage at The Herald office. Call 1810.

11. February 4, 1932 Pawnee Republican Pawnee City, NE

Article Text

WILL CLOSE STORE The Milburn grocery, which has been selling out its stock in the building north of the Farmers State bank, announced Wednesday morning that by Tuesday of next week the store would be closed. No deliveries will be made from the store after Saturday. Until his final closing Mr. Milburn said the sale would continue. DISTANCE RECORD FOR JACKS A "flying" visit was paid to his former home at Pawnee City a few days ago by Lawrence Parli, accompanied by two friends from Monmouth, Ill., in order to enable "Doc" to show the easterners how jackrabbit hunting was conducted in initiated circles in Nebraska. The three young men drove from Monmouth, arriving here at midnight Saturday night, and the party returned to Monmouth Sunday evening. Parli, with the help of his brother, Lou Parli, escorted Doc's two friends on a hunting trip that bagged two jacks, the first the Monmouth boys had ever seen. SURVEY LIGHT LINES R. O. Adams, surveyor with the engineering department of the Iowa-Nebraska company, accompanied by T. E. Cable and W. B. Schoenleber, all of Lincoln, came Tuesday to start surveying the transmission lines extending north to high line connections from DuBois and Summerfield. The company is making an estimate on rebuilding both lines, it was stated at the local electric office. Mrs. L. M. Lord of Omaha will be a republican candidate for national committeewoman from Nebraska as a rival of Mrs. Cameron of Omaha, present national committeewoman. The Bloomington State bank, which suspended business October 20, 1931, has been re-organized and opened for business. Plans are under way to open the First National bank of Hastings which closed last fall. The second annual Nebraska engineers' round-up will be held February 24 at the University of Nebraska. Leading speakers on various engineering topics will address the meeting. Dean Ferguson of the university college of engineering is general chairman of the event. Dr. Alfred E. Reeves of Farnam is the first republican to file as candidate for lieutenant governor. Henry Glissman of Omaha has announced that he will file for republican nomination for congressman from the second district. Want ads in The Republican cost only ten cents per line per insertion. They are worth a lot more.

12. February 4, 1932 Valparaiso Visitor Valparaiso, NE

Article Text

News from the Capitol And Over the State Events of the Week as Told by Naomi Buck The Bloomington State Bank, that suspended business October 20, 1931 has been re-organized and opened for business. Plans are under way to open the First National Bank at Hastings which closed last fall. The total national wealth of the United States in 1930 was 229 billions according to the national industrial conference. The national income for that year was 71 billions. If these sums could have been distributed among the families of the nation, each family would have had $11,000 capital and $2,366 income. Nebraska rated high in per capita wealth for 1930, estimated at $3,927. The December report of the state budget commissioner shows that warrants amounting to $1,866,000 were drawn as compared with $2,200,000 the previous month. Fourteen million dollars has been issued since the beginning of the biennium last July. Appropriations received to date total $26,000,000, the unexpended balance is something over $12,000. The amount of $934,000 was spent during the month for highway and maintenance. The next largest item on the list was $469,000 for salaries and wages, $148,000 for lands and buildings and $128,000 for supplies. State gasoline tax receipts for January total $456,000 as compared to $668,000 in December. The January 1932 receipts are over $100,000 less than a year ago. Figures compiled by the state treasurer show that $38,650,000 have been received in the state gasoline tax fund since the law went into effect in April 1925. The tax was two cents a gallon until April 1929 and was then increased to four cents a gallon. Of this sum more than $6,000,000 has been distributed to counties as their share for county road work.

13. February 4, 1932 The Superior Express Superior, NE

Article Text

The Bloomington State Bank, which suspended business October 20, 1931, has been reorganized and opened for business. Plans are underway to open the First National Bank of Hastings which closed last fall.

14. February 5, 1932 Sherman County Times Loup City, NE

Article Text

is something over $12,000. The amount of $934,000 was spent during the month for highway and maintenance. The next largest item on the list was $469,000 for salaries and wages, $148,000 for lands and buildings and $128,000 for supplies. The Bloomington State Bank, which suspended business October 20, 1931, has been reorganized and opened for business. Plans are under way to open the First National Bank of Hastings which closed last fall. From 11 to 21 cars of relief supplies were shipped each day last week to the drouth district in northeast Nebraska. That the railroads are making their contribution is shown by the fact that one road has donated over $35,000 worth of service and two or three other roads operating in this section have made proportionate contributions of free transportation. The second annual Nebraska engineers' round-up will be held February 24 at the University of Nebraska. Leading speakers on various engineering topics will adress the meeting. Dean Ferguson of the University college of engineering is general chairman of the event. Frank J. Taylor of St. Paul has filed for re-nomination on the non-political ballot as regent of the state university from the sixth district. Stanley D. Long of Cowles has also filed for renomination as university regent from the fifth district. Although the congressional districts have been reduced from six to five in number there has been no change in the regent districts which are the same as the former congressional districts. Dr. Alfred E. Reeves of Farnam is the first republican to file as candidate for lieutenant governor. Alliance friends of Lee Basye have filed a petition nominating him for railway commissioner on the republican ticket. Basye, who is now a Lincoln attorney, formerly lived in Alliance. Henry Glissman of Omaha has announced that he will file for republican nomination for congressman from the second district. E. E. Placek of Wahoo, has been selected by the Ritchie democratic organization as a candidate for delegate to the democratic national convention from the old fourth congressional district. Mrs. L. M. Lord of Omaha will be a republican candidate for national committeewoman from Nebraska as a rival of Mrs. Cameron of Omaha, present national committeewoman.

15. February 5, 1932 The McCook Tribune McCook, NE

Article Text

Alliance friends of Lee Basye have filed a petition nominating him for railway commissioner on the republican ticket. Basye, who is now a Lincoln attorney, formerly lived in Alliance. The Bloomington State Bank, which suspended business October 20, 1931, has been reorganized and opened for business. Plans are underway to open the First National Bank of Hastings which closed last fall.

16. February 12, 1932 The Stockman's Journal Omaha, NE

Article Text

Plan of Hastings First National discussed Hastings, Neb. Feb. 12 Plans First tional Bank are despite ment of Receiver George Cronkleton that dividend is soon to be paid interested in the opening of the bank begin solicitiation of stock scriptions to Cooper committee The stated more than one secretary the $150,000 stock subscrip- Blattgerste tions goal has been already pledged. tacked

17. February 24, 1932 The Hastings Daily Tribune Hastings, NE

Article Text

First National Depositors Accept Offer of Omaha Man to Head Organization Move. Depositors of the First National Bank meeting Tuesday night the Clarke Hotel entered into agreement with Robert Goethe the Charles Walters Company Omaha whereby Goethe will take charge of the organization bank succeed the First Na tional, which closed October 1931. Goethe's proposal, which cepted without dissent by the proximately hundred depositors organize bank present, to which will meet the approval the chief examiner the Kansas City federal reserve district payment for his The depositors pledged selves $2,000 if the re-organization effected. subscriplist was passed and Mayor William Madgett. chairman depositors re-organization presided. Goethe members the began this organization outline plans to solicit morning subscriptions. Have Stock Subscriptions. The plan organize capital $100,000 and sur$50,000. this to be raised of 1,000 shares stock $150 share. The committee ready has subscriptions amounting several thousand dollars. The bank over assets bank amount corresponding to deposits received. According to the plan outlined, the assets will divided, the assets placed trust and this trust administered officials the new bank liquidated opportunity fords. Goethe outlined his plan before the depositors to sider the advisability employing him. He said had consulted Chief Wright the Kansas City federal district Wright had voiced the opinion that the plan feas- Specializes Bank Service. The Charles Walters Company Goethe represents has offerservice banks period years. Its transactions are mainly nature carried without publicity and included organization banks, placing bank employes, consolidation banks and reorganization of banks, Goethe An open discussion of the quesfollowed Goethe's presentation his proposal. Among those spoke urged co-operation the depositors in project Cottingham, DutMaltman, Dr. Alva King and Fred Cook.

18. November 15, 1933 Beatrice Daily Sun Beatrice, NE

Article Text

BID FOR BANK HASTINGS, Neb., Nov. 15 The possibility that least $75.000 more will be made available to the 9,000 depositors of the First National bank here and that all city offices be housed under roof was seen following action of the city council to submit bid for $75,000 for the purchase of the bank's building The bid will be submitted to Géorge G. Cronkleton, bank receiver, and If purchased the building will be used as city hall and also house the city water and light department offices.

19. November 16, 1933 The Beatrice News Beatrice, NE

Article Text

Hastings May Buy $75,000 City Hall The possibility that at least $75,000 more will be made available to 9,000 depositors of the First National Bank here and that all city offices will be housed under one roof was seen following action of the city council to submit a bid for $75,000 for the purchase of the bank's building. The bid will be ,submitted to George G. Cronkleton, bank receiver. If purchased, the building will be used as a city hall and to house the city water and light department offices.

20. December 18, 1933 The Columbus Telegram Columbus, NE

Article Text

for Your Old Stove. DIVIDEND BY CLOSED HASTINGS BANK of the defunct First National bank of Hastings today were ceiving Christmas present in form third dividend ing Distribution the checks, amounting payment begun ment authorized by George receiver for the funct institution.

21. June 7, 1934 The Hastings Daily Tribune Hastings, NE

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RECEIVER'S OFFICE BUSY PLACE TODAY One of the busy spots downtown today was the office of George G. Cronkleton, First National Bank receiver, who started distribution this morning of $125,000 among depositors of the bank. The $125,000 represents 10 per cent of the deposits of the bank at the time it closed in 1931 and the fourth dividend payment to depositors. The total returned. in cluding the present dividend, is 55 per cent. Mr. Cronkleton's office is at the old Bank of Commerce rooms in the Kerr Building.

22. September 25, 1934 The Hastings Daily Tribune Hastings, NE

Article Text

Compromise With Stockholders District Judge Blackledge has approved an application by Receiver George G. Cronkleton for permission to with three of the First National Bank in the of their stockholder liabilities and other debts to the closed bank. The application was for to accept $2,250 in cash from Walter Divan, whose total indebtedness listed at deed Lot of second addition to the city of Hastings, with the of the north 10 feet, and $1,000 in cash from W. C. Fisher,