First National Bank (Madison, NE)

View Charter #3773 on SPMC View balance sheet

Episode Information

Episode UID
377301597
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
37730 national
Charter Number
3773
Start Date
January 20, 1933
Location
Madison, Nebraska (41.828, -97.455)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2716cdf4c7deb103

Response Measures

None

Receivership Details

Depositor recovery rate
66.0%
Date receivership started
1933-01-20
Date receivership terminated
1938-10-06
Share of assets assessed as good
23.6%
Share of assets assessed as doubtful
58.2%
Share of assets assessed as worthless
18.1%

Description

Directors voluntarily closed bank citing steady withdrawals; federal examiners took charge same day.

Events (4)
1. August 15, 1887 Chartered
Source
historical_nic
2. January 20, 1933 Receivership
Source
historical_nic
3. January 20, 1933 Receivership
Newspaper Excerpt
closed on Jan. 20... E. C. Manney, receiver of the First National bank of Madison
Source
newspapers
4. January 20, 1933 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors voluntarily closed after steady withdrawals over two years and inability to make collections reduced cash.
Newspaper Excerpt
The First National bank... closed its doors this morning and now is in charge of C. W. Lyon and P. T. Henninger, federal bank examiners.
Source
newspapers

Newspaper Articles (5)
1. January 20, 1933 The Grand Island Independent Grand Island, NE

Article Text

FIRST NATIONAL AT MADISON CLOSES Madison, Neb., Jan. 20. (AP)—The First National bank, a going concern here for 60 years, closed its doors this morning and now is in charge of C. W. Lyon and P. T. Henninger, federal bank examiners. Directors took the action voluntarily at a meeting last night. They said steady withdrawals of deposits during the last two years and inability to make collections at this time reduced the cash and made the action necessary. The examiners this morning said they were not prepared yet to make a statement as to the condition of the bank. PERMANENT RECEIVER FOR CAR CO. ORDERED Trenton, N. J., Jan. 20. (AP)—Permanent receivership for the Pressed Steele Car company, manufacturers of railroad cars with plants in Pittsburgh and Chicago, was ordered in a decision filed in the New Jersey court of chancery today by Vice-Chancellor John O. Bigelow.

2. February 20, 1933 Norfolk Daily News Norfolk, NE

Article Text

Named Attorneys For Bank Receiver The firm of Moyer and Moyer has been appointed attorneys for E. C. Manney, receiver of the first National bank of Madison, which closed on Jan. 20.

3. August 1, 1933 Norfolk Daily News Norfolk, NE

Article Text

NAMED RECEIVER OF NATIONAL BANK WILL SUCCEED HARALD LAND WHO HAS BEEN HERE ABOUT A YEAR POLITICAL MOVE IS SEEN Rumor is Norfolk Postmaster to Selected Next Week- Mrs. Be Marie Weekes May Receive Appointment Forrest Lear, Norfolk attorney and refereee in bankruptcy. has the been appointed receiver of Norfolk National bank to succeed Harald Nomland who has been act. ing in that capacity since the death of Frank Burchmore last August, was announced Tuesday morning. Mr. Lear was notified of his appointment by the comptroller of at Washington Tuesday currency night. The move is interpreted in Norfolk as being political, the replacing of Republicans appointees with E. Manny of West Point, receiver for the Point National bank and the First Na tional bank of Madison. has also been notified by the comptroller that he will be replaced. His successor has not been announced as Norfolk friends could learn Tuesday. Assumes Duties Wednesday Mr. Lear who is well known in Norfolk and northeast Nebraska to serve referee in will continue bankruptcy for the time being. He his duties as bank to assume the close of business receiver at Wednesday. John Wehr, clerk and field manager for the bank, and Miss Margaret Bedard, are cintinue to serve in their to capacities. Mr. Nomland has also been ceiver for the First National bank and First National bank of Tilden of Crofton. He came to this city from Kearney. Before that he livat Grand Forks and Fargo, He has been bank receiver for the since March, 1927, during his residence in folk has made many friends Charles H. Kelsey, Norfolk, attorney for the bank, is generally believed, also to be replaced by Democrat, although he has not been officially notified to that effect. Postmaster To Be Named According to rumor heard in Norfolk Monday afternoon, the of postmaster to sucappointment ceed Herbert Wichman may be week. Mrs. Marie made next Weekes, was learned from an thoritative source, will likely Mr. Wichman's successor. A. Mitchell, understood. also has chance of being appointed postmaster. Another mor is that Columbus man, whose name was not learned, may be selected for the Norfolk postmastership.

4. August 5, 1933 Norfolk Daily News Norfolk, NE

Article Text

Bank Receiver John former Crofton banker, to Manny as of the First National bank of Madison, accordto word from Madison. Mr. Reifenrath. former member of state legislature, has already been appointed receiver the Smith National bank St. Edward. is not known whether the staff serving under Mr. Manny be affected. Tries to Kidnap Child Lincoln, Aug. Lincoln police today were searching for old man in light coach attempted to coax 5-year-old girl his near the University Nebraska stadium this morning. The man's motive known. the frightened little girl fused in the man Want Vote Beer Neb., Aug. petition bearing more than 600 natures has been filed here ing the beer licensing ordinance be submitted the election, April, 1934. Reports heard that another petition being circulated special election the Fairbury ordinance.

5. May 25, 1934 Star-Herald Scottsbluff, NE

Article Text

FAILED BANKS GET R. F. C. CASH LOAN Washington, May 24. (P)-Receivers of closed Nebraska banks were' authorized to borrow $2,022,653.43 from the Reconstruction Finance corporation between February 2, 1932, and May 18, 1934, Jesse H. Jones, chairman, reported today. The largest individual loan authorized in Nebraska was $175,000 to the Farmers State Bank of Columbus. The Farmers State Bank of Kearney borrowed $141,750. and the Norfolk National bank received $130,000. Besides the loans to closed bank receivers, the RFC also authorized a loan of $50,000 to the Fremont Mortgage company. The table of loans to closed bank receivers includes Auburn. First National Bank of Auburn. $26,000 First National Bank of Auburn. $23,000. Aurora. Fidelity State Bank, $49,675. Columbus, The Commercial National Bank Columbus, $60,000; Farmers State $175,000. Fremont, The Union National Bank of Fremont, $85,000. Holdrege Phelps County Bank, $50,000. Hooper, Hooper State Bank, $40,000. Litchfield, The First National Bank of Madison. The First National Bank of Madison, $83,000. McCook Farmers & Merchants State Bank, $26,000. Norfolk, The Norfolk National Bank, $130,000 Platte Center, Platte County Bank, St. Edward The Smith National Bank of St. Sterling, First State Bank. $31,000. West Point. The Point National Bank, $50,000; West Point National Bank,