First National Bank (Hartington, NE)

View Charter #4528 on SPMC View balance sheet

Episode Information

Episode UID
452801589
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
45280 national
Charter Number
4528
Start Date
May 25, 1932
Location
Hartington, Nebraska (42.622, -97.264)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
58eecf045e944c80

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
26.5%
Date receivership started
1932-06-01
Date receivership terminated
1938-05-27
Share of assets assessed as good
30.1%
Share of assets assessed as doubtful
42.0%
Share of assets assessed as worthless
27.9%

Description

Closure clearly precipitated by heavy withdrawals and led to appointment of a federal receiver.

Events (5)
1. March 4, 1891 Chartered
Source
historical_nic
2. May 25, 1932 Run
Cause
Local Banks
Cause Details
Run reportedly hastened/precipitated by the recent closing of the First National of Crofton
Newspaper Excerpt
There was quite a heavy run on the bank the previous day
Source
newspapers
3. May 26, 1932 Suspension
Cause
Local Banks
Cause Details
Depleted cash reserve and heavy withdrawals (failure of nearby Crofton bank hastened closing)
Newspaper Excerpt
The First National Bank Hartington closed its doors last Thursday night; a depleted cash reserve and withdrawal of deposits are given by officers as the reason for suspension
Source
newspapers
4. June 1, 1932 Receivership
Source
historical_nic
5. June 1, 1932 Receivership
Newspaper Excerpt
Receiver Has Been Appoint- the Goldenrod ballroom Randolph. ed for the First National the of Hartington
Source
newspapers

Newspaper Articles (15)
1. June 2, 1932 The Hartington Herald Hartington, NE

Article Text

IS CLOSED YEARS AFTER 49 OF SERVICE First National Forced To Suspend on Account of a Depleted Reserve Last Bank Is First National Once Had Deposits People Are Shocked by Closing The First National Bank Hartington last Thursday night being for half century lackyear. depleted cash and withdrawal given officers the for pension The bank might have operate for while longer, stated but, in order protect their depositors, the board of directors decided to Failure of the local bank doubt hastened, if not precipitated. the closing the First of Crofton only two days before. There quite heavy the bank the previous People Were Stunned People have accustomed do business with the First National Bank of Hartington for many years stunned when they down town Friday morning and found notice door that was closed. The failure this bank the which Hartington and county without facilities. years had strong banks. The Hartington National in 1928, Cedar County 1931 and the First National in the hands Other Cedar county banks have failed during the past Farmers State and the Fordyce State. The this city Organized in 1883 Organized 1883, was one the oldest and strongest banks northeast Nebraska and at deposits almost In June, 1920 peak year, deposits aggregated $950,000. When bank closed deposits had dwindled to In the First National and the Farmers State Bank. which located the present Hartington Building Loan building, merged occupied building on the corner Washington avenue and Fifth street. Officers the bank when closed its doors were Louis Goetz, president; Beste, vice-presiCarl cashier, and Lloyd Lynde Alphonse Lamassistant cashiers. Louis Goetz. Spork, John Hirschman, Carl Pedersen. Geo. Beste and Lloyd Lynde and the following owned stock the First National Bank: Amundson, Theo. Beste estate, Beste, Cameron, Dendinger, Dorsey, Mrs. Dan Felber, George, Louis Goetz, Aug Gohman, Mrs. Sarah Gordon, John Hochstein Mrs. Ethel Kerr estate, Krause, Lammers, K. Lammers, Lammers, McKenzie, Lloyd Lynde, Mrs. Ella Mason, Mrs. Hazel Olsen, Oswald, LuR. Parks, Pedersen, Peters, Ready, Mrs. Ready, Mrs. Robinson, Helen Scoville, Scoville, Spork, Agatha Uhing estate and Mildred W. Haggart. Lyon, bank examiner, arrived Friday make the inventory and now charge. Officers state that the percentof dividends which the institution will pay will depend on this year's and the prices which brings. Three former ficers of the First National and prominent its affairs for many Robinson, R. G. Mason and Weston.

2. June 2, 1932 The Hartington Herald Hartington, NE

Article Text

HARTINGTON Week By Week First National Closes Its Drowns Falls on Graduating Classes standing street corners latest The and bank failure. The First tional has closed its doors said, heavy The had made her fight and the community hoped hope that might the but ally doubt by the failure the First Na tional Crofton only before The banking business built peculiar sense confidence. Where confidence exists, bank may continue operate but, for cause, this any intangible foundation becomes weakened, totter and fall. Financially, the First NationBank of Hartington sound had large capital stock ample and well known and responsible business but, when positors began drawing their money, forced to suspend. Failure of this bank creates an extraordinary situation in Hart. ington. county bank which formerly had out three the writer came community 1907. there this institutions Hartington National, the First National and the Farmers State Later the First National and Farme State combined and still later the Cedar County State The crash closing the Hartington the dar County State failed Imagine Hartington! bank buildings. Of the not Either the come and start county the midst of of the richest farming sections Nebraska without banks Hartington have bank banks future and normal conditions will be restored. That, one hopes, not undue but plain statement fact. In the meantime, people are how they going carry on their and what medium of exchange. There will be more checks for there are local banks to write them the community will to find some other method of paying bills. To large extent, no doubt business will done on cash basis done before there any this country. One happy effect of the present that nobody will have lie awake nights about his overdrafts. As the result of the general economic depression and unfavorconditions, there are far fewer banks in this territory than there years ago and, during the past few four Cedar county towns have been hit. "vicious circle' in the banking business. We can not strong banks without public confidence and there can not be public confidence without strong banks there you are. Eventuhowever, circle will broken and confidence and stabilThen there will be return of prosperity. eventually come and the rainfall of the past month and bright prospect the solid foundation which the will be built predict that the the years will watching It must be admitted that like another the recent came which banished drouth present, anyway hot south wind blew clouds would that gravating they number finally, volume limited but totaled heavy general did the business far the cerned and writer, the suggestive thing about the There people the following day than have long and the fields, but because they felt in the mood Farmers their from radius and the stores rushing was happy reminder of days gone by. The curtain down on the class 1932 Hartington High the the other evening brilliant and sight artistically decorated the to, the Salvation of the State done in class displayed. The for these unusually artistic graduates an imposcolorful generation the Today but many the honors for other unique feature of this mencement program that address by form Cedar county boy student the high Hartington attorney Franz Radke, Mrs. Otilia Radke this was the and his address on the value tained many helpful If his aged mother worked all her life give education was in the audience, her heart must have pride. mother's dream mothambition attained. At every commencement season, we the older generation are with the fact that young people who were only children yesterday compose the graduating class. This writer has lived Hartington than quarter of century, but some this year's seniors were born and their parents courted and married since he arrived in town. The years pass rapidly. The babies of yesterday are the today and, here few years longer, another which growing up will be receiving displomas. That the dark side of the is bright very bright side. Heavy, fallen cently all over this territory and the thoroughly soaked. The prospect wonderful. Never better history the county the state and the cheering comes from different localities that the young grasshopwhich hatching by the drowned in great numbers. People that their dead bodies could be scoopup the bushel after the rain. Just at the point where the uation was critical, nature stepped in and saved the farmer. Whether not the rain has put an end to the grashopper in this area remains to be seen, but the presumption that it has. At least, the danger has been greatly diminished and serious problem has been largely solved. The only other remedy was poison best, an remedy-and, since nothing help the farmer and state funds and private means limited, real crisis rapidly approaching. few hours, nature accomplished what would have required millions of dollars to have done not half well. The writer has feeling that this country right at the laying the foundation for new prosperity. Some of our communities have been hard hit the past few suffered failures and financial disasters; but there are better things in store. A new day is dawning. Recovery may be slow, but it will

3. June 9, 1932 The Hartington Herald Hartington, NE

Article Text

HERALD CALENDAR the NCO club at the pavilion. CHARGE dance John June Lyric Theatre. Receiver Has Been Appoint- the Goldenrod ballroom Randolph. ed for the First National the of Hartington Helena the To Liquidate Slowly Helena pavilion. No Strong Measures Will pend Markets That the recently closed First National Hartington would long time liquidation and that would dividends from 75 the per inion expresed by Wednesday morning when the doors closed during inventory opened to the public By extending liquidation period, hoped realize deal more from the assets the bank than the forced the immedpayment loans. the intention officials charge much money possible the creditors and yet not the people who What realized the assets will, course, depend market values during months. Burchmore Frank Burchmore folk appointed receiver the closed bank the First National Bank Tiland the First National Bank recently National Tilden, assistant receiver and charge. being present by Miss Edna Allen Kansas, Bea Gunderson Norfolk and Dorothy Walz. Miss Allen been the bank National, Norfolk bank Walz position stenographer the local bank for number years. The latter permanently Foster told The Herald yesterday that, he obtained full information gard status bank, would publish and would publish casional to keep the public Bank Closed May 26 The First National Bank Hartington closed doors Thursday, May after being business for half century cash reserve withdrawal by officers the reason bank might have operate for longer, stated; but, order protect their deposithe board directors cided to close. Failure the local bank was doubt hastened, not precipitated, by closing of the First National Crofton only before. There was quite heavy run the bank the The failure of this bank the third which Hartington perienced and leaves the county without banking facilities. Ten years had strong banks. The National 1928, Cedar County State 1931 and now the First National the hands of Other Cedar county banks that have failed during past months the Farmers State Wynot the State. The First of this capitalized Organized 1883 the oldest strongest banks and deposits June peak year, deposits aggregated $950,000. When the page

4. June 9, 1932 The Plainview News Plainview, NE

Article Text

HARTINGTON'S LAST BANK IS CLOSED Hartington.-The First National of Hartington closed its doors last Thursday night after being in business for half a century lacking one year. A depleted cash reserve and withdrawal of deposits are given by officers as the reason for suspension. The bank might have continued to operate for a while longer, it is stated; but in order to protect their depositors, the board of directors decided to close. Failure of the local bank was no doubt hastened, if not precipitated by the closing of the First National of Crofton only two days before. There was quite a heavy run on the bank the previous day, it is reported.

5. June 17, 1932 The Ashton Herald Ashton, NE

Article Text

Hartington, County Sea: Now Without a Bank Hartington people are stand. ing around on the street corners in little groups discussing the latest news. The news is un. pleasant and distressing an. other bank failure. The First National has closed its doors following, it is said, a heavy run The institution had made a heroic fight and the community hop., ed against hope that it might weather the economic storm, but it finally succumbed. The crash was no doubt hastened, if not OC. casioned, by the failure of the First National Bank of Crofton Failure of this bank creates an extraordinary situation. A county seat without a bank which formerly had three. In 1907 this community had three flourishing institutions— the Hartington National, the First National and the Farmers State. Later the First National and the Farmers State combined and still later the Cedar County State was organiz. ed. The first crash came in 1928 with the closing of the Hartington National, the Cedar County State failed in 1931 and now the last survivor has gone into the hands of the receiver.

6. September 5, 1932 Lincoln Journal Star Lincoln, NE

Article Text

FRED DIES Federal Bank Receiver Was Stationed at Norfolk. NORFOLK Neb. (AP). Fred Burchmore, fifty-nine, Omaha and federal bank here. He had lived for the past year. He the father Mrs. Sweeney, wife Maj. HarCreighton university R. At the time of his death, Burchfor the Norfolk National, the First National banks at Tilden, Hartington Neb. Mrs. Burchmore by his six sisters Funeral services will be held Tuesday at Omaha.

7. September 5, 1932 The Columbus Telegram Columbus, NE

Article Text

may the state, ported head Nebraska City, Sept. only Turnbaugh, 15, was drowned purebred near here yesterday afternoon On into deep hole river. The girl with of companions. Boats of the Nebraska City Outboard Motor association kinds. aided in searching for the body. are Receiver Dies Sept. Burchmore, federal bank with died here yesterday. He ceiver for the Norfolk National bank the First National banks Hartington and third lead second Of 10,343 pondent health. Youth Hangs Self Kennard, trations, Sept. body Harry Japp, found

8. September 5, 1932 Fremont Tribune Fremont, NE

Article Text

BANK OFFICIAL IS DEAD IN NORFOLK Sept. Fred federal receiver, died here for the Norfolk National and for the First National banks Hartingand Neb.

9. September 5, 1932 The Grand Island Independent Grand Island, NE

Article Text

BURCHMORE RITES TO BE HELD TUESDAY Omaha, Sept. 5. (AP)—Funeral services will be held here tomorrow for Frank B. Burchmore, 59, former Omaha insurance man and federal bank receiver, who died suddenly Saturday night at his home in Norfolk. Burchmore had resided at Norfolk more than a year as receiver for the Norfolk National bank, and the First National banks of Tilden, Hartington and Crofton.

10. September 5, 1932 The Hastings Daily Tribune Hastings, NE

Article Text

BANK RECEIVER DEAD NORFOLK, Neb., Sept. Fred Burchmore, federal bank died here yesterday for the Norfolk National Bank and for the First National banks Tilden, Harting ton and Crofton, Neb.

11. September 5, 1932 Omaha World-Herald Omaha, NE

Article Text

ment bank receiver for the Norfolk National, and the First National banks at Tilden, Hartington and Crofton, Neb. Besides Mrs. Sweeney, Mr. Burchmore is survived by his widow, Daisy V.; six sisters, Mrs. Rose Allen of Norfolk, Mrs. Sophie Rickman of Port Angelus, Wash.; Mrs. Emily Mansfield, Fort Sill, Okla., and Mrs. Elizabeth Lunquist, Mrs. Laura Hallquist and Mrs. Helen Sorenson, all of Omaha, and one brother, George, of Omaha. The body will be brought to Crosby's mortuary here. Services will be Tuesday at 2 at the Masonic temple, in charge of Right Angle

12. September 5, 1932 The Stockman's Journal Omaha, NE

Article Text

Fred Burchmore Dies Norfolk, Neb., Sept. B. Burchmore, 59, federal bank receiver, died here yesterday. He was receiver for the Norfolk National bank and for the First National banks Tilden, Hartington and Crofton, Neb.

13. September 8, 1932 The Crofton Journal Crofton, NE

Article Text

FRANK BURCHMORE TAKEN SUDDENLY AT NORFOLK HOME Frank B. Burchmore, 59, former Omahan and federal bank receiver, died suddenly Saturday night at Norfolk, Nebr., his home for the past year. At time of his death. Mr. Burchmore was United States government bank receiver for the Norfolk National, and the First National banks at Tilden, Hartington and Crofton, Nebr.

14. September 10, 1932 The Omaha Morning Bee-News Omaha, NE

Article Text

TRANSFER BANK RECEIVER KEARNEY. Sept. Nomland, receiver of the City National bank of Kearney, has been transferred to Norfolk, where he will be in charge of the Norfolk National bank and the First National banks at Hartington, Tilden and Crofton. Affairs of the City National are in the final stages of liquidation, and the final dividend, probably 2.8 per cent and amounting to approximately $50,000, probably will be ready in October. With the payment of this final dividend, the creditors will have received trifle 50 per cent of the total approved claims of $1,682,000.

15. April 10, 1934 The Grand Island Independent Grand Island, NE

Article Text

HARTINGTON MAY HAVE BANK AGAIN Omaha, Apr. 10. (AP)—After three years without a bank, Hartington, Neb., is to have one soon if plans go through as expected, S. H. Morten, secretary of the Federal Farm Loan association there, said in Omaha. Depositors in the old First National bank, recently voted to recommend to the receiver the sale of the First National's building and fixtures to a new organization.