Bank of Eagle (Eagle, NE)

Episode Information

Episode UID
5134165591558
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
513416559 hash
Start Date
October 1, 1929*
Location
Eagle, Nebraska (40.817, -96.430)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0d7e8f82524f6b65

Response Measures

None

Events (2)
1. October 1, 1929* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed amid failure/insolvency and bad assets leading to compromise settlement under 1929 law
Newspaper Excerpt
the bank was closed. months later reorganized.
Source
newspapers
2. February 8, 1930 Reopening
Newspaper Excerpt
The rehabilitated Bank of Eagle ... opened its doors for business Saturday morning, after being closed for nearly four months. It is now under new ownership and management, its capital stock of $20,000 and surplus of $5,000 have been fully resubscribed in cash, and all bad and doubtful assets nave been removed.
Source
newspapers

Newspaper Articles (2)
1. February 13, 1930 The Ledger Hemingford, NE
Article from The Ledger, February 13, 1930

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Article Text

FAILED NEBRASKA BANKS RE-OPEN Twenty-fourth In State to Be Recognized Under New Law. The rehabilitated Bank of Eagle in the Cass county village of that name, 15 miles east of Lincoln, opened its doors for business Saturday morning, after being closed for nearly four months. It is now under new ownership and management, its capital stock of $20,000 and surplus of $5,000 have been fully resubscribed in cash, and all bad and doubtful assets nave been removed. State Bank Commissioner Woods announced that the Eagle institution is entirely cleaned up and that it has a reserve of approximately 50 per cent in cash on hand and credits from other banks. It is the twenty- failed state bank in Nebraska to be put back on its feet within nine months under the new law permitting compromise settlements to be made when depositors holding 85 per cent of all claims consent thereto.

2. May 5, 1931 Lincoln Journal Star Lincoln, NE

Article Text

VALIDITY WELLENSIEK Bank Says Effort to Release Creditor From Necessity of Tracing Funds the Wellensiek act, passed the 1929 session of the to with relation of collected bank into its assets order to them trust fund, was argued in before Searle Chapin Lindrew sight draft with bill lading St. and deposited with the Bank Eagle. The later posited with First National Lincoln, with other items, and later drew out nearly all its there. days later the bank was closed. months later reorganized. The First after ad refused return draft the comelecting its pany, holder without notice under the 1929 law. Bank Eagle could not comply with the demand on turn the draft, because it did not The issue was whether the Eagle bank accepted the draft for collection as agent, or whether by reason its havbeen became the owner and thus the situation debtor creditor created. company contends that lationship principal and agent changed, either by of the initial credit granted to nor the right withdrawal. had overdraft and extinguished by the deposit. attorneys argued assets of the Bank that the impressed with trust Eagle are favor for the amount of the of whether proceeds, irrespective representing such item the traced and identified can of assets or has part termingled converted of the citing the other assets authority for this con1929 law This law the nectention. of the funds and essity tracing against gives the failed bank. This assets based the theory of unjust on that principal enrichment The attorney and agent. law failed to meet that the of requiretest form. The ments that never attorney says other than for posited the by the not of the bank.