First National Bank (Sidney, NE)

View Charter #6201 on SPMC View balance sheet

Episode Information

Episode UID
620101457
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
62010 national
Charter Number
6201
Start Date
May 11, 1921
Location
Sidney, Nebraska (41.143, -102.978)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
11a72ee6dc654252

Response Measures

Capital injected, Full suspension

Receivership Details

Depositor recovery rate
43.2%
Date receivership started
1921-05-27
Date receivership terminated
1925-01-13
OCC cause of failure
Losses
Share of assets assessed as good
46.3%
Share of assets assessed as doubtful
49.0%
Share of assets assessed as worthless
4.7%

Description

Receivership occurred after the May 1921 suspension; a new Sidney National bank was chartered in 1922 to take over business.

Events (5)
1. April 9, 1902 Chartered
Source
historical_nic
2. May 11, 1921 Run
Cause
Macro News
Cause Details
Existing financial stringency and heavy withdrawals depleted reserves; a $10,000 check presentation precipitated the run.
Measures
Closed doors and suspended payments (temporary suspension)
Newspaper Excerpt
The First National Bank of Sidney closed its doors today. Officers say it Is not insolvent, and that the suspension is temporary brought about by the existing financial stringency. Closing of the bank It was stated was due to the fact that withdrawals reduced the reserve below the point of safety. A depositor precipitated the closing by presenting a check for $10,000 when there was not that much cash on hand.
Source
newspapers
3. May 11, 1921 Suspension
Cause
Macro News
Cause Details
Suspension attributed to existing financial stringency and withdrawals reducing reserve below safe levels.
Newspaper Excerpt
The First National Bank of Sidney closed its doors today. Officers say it Is not insolvent, and that the suspension is temporary brought about by the existing financial stringency.
Source
newspapers
4. May 27, 1921 Receivership
Source
historical_nic
5. May 27, 1921 Receivership
Newspaper Excerpt
This institution closed May 10, 1921...the new bank will take over the business of the First National bank of Sidney...Mr. Chapman, the president of the institutions, comes from Colorado, where he has had banking experience. He also has been the receiver of the First National bank of Sidney...
Source
newspapers

Newspaper Articles (8)
1. May 12, 1921 Pueblo Chieftain Pueblo, CO
Article from Pueblo Chieftain, May 12, 1921

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Article Text

BANK CLOSES DOORS Sidney, Neb., May 11.-The First National Bank of Sidney closed its doors today. Officers say it Is not insolvent. and that the suspension is temporary brought about by the existing financial stringency Closing of the bank It was stated was due to the fact that withdrawals reduced the reserve below the point of safety. A depositor precipitated the closing by presenting a check for $10,000 when there was not that much cash on hand. The bank had a capital stock of $25,000 and deposits of $424,000. W. E. Swartzlander is president and Leslie Neubauer, cashier.

2. March 20, 1922 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, March 20, 1922

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Article Text

New Bank Chartered. Sidney.-The Sidney National bank has been chartered and will open about May 1. This new bank will take over the business of the First National bank of Sidney. which closed May 10, 1921, and will pay depositors in full under a certificate of deposit plan, which has been approved by the comptroller of the currency at Washington, D. C. The officers of the new bank will be Francis A. Chap. man, president; Ralph S. Price, vice president, and Charles L. Mann, cashier. The capital stock will be $50,000 with a paid up surplus of $25,000 at the start. There will also be organized and operated in the same building the Sidney Investment company with a capital stock of $300,000 and surplus of $200,000. They will handle the investments of the closed First National bank and act as holding company for the loans and deposits of the defunct bank. The officers of the Investment company will be Francis A. Chapman, president and Ralph S. Price, secretary and treasurer, with W. F. Swatzlander as general manager. This company will attend to the liquidation of the assets of the First National bank. Mr. Chapman, the president of the institutions, comes from Colorado, where he has had banking experience. He also has been the receiver of the First National bank of Sidney, Chappel and Bridgeport. Mr. Price has been assistant to Mr. Chapman and was formerly engaged in the banking business in Grand Island, where he was associated with the Grand Island State bank. Mr. Mann has lived in Sidney for several years and was formerly assistant cashier of the First National bank. - The new bank will occupy the quarters formerly occupied by the First National bank.

3. March 24, 1923 Omaha World-Herald Omaha, NE
Article from Omaha World-Herald, March 24, 1923

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Article Text

Over Nebraska Sidney—William Zigler, pioneer, died here. Sidney—With one exception, all councilmen were renominated. Sidney—Five inches of moisture has fallen here within the past ten days. Neligh—Neligh High won a state league debate from Ewing by a 2 to 1 decision. Callaway—Almost two feet of snow has fallen here in the past fortnight. Humboldt—O. A. Cooper, 73, pioneer miller of this place, is dead after a long illness. Pawnee City—The local legion post is sponsoring the formation of a women's auxiliary here. Kearney—Fire in the basement of the Ohlson-Henning drug store caused a $1,500 loss. Origin is unknown. Grand Island—Fred Meyer, farmer, was seriously hurt when kicked by a horse. He was brought to a local hospital. Neligh—Eight northeastern Nebraska schools are entered in the sectional declamatory contest to be held here. Sidney—The First National bank, through its receiver, Francis Chapman, has begun payment of a 15 per cent dividend. Ravenna—A faithful dog which came at his call probably saved the life of W. Harrington when he was attacked by a large hog. Fremont—Members of the school board of the German Evangelical Lutheran synod of Nebraska held a meeting in Fremont Friday. Fremont—Midland's new fraternity, Phi Kappa, will make its first public appearance by presenting a play at a local theater on April 9. Scottsbluff—Union services of the Christian, Methodist, Baptist and Presbyterian churches are attracting crowds of 300 and 400 each night. Pawnee City—The week preceding Easter has been designated as "clean-up" week and boy scouts will have charge of the city-wide campaign.

4. July 27, 1923 The Sidney Telegraph Sidney, NE
Article from The Sidney Telegraph, July 27, 1923

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Article Text

MANN NEW NATIONAL BANK RECEIVER ASSISTANT HERE Ralph S. Pryce, assistant receiver of the defunct national banks of here and Chappell, has resigned and expects to leave this week for Alliance, where he will engage exclusively in the undertaking business. He will not remove his household goods for a few days, however. Mr. Pryce's duties as assistant receiver of the First National bank of Sidney will be assumed by Charles L. Mann. Mr. Pryce has received fine offers to enter the banking business in Nebraska but believes he can better himself by going into business for himself. Alliance, previous to his entrance, did not have an exclusive undertaking establishment. He divided his time between the Sidney and Chappell institutions. The Sidney bank has already paid a 15 per cent dividend and another of unknown percentage probably will be paid next winter, Mr. Pryce declared.

5. August 2, 1923 Chappell Register Chappell, NE
Article from Chappell Register, August 2, 1923

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Article Text

RESIGNS AS ASSISTANT BANK RECEIVER Ralph S. Pryce, of Sidney, who has been assistant receiver of the Chappell First National Bank and also of the defunct First National Bank of Sidney, has resigned his appointment, and is to leave Sidney to make his home at Alliance, Nebr., where he will engage exclusively in the undertaking business. Previous to the entrance of Mr. Pryce's business Alliance had no exclusive undertaking establishment, we understand, so the field of Mr. Pryce's new chosen endeavor should offer splendid opportunities. Mr. Pryce and family made their home in Chappell about a year following his appointment as assistant receiver of the First National bank, going to Sidney to reside after his appointment to the assistant receivership of the Sidney bank, and has since divided his time between the two institutions. We understand that Mr. Pryce has received fine offers to become interested with several well known Nebraska banking institutions to which his extensive experience in financial matters is a readily recognized asset, but it is Mr. Pryce's belief that he will find greater opportunities in a different field, so he is going into business for himself. His position as assistant receiver at Sidney will be assumed by Mr. Chas. L. Mann of Sidney.

6. April 25, 1924 The Sidney Telegraph Sidney, NE
Article from The Sidney Telegraph, April 25, 1924

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Article Text

SIDNEY MEN RECEIVERS OF ALBUQUERQUE BANK Francis A. Chapman, United States National bank receiver, and assistant Charles Mann left last Friday for Albuquerque, N. M., to take charge of the State National bank there. Mr. and Mrs. Chapman will make their residence at Albuquerque while winding up the affairs of the bank. Mr. Mann will assist him probably two or three months. Harry Wilson, assistant to Receiver Chapman, who has been in charge of the First National bank at Chappell for several months, has taken charge of the affairs of the First National bank of Sidney. He was formerly associated with the winding up of the affairs of the Sidney bank. The assets and property of the Chappell bank have been sold and the receivership of that bank has practically come to a close.

7. November 29, 1924 The Omaha Morning Bee Omaha, NE
Article from The Omaha Morning Bee, November 29, 1924

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Article Text

Final Dividend Awaits Defunct Bank's Depositors Sidney, Nov. 28.-Receiver Wilson of the defunct First National bank, is unable to deliver dividend checks to many former depositors of that institution. He has recently announced the last dividend of 28 per cent, but letters to scores of depositors, telling them the money is ready for them. have received no response. He has thousands of dollars on hand that he is unable to deliver to the depositers.

8. February 15, 1928 Evening World-Herald Omaha, NE
Article from Evening World-Herald, February 15, 1928

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Article Text

SUIT GOES TO JUDGE Read Testifies That Note Not Owned by Bank. Special Dispatch Sidney, Feb. Read, former vice-president of the defunct First National bank here testified that thousand dollar note claimed by James Connell to be forgery was the property of H. Read, former president, not of the bank. Spurway, bank receiver, is suing Connell for collection on notes held by the bank. The case was given to Judge H. Mantz Monday night.