First National Bank (Spencer, NE)

View Charter #7325 on SPMC View balance sheet

Episode Information

Episode UID
732501471
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
73250 national
Charter Number
7325
Start Date
July 14, 1922
Location
Spencer, Nebraska (42.874, -98.701)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
87ff11aacac7177c

Response Measures

None

Receivership Details

Depositor recovery rate
7.4%
Date receivership started
1922-07-14
OCC cause of failure
Losses
Share of assets assessed as good
45.9%
Share of assets assessed as doubtful
33.9%
Share of assets assessed as worthless
20.2%

Description

Using known receivership/failure in July 1922 reported in the articles.

Events (5)
1. June 30, 1904 Chartered
Source
historical_nic
2. July 14, 1922 Receivership
Source
historical_nic
3. July 14, 1922 Receivership
Newspaper Excerpt
George G. Cronkleton, receiver of the First National Bank of Spencer, Neb., is suing over taxes; the Spencer bank failed in July, 1922.
Source
newspapers
4. July 14, 1922 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure followed misapplication of funds by bank president Frank W. Woods and heavy losses during deflation; bank closed July 1922.
Newspaper Excerpt
The Spencer bank failed in July, 1922.
Source
newspapers
5. December 1, 1926* Other
Newspaper Excerpt
The remaining assets of the defunct First National bank of Spencer ... were offered for sale at the bank receiver's office at Spencer.
Source
newspapers

Newspaper Articles (4)
1. August 6, 1923 The Lincoln Star Lincoln, NE
Article from The Lincoln Star, August 6, 1923

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Article Text

COURT TO DECIDE QUESTION OF TAX Whether or not a personal tax can be levied on personal property—desks, chairs and other equipment—in the hands of a failed bank will be decided in federal court when the suit for an injunction filed by John A. Davies of Butte, on behalf of George G. Cronkleton, receiver of the First National Bank of Spencer, Neb., is tried. Mr. Davies, on behalf of the receiver, obtained a temporary injunction restraining the sheriff of Boyd county from seizing the personal property of the bank for the 1922 personal taxes which are as yet unpaid. The attorney claims that the property is now in the hands of the shareholders or depositors in the bank and that the distress warrant, the sheriff's authority for seizing the property, was made out against the bank itself. The answer is scheduled to be filed by the defendant county on August 27 at Norfolk. The case is regarded with a great deal of interest by the state banking officials and others interested in failed banks as they have been paying taxes heretofore without question.

2. September 13, 1923 The Omaha Morning Bee Omaha, NE
Article from The Omaha Morning Bee, September 13, 1923

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Article Text

Nebrask 205 Ban Face rial Frank W.-Woods, Formerly of Spencer, Surrenders to Answer Charge of Diverting Bank Funds. Gave Help to Farmers Frank W. Woods, formerly of Spencer, Neb., surrendered yesterday to Deputy United States Marshal L. H. Thomas to answer a charge of misapplication of funds of the First National bank of Spencer. He was one of the middlewest's well-known bankers, having big interests in a chain of banks in northern Nebraska and southern South Dakota. In addition he was an extensive dealer in real estate and a large cattle feeder. The Spencer bank failed in July, 1922. Shortly afterward the Gregory County State bank, Fairfax, S. D., Gross State bank and the Farmers' State bank, Fairfax, S. D., in which Mr. Woods was heavily interested, were forced to close. Several other banks in which he had large holdings were reorganized and are now reported to be prosperous. Claim Deflation Responsible. The deflation period was reported responsible for the failure of the Woods companies. Large land and cattle holdings were reported sold at a heavy loss. Mr. Woods was largely responsible for the breaking up of many large ranches in north Nebraska which are now being farmed intensively. Through his subsidiary organizations he was able to provide credit for small farmers embarking in business for themselves. / Mr. Woods was also president of the Refinite company, 1023 Harney street, whilch failed April 19, 1922. He was released on $5,000 bonds signed by Truman E. Stevens, receiver of the Refinite company. Was Reputed Millionaire. Mr. Woods moved to Omaha, about 10 days ago and now maintains a residence in Dundee. The complaint contains two counts, one charging misapplication of $2,245. the other of $2,298. It is signed by United States Attorney Kinsler. ) "I certainly had no criminal intent, but only tried to save my institwon," he said. "The complaint involves transactions between the bank and the Woods Credit company.'

3. December 7, 1926 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, December 7, 1926

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Article Text

DEFEATED CANDIDATE FILES BANKRUPTCY IN U. COURT Lynch. Neb., Dec. 6.-Special: CredNeb., received notices from the Norfolk division of the United States district court that Coombs had taken bankruptcy and that the first meeting of creditors would be held at Norfolk on December 13. Mr. Coombs for Boyd county attorney the recent election, but by W. Brennan. The winner announced his marriage Miss Frances Sinclair on about the same date as the loser goes into bankruptcy. ORPHANS FIND HOMES IN WAYNE AND VICINITY Wayne, Neb., Twelve orphans from New York state were placed in homes in Wayne and vicinity. They brought here by Rev. Mrs. K. W. Swan of Mo. Pinned Long Under Car. Wynot, Neb., Dec. 6.-Special: Pinned under his automobile for an hour and half, uninjured wait ing for some one come along to lease him, the experience of Fred Schroeder, farmer living three miles west of here. His car turned turtle the west of here, when select on the windshield and the bad the roads caused him to lose control of it. Go to Aid of Widow. Lynch, Neb., Dec. About 28 teams and wagons and and nine extra men, the home of Mrs. Olson living near Anoka, whose husband was killed in car accident, and early the ear corn had been husked and cribbed. Several and prepared dinner for the men. College Faculties Organized. Wayne, Neb., Dec. Fa. culty members of Chadron, Peru and Kearney state teachers colleges, at meeting in Wayne, ganized an association and will meet regularly. The purpose to discuss problems of common interest. The next gathering at Kearney in April. Offer Banks' Assets for Sale. Spencer, Neb., Dec. The remaining assets of the defunct First National bank of Spencer and First National Bristow, Neb., were offered for sale at the bank receiver's office at Spencer. The assets the two banks total nearly $500,000. Lynch Store Changes Hands. Lynch, Neb., Dec. The Rysavy stock of goods has been in-

4. July 15, 1931 Osmond Republican Osmond, NE

Article Text

FORMER SPENCER BANKER Frank W. Woods, former president of the First National Bank in Spencer and at one time owner of vast properties in Boyd county, died Los Angeles on Tuesday of last week following an operation. Woods left Spencer in 1922 following the clos ing of his bank resulting in great loss to the depositors. For time following Woods lived at Omaha, then at Chicago, but last spring he moved to Glendale, California. His wife, one son and one daughter survive.