Farmers State Bank (Stapleton, NE)

Episode Information

Episode UID
76057471584
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7605747 routing
Routing Number
76-0574
Start Date
December 30, 1931
Location
Stapleton, Nebraska (41.480, -100.513)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c33a552417e7d6e6

Response Measures

None

Description

Bank was closed by its officers/directors and placed in the hands of a state examiner; later receiver actions and dividends indicate permanent closure/liquidation.

Events (3)
1. December 30, 1931 Suspension
Cause
Government Action
Cause Details
Closed by its officers and directors and placed in the hands of State Examiner Earl Horner/Hogner (state examination/receivership process).
Newspaper Excerpt
The Farmers' State bank was closed by officers and directors and placed the hands of Examiner Earl Hogner.
Source
newspapers
2. January 3, 1932 Receivership
Newspaper Excerpt
Farmers State Bank of Stapleton to pay $7,057.76 or 10% dividend as of January 3, 1933. (receiver later mentioned in 1934 articles).
Source
newspapers
3. March 31, 1934 Other
Newspaper Excerpt
Attorneys for Receiver Luikart of the Farmers State bank of Stapleton asked the supreme court Saturday for rehearing of the case he brought against J. E. Paine and others to recover stockholders' liability.
Source
newspapers

Newspaper Articles (7)
1. December 30, 1931 Beatrice Daily Sun Beatrice, NE

Article Text

Death Threats Against Attorney General Omahan OMAHA, Dec. 30. Smith, clerk of the district court here and sociate of Harry Lapidus, slain here last week; today issued saying he had been told that he or Attorney General of Nebraska might the next to be killed. Smith bluntly in his statement that Lapidus was he stacle in the way of ized He took casion to deny the "foul whisperthat Lapidus was "interestin illegal rackets and illicit practices." Gets Message Smith said friend brought him from one, "the very mention name would carconviction.' The message was: sure and tell Bob Smith to watch his step. hear wisperings from the underworld that his and the of Attorare resentney ed. Both of these men are dangin greater danger than Smith the extreme hatred of him. Smith to watch his step. Detective Paul Sutton, informed of Smith's statement, said would police guard for Smith if necessary. BANKS SUSPEND LINCOLN, Dec. 30. bank suspensions Sumner Stapleton were announced today by Governor Bryan. At Sumthe Farmers' Merchants' State bank was closed voluntarily the directors and placed in the hands of Examiner Castle. The Farmers' State bank was closed by officers and directors and placed the hands of Examiner Earl Hogner.

2. December 31, 1931 The Omaha Morning Bee-News Omaha, NE

Article Text

State Banks Closed at Sumner, Stapleton LINCOLN, Dec. 30, at Sumner and at were announced Wednesday by Governor Bryan. Sumner Farmers Merchants State bank was placed the hands of Examiner Castle. capitalized for had $5,500 surplus, and in deposits. George P. Rowell president; Roper, vice president, and H. Cheney, cashier. The Farmers State bank of Stapleton was placed in the hands Examiner Earl Horner. capitalized $25,000, had surplus, and deposits of about Paine was president, Mills, cashier, and Robert Moore, assistant cashier.

3. December 31, 1931 Omaha World-Herald Omaha, NE

Article Text

Announce Suspension of Two State Banks Lincoln. Neb., Dec. 30 State bank suspensions at sumner and Stapleton were announced today by Governor Bryan. At Sumner the Farmers' and Merchants' State bank was closed voluntarily by the directors. It was capitalized for 12 thousand dollars; had $5 500 surplus, and 135 thousand dollars in deposits. The Farmers' State bank of Stapleton closed by its officers directors. This bank was 25 thousand dollars; had thousand dollars surplus, and deposits of about 100 thousand dollars.

4. February 3, 1932 The Grand Island Independent Grand Island, NE

Article Text

TWO SMALL STATE BANKS CLOSE DOORS Lincoln, Dec. 30. (AP)—State bank suspensions at Sumner and at Stapleton were announced today by Governor Bryan. At Sumner the Farmers' and Merchants' State bank was closed voluntarily by the directors and placed in the hands of Examiner J. Y. Castle. It was capitalized for $12,000; had $5,500 surplus, and $135,000 in deposits. George P. Rowell was president; H. B. Roper, vice-president, and T. H. Cheney, cashier. The Farmers' State bank of Stapleton also was closed by its officers and directors and placed in the hands of Examiner Earl Horner. This bank was capitalized for $25,000; had $1,000 surplus, and deposits of about $100,000. J. E. Paine was president; C. E. Mills, cashier, and Robert Moore, assistant cashier.

5. January 14, 1933 Nebraska Legal News Lincoln, NE

Article Text

BANKING NEWS BANK DIVIDENDS State Bank of Cedar Bluffs was closed December 28, 1932. State Bank of Irvington to pay 10% or $2,169, second dividend. Columbus State Bank $20,900.46 or 5%, prior payments $250,805.63 or 60%. Bank of Ashton $12,475.12 or 4% January 3, 1933, prior payments $93,563.70 or 30% Allen State Bank $4,292.68 or 1.5% January 7, 1933. Prior payments $85,852.05 or 30% State Bank of Bee $3,610.93 or 5% January 11, 1933, prior payments $21,665.24 or 30% Farmers State Bank of Stapleton to pay $7,057.76 or 10% dividend as of January 3, 1933. Citizens State Bank, Geneva $11,339.97 or 3.5% December 31, 1932. Prior payments $65,896.85 or 20%. 12% paid during going bank period.

6. March 31, 1934 Lincoln Journal Star Lincoln, NE

Article Text

MILLIONS STAKE Asks Rehearing of Court Holding as to Bank Stockholder Liability. Attorneys for Receiver Luikart of the Farmers State bank of Stapleton asked the supreme court Saturday for rehearing of the case he brought against Paine and others recover stockholders' liability. The matter is set out be of great involving now pending and forty yet to be brought, and which the 50,000 depositors and approximately million dollars involved. The receiver maintains that the court erred when held suit recovery of stockholders' liability cannot maintained where the persons purchased stock prior to the constitutional amendment 1930 until after the assets That amendment suit be begun immediately after bank has been declared insolvent. The supreme court that the amendment changed the liability of the stockholder from secondary to primary, and that the liabilcontractual the new visions did not apply stock bought before they became part of the constitution. receiver insists that the liability always primary, that the change made was remedy. court wrong and its decision went contrary established decisions other He says that since the effective the percentage covery stockholders has been greatly from what true before adoped. also pointed out that this liability the backlog of public confidence banks, should preserved. At least should permitted that the points made can be elaborated.

7. March 31, 1934 Lincoln Journal Star Lincoln, NE

Article Text

MILLIONS AT STAKE SAYS BANK RECEIVER Asks Rehearing of Court Holding as to Bank Stockholder Liability. Attorneys for Receiver Luikart of the Farmers State bank of Stapleton asked the supreme court Saturday for a rehearing of the case he brought against J. E. Paine and others to recover stockholders' liability. The matter is set out to be of great importance, involving seventy cases now pending and forty yet to be brought, and in which the interests of 50,000 depositors and a sum of approximately 3 million dollars are involved. The receiver maintains that the court erred when it held that suit for recovery of stockholders' liability cannot be maintained where the persons purchased the stock prior to the constitutional amendment of 1930 until after the assets of the bank have been exhausted. That amendment authorizes suit to be begun immediately after a bank has been declared insolvent. The supreme court says that the amendment changed the liability of the stockholder from secondary to primary, and that as the liability was contractual the new provisions did not apply to stock bought before they became a part of the constitution. The receiver insists that the liability always was primary, and that the only change made was in the remedy. Therefore, the court was wrong and in its decision went contrary to long established decisions in other states. He says that since the amendment became effective the percentage of recovery from stockholders has been greatly increased from what was true before it was adopted. It is also pointed out that this liability is the backlog of public confidence in banks, and should be preserved. At least a reargument should be permitted so that the points made can be elaborated.