First State Bank (Hemingford, NE)

Episode Information

Episode UID
76058971473
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7605897 routing
Routing Number
76-0589
Start Date
September 19, 1922
Location
Hemingford, Nebraska (42.322, -103.073)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
73a100b9de831cd1

Response Measures

None

Description

Receiver appointed by state banking department on 1922-09-19; no run described in available articles.

Events (2)
1. September 19, 1922 Receivership
Newspaper Excerpt
The First State bank of Hemingford, receiver appointed September 19, 1922, and a draft on the guaranty fund was drawn to the amount of $205,380.88
Source
newspapers
2. September 19, 1922 Suspension
Cause
Government Action
Cause Details
Closed/taken over by the Nebraska state banking department and placed in receivership by the department
Newspaper Excerpt
The First State bank of Hemingford, receiver appointed September 19, 1922, and a draft on the guaranty fund was drawn to the amount of $205,380.88
Source
newspapers

Newspaper Articles (4)
1. January 1, 1923 Daily Drovers Journal-Stockman South Omaha, NE
Article from Daily Drovers Journal-Stockman, January 1, 1923

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Article Text

21 STATE BANKS CLOSED DURING YEAR Nearly Five Millions Paid Nebraska Depositors. MILLION BALANCE IN FUND Proposed Amendment to Guaranty Law Opposed by Bankers. Lincoln, Neb., Jan. 1.—(Special.)—Assessments upon state banks for the guarantee fund, from January 1, 1922, to January 1, 1923, will amount to $2,250,000 or eight-tenths of 1 per cent, according to figures compiled from estimates in the office of the State Department of Trade and Commerce, drawn off the books of R. A. Chase, of the bank examination division. This leaves a balance of $1,000,000 in the fund. These balances are kept by the various state banks subject to the draft of J. E. Hart, head of the department, to cover losses. Deposits in state banks closed amount to approximately $4,750,000, all of which have not been paid for the reason that banks that were closed late in the year have not settled with the department. "It usually takes from 60 to 90 days to close up the affairs of a bank when receivers are appointed," Mr. Chase said. There were fewer failures this year than last year; or, to be exact, it was not found necessary to close as many banks and to administer upon their affairs. During 1921, the department closed 23 banks. This year 21 banks have been closed. No law is perfect, but one feature is encouraging, so the department believes; namely that no depositor has lost a cent by the failure or closing of banks. From time to time bankers and financiers have advocated amendments to and changes in the law; but such propositions have come to nothing because the State Bankers' association has opposed any "monkeying with the law," feeling that such changes and amendments might be taken as a lack of confidence in the present statute. In banking circles there is such sentiment for an amendment which will incorporate the features of the South Dakota law into the Nebraska statute. The South Dakota law practically prevents the closing of a bank at the discretion of the state department. Especially when there is any chance to tide the bank over. Banks Taken Over This Year. The following banks have been taken by the department during the year: the Goodrich Bank at Fairbury; the Farmers State Bank at Bayard; the Exchange Bank at Ogallala; the Homer State Bank; the Farmers and Merchants Bank at Walton; the New Castle State Bank; the American State Bank at Long Pine; the Bank of Waterloo; the Endicott State Bank; the Nebraska State Bank at Milligan; the Shelton State Bank; the Wayne County Bank at Sholes; the First State Bank at Hemingford; the Farmers State Bank at Benedict; the Waco State Bank; the Gering State Bank; the Farmers Bank at Bennett; the Southfork State Bank at Chambers; the Citizens' State Bank at Kimball, and the American State Bank at Omaha, which was the last bank of any importance to fail. One year of which the department is proud is 1920, during which there were only five banks closed. So far the record is, 49 banks closed by the department during the past three years. In the great majority of these instances, banks were closed, not because of any criminal mismanagement, but simply be-

2. May 29, 1924 The Ledger Hemingford, NE
Article from The Ledger, May 29, 1924

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Article Text

Two Drown In Lake Ralph B. Schnurr and Richard McKelvie Were Drowned Sunday While Out Fishing. Ralph B. Schnurr of Harrison and Richard McKelvie of Crawford were drowned Sunday evening in the Brewster lake, two and a half miles north east of Crawford. Ralph Schnurr and Frank Matthew of Hemingford had driven to Crawford Sunday morning where they were joined by Richard McKelvie and a small son of McKelvie. The afternoon was spent at the lake fishing. Matthew and the little son of McKelvie had been out in the boat for the past hour, and having returned to shore, McKelvie and Schnurr went out to fish. The boat had been anchored in mid lake. Matthew was on the bank and young McKelvie was playing in a flat bottomed boat a few feet from shore. McKelvie and Schnurr started to shift the anchor when the boat tipped over. McKelvie's son saw the boat go over and screamed. Matthew, who was on shore, came immediately at the call, and wading out to the scow, put the boy ashore and started to the scene of the accident. Matthew was perhaps thirty rods from where the boat turned over and before he reached the spot, it was too late. As he rowed with all his might to reach them, he saw one of them come to the surface, but could not tell which one it was. The water, where the boat overturned was about fifteen or twenty feet deep. Matthew, finding he could not help them, started to town for help. A man passing on horseback, carried him to the nearest telephone where he called Crawford for help. The fishermen were fully dressed and had on hip waders which filled with water and prevented them from swimming, altho both were good swimmers. The accident happened at seven o'clock. It was almost eleven o'clock when the bodies were recovered. Ralph B. Schnurr, a resident of Harrison, held the office of County Judge of Sioux County for eleven years, was appointed Receiver of the First State Bank of this place when that bank suspended operation. He held this position here in Hemingford until the new banking law went into effect a year ago and everything was placed in the hands of the banking board, at which time he was appointed by the Commission as special collector, with seven banks under his charge. It was while collecting here in town that he made the trip to Crawford to spend the day fishing. Richard McKelvie, a young attorney of Crawford, had been in this part of the county a few times on legal business, but is not generally well known here. He leaves a wife and several small children. The funeral services for Mr. Schnurr were held at the M. E. church in Crawford Tuesday afternoon at four o'clock. He had been a member of the B. P. O. E. of Alliance, and that Lodge took charge of the funeral services, with a large crowd from Alliance in attendance. The funeral sermon was delivered by Rev. Ferguson of Alliance, and Harry Gantz led the service for the Elks. The funeral was one of the largest ever held in western Nebraska, with representatives from all along the line from Long Pine to Torrington, with a large delegation from Alliance and Harrison and a few friends from Omaha and Hemingford. Following the funeral his remains were shipped to Mount Pleasant, Iowa to be laid beside those of his first wife. He leaves a brother, Albert of Harrison, and a mother and sister in Mount Pleasant, and a wife in Minnesota. The funeral services for McKelvie were held Wednesday afternoon.

3. November 19, 1924 Lincoln Journal Star Lincoln, NE
Article from Lincoln Journal Star, November 19, 1924

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Article Text

REFUND TO STATE BANKS MORE THAN $238,000 GOES TO GUARANTY FUND. Each Bank to Receive Its Proportionate Share of Its Contribution to the Payment of Depositors. The state banking department, under K. C. Knudson, secretary, is figuring on refund checks to the guaranty fund from eight different receiverships, and a total amount of $238,716 will be mailed to all the state banks within a few days, each bank to receive its proportionate share of what it contributed to the guaranty fund which paid the deposits of these failed banks. A receiver for the Goodrich Bros. Banking company of Fairbury was appointed January 3, 1922, and will now refund 69 3-4 per cent from the total draft drawn on the depositors guaranty fund, which amounted to $50,035.28. This receivership is now being closed and this is the final refund from this receivership to the guaranty fund. A 10 per cent refund will be made from the Pioneer State bank of Omaha, for which a receiver was appointed June 6, 1921, and a draft upon the guaranty fund was made to the amount of $300,761.16. A previous refund of 20 per cent has been made to the banks from this receivership. This receivership is not closed and an additional refund will be made when all the assets are liquidated. A receiver for the State Bank of Waterloo was appointed July 26, 1922, and a draft to the amount of $69,251.53 was drawn upon the guaranty fund, and at this time a refund of 20 per cent will be made. The First State bank of Hemingford, receiver appointed September 19, 1922, and a draft on the guaranty fund was drawn to the amount of $205,380.88, and a refund of 15 per cent is now being made. The Homer State bank receiver was appointed February 17, 1922. The American State bank of Lincoln, receiver appointed July 16, 1921; Newcastle State bank, receiver appointed May 2, 1922; Shelton State bank, receiver appointed July 20, 1922, and a refund will be made from these latter named banks as soon as the receiver or the guarantee fund commission obtains court orders authorizing these refunds.

4. November 26, 1924 The Phonograph St. Paul, NE
Article from The Phonograph, November 26, 1924

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Article Text

BANKING DEPARTMENT MAKES GOOD SHOWING The state banking department, under K. C. Knudsen, secretary, is figuring on refund checks to the guaranty fund from eight different receiverships, and a total amount of $238,716 will be mailed to all the state banks within a few days, each bank to receive its proportionate share of what it contributed to the guaranty fund which paid the deposits of these failed banks. A receiver for the Goodrich Bros. Banking company of Fairbury was appointed January 3, 1922, and will now refund 69 3-4 per cent from the total draft drawn on the depositors guaranty fund, which amounted to $50,035.28. This receivership is now being closed and this is the final refund from receivership to the guaranty fund. A 10 per cent refund will be made from the Pioneer State Bank of Omaha, for which a receiver was appointed June 6, 1921, and a draft upon the guaranty fund was made to the amount of $300,716.16. A previous refund of 20 per cent has been made to the banks from this receivership. This receivership is not closed and an additional refund will be made when all the assests are liquidated. A receiver for the State Bank of Waterloo was appointed July 26, 1922, and a draft to the amount of $69,251.53 was drawn upon the guaranty fund and at this time a refund of 20 per cent will be made. The First State Bank of Hemingford, receiver appointed September 19, 1922, and a draft on the guaranty fund was drawn to the amount of $205,380.88, and a refund of 15 per cent is now being made. The Homer State Bank receiver was appointed February 17, 1922. The American State bank of Lincoln, receiver appointed July 16, 1922; Newcastle State bank, receiver appointed May 2, 1922; Shelton State bank, receiver appointed July 20, 1922, and a refund will be made from these latter named banks as soon as the receiver or guarantee fund commission obtains court orders authorizing these refunds.—State Journal.