First State Bank (Murphy, NE)

Episode Information

Episode UID
76103671546
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7610367 routing
Routing Number
76-1036
Start Date
October 1, 1928*
Location
Murphy, Nebraska (40.879, -98.112)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8a39098abfea4535

Response Measures

None

Description

Article states guaranty fund commission took the bank over in October and a receiver was appointed March 13, 1929.

Events (3)
1. October 1, 1928* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Guaranty fund commission took charge because large amount of uncollectible and worthless paper led to losses.
Newspaper Excerpt
Since last October the Murphy bank has been in charge of the guaranty fund commission.
Source
newspapers
2. March 13, 1929 Receivership
Newspaper Excerpt
Judge Landis has appointed A. Kirk of Gibbon receiver for the First State bank of Murphy.
Source
newspapers
3. June 10, 1932 Other
Newspaper Excerpt
E. H. Luikhart as receiver of the defunct First State Bank of Murphy ... action is an outgrowth of the closing of the bank; a large amount of paper held by the bank was not collectible.
Source
newspapers

Newspaper Articles (3)
1. March 13, 1929 Lincoln Journal Star Lincoln, NE
Article from Lincoln Journal Star, March 13, 1929

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Article Text

MURPHY BANK RECEIVER I. A. Kirk of Gibbon in Charge of Closed AURORA. Neb-On application of Attorney General Sorensen. Judge Landis has appointed A. Kirk of Gibbon receiver for the First State bank of Murphy Since last October the Murphy bank has been in charge of the guaranty fund commission M. J. Ferguson, special agent for the commission, has been in charge and his collections have been sufficient to pay out a dividend of 70 percent. The capital of the bank was $15,000. It was established by the late W. Farley about fifteen years ago. The deposits shown by the last report before the guaranty fund took the bank over were about $85,000.

2. March 13, 1929 Lincoln Journal Star Lincoln, NE
Article from Lincoln Journal Star, March 13, 1929

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Article Text

MURPHY BANK RECEIVER I. A. Kirk of Gibbon in Charge of Closed Institution. AURORA, Neb-On application of Attorney General Sorensen. Judge Landis has appointed 1. A. Kirk of Gibbon receiver for the First State bank of Murphy. Since last October the Murphy bank has been in charge of the guaranty fund commission. M. J. Ferguson, special agent for the commission, has been in charge and his collections have been sufficient to pay out a dividend of 70 percent. The capital of the bank was $15,000. It was established by the late W. I. Farley about fifteen years ago. The deposits shown by the last report before the guaranty fund took the bank over were about $85,000.

3. June 10, 1932 Aurora News-Register Aurora, NE

Article Text

Ask Recovery From Bank Officials RECEIVER OF MURPHY BANK ALLEGES EXCESS LOANS WERE MADE TO PATRONS Arguments of counsel in the case of E. H. Luikhart as receiver of the defunct First State Bank of Murphy, against several former officers of the bank, were heard in judge Landis' court last Monday. The action is an outgrowth of the closing of the bank and the later winding up of its affairs by the receiver. It was found that a large amount of paper held by the bank was not collectible and that a considerable amount of it is worthless. Parties who were made defendants in the action are David Sims, J. J. Refshauge, Harry Boeson, J. W. Weikel and John P. Nelson. The petition alleges that the defendants as officers of the bank permitted loans to be made to various parties in excess of the amount allowed by law and that as a result of these excess loans the bank suffered a loss of several thousand dollars. The total amount of the excess loans is alleged to be $11,189.88 and the loss to the bank on these loans is placed at $2,797.47. The receiver is represented in court by the law firm of Kirkpatrick, Good and Doughtery.