Nebraska State Bank (Bridgeport, NE)

Episode Information

Episode UID
76105171540
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7610517 routing
Routing Number
76-1051
Start Date
April 1, 1928*
Location
Bridgeport, Nebraska (41.665, -103.099)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a642ea6ebf1ffef4

Response Measures

None

Events (4)
1. April 1, 1928* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed (insolvent) in April 1928 and was placed in liquidation/receivership.
Newspaper Excerpt
which failed April, 1928
Source
newspapers
2. October 24, 1929 Other
Newspaper Excerpt
Depositors in the defunct Nebraska State Bank Bridgeport ... checks ... for 20 per cent of their remaining deposits
Source
newspapers
3. March 5, 1931 Other
Newspaper Excerpt
A dividend was declared Tuesday depositors the Nebraska State Bank of Bridgeport which failed April, 1928, will distributed
Source
newspapers
4. October 29, 1931 Receivership
Newspaper Excerpt
Nebraska State at Bridgeport ... Torgeson of Scottsbluff appointed to succeed Bliss as receiver
Source
newspapers

Newspaper Articles (11)
1. October 24, 1929 Bridgeport News-Blade Bridgeport, NE
Article from Bridgeport News-Blade, October 24, 1929

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Article Text

PAYMENT MADE DEPOSITORS Nebraska State Bank ceiver Sends Dividends Depositors in the defunct Nebraska State Bank Bridgeport, that been in the hands receiver for time, last week, in of checks from the banking partment, for 20 per cent of their remaining deposits, 15 cent amounts deposited. The checks accordance order of district court, than month ago, after which ascertainthere enough assets on hand make the payment. This the third payment to deNebraska State bank, making total of 45 percent their that have been since the bank failed. paid At hearing the district court, was ascertained that there yet additional assets of bank, but that there were also disputed claims that made impossible to use this additional amount in the payment of depositors. However, favorable court decisions are secured in some cases now pending, there may yet be another dividend declared by the court. The checks were sent out by the banking department the last known of depositors, and any have not yet received their share of the dividend, they should communicate with the banking department.

2. November 21, 1929 The Western Nebraska Observer Kimball, NE
Article from The Western Nebraska Observer, November 21, 1929

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Article Text

BRIDGEPORT BANKERS FACING CHARGES. BOUND Bert Spearman and Robert Wilson charged with having made false turns to the state banking while connected with the Nebraska State bank at Bridgeport, now defunct, were bound over under bond district court after hearing Friday Morrill county court at Bridgeport. charge of of approximately $15,000, also brought against them has been dropped, temporarily is but both charges would result in the penalty event of conviction, one to ten years. Both Spearman and Wilson furnishthe amount under which were at liberty pending the hearNeither defendant indroduced any testimony and the evidence of the state principally The started by County Attorney Perry of Bridgeport when evidence uncovered through an audit Tallon. Spearman was cashier in the failed bank, and Wilson clerk.

3. March 4, 1931 The Omaha Morning Bee-News Omaha, NE

Article Text

FAILED BANKS PAY $179,112 LINCOLN. March (AP) Dividend payments during February totaling $179 to depositors in failed state banks were announced Tuesday by Governor Bryan Nine banks were involved in the payments. They are Murphy phrey 10 Knox Bank bank Mitchell, per cent Mitchell State bank per cent. $24.Nebraska State bank Bridgeport 10 per

4. March 5, 1931 Bridgeport News-Blade Bridgeport, NE

Article Text

Nebraska State Bank Dividend A dividend was declared Tuesday depositors the Nebraska State Bank of Bridgeport which failed April, 1928, will distributed. The city of Bridgeport and Bridgeport school district already received their dividend checks, the former to $903.73 and the latter to

5. October 29, 1931 The Western Nebraska Observer Kimball, NE

Article Text

ART TORGESON SUCCEEDS BLISS AS BANK RECEIVER Arthur Torgeson, brother of Atty. Torgeson of this city and forbank employe here, will succeed H. Bliss as bank receiver in this district. special from Gering says: Bliss, former secretary of trade and commerce, presented his final report and resignation as receiver for seven defunct state banks in the Seventeenth judicial district to Judge Carter here Tuesday. Torgeson of Scottsbluff appointed to succeed Bliss as The defunct banks involved in Tuesday's reports are Irrigators', Scottsbluff; American bank and Mitchell State, Mitchell; Lyman State, Lyman: State bank, Bank of Bayard at Bayard; Nebraska State at Bridgeport.

6. November 6, 1931 The Sidney Telegraph Sidney, NE

Article Text

Seven Institutions That Have Closed Doors SUCCEEDS BLISS WHO WAS UNSEATED The resignation Clarence G. Bliss, former secretary of the partment of trade and commerce, received for seven failed banks in western was accepted Wednesday by District Judge Carter at Gering and the appointment of Torgeson of Scottsbluff succeed Bliss confirmed. Bliss filed his final reports October His resignation was ed in district court Benyon, former attorney for the banking partment. Banks which Bliss control Nebraska State bank, Bridgeport; Bank of Bayard, Lyman state Mitchell State rigators bank Scottsbluff; Ameribank, State Bank of These defunct institutions all located in the 17th judicial district. the district Luikart, present secretary of the trade and commerce, had asked control in an application for appointment receiver filed at (Continued on page

7. November 26, 1931 The Scottsbluff Pioneer Scottsbluff, NE

Article Text

Luikhart Files Suit To Oust Torgeson as Failed More fireworks broke out this week in the defunct bank situation in westNebraska, when word was received that E. H. Luikart and Gov. Bryan were filing suit to have Torgeson removed as receiver eleven failed banks in western Nebraska. Torgeson was appointed by Judge E. Carter some time ago. The Governor charges that Torgeson has received more pay than any other bank receiver, and that such excess salary must come out of the depositors' share of recovered funds in failed banks. further declared that banks in of the state would not pay out percent under Torgeson. Mr. Torgeson states that he will be glad to have an investigation of his management of failed banks. He cites several instances where banks he has handled have paid out considerably more than that, as follows Irrigators, Scottsbluff, 57 per cent; American State, Scottsbluff, 58.25; American bank, Mitchell, 50; Bank Bayard, Bayard, 50; Nebraska State, Bridgeport, 55.9; Mitchell State, Mitchell, 35.5; Lyman, 17; State Bank. of Minatare, Minatare, Bridgeport bank, Bridgeport, 16 per cent.

8. April 16, 1932 The Lincoln Star Lincoln, NE

Article Text

"In a pending cause, the chief executive and the legislature cannot change or modify judicial orders or lawfully require the court to do so. A judicial order in pending litigation does not change with political fortunes or legislative acts or executive appointments." Outlining the separation of powers in both the federal and state governments, Judge Rose wrote that it is imperative that the judicial department of the government protect its jurisdiction at the boundaries of power fixed by the constitution. Quasi Public Business. Judge Paine, however, in his dissenting opinion argued that banking is a quasi public business which the state may control as it sees fit and that the legislature had authority to provide any means of liquidating insolvent state banks. The plan adopted by the 1929 legislature of liquidating failed banks with a state official as receiver brought order out of chaos, reduced the expense of liquidation, and need be considered no limitation on judicial power, Judge Paine held. "The old plan of individual receiverships under individual district judges having been tried and found wanting, the new plan promises a great improvement," he wrote, "and should not in these times of distress, be hampered by any undue jealousy on the part of the judiciary for fear its right may be infringed upon." He urged that the judiciary should co-operate with the will of the legislature "to the great end that the depositors may receive the largest possible sum from a prompt, vigorous and efficient liquidation of banks by one responsible person, to-wit, the secretary of the department of trade and commerce." The seven banks for which Torgeson had been named receiver and in which the appointment was upheld Saturday were the State bank of Minatare, Mitchell State bank, Irrigators' State bank, Scottsbluff; Lyman State bank, American bank, Mitchell; Nebraska State bank, Bridgeport and the Bank of Bayard.

9. April 16, 1932 Lincoln Journal Star Lincoln, NE

Article Text

COURTS ONLY HAVE POWER TO SELECT BANKS' RECEIVERS Legislature Held to Have Overstepped Powers in Enacting a Law. Declaring that it is the imperative duty of the judicial department of government to protect its jurisdiction at the boundaries of power fixed by the constitution and that the naming of state bank receivers is a judicial function which cannot be exercised or controlled by the governor or legislature, the supreme court Saturday upheld the action of District Judge Carter at Morrill in refusing to name E. H. Luikart, secretary of trade and commerce, as receiver for the Mitchell State bank, Irrigators State bank of Bridgeport, Lyman State bank, American State bank of Scottsbluff, Nebraska State bank of Bridgeport, State Bank of Minatare, and Bank of Bayard. Justices Paine and Day dissented. The court, in an opinion written by Justice Rose, says that a legislative act providing that the secretary of trade and commerce shall be the sole receiver of all insolvent state banks amounts to no more than a judicial proceeding, properly pending in a court of equity for the liquidation of a bank, than a legislative recommendation to the judiciary to appoint him, as otherwise the enactment would be an unconstitutional encroachment on judicial power. Judge Carter Named Torgeson. Judge Carter was the only district judge who refused to name Luikart, when the latter succeeded Bliss. He appointed A. E. Torgeson, who had been assistant receiver under Bliss, on the ground that having had actual charge of the liquidation of these seven banks he was in a better position to serve all interests than Luikart, who must necessarily name some one to handle their liquidation. The court points out in its decision that the statutes nowhere provide for the liquidation of state banks without invoking the judicial power of the state, and the legislature has never granted to any executive officer, administrative board, department or tribunal (Continued on Page 8.)

10. April 16, 1932 Norfolk Daily News Norfolk, NE

Article Text

COURT SUSTAINS OF DISTRICT JUDGE ER OF GERING Lincoln, April braska supreme court today tained the action of District Judge Carter of Gering appointTorgeson Scottsbluff failed state banks the Seventeenth judicial district. Judge Carter had refused the plication secretary the trade to be made succeeding Bliss, his predeoffice. The supreme court held that where liquidation state bank conducted in court equity the procedure judicial and executive. The court also ruled that the appointment of receiver should not be or controlled the governor legislature. the imperative duty of the judicial protect its jurisdiction the boundaries of power fixed the constitution, the court legislative for the appointment the of the department trade and receiver all state must regarded as merely legislative the court, opinion stated. Otherwise this would the court finds. The decision of the court terminates controversy between banking department officials, Gov. Bryan Judge Carter. Torgeson was receiver the banks when Clarence Bliss, former secretary of the department trade resigned Radke, counsel for the receivership division, applied for the of Luikart, but refused by Judge Carter. Judge Carter announced would consider substitution of Luikart Bliss until assured Governor Bryan would not interfere Luikart receiver. Torgeson subsequentnamed. The seven banks concerned the today the State Bank of Minatare, Mitchell State bank, the Irrigators' Bank of Mitchell, the Nebraska State Bridgeport, the Bank Bayard. eighth bank the Seventeenth district turned Torgeson was the Bridgeport bank. cause properly before court of equity for the court added the appointment of judicial which cannot be exercised controlled the governor Bryan today declined discuss the court decision until he studied Secretary Luikart also was reluct said far physical concerned and there's lot of with no extra Radke, receivership counsel, immediately announced he would ask the court rehearing and would submit brielf support of motion within few days. Referring the decision said means the return the abandoned method of appointing independent receivers. 'According ruling," added. may may appointed receiver failed bank. The matter purely the control of the

11. April 16, 1932 The Omaha Evening Bee-News Omaha, NE

Article Text

COURT FIGHT LOST BY CASES Decision Upholds Torgeson as Liquidation Officer in 17th District LINCOLN, April 16, Nebraska supreme court Saturday sustained the action of District Judge E. F. Carter of Gering in appointing A. Torgeson of Scottsbluff as receiver of seven failed state banks in the Seventeenth judicial district. Judge Carter had refused the application of E. H. Luikart, secretary of the state department of trade and commerce. to be made succeeding Clarence Bliss, his predecessor in office. The supreme court held that where liquidation of state bank conducted court equity the procedure is judicial and not The court also ruled appointment of receiver should not be made controlled by the governor legislature. the imperative duty of the judicial to protect its jurisdiction the boundaries power fixed the constitution, the declared legislative act providing for appointment of the secretary department of trade and commerce receiver for all insolvent state banks must be regarded merely legislative recommendation the court, the opinion stated. Otherwise this act would unconstitutional, the court finds. decision terminates con troversy between state banking officials, Governor Bryan and Judge Carter appointed receivof the banks when Bliss. of the department of trade and resigned. Radke, counsel for receivership division, applied for appointment of Luikart. Judge Carter refused to consider this unless assured Bryan would not interfere with Luikart ceiver Torgeson subsequently was The seven banks concerned are the State Bank of Minatare. Mitchell State bank. Irrigators Bank of Lyman State American Bank Mitchell braska State Bank of Bridgeport and the Bank Bayard eighth the Seventeenth district turned Torgeson was the Bridgeport bank. Bayard A. Paine and L. Day dissented from the supreme court decision.