Nebraska State Bank (Sidney, NE)

Episode Information

Episode UID
76108671460
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7610867 routing
Routing Number
76-1086
Start Date
August 11, 1921
Location
Sidney, Nebraska (41.143, -102.978)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e4756fde25253df9

Response Measures

None

Events (2)
1. August 11, 1921 Suspension
Cause
Government Action
Cause Details
Examiner closed the bank due to exhausted reserves and credits and poor collections
Newspaper Excerpt
This bank is in the hands of the department of trade and commerce. ... posted on the door of the Nebraska State bank here this morning
Source
newspapers
2. August 23, 1921 Receivership
Newspaper Excerpt
A. J. Jorgenson ... was recommended as receiver of the Nebraska State bank which closed recently. Appointment will be made by District Judge Tewell upon recommendation of Attorney General Davis.
Source
newspapers

Newspaper Articles (5)
1. August 12, 1921 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, August 12, 1921

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Article Text

Examiner Closes Nebraska State Bank at Sidney Exhausted Reserves and Credits Reasons Assigned; Depositors Will Not Lose, Opinion of J. E. Hart. Sidney, Neb.. Aug. 11.-(Special Telegram.)-"This bank is in the hands of the department of trade and commerce." This notice, signed by C. G. Stoll. examiner in charge, posted on the door of the Nebraska State bank here this morning, adds another institution to the long list of those in the state which have failed within the last few months. Poor collections are the reasons assigned for the closing. No Official Notification. Lincoln, Neb., Aug. 11.-(Special Telegram.)-J. E. Hart, secretary of the state department of trade and commerce, returning from Omaha tonight, said that he had received no official notification of the closing of the Nebraska State bank at Sidney. "However," he said, "I have no doubt but that the institution was closed today. I was in Sidney last Sunday and an attempt was made to effect a consolidation between the Nebraska State and the Liberty State banks, in hopes the latter institution would take over affairs of the other bank. "I left instructions with C. G. Stoll, examiner, to close the bank if the consolidation move failed to materialize. "Late last night I received a telegram from Sidney stating that the consolidation had failed, so I presumed the bank would be closed today. Expects No Losses. "Exhausted reserves and credits are responsible for the closing. In other words, the bank could get no more credit. I do not believe there was any shortage. Just a case of a bank getting too much slow paper and failure to receive credit from other institutions to carry it through. "I do not believe that after the bank is liquidated and collections made on slow paper there will be any losses. However, I do not wish to make a definite statement, as the examiner has not finished his investigation." The bank is capitalized at from $200,000 to $250,000. according to Secretary Hart. F. M. Wooldridge, who went to Sidney from Kimball, Neb., several years ago, is president.

2. August 24, 1921 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, August 24, 1921

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Article Text

Councilman Recommended As Sidney Bank Receiver Sidney, Neb., Aug. 23.-(Special Telegram.)--A, J. Jorgenson, prominent real estate man and city councilman, was recommended as receiver of the Nebraska State bank which closed recently. Appointment will be made by District Judge Tewell upon recommendation of Attorney General Davis. Assistant Attorney General Chase and Bank Exam:ner Stoll are here in connection with affairs of the bank.

3. August 25, 1921 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, August 25, 1921

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Article Text

Continue Investigation Of Nebraska State Bank Lincoln, Aug. 24.-(Special.)-Investigation of the Nebraska State bank at Sidney will continue, it was announced by Assistant Attorney General J. B. Chase upon his return from Sidney. Both Chase and J. E. Hart, secretary of the department of trade and commerce, refused to state what discoveries had been made in the transactions of bank officers. E. G. Stoll, bank examiner, is still at Sidney and is continuing in attempting to unwind the complicated affairs of the bank. A. J. Jorgenson, a Sidney real estate man, has been appointed receiver for the bank, Chase announced.

4. July 25, 1923 The Lincoln Star Lincoln, NE
Article from The Lincoln Star, July 25, 1923

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Article Text

BANK RECEIVER FILES APPEAL Contends State Not Liable for Sum County Has On Deposit When Bank Failed. An appeal from the decision of Judge Tewell in the district court of Cheyenne county, holding the state guaranty fund liable for the entire sum of $47,500 which the county treasurer, Myrtle Lancaster, had on deposit with the Nebraska State bank of Sidney at the time of its failure a year ago, has been brought to the supreme court by J. A. Jorgenson, the receiver. The bank was capitalized at $50,000 and the receiver and the state of Nebraska resisted payment of more than $25,000 from the guaranty fund on the ground that any deposit above that sum made by the county treasurer was illegal. The statute of Nebraska limits the deposit of county funds in any bank to 50 per cent of its capital stock. It is the receiver's contention that the county should look to the treasurer and her bondsmen for the excess of $22,500. In a similar case from Custer county, a decision was also rendered allowing the county the full amount of its deposit.

5. July 25, 1923 The Lincoln Star Lincoln, NE
Article from The Lincoln Star, July 25, 1923

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Article Text

An appeal from the decision of Judge Tewell in the district court of Cheyenne county, holding the state guaranty fund liable for the entire sum of $47,500 which the county treasurer, Myrtle Lancaster, had on deposit with the Nebraska State bank of Sidney at the time of its failure a year ago, has been brought to the supreme court by J. A. Jorgenson, the receiver. The bank was capitalized at $50,000 and the receiver and the state of Nebraska resisted payment of more than $25,000 from the guaranty fund on the ground that any deposit above that sum made by the county treasurer was illegal. The statute of Nebraska limits the deposit of county funds in any bank to 50 per cent of its capital stock.