Citizens State Bank (Manhattan, KS)

Episode Information

Episode UID
83012771461
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
8301277 routing
Routing Number
83-0127
Start Date
September 19, 1921
Location
Manhattan, Kansas (39.184, -96.572)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
06ef4ec7d448422c

Response Measures

None

Description

Bank failed after a run; receiver appointed and bank liquidated due to bad oil loans and irregularities.

Events (6)
1. September 19, 1921 Run
Cause
Bank Specific Adverse Info
Cause Details
Run occurred amid discovered shortages and heavy loans on oil securities and irregularities in bank handling.
Measures
Stockholders agreed to pay a 50% assessment on par value of stock to make good shortages; bank doors closed.
Newspaper Excerpt
closing of the bank September 19 was said to have been brought about by a run on deposits.
Source
newspapers
2. October 19, 1921 Receivership
Newspaper Excerpt
F. H. Foster ... stated he had appointed R. B. Stillman of Manhattan as receiver for the bank.
Source
newspapers
3. October 19, 1921 Suspension
Cause
Government Action
Cause Details
State banking department moved to liquidate the bank and a receiver was appointed after failed reorganization efforts.
Newspaper Excerpt
Announcement was made ... that the defunct Citizens State bank of Manhattan is to be liquidated. ... F. H. Foster ... appointed R. B. Stillman of Manhattan as receiver for the bank.
Source
newspapers
4. February 1, 1922 Other
Newspaper Excerpt
A 40 per cent payment will be made February 1 on all guaranty fund certificates issued depositors of the defunct Citizens State Bank, ... Receiver Robert B. Spilman announced.
Source
newspapers
5. March 5, 1923 Other
Newspaper Excerpt
A ten per cent payment on claims against the Citizens State bank will be made Monday, March 5, ... the third payment ... makes a total of seventy per cent.
Source
newspapers
6. January 1, 1924 Other
Newspaper Excerpt
Citizens State Bank, Manhattan, 10 per cent, January 1, 1924. This probably will be a final dividend from the assets of the bank...
Source
newspapers

Newspaper Articles (11)
1. September 29, 1921 Abilene Weekly Reflector Abilene, KS
Article from Abilene Weekly Reflector, September 29, 1921

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Article Text

MANHATTAN BANK SOLVENT Stockholders Agree to Meet Shortage Doors Closed Sept. 19 B. Manhattan, Sept. 28.-R. Graves, assistant state bank examiner, yesterday notified stockholders of the Citizens' State bank that the institution was in a solvent condition. Stockholders have agreed to pay a 50 per cent assessment on the par value of stock to make good all shortages and losses. The shortage, according to Mr. Graves, amounted to less than $7,500 and closing of the bank September 19 was said to have been brought about by a run on deposits.

2. October 19, 1921 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, October 19, 1921

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Article Text

BANK TO BE LIQUIDATED Manhattan Institution Was Not Reor2 ganized by Stockholders. Announcement was made by the state banking department today to the effect that the defunct Citizens State bank of Manhattan is to be liquidated. Efforts to work out a reorganization have failed. With announcement of liquidation plans F. H. Foster, state bank commissioner, stated he had appointed R. B. Stillman of Manhattan as receiver for the bank. A meeting was held in Manhattan Tuesday when reorganization plans were discussed. The proposal for a reorganization did not produce expected results. Stockholders of the bank, according to state house reports, will attempt to organize a new bank and the defunct institution will close its accounts and go out of business. The Manhattan bank failed several weeks ago. Its trouble was declared to have been due to heavy loans on oil securities and other speculative paper, as well as irregularities in handling of the affairs of the bank.

3. January 27, 1922 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, January 27, 1922

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Article Text

BANK WILL PAY 40 PER CENT. Holders of Guaranty Fund Certificates Will Receive Payment. According to a report from Manhattan, a 40 per cent payment will be made February 1 on all guaranty fund certificates issued depositors of the defunct Citizens State Bank, of that city. Robt. R Spilman, receiver of the institution, is quoted as saying that the payment will amount to approximately $128,000.

4. September 20, 1922 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, September 20, 1922

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Article Text

STATE CONTROLS TEN BANKS B. V. Curry Is Official Receiver for All Institutions. Ten state banks are now closed and under control of the state bank commissioner. B. V. Curry, an assistant bank commissioner, is the official receiver of all ten of these institutions. In addition to the ten, there are nine banks in the state now operating under individual receivers. The ten banks under state control and of which Mr. Curry is receiver: Farmers' State bank, Washington. State Savings bank, Leavenworth. Farmers' State bank, Quenemo. C. M. Condon & Co., State bank, Oswego. Traders' State bank, Arkansas City. Citizens State bank, Geuda Springs. Exchange State bank, Wichita, State bank of Hope. Citizens' State bank, Harper. Farmers State Bank, Belmont. Mr. Curry has just been appointed receiver of the Citizens State Bank of Harper, the last bank to be closed by State Bank Commissioner Foster. Following -are the institutions now operating under private receivers: Citizens State Bank, Manhattan. People's State Bank. Salina. Broeker-Lefferdink Bank, Salina. Farmers and Merchants Bank, Pawnee Rock. Farmers State Bank, McCune. Viola State Bank, Viola. Aulne State Bank, Aulne. Hanover State Bank, Hanover. Farmers State Bank, Spring Hill.

5. March 2, 1923 The Morning Chronicle Manhattan, KS
Article from The Morning Chronicle, March 2, 1923

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Article Text

SPILMAN ANNOUNCES TEN PERCENT PAYMENT MONDAY Citizens State Bank Receiver Will Make Third Installment on March 5. A ten per cent payment on claims against the Citizens State bank will be made Monday, March 5, and after, according to an announcement yesterday by R. B. Spilman, receiver. The payment is the third that has been made, and makes a total of seventy per cent. The first was forty and the second twenty per cent. The third payment amounts to $35,255.79. It applies on both general claims and guaranty fund certificates. Holders of receivers' certificates against the receiver should present them at his office in the court house on Monday or at any later date and checks will be given them.

6. March 2, 1923 The Morning Chronicle Manhattan, KS
Article from The Morning Chronicle, March 2, 1923

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Article Text

March 5. A ten per cent payment on claims against the Citizens State bank will be made Monday, March 5, and after, according to an announcement yesterday by R. B. Spilman, receiver. The payment is the third that has been made, and makes a total of seventy per cent. The first was forty and the second twenty per cent. The third payment amounts to $35,255.79. It applies on both general claims and guaranty fund certificates. Holders of receivers' certificates against the receiver should present them at his office in the court house on Monday or at any later date and checks will be given them.

7. September 14, 1923 Lexington Herald-Leader Lexington, KY
Article from Lexington Herald-Leader, September 14, 1923

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Article Text

In several cases the accused bank officials are missing. Only five of the accused bankers have been sent to prison. Five are awaiting trial. One man killed himself. Here is a list of Kansas State banks which have been closed by the State in the last five years because of alleged embezzlement of funds: Kansas State Bank, Salina; H. J. Lefferdink, cashier, missing. Aulne State Bank, Aulne; Volney Johnson, cashier, sent to prison. Homewood State Bank, Homewood; cashier missing. People's State Bank, Coffeyville; A. Newman and R. P. Newman in prison. Banking Trust Co., Kansas City; H. C. Bedel in prison. Lake State Bank, cashier missing. Citizen's State Bank, Manhattan; president awaiting trial. Farmers' State Bank, McCune;

8. September 30, 1923 The Morning Chronicle Manhattan, KS
Article from The Morning Chronicle, September 30, 1923

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Article Text

NO NOTE SUIT DECISION Judge Takes Haege vs Frank, Spilman, Case Under Advisement After all the testimony had been taken in the suit brought by J. W. Haege against Fred C. Frank and R. B. Spilman, receiver for the Citizens State bank, Judge F. R. Smith took the case under advisement yesterday. The past two days have been busy ones in district court. In addition to hearing of the Haege-Frank case, the docket has been pretty well cleared, mainly by continuances. There have been a few dismissals and some judgments in quiet title suits, and recovery of money cases brought by R. B. Spilman, Citizens State bank receiver. Wildcat Population Booms Four additions to families of Wildcat township citizens were recorded at the office of the Manhattan city clerk yesterday. Mr. and Mrs. Clay E. Henton are the parents of a boy born September 27; Mr. and Mrs. Oscar H. Fritz are the parents of a boy born September 21; Mr. and Mrs. A. L. Whitmore are the parents of a boy born September 19; and Mr. and Mrs. John Brooks are the parents of a boy born September 9 Local Produce Market Butterfat—44c. Eggs—32c, 23c. Heavy hens—18c. Light hens—14c. Springs—17-14c. Broilers—23-18c. Cocks—8c. Local Grain Market Wheat—80c to 95c. Corn—80c. Oats—45c. Alfalfa Hay—$10 to $18.

9. December 24, 1923 The Iola Register Iola, KS
Article from The Iola Register, December 24, 1923

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Article Text

CHRISTMAS DIVIDENDS. Depositors of Defunct Banks Will Receive Part of Deposits. Topeka, Kans., Dec. 24.—Depositors whose funds were tied up in half a dozen of the 58 banks now being liquidated by the state banking department, are being enabled to make their Christmas a merry one by the receipt of checks representing at least a part of their deposits. The largest of these payments—in fact, the largest in the history of the department—was the 81 per cent, or approximately $400,000, to more than 1,100 depositors of the Kansas State Bank of Salina which failed nearly five years ago. Other defunct banks paying dividends are: American State Bank, Cherryvale, 30 per cent, on December 20. State Bank of Arrington, 10 per cent, December 15. This was additional to a dividend of 30 per cent paid last April. Citizens State Bank, Manhattan, 10 per cent, January 1, 1924. This probably will be a final dividend from the assets of the bank from which three dividends of 40, 20 and 10 per cent respectively already have been paid. The balance will come from the state guaranty fund. Osawatomie State Bank, 20 per cent, December 20. This guaranty bank already has paid depositors 45 per cent since it failed, April 19. Farmers State Bank, Wamego, 88 per cent, December 15. This is the aggregate depositors will receive as the bank was not protected by membership in the guaranty fund. "In addition to their original investments, depositors in the guaranty banks receive interest on their deposits from the day the bank failed," State Bank Commissioner C. J. Peterson said. "The depositors of the Salina bank thus are receiving in the 81 per cent dividend approximately the entire amount of the deposits from the guaranty fund, plus the 19 per cent they already had received direct from the assets of the bank. That is, the interest that has accrued in the four and a half years since the bank failed added about 20 per cent to their original deposits." Commissioner Peterson said no special assessment against the 900 banks belonging to the guaranty fund membership will be required because of the record disbursement from the fund to meet the obligation at the Salina bank. The annual guaranty fund assessment falls due next month. It is one-twentieth of one per cent of the

10. March 12, 1925 The Manhattan Republic Manhattan, KS
Article from The Manhattan Republic, March 12, 1925

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Article Text

BEST RECORD BY BANK Citizens State Bank Comes Nearest Paying Claims in Full of Kansas Of the state banks now in the hands of receivers Kansas, Citizens State hank of Manhattan has come the nearest claims full. Under the administrations of Robt. Spilman Long to February 1925. this claims amounting to paid and since that time an additional payment of has been made, making the total paid all claims. The above figures appear to speak well for the carefulness ministration the local receivers, and expected that there some further salvage from accounts due the

11. January 25, 1932 The Mercury Manhattan, KS

Article Text

Ten Years Ago (From The Daily Mereury, Jan. 25, 1922) Bernice Fleming, Osceola Burr and Anna Best of Manhattan were pledged to the local chapter of Zeta Kappi Psi Tuesday. A 40 per cent payment will be made February all guaranty fund certificates issued to depositors of the Citizens State bank, Receiver Robert B. Spilman announced. To date only 1,626 of the more than motor cars the county have been licensed for 1922. The Star cash and carry grocery and meat market will be open for business Saturday at 327 Poyntz with F. Anderson, H. B. Bates and George Allingham in charge. A. Brockman of Emporia in the future will operate the Manhattan cafe at 404 Poyntz. The Kastner brothers, who have been in charge the past several months, will devote their time their Kansas City restaurant.