First National Bank - Harrison, NE

Episode Information

Episode UID: 888801490
Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 88880 national
Charter Number: 8888
Start Date: February 12, 1924
Location: Harrison, Nebraska (42.687, -103.883)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 5c22e19859b80d24

Response Measures

None

Receivership Details

Depositor recovery rate: 6.2%
Date receivership started: 1924-02-12
Date receivership terminated: 1928-10-15
OCC cause of failure: Economic conditions
Share of assets assessed as good: 36.7%
Share of assets assessed as doubtful: 44.2%
Share of assets assessed as worthless: 19.1%

Events (4)

1. September 24, 1907 Chartered

Source: historical_nic

2. February 12, 1924 Receivership

Source: historical_nic

3. February 12, 1924 Receivership

Newspaper Excerpt: The Receiver returned from his trip to Washington ... in regard to certain phases of the new organization and the sale of the assets of the First National Bank.
Source: newspapers

4. April 4, 1924 Other

Newspaper Excerpt: The Comptroller of the Currency has approved of the entire plan ... the name of 'The Sioux National Bank of Harrison,' has been reserved by the Comptroller of the Currency for use in this re-organization plan.
Source: newspapers

Newspaper Articles (1)

1. April 4, 1924 The Harrison Sun Harrison, NE

Article from The Harrison Sun, April 4, 1924

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Article Text

REORGANIZATION OF NEW HARRISON BANK WELL UNDER WAY The progress made toward the opening of a new bank for Harrison is progressing very satisfactorily, and unless something unforeseen should develop, there is no reason why this community will not have a new bank. The Receiver returned from his trip to Washington last Friday morning, where he went for the purpose of consulting with the Comptroller of the Currency in regard to certain phases of the new organization and the sale of the assets of the First National Bank. The Comptroller of the Currency has approved of the entire plan as outlined in the agreements which have been signed by nearly all of the depositors, and the name of "The Sioux National Bank of Harrison," has been reserved by the Comptroller of the Currency for use in this re-organization plan. The Receiver left Harrison Saturday night for the purpose of meeting with the parties in Chadron who are considering of furnishing the capital for the new bank, returning Tuesday morning of this week with the report that the entire plan has been approved and accepted by Mr. Coffee and his associates. The papers are now being prepared for use in securing the necessary Court orders and the application for the Sioux National Bank of Harrison is now signed up and ready to be sent to Washington, D. C. As soon as the papers return from Washington, the formal application for charter will be made, and the Court order transferring certain assets of the First National Bank to the Sioux National Bank of Harrison will be secured. The Sioux National Bank will take over only a sufficient amount of assets to equal the amount of liabilities which the new bank assumes under the agreement; the remaining assets will be listed and placed in the Salvage Fund. It will then take considerable time to write all of the Certificates of Deposits by the new bank and the Participation Certificates on the Salvage Fund. The Sioux National Bank will be ready to open for business during the early part of May, the exact date will be determined later. This is all depending upon the expectation that nothing unforeseen will develop to smash our hopes and the future welfare of this community. The people who are interested in the future development and prosperity of this community, where men have prospered in the past, can congratulate themselves upon the fact that they have people sufficiently interested in the welfare of this community to come in and invest new money in this town. There are a great number of places that are now under the same difficulty we have been, with a closed bank in their midst, who are not so fortunate as to have capital available to start a new bank on the ashes of the old bank, especially in such a short time. This locality will hardly know that they had a bank close here in six months from now, and the big thing is that this new bank offers the best possible chance of getting all of our money back some day. It may take considerable time, but not any longer, and possibly in half the time it would take the Receiver to liquidate the assets of the insolvent bank and return such funds to the depositors as might be collected. It may be of interest to the people of this locality to know that the town of Chappell, Nebraska, had the First National Bank in their community close in January, 1921. A Receiver has been giving his time and attention to the liquidation of the assets of that bank for more than three years, and during that time only twenty cents on the dollar was returned to the depositors. However, this last week a sale of the remaining assets of the bank was made for a sufficient amount to pay a final ten per cent dividend to the depositors. This will mean that all of those who had money on deposit with the First National Bank of Chappell are receiving only thirty cents on the dollar as a final and complete settlement of their claims. We have been informed that the prospects when that bank closed were just as favorable as in this community toward paying a final return of one hundred cents on the dollar by a Receiver, but on account of the inability of the Receiver to assist in a financial way the borrowers of that bank, and also on account of the continued crop failures, the people have actually lost seventy cents on the dollar. Here we will receive Certificates