Bank of Union (Union, NE)

Episode Information

Episode UID
9129893491597
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
912989349 hash
Start Date
January 13, 1933
Location
Union, Nebraska (40.813, -95.923)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4c7c0c8c7237f444

Response Measures

None

Description

Bank was placed in hands of the State Bank Receiver and reopened after depositors signed waivers.

Events (2)
1. January 13, 1933 Suspension
Cause
Government Action
Cause Details
Placed in hands of Assistant State Bank Receiver and closed pending action of depositors to sign waivers on withdrawals.
Newspaper Excerpt
closed since Friday, January 13
Source
newspapers
2. March 24, 1933 Reopening
Newspaper Excerpt
Bank of Union Ready To Do Business Again Institution Re-Opens After 97 Per Cent of Depositors Sign Withdrawal Waivers. There was universal joy in Union Friday when it was announced that the Bank of Union, closed since Friday, January 13, had been reopened and was ready for business under the same old management.
Source
newspapers

Newspaper Articles (3)
1. March 25, 1933 Nebraska Daily News-Press Nebraska City, NE

Article Text

Bank of Union Ready To Do Business Again Institution Re-Opens After 97 Per Cent of Depositors Sign Withdrawal Waivers. There was universal joy in Union Friday when it was announced that the Bank of Union, closed since Friday, January 13, had been reopened and was ready for business under the "same old management." Closed to await the action of depositors who were besought to sign waivers on their deposits, the Bank of Union was in the hands of Assistant State Bank Receiver John M. Eiser for slightly more than two months, he said in announcing that he had turned the bank back to its officials. "It is remarkable to note," Mr. Eiser commented, "that the people of Union had faith enough in the bank and its officials to sign waivers on sudden withdrawals of deposits to the extent of 97 per cent of the number of depositors the bank had on its books when it was deemed advisable to close it temporarily. "At the first meeting of depositors there was no question as to obtaining signatures and by the time the petitions had been thoroughly circulated all but 3 per cent had signed. It would have been 100 per cent but for the inability of bank officers to reach some depositors who lived away from Union." Senator W. B. Banning is vice-president of the institution and D. Ray Frans is cashier. The bank is now receiving deposits and conducting a regular banking business subject, of course, to the restrictions conditioned on the depositors' agreement. The late Will James was president of the institution up to the time of his death. His estate has a large interest in the institution now.

2. March 27, 1933 The Plattsmouth Journal Plattsmouth, NE

Article Text

BANK OF UNION REOPENED The Bank of Union, which has been closed since January 13th, reopened on Friday for the transaction of business, bringing great rejoicing to the residents of that community who have felt the lack of a bank very keenly. The bank is reopened under the management of the former officers with D. Ray Frans, well known Union business man, as the cashier of the institution. The bank was closed to await the action of depositors to sign waiver on their deposits and which has finally been completed and the state banking department has given the permission to open the bank for business under the restricted plan of deposit withdrawals. The bank has been under the supervision of State Bank Receiver John M. Eiser, who made the announcement Friday that he had turned the bank back to the former officers. "It is remarkable to note," Mr. Eiser commented, "that the people of Union had faith enough in the bank and its officials to sign waivers on sudden withdrawals of deposits to the extent of 97 per cent of the number of depositors the bank had on its books when it was deemed advisable to close it temporarily. "At the first meeting of depositors there was no question as to obtaining signatures and by the time the petitions had been thoroughly circulated all but 3 per cent had signed. It would have been 100 per cent but for the inability of bank officers to reach some depositors who lived away from Union."

3. March 30, 1933 Weeping Water Republican Weeping Water, NE

Article Text

Bank of Union Reopens The Bank of Union, which has been closed since January 13th, reopened on Friday for the transaction of business, bringing great rejoicing to the residents of the community, who have felt the lack of bank very keenly. The bank is reopened under the management of the former officers, with D. Ray Frans as the cashier of institution. The bank was closed to await the action of depositors to sign waiver on their deposits and which has finally been completed and the state banking department has given the permission to open the bank for business under the restricted plan of deposit withdrawals. The bank has been under the supervision of State Bank Receiver John M. Elser, who made the announcement Friday that he had turned the bank back to the former officers. is remarkable to note," Mr. Eiser commented. "that the people of Unfor had faith enough in the bank and its officials to sign waivers on sudden withdrawals of deposits to the extent of 97 per cent of the number of depositors on the bank's books when it was deemed advisable to close it temporarily. the first meeting of the depositors there was no question as to taining signatures. and by the time the petitions had been thoroughly circulated all but three per cent had signed. It would have been 100 per cent but for the inability of bank ficers reach some depositors who lived away from Union."