Weston County Bank (Newcastle, WY)

Episode Information

Episode UID
99005471490
Episode Type
Suspension β†’ Closure
Bank Type
state
Bank ID
9900547 routing
Routing Number
99-0054
Start Date
February 2, 1924
Location
Newcastle, Wyoming (43.855, -104.205)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
80d4370058d9dcec

Response Measures

None

Description

Suspended in Feb 1924 for depleted reserve; later placed in receivership with dividends paid by 1925.

Events (4)

1. February 2, 1924 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Depleted reserve caused by presentation of a $5,000 draft drawing on state funds; inability to realize quickly on otherwise good paper prompted closing.
Newspaper Excerpt
The Weston County Bank suspended Saturday morning and the doors closed awaiting the arrival of the state bank examiner.
Source
newspapers
2. February 7, 1924 Other
Newspaper Excerpt
The news of the closing of the bank spread rapidly throughout the city, but occasioned no excitement nor apprehension on the part of the people. Business went on as usual at the First National, the only difference being a substantial increase in deposits.
Source
newspapers
3. February 14, 1924 Other
Newspaper Excerpt
Conversation with stockholders in the institution confirms the statement made last week that the affairs of the bank are sound and that the resources are ample to protect all depositors should the present suspension be made permanent.
Source
newspapers
4. February 11, 1925 Receivership
Newspaper Excerpt
The news of another 10 per cent dividend for creditors of the defunct Weston County Bank, at New Castle, will not be bad tidings to many people in that section. This is the second dividend that has been paid by Receiver Storm...
Source
newspapers

Newspaper Articles (4)

Article from News Letter Journal, February 7, 1924

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Article Text

STATE EXAMINER IN CHARGE OF WESTON COUNTY BANK The Weston County Bank suspended Saturday morning and the doors closed awaiting the arrival of the state bank examiner. A depleted reserve, caused by the presentation of a draft for five thousand dollars drawing on state funds, is given as the cause for suspension. Deputy State Examiner Stanley Brown arrived in Newcastle Monday evening and has taken charge of the institution. Neither the bank officials nor the examiner has yet issued a statement relative to the condition of the bank. It is not known whether the bank will be reopened for business or whether its affairs will be liquidated.


Article from News Letter Journal, February 7, 1924

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Article Text

CITY TAKES NEWS CALMLY The news of the closing of the bank spread rapidly throughout the city, but occasioned no excitement nor apprehension on the part of the people. Business went on as usual at the First National, the only difference being a substantial increase in deposits. Deposits at the First National Friday were approximately $5,000.00. Saturday the deposits increased to $12,000.00. Withdrawals were normal. Thus did the people demonstrate their confidence in the stability of their financial institutions. NOBODY HARD HIT So far as can be learned, business houses and individuals who carried accounts at the Weston County Bank are merely temporarily inconvenienced by the closing of the bank. Many business men carried accounts with both banks, and were able to carry on as usual. Others found it necessary to open an account at the First National in order to handle their receipts and disbursements. A few individuals who had all their ready cash on deposit at the Weston County Bank are temporarily embarrassed. The county treasurer had approximately $8000.00 in county funds on deposit in the Weston County Bank. This deposit is protected by Liberty Bonds deposited with the county treasurer, according to a member of the County Board. The City of Newcastle and some of the school districts also had funds deposited in the bank. Although the bonding company had canceled the bond carried by the Weston County Bank, it is understood that these funds are protected. A large stockholder in the Weston County Bank informed the News-Journal that the depositors are not in danger of losing a penny. The bank was in splendid condition and the inability to realize quickly on otherwise good paper prompted its closing. The officers did not feel justified in accepting deposits with a depleted reserve. A SPLENDID RECORD Newcastle has reason to have confidence in the financial institutions in this city, by reason of the fact that in its history of forty years but two banks have suspended. The first bank to close its doors was the Bank of Newcastle on Saturday, December 5th, 1903. By a strange coincidence this bank occupied the same quarters as the Weston County Bank; both banks closed on Saturday forenoon; and both banks suspended because of a draft which depleted their reserves. It has been twenty years since the failure of the Bank of Newcastleβ€”a splendid record for Newcastle in view of the times of stress through which the nation has passed in those twenty years. The same cool headed judgement and conservative management will enable Newcastle to duplicate that splendid record in the next twenty years. In this work every citizen should be proud to have a part.


Article from News Letter Journal, February 14, 1924

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Article Text

BANK CONDITION IS ENCOURAGING An unexpected delay in the arrival of the state bank examiner has resulted in a week passing by without any statement being issued as to the condition of the affairs of the Weston County Bank which suspended a week ago Saturday. Conversation with stockholders in the institution confirms the statement made last week that the affairs of the bank are sound and that the resources are ample to protect all depositors should the present suspension be made permanent. Mr. Huie, state examiner, will arrive in Newcastle the first of the week and at that time will no doubt consider various plans for solving the problems presented by the closing of the bank. First National Is Thriving Officers of the First National report average daily deposits of upwards of twelve thousand dollars, representing at least fifty per cent increase in the normal business for this time of year. This remarkable showing is a striking testimony of the strength of the First National and of the confidence of the public in Weston county's million dollar bank.


Article from The Cody Enterprise, February 11, 1925

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Article Text

# LATE NEWS Fiom All Over WYOMING George E. Snider, formerly postmaster at Foxpark, Wyo., has been arrested at Nogales, Ariz., by a United States marshal on a warrant charging Snider with the embezzlement of approximately $1,800 in government funds while he held the position at Foxpark. The news of another 10 per cent dividend for creditors of the defunct Weston County Bank, at New Castle, will not be bad tidings to many people in that section. This is the second dividend that has been paid by Receiver Storm, the first having been for a like amount and paid several weeks ago. Mack Oil Company has good prospects for bringing in a commercial well at Sheldon dome, near Riverton. First Wall Creek sand was drilled through at 2,650 feet and about 1,000,000 cubic feet of gas released with traces of petroleum. It is now running 65%-inch casing. Location is in section 15-40-101. Purchase by the government of 7,560 acres in Wyoming as an addition to the winter game (elk) reserve, established under a law passed in 1912, is proposed in a bill introduced in Washington by Representative Winter, Republican, Wyoming. Appropriation of $213,150 for acquiring the tract is carried in the bill. Ole Richardson, 15-year-old son of N. H. Richardson of Lingle, was seriously injured by the explosion of a dynamite cap. The boy had found the cap the day before and apparently had been experimenting with it when the explosion occurred. He suffered the loss of two fingers and a thumb, and another finger may have to be amputated later, William Mosteller, well known horticulturalist and beekeeper of Hat Six canon, fifteen miles southwest of Casper, suffered a loss of between $8,000 and $10,000 in the destruction by fire of his residence and greenhouses, including valuable machinery and a considerable amount of new lumber. The loss is the largest resulting from fire in the last year in Natrona county, and was not covered by insurance. Petition for the incorporation of the new Salt Creek townsite in the oil field of the same name may be turned down by the county commissioners as a result of alleged deficiencies in the proceedings pointed out by L. H. Sennett, assistant county attorney. Among other defects, it is alleged, the petition does not contain names of a majority of the residents of the proposed townsite. E. T. Williams Oil Company has been sued in District Court at Casper for an accounting of proceeds from certain lands in Salt Creek and an injunction is asked against disposing of or assigning any of the property involved. Michael C. Clarkson of Denver, former Casper banker, and Roy Minty are plaintiffs in the action which is brought in the name of the E. T. Williams Annex Oil Company. Calling attention to the fact that economy must be the guiding factor, Nellie T. Ross, governor of Wyoming, submitted to the Eighteenth Legislature a budget for 1925-27 that would limit appropriations by this Legislature to a mark below those set by the last three legislatures. A total of $2,430,834.15-a sum equal to the state's estimated income for the next fiscal olennium-will be used to run the state for the next two years, if the budget submitted by Governor Ross is approved. Under the recommended budget, the appropriations would mean a reduction of $721,317.87 from the appropriations made for 1921-23, and a reduction of $17,369.49 from the appropriations made for 1923-25. The entertainment committee of the Cody Club, headed by Chas. J: Lowe, has plans under way for the celebration of the birthday of Col. W. F. Cody, famous showman, scout and founder of Cody. Efforts will be made to hold the banquet in the spacious dining room of the Irma, the hotel built by Colonel Cody, which provides just the proper atmosphere for an occasion of this kind. Feb. 26 is the anniversary of the birth of Cody's former townsman. The Bank of Salt Creek at Lavoye failed to open its doors a few days ago and the institution was placed in the hands of the state bank examiner's department. The bank was organized in 1922 and is capitalized at $18,600. The institution sprang into the limelight in August, 1924, when a spectacular daylight robbery was staged there. I. S. Bartlett, aged 87 years, died in Cheyenne a few days ago. He was a young pioneer and one of the early newspaper men of the state, having been editor of old Cheyenne State Leader. He is credited with having written the best comprehensive history of Wyoming ever composed. The committee of the whole of the Wyoming Senate refused to approve a bill providing for daily Bible reading in the public schools, but later the Senate refused to approve the action