11348. Beatrice Savings Bank (Beatrice, NE)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
September 1, 1896
Location
Beatrice, Nebraska (40.268, -96.747)

Metadata

Model
gpt-5-mini
Short Digest
42f5435aa0cdf6ee

Response Measures

None

Description

Newspapers report that the First National Bank of Beatrice voluntarily closed (Sept 1–2, 1896) and that its closing carries with it the Beatrice Savings Bank, a state institution. The failure is attributed to prevailing financial stringency and three successive crop failures (local agricultural shock). No run on the Beatrice Savings Bank is described; the savings bank is reported as carried into failure/closure with the national bank.

Events (1)
1. September 1, 1896 Suspension
Cause
Local Shock
Cause Details
Closed when First National Bank voluntarily suspended; failure attributed to prevailing financial stringency and three successive crop failures.
Newspaper Excerpt
The closing of the bank carries with it the Beatrice Savings Bank, a state institution ... The failure is due to a variety of causes, largely the result of the prevailing financial stringency and three successive crop failures.
Source
newspapers

Newspaper Articles (2)
1. September 2, 1896 The Morning News Savannah, GA
Article from The Morning News, September 2, 1896

Click image to open full size in new tab

Article Text

A NEBRASKA BANK CLOSED. No Reason Is Assigned-A Savings Bank Goes With It. Beatrice, Neb., Sept. 1.-The First National Bank, the oldest Institution of the kind in the city, supposed to be one of the strongest in the state, voluntarily closed its doors this afternoon immediately following a meeting of the board of directors. Its closing caused much surprise. The capital stock of the bank is $100,000 and surplus and undivided profits $50,000. It is officered by J. E. Smith, president, and S. C. Smith, cashier, and these gentlemen own over $65,000 of the stock. The liabilities of the bank to depositors is $110,000, and the assests are placed at $250,000. The closing of the bank carries with it the Beatrice Savings Bank, a state institution with a paid up capital of $25,000, and a surplus of $10,000. Its deposits amount to $290,000.

2. September 8, 1896 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, September 8, 1896

Click image to open full size in new tab

Article Text

CLOSED ITS DOORS. First National Bank of Beatrice, Neb., Suspends Business, Beatrice, Neb., Sept. 2.-The First national bank, the oldest institution of the kind in the city and supposed to be one of the strongest in the state, voluntarily closed its doors Tuesday afternoon, immediately following a meeting of the board of directors. Its closing caused much surprise. The capital stock of the bank is $100,000, and surplus and undivided profits $50,000. The liability of the bank to depositors is $110,000 and the assets are placed at $250,000. The closing of the bank carries with it the Beatrice savings bank, a state institution, with a paid-up capital of $25,000 and a surplus of $10,000. Its deposits amount to about $290,000. The failure is due to a variety of causes, largely the result of the prevailing financial stringency and three successive crop failures.