11406. Nebraska State Bank (Bloomfield, NE)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
February 1, 1929*
Location
Bloomfield, Nebraska (42.599, -97.646)

Metadata

Model
gpt-5-mini
Short Digest
f5f60b2f403e18a5

Response Measures

None

Description

Articles state the Nebraska State Bank (Bloomfield) was closed in Feb. 1929 and later reorganized and expected to reopen under new management (article Apr 11, 1929 mentions new cashier and bank organization; May 9, 1929 mentions Bloomfield reopen). OCR errors in Article 1 were corrected (e.g., references to the 'defunct Nebraska State Bank' and 25% on deposits/doubtful paper). No explicit bank run is described; closure appears due to bad/doubtful paper (adverse bank-specific assets) and reorganization led to reopening.

Events (3)
1. February 1, 1929* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed in Feb. 1929 after problems with doubtful paper / impaired assets (references to 'doubtful paper' and 25% on deposits).
Newspaper Excerpt
was closed Feb. Nebraska. The 1929.
Source
newspapers
2. April 11, 1929 Other
Newspaper Excerpt
Morten will probably leave that this week to assume duties... The bank has completed organization open for week the directors, Steve Morten elected cashier; ... new Bloomfield bank. ... the defunct Nebraska State Bank ... reorganized under the new ... Bloomfield reopen its doors (Apr and May articles).
Source
newspapers
3. May 9, 1929 Reopening
Newspaper Excerpt
there are many ... confidence revive closed institutions today ... the Nebraska State Bank ... Bloomfield reopen its doors. ... Reorganized under the new ... Bloomfield reopen its doors.
Source
newspapers

Newspaper Articles (2)
1. April 11, 1929 The Hartington Herald Hartington, NE
Article from The Hartington Herald, April 11, 1929

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Article Text

MORTEN IS BANK CASHIER Influential Hartington People Will Move Where They Live Hartington will lose another its families, Mr. and Mrs. Morten they make their future home where Morten will be cashier new Bloomfield bank. Morten will probably leave that this week to assume duties, his wife and daughters, Misses Florence Dorothy, remain here until the close of the school term. The bank has completed organization open for week the directors, Steve Morten elected cashier; sistant Leo McCourt Lang, bookkeepers. Gossard president Fred Mueller. president. defunct Nebraska State Bank agreed 25 per cent their posits the doubtful paper the paper can clearNebrasBank can any one time the This prevent Morten daughters, are Hartington High have especially active the business and of this Morten republiand served for years chairman of the county central committee.

2. May 9, 1929 Norfolk Daily News Norfolk, NE
Article from Norfolk Daily News, May 9, 1929

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Article Text

REPORT FINDINGS TO WILL COMPANY IN HIS HOMA Neligh. Neb., May to The News: Harry Osborn, president of the North Central Development Drilling company of Stoux City, the company that putting down the test well Bassett, has been Neligh and vicinity making of the what survey county oil were here. He the stated that he expected to come back and complete the goover the county and spend had to say concerning what he nothing thought of the prospects, except would report what he found that the company geologist in homa and would be his report that final conclusions would be based. He paid no attention to surface but went carefully over the sections visited. Mr. Osborn carries him instrument which when perfectly level and distance from wire fences or electric wires gives certain readThese carefully notes along with the location the setting. He reading with the every two miles. The CAPITAL CONTRIBUTED readings of the doubtFORTY FARMERS AND to the man BY but the BUSINESS MEN mortal mean no more than Lincoln, Neb., May Chinese failed Nebraska The shallow well put down in State bank under this vicinity some time ago showed which provid- favorable signs and there are many 85 percent may people here have confidence revive closed institutions today that oil will be found around this the Nebraska State Bank and this given more credBloomfield reopen its doors. ence by the recent change of As revamped the bank has paid Professor Condra the state capital and new sur who $10,000. was closed Feb. Nebraska. The 1929. present parties were brought here Reorganized under the new through the fashioned after Minnesota Melick.