11465. First National Bank (Carroll, NE)

View Charter #5957 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5957
Charter Number
5957
Start Date
July 23, 1925
Location
Carroll, Nebraska (42.276, -97.189)

Metadata

Model
gpt-5-mini
Short Digest
3e445eed6a9afb11

Response Measures

None

Receivership Details

Depositor recovery rate
10.2%
Date receivership started
1923-08-13
Date receivership terminated
1928-10-15
OCC cause of failure
Economic conditions
Share of assets assessed as good
25.4%
Share of assets assessed as doubtful
42.5%
Share of assets assessed as worthless
32.1%

Description

Newspaper articles indicate the First National Bank of Carroll failed and a receiver was appointed (receiver retained an office in the former bank building). Multiple articles discuss the failed bank and state funds lost to its receiver (1927 suit references, 1929 mention). There is no description of a depositor run; instead the bank is described as failed and in receivership. Therefore this is a suspension/closure with receivership.

Events (5)
1. September 6, 1901 Chartered
Source
historical_nic
2. August 13, 1923 Receivership
Source
historical_nic
3. July 23, 1925 Suspension
Cause Details
Bank had failed and a receiver was in charge; articles do not specify a triggering run or government-ordered closure or specific insolvency cause.
Newspaper Excerpt
The receiver of the First National Bank will retain an office in the building
Source
newspapers
4. October 11, 1927 Receivership
Newspaper Excerpt
the failed National bank of Carroll ... judgment was entered against H. Randall, receiver. The bank is alleged to have few assets in sight.
Source
newspapers
5. January 10, 1929 Other
Newspaper Excerpt
recover $4,000 of state treasury funds deposited in the First National bank of Carroll and lost when that bank failed.
Source
newspapers

Newspaper Articles (7)
1. July 23, 1925 The Carroll Index Carroll, NE
Article from The Carroll Index, July 23, 1925

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Article Text

CARROLL STATE BANK IN NEW LOCATION The Carroll State Bank moved Tuesday into their new location, in the building formerly occupied by the First National Bank, and are now ready to serve the publie in a more efficient manner than ever before in the history of the State bank. The new location gives the officers and employees a modern banking house, in which to serve their patrons, with all the conveniences of a city bank. The building was purchased at public auction a short time ago for the consideration of $15,000 including all fixtures. The officers who will serve the public are as follows: Howell Rees, president. A. F. Huwaldt, vice-president. Edward Huwaldt, cashier. V. G. Williams and Leslie Belford will continue as employees of the bank. The receiver of the First National Bank will retain an office in the building which will be taken care of by Miss Lena Stewart as in the past. Miss Stewart has put in her resignation to take effect August 1st, as she will go to Newman Grove when the school year begins to fill the position as principal of the Newman Grove public schools.

2. February 3, 1927 The Wayne Herald Wayne, NE
Article from The Wayne Herald, February 3, 1927

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Article Text

To Kiwanis McRoberts Urges of Golden Rule All Dealings. Explains His Work Tells of Manner Which National Bank Are Conducted. McRoberts, receiver of the closed Citizens National bank Wayne, spoke to Kiwanians Monday following noonday luncheon, on the subject of Golden Rule in He explained about the appointment of national bank receivers and their duties. Nothing will solve difficulties between between tions, asserted Mr. application of the golden Mr. McRoberts receiver for banks in Pilger, Schuyler and Carroll, besides here. has just been appointed to take charge bank at Knoxville, also. Receivers by the comptroller of the currency and they are because of manifested ability and efficiency. In past held his years position by political favor. Merit choice. Mr. McRoberts also explained that one man can handle several banks when they close enough are together. This increases the dividends to be given depositors. The men in charge of the bank liquidate all the paper possible to the time take to finish any bank's business thus varies the receivers try pay depositors as nearly in full possible. Attorney's fees in national bank cases now fixed. This reduces expense. McRoberts ciation the cordial and Mrs. McRoberts given in Wayne.

3. October 11, 1927 Lincoln Journal Star Lincoln, NE
Article from Lincoln Journal Star, October 11, 1927

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Article Text

FROM TODAY'S MORNING JOURNAL STATE TREASURER MAY FILE A SUIT WILL BE GOVERNED BY ADVICE OF SPILLMAN. Test Case to Determine Liability of Official Bonds of Two Former Treasurers May Be Started. Whether the state shall institute sult for the recovery $4,000 of state funds on deposit the failed National bank of Carroll being by State TreasStebbins. He accepted the deconditionally when he his office the first of the year. accepted subject to collection. The supreme court gave decision July holding that the personal bonds given bankers state was not liable for the money was really in certificates of deposit and not state deposit and the bond which had been approved by Attorney General Spillman, Charles W. Pool, secretary of state and Charles W. Bryan. then governor, was liable only for deposit of state not for what proved to be, according to transaction between D. Robinson, state treasurer, and C. D. Cropsey, former state treasurer, only investment in certificates of deposit issued by the failed bank. State Treasurer Stebbins said Monday, when asked how he tends to collect the money, that he would act upon the advice Attorney Spillman's and that he would have, to obtain an opinion from that department before he could say what course would pursued. suit against the bond of elther Cropsey Robinson the ceiver of the failed bank may be according to discussion at the capitol. The bank is alleged to have few assets in sight. The supreme court, in deciding against the recovery of the state from the bank gave the state judgment against the bank receiver. The bond of former Treasurer Cropsey for five years and this period expires next January. The state has certificates of posit for $4,000 against the failed bank. In 1922 Treasurer Cropsey had $12,000 deposit, guaranteed by the Lion Bonding company. When the bonding company failed he demanded his money. The bank could not pay, secured his consent the substitution of personal bond signed by R. Thomas, John Davis, Alfred Thomas and Thomas. Later It paid off the posit, and still later received $4,000 more from the state as deposit, the personal bond being continued to it. At the expiration of his term office Mr. Cropsey held these certificates for each, and settlement with his Robinson, he retained these own property. He for money on deposit by giving Robinson his check. Ten days later he had the certificates renewed by the bank, and he turned in to Robinson, who gave him his check. The court held that this constituted an investment of state funds in certificates owned by Cropsey, and is not deposit money in the bank by Robinson during his term of office, and as the depository bond was given to repay only deposits belonging to the state, the signers are not liable for the payment of the certificates. The bank, however, having issued them, must and judgment was entered against H. Randall, receiver. The court says Robinson never made deposit, and as the bond was to repay deposits made by Robinson did not secure the renewal certificates, the bondsmen cannot be held.

4. October 11, 1927 Lincoln Journal Star Lincoln, NE
Article from Lincoln Journal Star, October 11, 1927

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Article Text

TREASURER MAY FILE SUIT WILL BE GOVERNED BY ADVICE OF SPILLMAN. Test Case to Determine Liability of Official Bonds of Two Former Treasurers May Started. Whether the state shall institute suit for the recovery of $4,000 of state funds on deposit failed National bank of Carroll being by State TreasStebbins He accepted the when he office the the year. accepted subject to collection. gave decision holding persona' bonds liable money an and not state posit and the bond which had been approved General state and Charles then for deposit state not for proved to according transaction between Robinstate treasurer, and Cropsey, former state in deposit issued by the failed State Treasurer Stebbins said when asked how he proceed collect the money, that he would act upon the Attorney General Spillman's department and that he would obtain opinion that department before could what course would pursued. against the bond of either Cropsey or the celver the failed bank the capitol. The bank few assets sight. The court, deciding the of the state from bank bondsmen, the against the bank bond former Treasurer Cropsey for five years this period expires next Janstate has certificates of $4,000 against the bank. 1922 Treasurer Cropsey had $12,000 deposit, guaranteed Lion Bonding company. When bonding company failed manded The bank could pay, and secured his consent substitution personal bond signed Thomas, John Alfred Thomas and Thomas. Later paid off the and still later received $4,000 more from the state as deposit, personal bond being continued the expiration of his term of office Mr. Cropsey held these four certificates for $1,000 each; and settlement his successor, Robinson, retained these property. He for deposit by giving Robinson his personal certificates

5. October 11, 1927 Lincoln Journal Star Lincoln, NE
Article from Lincoln Journal Star, October 11, 1927

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Article Text

FROM TODAY'S MORNING JOURNAL TREASURER MAY FILE A SUIT WILL BE GOVERNED BY ADVICE OF SPILLMAN. Test Case to Determine Liability of Official Bonds of Two Former Treasurers May Be Started. Whether the state shall institute for the of $4,000 of state funds on deposit in the falled National bank Carroll is being considered by State Treasurer Stebbins He accepted the deposit conditionally when he took his office the first of the year It accepted subject to collection The supreme court decision July holding that the personal bonds by bankers to the state was not liable for the money was really an certificates of deposit and not state de posit and the bond which had been approved by Attorney General Spillman, Charles W Pool, secre. tary of state and Charles W Bryan then liable only for deposit of state funds. not for what proved to be, according to transaction between Robinson, state treasurer. and D an in certificates of deposit issued by the failed State Treasurer Stebbins sald Monday, when asked how he intends proceed to collect the money, that be would act upon the advice Attorney General Spillman's department and that he would have obtain an opinion from that department before he could what course would pursued suit against the bond of either Robinson the ceiver the failed bank may contemplated. according to discusthe capitol The bank alleged to have few assets sight court, in deciding against recovery the state from the bank bondsmen, gave the state judgment against the bank receiver The bond of former Treasurer Cropsey for five years and this period expires next January. The state has certificates of deposit for the $4,000 against the failed bank. 1922 Treasurer Cropsey had $12,000 deposit, guaranteed the Lion Bonding company. When the bonding failed he demanded money The bank could not secured his consent substitution personal bond signed by Thomas, John Davis, Alfred Thomas and Thomas Later paid off the dePosit, and still later received $4,000 more from the state as deposit. the personal bond being continued At the expiration of his term office Mr Cropsey held these four certificates for $1,000 each, and settlement his successor, Robinson, retained these his own property. He accounted for money on deposit by giving Robinson his personal check. days later he had the certificates renewed by the bank, and he turned these in to Robmson, who gave him his The court held that this constituted an investment of state funds deposit of money the bank by Robinson during his term of office. and as the deposi tory bond was given to repay only deposits belonging the state, the signers are not liable for the pay. ment of the certificates. The bank, however. having issued them, must pay. and judgement was entered against H receiver. The court says Robinson never made deposit. and the bond was to repay deposits made by Robin and did not secure the of renewal certificates, the bondsmen cannot be held.

6. January 10, 1929 Superior Weekly Journal Superior, NE
Article from Superior Weekly Journal, January 10, 1929

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STATE TO ANSWER BANKS Attorney General Sorensen is preparing an answer to the suit filed by bankers who are resisting the special assessment levied under the bank guaranty law last December. He said the answer would be filed in the district court of Lancaster county Monday. His special council in this case are Edgar Ferneau of Auburn, chairman of the republican state committee, and C. E. Abbott of Fremont. The petition intervention filed in this case Friday by a depositor at Humboldt, while friendly to the side of the state, was not drawn or filed by the attorney general's office. One of the matters left by the Spillman administration for the new attorney general to look after is some action to recover $4,000 of state treasury funds deposited in the First National bank of Carroll and lost when that bank failed. The supreme court gave judgment for the state against the receiver who has no funds left, but held that the money was not a state deposit but was an investment of state funds. The transaction was between former treasurers, C. D. Robinson and D. B. Cropsey.

7. February 23, 1933 The Schuyler Sun Schuyler, NE
Article from The Schuyler Sun, February 23, 1933

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Serving Jail Sentence Tony Chilelly, Schuyler pool hall operator, appeared in county Thursday, on complaint of County Attorney Otradovsky which defendant was charged with sale and possession intoxicating liquor. The complaint recited that sale of liquor made to Federal Agent Walter Cunniffe, Jan. and raid by federal agents on Feb. in the confiscation alleged liquor. Chilelly pleaded guilty to the charges as recited and Judge Roether assessed fine of $200 and costs, or sixty days in jail. The defendant reported to Sheriff ther, Monday evening, and began his sentence in the Colfax county jail. The department of trade and announces the reopening of banks at Humphrey, StaCarroll and Murdock plehurst, which have been suspended recentnew 1933 Nebraska banklaw made possible for these banks to open for business. The banks and their depositors are quired sign contracts which provided that old depositors will paid exceed per cent month that new deposits will be kept separate and held trust This enables prompt and safety to patrons. The photo you miss now be retaken later. You will ong in vain for even little picwhen too late you realize that did not have any taken. Let convince you how our prices meet the depression and fully guaranteed. The Studio, Schuyler, Nebr.