11747. First National Bank (Laurel, NE)

View Charter #9793 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
9793
Charter Number
9793
Start Date
February 1, 1928*
Location
Laurel, Nebraska (42.429, -97.090)

Metadata

Model
gpt-5-mini
Short Digest
c14dbf989c6aec22

Response Measures

None

Receivership Details

Depositor recovery rate
74.8%
Date receivership started
1928-02-02
Share of assets assessed as good
1.6%
Share of assets assessed as doubtful
17.2%
Share of assets assessed as worthless
81.2%

Description

Articles describe the First National Bank of Laurel having closed in February 1928 and a federal receiver (George Cronkleton) suing officers in early 1929 for improper handling of assets. No run is mentioned; the bank was closed and placed in receivership, so this matches a suspension leading to permanent closure. Laurel National Bank (a separate institution) is also discussed (closed May 1927). Dates are taken from the OCR text (Feb 1928 closure; receiver suit filed Feb 1929).

Events (5)
1. June 20, 1910 Chartered
Source
historical_nic
2. September 18, 1925 Voluntary Liquidation
Source
historical_nic
3. February 1, 1928* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Receiver alleges bad banking and improper handling of assets; capital impaired before they closed.
Newspaper Excerpt
the Laurel National closMay 1927 and the First tional February 1928.
Source
newspapers
4. February 2, 1928 Receivership
Source
historical_nic
5. February 2, 1929 Receivership
Newspaper Excerpt
suit in equity filed by receiver George Cronkleton against officers and directors of the First tional bank of Laurel, Nebr., ... Cronkleton asks for an accounting from officers ... claiming that most these assets were lost through improper handling the officials.
Source
newspapers

Newspaper Articles (2)
1. February 2, 1929 York News-Times York, NE
Article from York News-Times, February 2, 1929

Click image to open full size in new tab

Article Text

FILES EQUITY SEEKING ACCOUNTING FROM BANK OFFICERS Receiver Charges Bad Banking in Suit Against Officers of Laurel Banks. bankand charges that they did not ing conduct their banks in accordance national banking act, are tained in suit in equity filed by ceiver George Cronkleton against ficers and directors of the First tional bank of Laurel, Nebr., and the Laurel National bank in federal court here today. Cronkleton asks for an accounting from officers of the First National and from Laurel National, claiming that most these assets were lost through improper handling the officials. Capital stock of both institutions admittedly impaired before they closed their doors, Cronkleton charand the reserve had dwindled ges, nothing. The Laurel National closMay 1927 and the First tional February 1928. Those named in the suit follow: the Laurel Wilson, Johnson, Thomas Berge, Voter. Wilson, Bessire, Charles Ebmeier and Felber, who executor for John Felber. deceased. First D. Coburn, Phil Most, Wickett, Charles Jordan and George Wright. BILL REPORTED Feb. The army housing bill passed by the house last May was favorably ported Friday by the senate military

2. February 7, 1929 Cedar County News Hartington, NE
Article from Cedar County News, February 7, 1929

Click image to open full size in new tab

Article Text

MARSHALL SUBPOEANS SUIT BROT AGAINST OFFICERS AND DIRECTORS OF TWO BANKS AT LAUREL Deputy United States Marshall Gannon, of Norfolk, served subpoenas officers and directors failed First bank and Laurel National bank, The suit for which the federal subpoenas filed in Omaha Saturday George Cronkleton, National bank receiver Laurel, in an effort collect $395,208 from the officers directors of both banks for the depositors. One suit for $265,174 is brot against Guy Wilson, president and other officers and directors the Laurel National bank, cluding Felber, executor the estate of Voter, the estate of Wilson, Bessire, Charles meier, and Thomas Berg. filing suit, Cronkleton charged that the officers directors knew bank's financial condition away in January, 1922, and that thru poor business they of responsible for the bank's failure. The other suit, for $130,034, brot against McCornack, president the First National bank of Laurel, and officers and directors, Phil Most, George Wright, Charles Jordan, Coburn, Bruce, and Wickett.