11837. State Bank (Minatare, NE)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 23, 1929
Location
Minatare, Nebraska (41.809, -103.504)

Metadata

Model
gpt-5-mini
Short Digest
0208474d7650e12d

Response Measures

None

Description

Articles report the State Bank of Minatare failed to open on February 23 (1929), the department examiner turned the bank over to the Guarantee Fund commission and a receiver (A. E. Torgeson) was appointed for liquidation. Subsequent items describe receivership litigation, asset sales, and dividend payments by the receiver — indicating permanent closure and liquidation rather than reopening. No article describes a depositor run prior to suspension.

Events (6)
1. February 23, 1929 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed to open for business on Feb. 23 and was examined; affairs turned over to Guarantee Fund commission — indicates insolvency/closure.
Newspaper Excerpt
which failed to open its doors for business on February twentythird.
Source
newspapers
2. March 7, 1929 Other
Newspaper Excerpt
A. E. Torgeson ... has been placed in charge of the local institu[tion] which failed to open its doors for business on February twentythird. The bank open now during regular banking hours and patrons the are permitted to get their belongings from the safety deposit vault, to get their statements and cancelled checks. ... turned the affairs of the bank over to the Guarantee Fund commission for liquidation.
Source
newspapers
3. April 2, 1931 Receivership
Newspaper Excerpt
Clarence G. Bliss as receiver of the State Bank Minatare, Nebraska, was plaintiff ... Sheriff's sale ... Dated this 2nd day of April. 1931.
Source
newspapers
4. October 16, 1931 Other
Newspaper Excerpt
The banks involved ... State Bank Minatare ... were the ones referenced in receivers' litigation before the state supreme court.
Source
newspapers
5. April 16, 1932 Other
Newspaper Excerpt
Nebraska supreme court ... sustained the action of District Judge Carter ... appointing A. Torgeson of Scottsbluff as receiver of seven failed state banks ... The seven banks concerned are the State Bank of Minatare ... .
Source
newspapers
6. November 12, 1932 Other
Newspaper Excerpt
A. Torgeson, receiver of the State Bank of Minatare, announces depositors of the bank ... will be paid Nov. 12th ... This the third dividend payment and makes total of twenty per cent paid depositors.
Source
newspapers

Newspaper Articles (11)
1. March 7, 1929 Minatare Free Press Minatare, NE
Article from Minatare Free Press, March 7, 1929

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Article Text

PROSPECTS SEVERAL INTERESTED BANKERS ARE INVESTIGATING A. E. Torgeson Placed in of Charge Assets of Defunct State Bank of Minatare The department of Trade and Commerce, through examiner, Lau, of the books of the State Bank of Minatare last Friday afternoon and turned the fairs of the bank over to the Guarantee Fund commission for liquidation. Torgeson, formerly connected with the First National Bank at Bayard, and until recently in charge affairs of the defunct American State at Scottsbluff has been placed in charge of the local instituwhich faidel to open its doors for business on February twentythird. The bank open now during regular banking hours and patrons the are permitted to get their belongings from the safety deposit vault, to get their statements and cancelled checks. Mrs. Inez Houck, who has been employed as bookkeeper in the bank for the past eral years is retained in the service of the guarantee fund commission. The depositors committee, appointat meeting of the depositors, soon after the bank failure made vain effort to reopen the closed bank, but have been working diligently work out ways and means will best protect the depositors. The mittee composed of E. Clough, Harry Johnson, Hary Conklin, Otto Juergens and Redding. Several persons interested in starting anothbank in this city have been here during the past week in conference with commission heads and the committee. and new bank may be reality within short time acording reports being circulated. officially stated that one application has been filed for new state bank charter and there very strong probability application will filed for National bank charter within few days. ladies aid food and apron sale will be held March 30th at Fry's store. -m7. Carter, district judge, of Gering was Minatare visitor yesterday afternoon. Hill of Alliance visited the home of his sister. Mrs. Clough, in this city yesterday. Dwiggins and Mrs. visited the Whitcomb home in Scottsbluff Saturday. Powel returned Friday from Rapid City, South Dakota, where he had been called by the death of his mother. Chas. Howard and daughter Shirley of Lyman visited Tuesday the Hathaway and E. R. Bollhoefner homes. Art Stempfig and Mrs. Stempfig, of Mitchell spent nesday at the home of Mrs. Faust in this city. Eastern Star Kensington met at the home of Mrs. Tuesday with Mrs. Swindell assistant hostess. E. H. Johnson entertained her Sunday school class at taffy pull, Monday after school. most delightful afternoon was spent. Friday afternoon bridge club met at the home of Mrs. George Webb, last Friday. High score awarded Mrs. Clyde Haring. Aftdelightful afternoon most delicious lunch was served. and Mrs. Morris of Oshkosh, Nebr., speak M. church the evening the 13th of March. The meeting called to organize Queen Esther branch of the Missionary orciety, All girls from 12 years ganization. 18 years of age are eligible to members. Everyone is cordially come invited

2. May 1, 1931 Scottsbluff Republican Scottsbluff, NE
Article from Scottsbluff Republican, May 1, 1931

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Article Text

LEGAL NOTICES NOTICE OF SHERIFF'S SALE Notice is hereby given that pursuant to a decree of the District Court of Seotts Bluff County, Nebraska, entered in certain action therein pending wherein Clarence G. Bliss as receiver of the State Bank Minatare, Nebraska, was plaintiff and Noah Houck and Mar tha J. Houck and Albert Ofnes, were defendants, the undersigned, Sheriff of Scotts Bluff County, Nebraska will on the 4th day of May, 1931, at the hour of one o'clock P. M., at the east front door of the County Court House in Gering. Nebraska, offer for sale and sell at public auction to the highest bidder for cash the following described real estate to wit: CommencIng at a point 32 rode east of the west line of the Southwest quarter of Section eight (8), in township twenty one (21), North Range fifty three (53), West of the 6th P. M. and two rods south of the North line of said quarter section running thence east eight rods (8), thence south twenty (20) rods, thence west eight (8) rods, thence north twenty reds to the point of beginning and known as Lot numbered five (5), in Wiles Addition to East Minatare, Scotts Bluff County, Nebraska. Said sale to be held open for the period of one hour. Dated this 2nd day of April. 1931. 97-1. VINCENT S. RAMSEY, Sheriff.

3. October 16, 1931 The Columbus Telegram Columbus, NE
Article from The Columbus Telegram, October 16, 1931

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Article Text

RECEIVERS Oct. 16 four failed state banks in which Monroe Bolton, former Geneya lumberman, stock. lost in the state supreme court today in tempt hurry collection of contingent claims his estate. County court had approved the executor's final report, but because of contingent claims filed by directed that the propervalued $70,000, be held until order. The supreme court ruled that the secured in county court all the relief to which they were entitled and cannot appeal therefrom. Bolton died in September. 1927, leaving an estate valued at $135,000. The banks involved in the suit were the Citizens State of Geneva, Strang State bank, State Bank Minatare and the State Bank Nelson. Frank Harmer, convicted in Cass county stealing hogs, denied trial by the state's high court today. term of one to three years in prison.

4. October 16, 1931 Fremont Tribune Fremont, NE
Article from Fremont Tribune, October 16, 1931

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Article Text

BANK RECEIVERS LOSE ON APPEAL LINCOLN, four failed state banks Monroe Genstate held stock, lost court Friday attempt to contingent claims against his County court had approved the executor's final but claims filed by ceivers directed that the property $70,000 be held ther order. court ruled that the receivers secured county court all relief which they entilled and cannot appeal thereBolton died in September, leaving estate at $135,000 The in the State of Strang State bank, State Bank Minatare and the State Bank Nelson. Harmer, convicted in Cass was the state's high one to three years prison.

5. October 16, 1931 The Hastings Daily Tribune Hastings, NE
Article from The Hastings Daily Tribune, October 16, 1931

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Article Text

COURT RULES BANKS MUST AWAIT ORDER Can Not Hurry Stock Assessment Claims Against Geneva Man's Estate. Receivers of four failed state banks in which Monroe Bolton, former Geneva lumberman held stock, lost in the state supreme court today in an attempt to hurry collection of contingent claims against his es tate. County court had approved the executor's final report, but because of contingent claims filed by receivers directed that the property valued at $70,000 be held until further order. The supreme court ruled that the receivers secured in county court all the relief to which they were entitled and cannot appeal therefrom. Bolton died in September, 1927, leaving an estate valued at $135, 000. The banks involved in the suit were the Citizens State of Geneva, Strang State Bank, State Bank of Minatare and the State Bank of Nelson. Frank Harmer, convicted in Cass county of stealing hogs, was denied a new trial by the state's high court today. Harmer was sen tenced to term of one to three years in prison. ELECTROCUTE 4 MURDERERS murderers went to their deaths to day in Cook county's new electric chair. A fifth obtained a last minute stay on insanity claims. Frank Jordan, slayer of two po licemen: Charles Rocco, who par ticipated in the killing of a banker during holdup: John Papescu, Rocco's partner in the murder of Courtney Merrill, and Richard Sul livan, co-slayer of a restaurant owner, were the ones to pay the death penalty.

6. November 26, 1931 The Scottsbluff Pioneer Scottsbluff, NE
Article from The Scottsbluff Pioneer, November 26, 1931

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Article Text

Luikhart Files Suit To Oust Torgeson as Failed More fireworks broke out this week in the defunct bank situation in westNebraska, when word was received that E. H. Luikart and Gov. Bryan were filing suit to have Torgeson removed as receiver eleven failed banks in western Nebraska. Torgeson was appointed by Judge E. Carter some time ago. The Governor charges that Torgeson has received more pay than any other bank receiver, and that such excess salary must come out of the depositors' share of recovered funds in failed banks. further declared that banks in of the state would not pay out percent under Torgeson. Mr. Torgeson states that he will be glad to have an investigation of his management of failed banks. He cites several instances where banks he has handled have paid out considerably more than that, as follows Irrigators, Scottsbluff, 57 per cent; American State, Scottsbluff, 58.25; American bank, Mitchell, 50; Bank Bayard, Bayard, 50; Nebraska State, Bridgeport, 55.9; Mitchell State, Mitchell, 35.5; Lyman, 17; State Bank. of Minatare, Minatare, Bridgeport bank, Bridgeport, 16 per cent.

7. December 1, 1931 The Alliance Times-Herald Alliance, NE
Article from The Alliance Times-Herald, December 1, 1931

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Article Text

RECEIVER ISSUE TO THE SUPREME COURT State Bank Department Protests the Appointment of Torgeson by District Judge Right of a district judge to appoint a man other than the secretary of the state department of trade and commerce as receiver for a failed state bank was placed before the Supreme court Tuesday morning when Governor Bryan's banking department appealed from refusal of District Judge Carter to name E. H. Luikart as receiver for five failed banks in Scotts Bluff county. The five banks, State bank of Minatare, Mitchell State bank, Irrigator's bank, Scottsbluff. Lymar. State bank and American bank, Mitchell, were ones in which Judge Carter appointed A. E. Torgeson as receiver instead of Luikart. The western judge discharged Clarence G. Bliss as receiver following submission of final reports but denied the application of Luikart for appointment as receiver. Torgeson, who had been assistant receiver of the banks, and who was held by the court to be familiar with their affairs and competent to administer the receiverships, was named instead.

8. April 16, 1932 Norfolk Daily News Norfolk, NE
Article from Norfolk Daily News, April 16, 1932

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COURT SUSTAINS OF DISTRICT JUDGE ER OF GERING Lincoln, April braska supreme court today tained the action of District Judge Carter of Gering appointTorgeson Scottsbluff failed state banks the Seventeenth judicial district. Judge Carter had refused the plication secretary the trade to be made succeeding Bliss, his predeoffice. The supreme court held that where liquidation state bank conducted in court equity the procedure judicial and executive. The court also ruled that the appointment of receiver should not be or controlled the governor legislature. the imperative duty of the judicial protect its jurisdiction the boundaries of power fixed the constitution, the court legislative for the appointment the of the department trade and receiver all state must regarded as merely legislative the court, opinion stated. Otherwise this would the court finds. The decision of the court terminates controversy between banking department officials, Gov. Bryan Judge Carter. Torgeson was receiver the banks when Clarence Bliss, former secretary of the department trade resigned Radke, counsel for the receivership division, applied for the of Luikart, but refused by Judge Carter. Judge Carter announced would consider substitution of Luikart Bliss until assured Governor Bryan would not interfere Luikart receiver. Torgeson subsequentnamed. The seven banks concerned the today the State Bank of Minatare, Mitchell State bank, the Irrigators' Bank of Mitchell, the Nebraska State Bridgeport, the Bank Bayard. eighth bank the Seventeenth district turned Torgeson was the Bridgeport bank. cause properly before court of equity for the court added the appointment of judicial which cannot be exercised controlled the governor Bryan today declined discuss the court decision until he studied Secretary Luikart also was reluct said far physical concerned and there's lot of with no extra Radke, receivership counsel, immediately announced he would ask the court rehearing and would submit brielf support of motion within few days. Referring the decision said means the return the abandoned method of appointing independent receivers. 'According ruling," added. may may appointed receiver failed bank. The matter purely the control of the

9. April 16, 1932 The Omaha Evening Bee-News Omaha, NE
Article from The Omaha Evening Bee-News, April 16, 1932

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COURT FIGHT LOST BY CASES Decision Upholds Torgeson as Liquidation Officer in 17th District LINCOLN, April 16, Nebraska supreme court Saturday sustained the action of District Judge E. F. Carter of Gering in appointing A. Torgeson of Scottsbluff as receiver of seven failed state banks in the Seventeenth judicial district. Judge Carter had refused the application of E. H. Luikart, secretary of the state department of trade and commerce. to be made succeeding Clarence Bliss, his predecessor in office. The supreme court held that where liquidation of state bank conducted court equity the procedure is judicial and not The court also ruled appointment of receiver should not be made controlled by the governor legislature. the imperative duty of the judicial to protect its jurisdiction the boundaries power fixed the constitution, the declared legislative act providing for appointment of the secretary department of trade and commerce receiver for all insolvent state banks must be regarded merely legislative recommendation the court, the opinion stated. Otherwise this act would unconstitutional, the court finds. decision terminates con troversy between state banking officials, Governor Bryan and Judge Carter appointed receivof the banks when Bliss. of the department of trade and resigned. Radke, counsel for receivership division, applied for appointment of Luikart. Judge Carter refused to consider this unless assured Bryan would not interfere with Luikart ceiver Torgeson subsequently was The seven banks concerned are the State Bank of Minatare. Mitchell State bank. Irrigators Bank of Lyman State American Bank Mitchell braska State Bank of Bridgeport and the Bank Bayard eighth the Seventeenth district turned Torgeson was the Bridgeport bank. Bayard A. Paine and L. Day dissented from the supreme court decision.

10. April 21, 1932 The Times-Tribune Beaver City, NE
Article from The Times-Tribune, April 21, 1932

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Courts Only Have Power To Select Banks' Receivers Declaring that the imperative duty of the judicial department government protect its jurisdiction the boundaries of power fixed and that the naming state bank receivers judicial function which cannot be exercised controlled the governor the supreme court urday upheld the action of District Judge Carter Morrill in refusing name secretary trade and commerce, receiver the State bank, Irrigators bank Bridgeport, Lyman State American State bank Nebraska State bank State Bank of Minatare and Bank Bayard The in an opinion written Rose, that providing that secretary trade and commerce shall be the of all insolvent more than pending equity for the liquidat bank, than legislative the judiciary point the enact ment would be an judicial power. Judge the only district judge refused name when latter succeeded He appointed Torgeson, who had been under Bliss, on the ground that having had charge the liquidation of these seven banks he a better sition all interests than Luikart who must necessarily to handle their liquidation. The court points out in its decision that the statutes nowhere provide the liquidation of state banks without invoking the judicial power the and the legislature has never granted to any executive administrative board, department tribunal authority wind of banks without invoking the of the court. The law that the secretary of trade and commerce shall report bank's insolvency to the attorney general, shall ask the courts name receiver, and then proceeds to tell the court shall name the secretary as receivUse of the courts for purposes liquidation has been the universal practice both before and after the under discussion was passed. law makers themselves judicial sale barn the Teeter Stock Co., which has done business during the fall and and which has attracted large crowds to Beaver City every Friday afternoon, closed last Friday for the summer. Sales are limited during weather and would be warm profitable conduct the sale until early fall. when will re-opened and conducted as hereto-

11. November 10, 1932 Minatare Free Press Minatare, NE
Article from Minatare Free Press, November 10, 1932

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STATE BANK RECEIVER TO PAY 5% DIVIDEND NOV. 12 Will Be Paid Depositors in 5% Payment Now 29% A. Torgeson,, receiver of the State Bank of Minatare, announces depositors of the bank, on Sat November 12th. The made the First National Bank on certificates This the third dividend payment and makes total of twenty per cent paid depositors. The amount of the ment to be made Saturday $9,310.-