11861. Atlas Bank (Neligh, NE)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 16, 1925
Location
Neligh, Nebraska (42.129, -98.030)

Metadata

Model
gpt-5-mini
Short Digest
c9dd3f2ae7f01ac8

Response Measures

None

Description

Articles describe Atlas Bank (referred to as Atlas State Bank in one article) being in the hands of a receiver, asset sales, and final winding up; no newspaper text describes a depositor run. Receiver and court actions indicate failure and receivership (government action) and permanent closure.

Events (7)
1. January 16, 1925 Receivership
Newspaper Excerpt
Receiver ordered to convey to petitioners ... Receiver has received rents and paid prior liens ... Receiver directed to report on above claims on or before Feb., 9. 1925 and hearings thereon set for Feb. 16. 1925.
Source
newspapers
2. January 16, 1925 Suspension
Cause
Government Action
Cause Details
Bank is in receivership and subject of court claims; receiver handling claims and asset dispositions.
Newspaper Excerpt
State of Nebraska ex rel O. S. Spillman. attorney general vs. Atlas bank of Neligh: application ... Receiver directed to report on above claims
Source
newspapers
3. February 6, 1925 Other
Newspaper Excerpt
The Receiver of the Atlas Bank is going to sell 4 nice homes and a business building in Neligh at Auction Friday, Feb. 6th ... Autos will leave the Atlas Company office at 1 o'clock and drive to each property as it is sold.
Source
newspapers
4. December 18, 1925 Other
Newspaper Excerpt
The affairs of the Atlas bank are now about wound up. All but three pieces of real estate ... have been sold and practically all the notes have been collected ... The receiver expects at an early date to sell the remaining assets at public auction and proceed to wind up its affairs.
Source
newspapers
5. August 15, 1927 Receivership
Newspaper Excerpt
NOTICE Anybody owing the Neligh State Bank or Atlas Bank of Neligh, now in the hands of a receiver, are advised that they can bid on their notes at the sale of these assets which will be held on the 15th day of August ... the receiver at this time is going to make an honest effort to sell these assets ... Rollie W. Ley, Receiver.
Source
newspapers
6. December 27, 1929 Other
Newspaper Excerpt
Bank Probers Ask for Information Concerning Atlas Bank Receivership ... Shellenberger ... has got around the affairs of the Atlas Bank Neligh. He has sent to H. clerk of the district court for amount information ... records.
Source
newspapers
7. August 21, 1930 Other
Newspaper Excerpt
The largest payment from the guaranty fund to any failed bank was to the Atlas Bank of Neligh, which received $809,348.89.
Source
newspapers

Newspaper Articles (10)
1. January 16, 1925 Neligh Leader Neligh, NE
Article from Neligh Leader, January 16, 1925

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Article Text

MATTERS IN DISTRICT COURT Judge Welch Disposes of Considers- ble Business. Session of the district court was held January 9. Judge Anson A. Welch presiding and the following business was transacted: State of Nebraska ex rel O. S. Spillman. attorney general vs. Atlas bank of Neligh: application of Walter H Goff for leave to file claim out of time with claim attached. considered such claim. Application of Harry H. Krebeck et al. to file claim out of time sustained, applicants given ten days. to file same. Application of The State Savings and Loan Association for leave to file claim out of time suetained. Receiver directed to report on above claims on or before Feb., 9. 1925 and hearings thereon set for Feb. 16. 1925. Motion of Pioneer Ins., Co., for new trial on its claim No., 467 overruled. Claimant excepts. Trial on petition of the Omaha Trust Co., Geo. N. Seymour and J Melick based on notes of Karel Kmock Finding. for Petitioners. Receiver ordered to convey to petitioners J. Melick and Geo. N. Seymour the land in controversy and assign to them the lease of same for 1924 and pay to petitioners the cash received on rent for 1924. Supersedeas bond fixed at 00. Conditioned as required by law. Motion for new trial overruled Receiver excepts. Trial on petition Omaha Trust Co. Geo. N. Seymour and J. J. Melick on notes of Thos. H Serck and Thos. C. Kirk assigned as collateral, Finding that land was conveyed to Ray Swanson for bank in payment of Serck and Kirk notes and such conveyance reported by petitioners. Bank and Receiver has received rents and paid prior Hens on said land. leaving balance on payment of which with interest to receiver he Is directed to convey the land to petitioners. Louisa L. Babcock VS Alma Nuerenberger. et Sale confirmed. Deed ordered Proceeds ordered applied first in payment of costs. Balance on plaintiffs decree. Blanche B. Gibson vs Dewey V. Gibson defendant defaulted: Trial to court Finding for plaintiff. Decree of divorce as prayed. Peters Trust Co., VS Noe E. Ross, et al- Objections to sheriff's sale overruled. Sheriff's sale confirmed. Deed ordered. Defendants except. Supersedeas bond fixed at 1.000 00. The Prudential Life Ins., Co., VS Jesse L. Freeman, et al. Motion for new trial by Seymour and Melick on cross-petition of Effie B. Freeman sustained. Decree in her favor set aside and new trial granted thereon. Sale thereunder set aside. Defendants Melick and Seymour given wenty days to answer cross-petition of Effie B. Freeman. Thirty days to answer continued. The Conservative Savings and Loan Assn., vs Thomas J. Adams, et al. Sheriff's sale confirmed. Deed OF-2 ered. Proceeds ordered applied, first in payment of costs, balance on plaintiffs claim. Oakdale Bank of Oakdale, Nebr. vs Carsten Peterson, et al.- Stock Yards National Bank given leave to file petition in intervention instanter. By request of defendants. Sixty days given them in which to answer same Conservative Savings and Loan As sociation VS Jacob Hoerle, et al. Trial to court on cross-petition of Lois Mill er except as to personal liability of Maggie P. Hoerle Finding for crosspetitioner Decree of foreclosure and sale as prayed. Passed for trial as to personal liability of Maggie P. Hoerie for any deficiency. O. Williams V8 Chris Burkley et al.- Dismissed by Plaintiff at plaintiffs costs. Neligh Investment Co., VS Mary E. Bertram. et al.- Plaintiff dismisses as to 8th and 9th causes of action Charles E. North VS Ralph Van Auker. et at- Dismissed by plaintiff at plaintiff's costs. United States Trust Co., vs Frank Veber et al.- Elgin State Bank given leave to file petition in intervention Katie Schutt. et al. vs Carsten Petersen et al.- Defendants defaulted on petition of plaintiff. Finding for plainlien and sale. Passed for hearing on United States Trust Co., V8 Della L. Ludwick. et at. All defendants exept Seymour defaulted on petition. Trial to court. Finding for plaintiff Dora Krebs vs Fred Olmsted, et al.All defendants defaulted on petition except Frank B. Skinner All defendents cross-petition defaulted thereon. Trial to court. Finding for plain. (iff and cross-petitioner Decree of foreclosure and sale as prayed Hugo Thissen et at vs Caroline Smith et al. motion of defendants Margaretha Thadden et at for an or. der directing clerk to pay money in his hands belonging to them as proceeds of sale of their respoctive in. terests in various lands. so ordered Penn Mastral Life Insurance Co. va Henry Thomsen et al leave given for mendment of return of sheriff to Anding for plaintiff decree of divoree as In the matter of the application of Trial to court on petition and return and finding for respon leat said Warpersodens bond denied Motion for new trial overruled. The following new cases have been filed with the clerk of the court J. H Medin as guardian of estate

2. January 29, 1925 Neligh News Neligh, NE
Article from Neligh News, January 29, 1925

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Article Text

DO YOU OWN A HOME If not now is the time to own one. The Receiver of the Atlas Bank is going to sell 4 nice homes and a business building in Neligh at Auction Friday, Feb. 6th-here will be one of the greatest opportunities of 1925 to own a home at a bargain. R. J. Forsyth has the management of this sale and will be glad to go over the proposition on any one of them. Watch for the big bills for full description and terms, or phone the sale mgr.. Autos will leave the Atlas Company office at 1 o'clock and drive to each property as it is sold. Dava Anderson of St. Edward was in Neligh on business Wednesday. Insure your property today through the Neligh State Bank, tomorrow may be too late. Supervisors Mitchell, Stringfellow and Grenamyre were in Neligh on county road business Tuesday. Spring work time will soon be here. How are your work shoes- There's a reason for Wyenbergs.-Sellerys. Don't miss out, after inventory clean up on corsets, big specials at 98c, $1.98 and $2.98.-Wolfe & Bro. F. C. MacDonald of Omaha, a former resident of Neligh, was here on business for the Deep Rock ON Co., on Tuesday. Miss Hazel Sowders has accepted a position with the local telephone company at Riverton, Wyoming, and left for that place last Thursday. Look men, 250 all wool samples in our new spring style book, made to your measure suits at $32.50. Step in and look them over.-Wolfe & Bro. Have your harness oiled and repaired now while we have the time to do you a good job. Mr. O. Truax will look after this department again this year and will be assisted by Mr. Wm. Finicle.-The Union Store, Phone 17. The Elkhorn Valley Creamery has discontinued the delivery of milk and cream in Neligh after a trial of three weeks. Mr. Neson says the people of Neligh would rather save the two cents a quart than to pay for having it delivered, and he wants to do what his patrons wish in the matter. A. J. Nelson, proprietor of the Elkhorn Valley Creamery says that the receipt of cream has greatly increased during January and that farmers are learning the great revenue of daiying in conjunction with farming. He thinks the dairy business this year will amount to a great deal more than last year.

3. October 27, 1925 Lincoln Journal Star Lincoln, NE
Article from Lincoln Journal Star, October 27, 1925

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Article Text

COMPANY CLAIM REJECTED Pioneer Insurance Corporation Denied Repayment From Guaranty Fund of Deposit. The supreme court Monday held that the Pioneer Insurance company was not entitled to repayment from the guaranty fund of certificate of deposit holds for $1,000 in the failed Atlas State bank of Neligh. Some years ago, the bank was in sore need of funds, and offered to pay W. L. McAllister a bonus if he could get some additional deposits He secured $7,000 from the Pioneer company, under an agreement with its president, E. C. Folsom, that he would split his $1,000 commission with him. Certificates for $8,000 were issued, and McAllister paid $500. All of the certificates were later cashed save the one in question. Tc balance the transaction on the books note for $1,000 by one Pitzer was put in the bank. The court holds that the bonus was not consideration for the note, and tha the $1,000 certificate was 80 interlocked with the others as to constitute one transaction, all of them drawing the maximum rate the legal effect of -Nich was to pay a higher Interest on the, $7,000

4. December 18, 1925 Neligh Leader Neligh, NE
Article from Neligh Leader, December 18, 1925

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Article Text

CLEANING UP ATLAS BANK Shop The affairs of the Atlas bank are now about wound up. All but three pieces of real estate and these 80 heavily incumbered they are not saleable have been sold and practically all the notes have been collected that are collectable at present at Teast The receiver expects at an early date to sell the remaining assets at public auction and proceed to wind up its affairs. Moving Pillars From Street The pillars to mark turning positions on the main streets are to be taken out * and in their stead slightly raised mound carrying a red light at night is to be substituted Parties often collided with the pillars in turning, but the new marker would not result in injury to either the marker or auto in case drivers miscalculated.

5. August 11, 1927 Neligh News Neligh, NE
Article from Neligh News, August 11, 1927

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BIG CROWD AT ELGIN ON CREAMERY DAY TO HELP CELEBRATE BIG OPENING Tuesday was "Creamery Day' at Elgin at which time the new coopA erative ereamery opened up. program was held and prizes given for various things. The Neligh Junior Symphony Band played a concert in the evening. Following is the program held: 10:00, Band concert. 11:00, address by Senator Brown of Stanton, at Community Building. 12:00, parade. Free lemonade was served during the noon, hour. 1:00, band concert. 1:30, boys race, 50 yards; girls' race, 50 yards; free-for-all, 100 yds.; Fat Mans Race; 3-legged race, ladies potato race. 3:00 baseball game, St. Edward vs. Elgin. 7:00 water fight, Petersburg vs. Neligh, fight-to-finish, winner take all. 8:00 band concert, comboned bands of Clearwater, Neligh and Elgin. 9:00 free paving dance with music by King's 7-piece orchestra. The following prizes were awarded among the customers bringing cream to the Elgin Creamery on opening day: Largest quantity of cream, $10, $5 and $2.50. Highest quality of cream, $10, $5 and $2.50. , Cream brought longest distance by auto, $5 and $2.50. Cream brought longest distance by team $5 and $2.50. The Hastings Industrial Co. offered the following special prizes: $5 to the person guessing the nearest to number of customers on opening day. $5 to the person guessing nearest the number of pounds of cream brought in the opening day. A very large crowd was in attendance and the day was ideal for a celebration and program. Many Neligh people went over for the day and others were there for the evening. NOTICE Anybody owing the Neligh State Bank or Atlas Bank of Neligh, now in the hands of a receiver, are advised that they can bid on their notes at the sale of these assets which will be held on the 15th day of August at 2 'clock p. m. on the bank corner in Neligh. The receiver at this time is going to make an honest effort to sell these assets and you will be able to make a more reasonable settlement at this tome than later. ROLLIE W. LEY, Receiver.

6. December 27, 1929 Neligh Leader Neligh, NE
Article from Neligh Leader, December 27, 1929

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Bank Probers Ask for Information Concerning Atlas Bank Receivership Shellenberger, employed by the state to investigate the manageof failed banks by the former ment state banking board has got around affairs of the Atlas Bank Neligh. He has sent to H. clerk of the district court for croft, amount information large the court records. mates will require couple weeks time to dig up all the tion asked

7. August 20, 1930 Norfolk Daily News Norfolk, NE
Article from Norfolk Daily News, August 20, 1930

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INVESTIGATION GUARANTY FUND ASSESS MENTS IN YEARS AMOUNT TO RECORDS INADEQUATE, CLAIM Payment Institution Was to Atlas Bank Of Neligh, Which Received Sum Of $809,248.89 Lincoln, Aug. assigned by chief of the guaranty fund investigation, to an of failed banks and various adjuncts of the state banking their work with reof what accomplished. In checking the guaranty fund period years, from 1911 1929, the auditors reported that total assessments for the fund that period amounted which the banks contributed the latter amount including cash returns from the assets of failed banks whose depositors were paid from the fund. On Jan. last, the auditors found, unpaid and funds were owing the fund in the amount of which sound banks owed closed banks owed $344,953. Reported The auditors reported discrepanvarious amounts in checking the reports the trade and those the receivers of failed banks, but unable plete check in all cases, they said, because the state records were complete. During the period, depositors 125 banks were paid full on losses from failures, of the institutions par tially reimbursing the fund later out assets. The report charged that the bureau trade and failed to keep adequate records also said there was neglect in filing claims with bank receivers for unpaid assessments ,due the fund. regular levied upon the banks during the nineteen years netted $4,680,337, special levies added auditors Neligh Payment Largest The largest payment from the guaranty fund any failed bank to Atlas bank Neligh, which received while the smallest payment was to the Trumbull State bank which largest refund made the guaranty fund during period from American State Bank Lincoln Not Protect Interests" directed,' said report, "that, our opinion, trade and did not protect the interests of the fund, except few cases, with the fund from banks aggregating While might have been large by filing claims doubt been the claims past where The auditors the SEE PAGE NUMBER

8. August 21, 1930 The Grand Island Independent Grand Island, NE
Article from The Grand Island Independent, August 21, 1930

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FORD BEAR ESCAPES CAUGHT AFTER CHASE Dearborn, Mich., Aug. 21. (AP)There was a bear hunt on Henry Ford's estate yesterday, but neither the bear nor the 50 employes who hunted him looked upon it as a sporting event. The lone specimen of the bruin tribe owned by the manufacturer broke out of his pen about 9 a.m., and for eight and half hours there was considerable beating of bushes. The bear had several escapes, but kept a jump ahead until, wearied by the unusual exertion, he dozed off under tree. One of the more husky employes intensified bruin's sleep with club, and the animal was tied and taken to a newer and stronger pen. adequate records and also said there was neglect in filing claims with bank receivers for unpaid assessments due the fund. Thirty-eight regular assessments levied upon the banks during the 19 years netted $4,680,337. and 21 special levies added $15,131,042, the auditors said. The largest payment from the guaranty fund to any failed bank was to the Atlas Bank of Neligh, which received $809,348.89, while the smallest payment was to the Trumbull State bank which $3,070.50. Been Worthwhile The largest refund made to the guaranty fund by receiverships during the 19-year period was from the American State Bank of Lincoln in the sum of $307,358.38. "Attention is directed," said the report, "that, in our opinion, the department of trade and commerce did not protect the interests of the depositors' guarantee fund, except in a few cases, with reference to the balances due the fund from failed banks aggregating $344,952.78. While the recovery might not have been large by the filing of claims in each case, Lustrous Hair it would have, no doubt been worthwhile." Exquisite Hands In that connection the auditors Really, it seems like a bit of magic recommended that claims be filed for -such soft, exquisite hands, such these amounts in the future and in gloriously lovely hair! And she keeps them frequent past failures, where possible. Pease's Rexall Drug Store. ing health skin and You'll Babies given a weigh at Clayton's. tf your silken and sparkly clean!

9. August 21, 1930 The Omaha Morning Bee-News Omaha, NE
Article from The Omaha Morning Bee-News, August 21, 1930

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THE OMAHA BEE-NEWS. THURSDAY, AUGUST 21, 1930 AUDITORS FIND BANKS OWE STATE GUARANTY FUND $3,299,061 Collector Miss S. W. Nebraska HAPHAZARD COLLECTING POINTED OUT Trade and Commerce Figures Fail to Jibe With Banks'; Records Incomplete LINCOLN, Aug. 20. (P)-Auditors assigned by C. Shallenberger, chief of the guaranty fund investigation, to an examination of failed banks and various adjuncts of the state banking department Wednesday concluded their work. In checking the guaranty fund for a period of 19 years. from 1911 to 1929, the auditors reported that total assessments amounted to $19,811,379, of which the banks contributed $18.694,669, the latter amount including cash returns from the assets of failed banks whose depositors were paid from the fund On Jan. 2. last. the auditors found, unpaid assessments and refunds were owing the fund $3.299,061. of which sound banks owed $2,954,108. and closed banks owed $344,953. CARELESS IN RECORDS The auditors reported discrepancies in checking reports of the trade and commerce departments with those of the receivers of failed banks. but were unable to make check in all cases, they said, because the state records were not complete. During the 19-year period depositors in 125 banks were paid in full on losses from failures, 89 of the institutions partially reimbursing the fund later out of assets. FAIL TO COLLECT The report charged that the bureau of trade and commerce failed to keep adequate records and also said there was neglect in filing claims with bank receivers for unpaid assessments due the fund. Thirty-eight regular assessments levied upon the banks during the 19 years netted $4,680,337, and 21 special levies added $15,131,042. the auditors said. The largest payment from the guaranty fund to any failed bank was to the Atlas bank of Neligh, which received $809,348.89, while the smallest payment was to the Trumbull State bank, which reThe largest refund by receiverships was from the American state bank of Lincoln in the sum of $307,358.38. DIDN'T PROTECT FUND "Attention is directed." said the report, "that, in our opinion. the department of trade and commerce did not protect the interests of the depositors' guarantee fund, except in a few cases, with reference to the balances due the fund from failed banks aggregating "While the recovery might not have been large by the filing of claims in each case, it would have, no doubt been worth while." In that connection the auditors recommended that claims be filed for these amounts in the future and in past failures, where possible. The auditors also criticized the keeping of records of the guaranty fund by the department, declaring the most "serious defect" was the absence of permanent record of accounts with failed banks which have received payments from the fund. The auditors also reported they were unable to locate bank statements from 1914 to 1923, inclusive, "and no one seemed to know their whereabouts. No uniform system of filing such documents seemed to be in use." Aviation Student Builds Own Glider NORFOLK, Aug. 20.-James Thornburn, youthful aviation student on the Andrew Risser air field here. has completed glider which will be given an official tryout soon. The glider is entirely home made and is said to be duplicate of some of the gliders used in Germany.

10. August 21, 1930 Omaha World-Herald Omaha, NE
Article from Omaha World-Herald, August 21, 1930

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BANK FUND AUDITORS HIT STATE HANDLING Say Records Incomplete in the Department of Trade, Commerce. CLAIMS NOT FILED Lincoln, Neb., Aug. 20 (P) Auditors assigned by A. C. Shallenberger, chief of the guaranty fund investigation, to an examination of failed banks and various adjuncts of the state banking department today concluded their work with a review of what they accomplished. In checking the guaranty fund for period of 19 years, from 1911 to 1929, the auditors reported that total assessments for the fund in that period amounted to $19,811,379. of which the banks contributed 694,669 the latter amount including cash returns from the assets of failed banks whose depositors were paid from the fund. On last January 2, the auditors found, unpaid and refunds were owing the fund in the amount of $3,299,061. of which sound banks owed $2,954 108, and closed banks owed $344,953. State Record Complete. The auditors reported discrepancles in various amounts in check ing the reports of the trade and commerce departments with those of the receivers of failed banks, but were unable to complete a compiete check in all cases, they said. because the state records were not During the year period, depositors in 125 banks were paid in full on losses from failures, 89 of the institutions partially reimburs1DK the fund later out of assets. The report charged that the bureau of trade and commerce failed to kep adequate records and also said there was neglect in filing claims with bank receivers for unpaid assessments due the fund. Largest Payment at Neligh. Thirty-eight regular assessments levied upon the banks during the 19 years netted $4,680,337. and 21 special levies added $15,131,042, the auditors said The largest payment from the guaranty fund to any failed bank was to the Atlas bank of Neligh which received $809,348.89. while the smallest payment was to the Trumbull State bank which reThe largest refund made to the guaranty fund by receiverships durIng the 19-year period was from the American State bank of Lin Did Not Protect Fund. "Attention is directed, said the report, "that, in our opinion, the department of trade and commerce did not protect the interests of the depositors' guarantee fund. except in a few cases, with reference to the balances due the fund from failed banks aggregating $344.952.78, while the recovery might not have been large by the filing claims in each case, it would no doubt have been worthwhile. In that connection the auditors recommended that claims be filed for these amounts in the future and in past failures, where possible The auditors also criticized the keeping of records of the guaranty fund by the department, declaring the most "serious defect" was the absence of a permanent record of accounts with failed banks which have received payments from the fund. The auditors also reported they were unable to locate bank statements from 1914 to 1923, inclusive, "and no one seemed to know the whereabouts. No unifrom system of filing such documents seemed to be in use." The University of Pittsburgh foot ball team will go into training at Windber, Pa., September 2.