12052. State Bank (Ravenna, NE)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
October 1, 1931
Location
Ravenna, Nebraska (41.026, -98.913)

Metadata

Model
gpt-5-mini
Short Digest
1f701d50477c2698

Response Measures

None

Description

The State Bank of Ravenna suspended business October 1, 1931, was placed in receivership (Assistant Receiver Frank McGrew/McGrew in charge), went into liquidation with claims filed Dec 1931 and a court validation hearing Jan 29, 1932. A new institution, The Ravenna Bank, was organized and opened Jan 2, 1932; this indicates the original State Bank did not resume operations and effectively closed. No explicit run on this specific bank is described in the articles (coverage emphasizes statewide banking trouble and suspensions), so classification is suspension leading to closure. OCR errors in articles corrected (e.g., Assistant Receiver McGrew, dates inferred from article publication dates).

Events (4)

1. October 1, 1931 Suspension
Cause
Macro News
Cause Details
Part of a broader wave of bank failures/suspensions in Nebraska in early October 1931; statewide banking trouble and panic.
Newspaper Excerpt
The Ravenna State Bank ... suspended business October 1 according to the state banking examiner.
Source
newspapers
2. October 9, 1931 Receivership
Newspaper Excerpt
Assistant Receiver McGrew, now charge of the bank, informed the News ... the meeting of the depositors the State Bank of Ravenna will be held ... Assistant Receiver McGrew is busy moving the papers and effects of the State Bank of Ravenna now. (articles of Oct 9 and Dec 25, 1931).
Source
newspapers
3. December 1, 1931* Other
Newspaper Excerpt
All claims for the State Bank had be filed December 1931. The hearing of the district court for validation the claims will take place January 29, 1932 ... available dividends can be paid, although collections are pretty slow. (Dec 1931/Jan 1932 liquidation work).
Source
newspapers
4. January 2, 1932 Other
Newspaper Excerpt
The Ravenna Bank ... will swing open its doors to the Ravenna public on Saturday, January 2. ... Receiver McGrew is busy moving the papers and effects of the State Bank of Ravenna now.
Source
newspapers

Newspaper Articles (6)

Article from The Ravenna News, October 9, 1931

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Article Text

of Ravenna Depositors' Meeting to be Exact Date Cannot be An nounced; The Commissioner Busy Man. The meeting of the depositors the State Bank of Ravenna will be held the near future, but the exact cannot be announced today. Assistant Receiver McGrew, now charge of the bank, informed the News that in letter Commissioner Woods in Lincoln, he has his enirely filled up for this week, but intimated that perhaps next week might set. The depositors will be informed concerning the meeting, in plenty time attend.


Article from The Daily Worker, October 12, 1931

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BANKS CONTINUE TO CLOSE DOWN OMAHA, Neb. (By Mail).-The Ravenna State Bank and the Fordyce State Bank of this state suspended business October 1 according to the state banking examiner. The Ravenna State Bank deposits totalled $190,000 and the Fordyce Bank deposits were placed at $300,000. The Cedar County State Bank at Hartington was closed with deposits of $195,000. The People's State Bank at Grand Island turned over its affairs to the state commerce department because of its condition. Deposits decreased in six years from $600,000 to $230,000. A worker correspondent of the Daily Worker writes: "People in that part of the state are panic-stricken and I have a letter to that effect (from a republican) right here before me. Hartington, Neb. has only one bank now where it had three regular banks and a savings bank in October, 1928. Confidence in banks is certainly sinking fast all over the state."


Article from The Ravenna News, October 16, 1931

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Developments Meanwhile Temporary Structure Slowly Being Set Up and Put Into Motion The situation which appears from the outside to particularly deplorable of town temporarily without not in realdeplorable, but merely inconvenAnd from appearances, seems, temporary structure being built at present which will eliminate much the inconvenience within week The banking trouble which chronic over entire state at preshas completely swamped the state banking department. Commissioner Woods, who to appear in Ravenna soon before the body of positors of the State Bank Ravenand the Security State Bank, swamped. He unable to say na, his services being badly needed Meanwhile, at the State Bank Ravenna, the preliminary work been finished, and depositors are now able to appear at the bank, get their statements, and receive information regarding liquidation. The Security Bank, which not in the hands of the State Banking department, has their safe sealed, and the force merely marking time until further word is received from Lincoln. group from the Community effort local clearing house, bureau of exchange set up temporarily, has been partly successful and partly frustratthe meeting the CommunLuncheon club Tuesday evening, was brought out that to up office Ravenna, representing the State Bank Poole the NaGrand Island, deposits and cash checks and issue change would be direct violation of the banking statutes The State Bank of Poole nouncing in issue that they will cash salary and other checks for Ravenna people, making small service charge to cover number Ravenna merchants are preparing to keep slightly larger amount currency hand to cash smaller checks They intend to give preference their customers, as might be expected. expected that when local folks become acquainted system, things will run quietly and smoothly Members reported at the Community Club that they had entertained visitors the city this week, who were prying into the banking situation here, and seeking information the view of opening new bank. The problem their minds seemed to be not much matter raising the necessary capital and surplus, more to how much supthe bank would get in the city whether charter could be obtained. There nothing at all definite in this direction,


Article from The Ravenna News, December 25, 1931

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The Ravenna Bank Will Open on 2nd Day of New Year Officers and Directorate Show Group of Responsible and Capable Gentlemen. Mr. Horace J. Cary, Mr. Fred Cottrell, Mr. C. E. Clark and Mr. Clarence Fisher will be the officers of The Ravenna Bank, which is to swing open its doors to the Ravenna public on Saturday, January 2. This was announced following the meeting of the stockholders at the Ravenna public library Wednesday afternoon of this week. Receiver McGrew is busy moving the papers and effects of the State Bank of Ravenna now. The last table cannot be moved until after Dec. because depositor's claims must be filed there up to that time. Papers of the new bank will be moved on New Year's day, and the bank will open on the following day. While the moving may not be complete, and some confusion may result, the new bankers want to get in and get settled, to start the New Year right. Horace J. Cary, of Kearney, 42, the new president is known in Ravenna. He was born in Schneider township, the son of Lyman Cary, several times county treasurer of this county, and well-known citizen. Horace Cary is a leading stockholder in the Fort Kearney Staate bank, and is recognized as man of considerable standing and wealth. Fred Cottrell, vice-president, needs no introduction. His station in Ravenna as leading merchant, and his activities in civic and community work single him out as a good man for the position. C. E. Clark, the cashier, needs little introduction. He is the "man behind the guns", capable, industrious, sensible. Much of the credit of the new bank for Ravenna goes to Mr. Clark. Mr. Clarence Fisher, assistant cashier, has long been identified with the State Bank of Ravenna, knows the people, customs, and habits of this community. Mrs. F. H. Lecron will head the department of bookkeeping. The board of directors are as follows: Horace J. Cary, Kearney; Paul Kennow, Kearney; R. H. Barber, Paxton; C. F. Fisher, Ravenna; Fred Cottrell. Ravenna; Barney Wedemeyer, Ravenna: C. E. Clark, Poole. The first three are directors of the Fort Kearney State Bank, of KearThe stockholders of the new bank as follows: Horace J. Cary; Paul Kennow; R. H. Barber; A. C. Wittera; Clarence Fisher; Fred Cottrell; Chas. and Helen Zimpfer; Jos. Hervert; A. Hervert; Jos. Kriha; Jos. Muegerl; Barney Wedemeyer; Frank Winkler; John Tuchel; E. A. Poole; C. E. Clark. The mere reading this list is enough to show that are very responsible and substantial people in this section. They are not confined to any one financiers, business men, farmers all are included. They are a hand-picked group. Further information the fees, charges, and policies of The Ravenna Bank will appear next week. At the same time an effort will be made for the merchants to cooperate on a Bank Opening Day in Ravenna.


Article from The Grand Island Herald, January 14, 1932

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Laylers for Torgeson asked the supreme court to dismiss the appeal of Luikart, secretary of the department of commerce. Torgeson was appointed receiver several western Nebras ka failed banks Judge Carter the district court and tains that as secretary of the partment he should have been pointed receiver. The state superintendent's report shows receipts of $8,679 in lected from the issuing of teachers' certificates. There were 4,231 tificates issued during the year. The Northwestern railway pany will appeal to the federal sucourt since the state preme court overruled the motion preme for of its appeal the rehearing valuation of its property for 1931 taxation purposes. The Ravenna State bank was short time The State ened ago. bank of Poole has been moved Ravenna and has been reorganized institution named into the new above. Ravenna has been without bank since November 1931. Auto registration remittances will soon from county begin arriving treasurers replenish fund of the departmanintenance ment of public works. During the year 1931, 23,000 veterans Nebraska and ten counties of southwestern Iowa secured loans on their service certificates ing to $7,250,000. The amount of $1,was paid for disability compensation compared with $76,000 the previous year. Three and one-half million dollars in dividends were paid to depositof failed state banks during the ors past year. Irl Tolen of Ord on recent visit to Lincoln stated that he may file democratic candidate for railway commissioner. Mr. Tolen was didate for this office two years ago. Opening of the Burlington shops at Havelock last week put 485 men work. The shops were closed December 21. The Union Pacific cently opened their shops in Omaha and both roads have reopened their shops in Denver, bringing at least temporary unemployment relief railroad men of Nebraska and Col- orado. The Nebraska sheriff's association will hold its annual meeting Grand Island January 27 and 28. The supreme court heard arguments last week in the case of Fairbury mill operator against the city of Fairbury which has put series of deflectors in the Blue river supply water to the municipal lighting plant. The mill erator states that this destroys his rights which he bases on an appropriation water made before the state assumed control over streams. Federal Judge Munger of Lincoln, addressing the judges of the eighth district at meeting in Kansas City, stated that is the duty the bar to consider the rights the people instead of the rights the criminal. He suggested that study of police and legal methods of Europe should be made to bring about greater safety for American citizens. Report of State Treasurer Bass shows total cash on hand December 31 $4,308,000, which is $120,000 higher than year ago. Balance the federal aid road fund is The treasurer has depository banks, in ernment bonds cash and $12,415 in cash items. Contracts for the installation steam fittings in the school for the deaf Omaha were at $17,775 last week by the state board control. An architect was appointed for two new buildings to be erected later this year. The one $75,000 childrens' dormitory and $15,000 laundry building. The postal department will lease new 2-cent stamp January 26, depicting ski jumper in tion against mountain landscape, in honor of the Olympic winter games to be held in February Lake Placid, The Nebraska State Shorthand sociation will hold its annual convention in Omaha, January 22 and 23, in conjunction with the annual automobile show. Charles Randall has been elected chairman of the state way commission. The state supreme court nearly caught up with its work and filed as late as December 15 will be included for hearing at the first February sitting. In telegram sent to the nationsuperintendent of the Anti-Saloon league Tuesday, the superintendent the state league endorsed the national league's support the 18th amendment and opposing the referendum on prohibition. Negotiable bonds totaling $583,000 stolen from the Lincoln National Bank in September 1930 have been recovered. The bonds were left battered suit case on deserted corner in Chicago and telephone instructed Chicago detective to go and get them, which securities taling over $2,000,000, which stolen, will be replaced pense of about $15,000. Some take the view that the bonds were recovered through trade in which Gus Winkler, one of the alleged robbers, Others contend that Winkler was innocent but order to clear himself and out of hatred for gangsters, who allowed his name to be implicated with the robbery, brought pressure to bearon gangland for the recovery of the curities. Officers, who have been working on the case, promise further developments and confessions from those involved within short time. The state treasurer has notified the state superintendent of schools that there is available $456,000 in the temporary school fund for portionment to the school districts of the state. The money derived from interest on permanent school funds of over $13,000,000 invested in bonds and also from land leases and interest, insurance licenses and other sources. Steward of Lincoln was elected secretary of the Nebraska Farm Bureau Federation last week. Mr. elected secretary of the national organization of American Farm Bureau Federation which met in Chicago. All Nebraska railroads have filed an amended application for increase rates. They originally wanted per cent increase but the Interstate Commerce Commission denied this. Increases on certain commodities were allowed. expected that the rates will be allowed. There no increase in rates covering agricultural products. Similar rate creases on interstate shipments been requested. Hearings are still being held on the latter requests. Two of the captured German nons which have been on the tal grounds have been given to the memorial stadium at the University. The third one will be moved to the United States hospital Lincoln. The state insurance department collected $694,000 during 1931. Of this amount $22,000 was used for maintenance and salaries of the department. An additional had been provided by the legislature. The largest income the department was from taxes on gross premiums of all companies. The has issued an order effective February 15 banishing colored gasoline from the Nebraska market. This in keeping with the state law which provides that all gasoline must be water white and clear, except such gasoline may contain tetra-othyl lead which colored red to warn the public of its poison. The report of the game, forestration and parks commission worth of assets with $70, 000 cash reserve in the treasury. There are more fishing places, more fish to catch, more pheasants shoot, more camping grounds, and better state parks, than at any previous time. Some 20 new recreation grounds will be available to citizens the state this year. None of the commission's activities are financed property taxes but from revenue secured from the sale of hunting and fishing licenses. The reports of 13 gauging sta tions maintained by the United States geological survey on eight Nebraska streams shows the discharge of the streams to be lower than in 1929 or 1930. This due deficit rainfall during the past year. Streams draining were affected only slightly Those in the eastern part of the state showed greatly reduced discharge. Dana Bible, cornhusker football coach, has been appointed the national football rules committee. The capital commission awarded contracts for new equipment for constitutional offices and legislative halls. The contracts totaled $74,315. This includes carpet, drapery material and furniture. new air mail, express and passenger service between Lincoln, Sioux City, Iowa, Sioux Falls and Watertown, will begin Jan 16. Northeastern Nebraska county commissioners and clerks met at Norfolk last week, forming permanent organization including 13 counties. They discussed highway employes, scales, and the fixing of road tax levies. Quarterly meetings are planned. Arapahoe State Bank, which closed November 12, is being opened through the efforts of stockholders and depositors. American Legion district conventions are being held in four cities this week. Next week meetings will held at Humboldt, Monday; MD ligan, Minden, Wednesday; Seward, Thursday; St. Paul, Friday. State officials are in attendance. Arthur M. Hyde, United States secretary agriculture. was in Lincoln Tuesday and addressed the meeting of Organized Agriculture. Attendance at the two day meeting cut down considerably by the weather. The Nebraska master farmers was made banquet Monday evening. Var, ious groups of Organized Agriculture held their sessions and round table discussions at the college agriculture on the following days. The state poultry show and state corn and grain show were held the same time. United States Secretary of Agriculture Hyde stated that he expected congress act favorably on seed loans for the Nebraska drouth COUL ties. John Byrnos of Columbus been appointed clerk of the committee on Indian affairs of which Congressman Edgar Howard chairman. He has gone to Washington to assume his duties. The cash in state relief fund has now mounted to over not including the receipts of the football game. Shipments of mixed hay corn from various places the state for feeding of animals are being reported frequent intervals. The United States weather bureau station at North Platte reported that 1931 was the driest and warmest year this sector has known since the origination of the weather bureau service there 57 years ago. There was but 10 inches of rainfall compared with the yearly normal around inches. The state superintendent is making survey of safety and physical education, co-operating with tional plan. Football injuries and deaths are studied in the survey. Two St. Edward high school football players were the only fatalities Nebraska the past year. Members of the Nebraska State Fair board were in session week considering ways and means of moving $90,000 deficit. financial records of the state fair for several years was made. George Jackson, year old secretary the board, has been ill and was not able to attend the meetings of the board his office in capitol building. The one-fourth share of the November gasoline tax collection was remitted to the counties last week. total of $165,000 was distributed. The money due counties on the first of each month but January the gasoline tax fund contained only and was necessary wait for collections to come in before the amount could be remitted. Filings Walrath, Osceola editor, has filed as democratic candidate for commissioner. rath was recently appointed as supply clerk of the House of Repre- sentatives Washington, Congressman Simmons Scottsbluff for re-election as republican candidate for nomination from the now 50th district, which includes practically the same territory as the 6th, from which he was elected for his present term. Boushauson, Loup City editor, has accepted the filing for lieutenant governor made by friends some time ago. Earl Horton of Omaha for democratic candidate for governor; Frank Lemon of Lincoln as democratic candidate for state land commissioner; Joseph Daly, Fremont attorney, for democratic nomination for congressman from the 3d district. Nine judges the 4th judicial district, all but one living in Omaha, filed Monday as candidates for renomination the non-political ballot. One of the judges, Fred Wright, had been mentioned probable candidate for chief justice of the supreme court. Robert Ross Lexington filed for governor the republican ticket. Ross has been the proprietor of livery stable ington for many years and almost famous by the fact that has run on both and sometimes party tickets for offices from gressman to president of the United States. monument business and works and matters incident thereto. The authorized capital stock payable the call and under conditions the Board directors. The corporation shall business when its capital stock scribed the provisions of of Nebraska relative to such corporation have been complied with and shall terminate on January 1st, 1982, unless sooner dissolved by its stockholders by operation law. The highest amount of debtedness which the corporation shall any one time subject itself shall 2-3 its paid up capital stock. The affairs the corporation shall be conducted by board than three nor more than five directors who shall choose President, Secretary and Treasurer and such other officers and agents necessary. PAINE, President, ROBERT PAINE, Secretary HENDRICK PAINE, GIMBLE. Cleary, Davis. 26-4t


Article from The Ravenna News, January 15, 1932

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Bank Liquidation Work Goes Forward With all the claims against the State Bank of Ravenna filed and ready to court consideration, and the filing of claims in the Security State bank begin in ten days or two weeks, the of liquidation the two banks is proceeding quietbut rapidly All claims for the State Bank had be filed December 1931. The hearing of the district court for validation the claims will take place January 29, 1932, the end this month. After the claims are dated and recorded, available dividends can be paid, although Asst. Receiver Frank McGrew says that collections are pretty slow. Claims for money in the Security State Bank will be eligible for soon. Mr. McGrew relates that the state department in Lincoln overloaded with receivership work that they are about two weeks behind There is no statute which makes to hold depositor's meetin closed neither there statute which makes necessary appoint depositor's with the liquidation For this reason meetings both the State Bank and the Security bank will not be held. The department figured that as long receivwas already on the in Ravenand reorganization either bank impractical, there was little use spending $50 to hold meeting. There will be depositor's committee to help with the classification the paper, but will consist of selected by the assistant by the state partment. committee of three has already been appointed for the State Bank. Assistant Receiver Frank McGrew has charge of the three banks Ravenna, bank Mason City and one big but divides the cost of liquidation considerably.