12098. Shelby State Bank (Shelby, NE)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
September 17, 1931
Location
Shelby, Nebraska (41.192, -97.425)

Metadata

Model
gpt-5-mini
Short Digest
cb8ebfcfc2d7de9e

Response Measures

None

Description

Articles indicate Shelby State Bank was taken into the custody of the Nebraska Department of Trade and Commerce (state regulator) in Sept 1931 and was in liquidation by Feb 1932 (dividends paid). No article describes a depositor run; the action appears to be regulatory suspension/closure followed by liquidation/receivership.

Events (3)

1. September 17, 1931 Other
Newspaper Excerpt
Said bank having been previously approved as a legal depository for county funds ... having pledged with the Continental National Bank of Lincoln, $7000 of bonds as escrow agent to secure the deposits of Polk county in the Shelby State ... County Clerk is hereby instructed to immediately make demand of the Continental National Bank, Lincoln, Nebraska, said escrow agent for the said bonds ... for the purpose of allowing said county to sell or hypothecate said bonds ... (county commissioners' proceedings).
Source
newspapers
2. September 17, 1931 Suspension
Cause
Government Action
Cause Details
Bank was placed 'in the hands of the Department of Trade and Commerce' (state regulator) and county directed escrow agent to deliver pledged bonds to cover county deposits.
Newspaper Excerpt
Resolution adopted by the board of county commissioners this day relative to the Shelby State Bank now in the hands of the Department of Trade and Commerce.
Source
newspapers
3. February 12, 1932 Receivership
Newspaper Excerpt
Dividends for Depositors... Shelby State bank, Shelby... 10 per cent dividend... from liquidation of assets of three failed banks Thursday ... Shelby State bank ... representing ... dividend (Stockman's Journal, 1932-02-12).
Source
newspapers

Newspaper Articles (2)

Article from Polk County Democrat, September 24, 1931

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Article Text

COMMISSIONER'S PROCEEDINGS. Osceola, Nebr., Sept. 17 1931. Purusuant to adjournment board of county commissioners convened this day, all members present at which time the following business was transacted Claims audited and allowed and ordered paid by warrant as follows, to-wit: COUNTY GENERAL FUND T. C. Lord Company, school 26.17 supplies Huffman General Supply Co., degal blanks 5.00 American Linen & Towel Co., merchandise 1.05 Thomas Law Book Co., supplement 5.00 R. W. Dunkle, prescriptions for A J. Nelson, Shelby 3.45 Veach & Berggren, labor 4.50 Pure Food Grocery, aid for Colby, Polk 9.84 COUNTY ROAD FUND Olson Hardware, mdes. 5.65 J. F. Nebosis. damage to house 25.00 Anchor Oil Corporation, lubricants 58.95 A. J. Goodban Machine Shop. repair work 4.90 Clyde F. Lamoree drayage 12.10 L. C. Sokol. gravel 758.35 SPECIAL BRIDGE FUND Omaha Bridge Works, bridge material 955.20 John N. Umland Machine Shop, maerial 5.45 Interstate Machinery Supply Co., repairs 27.00 Felix Stachura, labor 5.60 Louis Stachura, same 2.40 Louis Tworek, same 2.40 John Stachura. same 7.50 Barney Stachura, same 7.50 ROAD DRAGGING Phillis Petroleum Co., gas 57.00 ROAD DISTRICT NO. 3. Robert Thomazin, road work, 55.25 Delryn Thomazin, same 51.00 Stanley Gottschal. same 12.00 Bud Zollars. same 7.00 Alfred Bernt. same 9.00 ROAD DISTRICT NO. 5. Gilbert Johnson, road work 25.20 Louie Johnston, same 3.85 Carl Burgeson, same 4.35 James Heald, same 1.75 ROAD DISTRICT NO Allied Western Road Mach. Co., steel beam road plow 39.20 Earl Waggoner, road work 97.75 George Phillips, same 46.75 Alvin Dahlin, same 36.40 Martin Dahlin, same 1.80 ROAD DISTRICT NO. 9. Felix Stachura, road work 38.00 Ted Stachura, same 1.50 Louis Stachura, same 3.00 Harold Kreuger, same 1.50 Walter Krueger, same 1.50 Louis Tworek, same 4.50 John Stachura, same 15.90 Barney Stachura, same 7.80 Edward Fickel, same 4.50 Elmer Schultz, same 15.80 Motion prevailed that the 1930 delinquent tax list be published in the Polk Progress and it is ordered by the board of county commissioners Resolution adopted by the board of county commissioners this day relative to the Shelby State Bank now in the hands of the Department of Trade and Commerce. Said bank having been previously approved as a legal depository for county funds as provided by law and having pledged with the Continental National Bank of Lincoln, $7000 of bonds as escrow agent to secure the deposits of Polk county in the Shelby State It is therefore resolved by board of County Commissioners of Polk County, Nebrasa, in regular session assembled this 17th day of September, 1931, that the County Clerk of county is hereby instructed to immediately make demand of the Continental National Bank, Lncoln, Nebraska, said escrow agent for the said bonds, in accordance with the terms contained in said escrow agreement for the purpose of allowing said county to sell or hypothecate said bonds for amount with interest due said County of Polk as deposits in said band or county treasurer. A delegation representing the Tax Payer's League met with the county commissioners in the afternoon and matters of mutual interest were discussed. No further business the board adjourned to meet according to law in regular sesiosn on October 6th. All claims for labor and material must be filed in the county clerk's office on or before October 1st, 1931, or be held over for a later meeting. J. W. FILLMAN, County Clerk.


Article from The Stockman's Journal, February 12, 1932

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Article Text

Dividends for Depositors In Three Failed Banks tary and dends were deof three failed banks Thurs- been positors day from funds received from liquidation of assets Shelby State bank, Shelby, per Wynot. 10 per cent divirepresenting 2902 Valley Monowi representing per cent dividend