12124. Spencer State Bank (Spencer, NE)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 5, 1931
Location
Spencer, Nebraska (42.874, -98.701)

Metadata

Model
gpt-5-mini
Short Digest
d39b860af41c423d

Response Measures

None

Description

The bank suspended business one Saturday and was reorganized and reopened by depositors within the week. Articles (Dec 11–12, 1931) report suspension the prior Saturday and reopening Thursday; I infer suspension ~1931-12-05 and reopening 1931-12-10. No run or receivership is mentioned; depositors raised capital and reopened the bank.

Events (3)
1. December 5, 1931 Suspension
Cause Details
Article states the bank 'suspended business' but gives no explicit cause (no receivership or scandal mentioned); likely temporary liquidity/embarrassment leading to suspension.
Newspaper Excerpt
The Spencer State bank, which suspended business last Saturday evening...
Source
newspapers
2. December 6, 1931 Other
Newspaper Excerpt
Depositors met Sunday to inaugurate plans. Tuesday afternoon they decided to take over the bank.
Source
newspapers
3. December 10, 1931 Reopening
Newspaper Excerpt
The bank was opened for business again Thursday. Depositors raised $18,750 cash... The first day's business resulted in $23,000 new deposits.
Source
newspapers

Newspaper Articles (2)
1. December 11, 1931 Norfolk Daily News Norfolk, NE
Article from Norfolk Daily News, December 11, 1931

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Article Text

SPENCER STATE REOPENED BY DEPOSITORS INSTITUTION WHICH PENDED BUSINESS SATURDAY REORGANIZED SUPPORTED BY COMMUNITY Opens for Business Thursday Morning With 115 New StockDeposits Total $23,000 First Day in Existence Spencer, Neb., Dec. The News: The Spencer State bank, which suspended business last Saturday evening, again going Thursday morn new money, stockholders ano and of ficers and entirely bank, the reorganization being perfected with speed than has before accomplished in Nebraska, believed here. The new bank retains the same name, Spencer State but entirely institution which backed by the entire munity. now has 115 business and fessional men and farmers of this community. Backed by Citizens The whole community wholeheartedly the projgreat satisfaction by the citizens cause of the expeditious which the has completed. the business of Spencer feel much encouraged by the outcome the with the state banking department. Spencer State bank The former business Saturday but suspended of meeting held depositors' and out for Sunday institution Tuesday afternoon the depositors over the bank and final worked out Wednesday conference with Woods of Lincoln George the state banking The depositors raised 115 them stockholders. They elected the lowing directors: Storjohann, Henry Herman Pacelik, James Voidneck, Zidko, Dr. Bradley and Peterson. Storjohann Made President Storjohann the new institution. Henry Woldneck vice president. SEE PAGE NUMBER

2. December 12, 1931 The Omaha Morning Bee-News Omaha, NE
Article from The Omaha Morning Bee-News, December 12, 1931

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Article Text

BANK SPEEDILY REOPENED NORFOLK, Dec. 11.-What is believed the speediest reorganization of bank in the history of the state was accomplished this week by citizens of Spencer. The whole community is back of the enterprise and 115 new stockholders are in control. The Spencer State bank suspended business last Saturday, but did not go into receivership. Depositors met Sunday to inaugurate plans. Tuesday afternoon they decided to take over the bank. They conferred 1th Commissioner George Woods at Spencer Wednesday afternoon and the bank was opened for business again Thursday. Depositors raised $18,750 cash to put in the bank, 115 of them becoming stockholders. Following officers and directors were chosen: Hans Storjohann, president; Henry Woldneck, vice president; J. M. Pucelik, cashier; Herman Woidneck, James Zidko, Dr. E. B. Bradley and J. C. Peterson, directors. The first day's business resulted in $23,000 new deposits. Citizens of Spencer are overjoyed at the speedy action and are much encouraged by the outcome. The community's outstanding business and professional men and farmers are included among the stockholders. The name Spencer State bank was retained and the new institution took over the bank building and fixtures. E. M. Baumann, West Point. was president of the old bank and Boyd Sims, Spencer, was cashier.