12155. First State Savings Bank (Superior, NE)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
March 6, 1914
Location
Superior, Nebraska (40.021, -98.070)

Metadata

Model
gpt-5-mini
Short Digest
2d553a2e956f000e

Response Measures

None

Description

Articles report heavy withdrawals following the failure of the First National Bank of Superior on March 6, 1914, which forced the First State Savings Bank to close and be placed in charge of the state banking board; a receiver was appointed and the state guaranty fund reimbursed depositors. No reopening is reported.

Events (3)
1. March 6, 1914 Receivership
Newspaper Excerpt
Guy M. Seeman of this city was appointed receiver of the bank.
Source
newspapers
2. March 6, 1914 Run
Cause
Local Banks
Cause Details
Heavy withdrawals triggered by the failure of the affiliated First National Bank of Superior.
Measures
Bank officials closed the doors; placed in charge of the state banking board.
Newspaper Excerpt
Heavy demands of depositors, following the failure of the First National bank of Superior, with which the savings bank was formerly affiliated, are reported to have necessitated the closing of the doors today.
Source
newspapers
3. March 6, 1914 Suspension
Cause
Correspondent
Cause Details
Reserve funds of the savings bank were deposited in the failed First National Bank of Superior, forcing suspension.
Newspaper Excerpt
The First State Savings bank of this city was closed today upon the action of bank officials, and announcement made that the institution was in charge of the state banking board.
Source
newspapers

Newspaper Articles (3)
1. March 7, 1914 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, March 7, 1914

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Article Text

NEBRASKA SAVINGS BANK CLOSES DOORS SUPERIOR, Neb., March 6.-The First State Savings bank of this city was closed today upon the action of bank officials, and announcement made that the institution was in charge of the state banking board. Heavy demands of depositors, following the failure of the First National bank of Superior, with which the savings bank was formerly affiliated, are reported to have necessitated the closing of the doors today. Guy M. Seeman of this city was appointed receiver of the bank. The last statement of the bank showed liabilities of nearly $139,000.

2. October 13, 1916 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, October 13, 1916

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Article Text

MILLION REMAINS IN GUARANTY FUND Sight Drafts on State Banks Sent Out to Reimburse Depositors in Decatur Institution. JUDGE MUNGER IS ILL (From a Staff Correspondent.) Lincoln, Oct. 12.-(Special.)-Sight drafts on 840 state banks for the amount due from each one as its proportion of the state guaranty fund to pay depositors in the failed Farmers' State bank of Decatur are being mailed today from the office of the state banking board to D. D. Whitcomb, the receiver for the defunct institution. The total sum drawn out \of the fund for payment to depositors is $79,051.81. The largest amount contributed by any one bank is 0674.44, that being the share of the First Savings bank of Lincoln. The smallest draft is on the First Savings bank of Aurora for $4.46. Over Million Left. After this money is withdrawn from the guaranty fund there will still be left a little more than $1,100,000. The Decatur failure is the second one since the guaranty fund was established. In the case of the First State Savings bank at Superior $54,000 was withdrawn out of the fund several years ago and paid to its depositors. The assets of the bank are expected to yield enough practically to reimburse the guaranty fund. Judge Munger Ill. Judge T. C. Munger of this city is suffering from a carbuncle and will be unable to preside at the rate hearing in Omaha next week when the federal court hears the squabble between the railroads and shippers on class rate order No. 19. Judge Munger has been confined to his home for a week. Law Still in Effect. Secretary Thorne Browne is considerably mystified to unearth the purported repeal of a state law when the legislature has not been in session for over eighteen months. An elevator man sent in a notice which he had received sent out by the Burlington station agent at Marquette, that the Nebraska law in regard to the distribution of grain cars had been repealed. Secretary Browne wants it understood the law is in effect, notwithstanding the notice. from the agent. Ward Under Arrest. Penitentiary officials have been notified that Erett G. Ward, who ascaped from the Nebraska penitentiary on July 7, has been arrested at Houston, Tex., and Warden Fenton has left to bring him back. Ward made his escape while a ball game was in progress at the penitentiary. He was sent up from Dodge county to serve one to seven years for forgery.

3. March 12, 1917 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, March 12, 1917

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Article Text

Legislature Would Know of Superior Bank Receivership (From a Staff Correspondent.) Lincoln, March 11.-(Special.)Representative Swanson introduced the following resolution this afternoon in the house and the same was adopted: Whereas, The First National bank of Superior failed March the 6th, 1914. Whereas, The reserve funds of the First State Savings bank of Superior were deposited in the defunct National bank, foreing the said Savings bank to suspend business, and Whereas, The state banking department drew out of the guarantee fund $54,526.17 with which to reimburse the depositors, not a cent of which has been returned to said fund, therefore be it Resolved, That the state banking department be and is hereby requested to submit to this house information concerning the present status of the affairs of the aforesaid defunct Savings bank, the amount recovered from the securities held by said bank, the total cost of receivership including attorneys fees and all other expenses to date, the time when the money collected may be expected to be returned into the guarantee fund and the probable amount which will thus be returned, Be it further Resolved, That the clerk be instructed to transcribe and deliver a copy of these resolutions to said state banking department.