Accommodated withdrawals, Full suspension, Books examined
Receivership Details
Depositor recovery rate
85.7%
Date receivership started
1928-11-21
Date receivership terminated
1934-05-29
OCC cause of failure
Governance
Share of assets assessed as good
33.2%
Share of assets assessed as doubtful
46.9%
Share of assets assessed as worthless
19.9%
Description
The Farmers National Bank of Wakefield suspended in November 1928 and was placed in the hands of the Comptroller of the Currency and a receiver. Articles mention a run/heavy withdrawals in the days immediately preceding the closing, though causation is described as conjecture. The bank did not reopen; receiver liquidated assets and began paying dividends (first dividend ~45% in Apr–May 1929). Dates in articles vary slightly (Nov. 20, 25, 26); I use Nov 20, 1928 (most frequently cited).
Events (6)
1.April 10, 1911Chartered
Source
historical_nic
2.November 20, 1928Receivership
Newspaper Excerpt
the institution is now in the hands of the comptroller of currency... Mr. M. A. Ross, examiner, who is in charge, refused to make any statement other than that a receiver would take charge of the bank, he believed, very soon.
Source
newspapers
3.November 20, 1928Run
Cause Details
Articles report heavy withdrawals / a so-called run in days immediately preceding the closing, but give no specific trigger.
Newspaper Excerpt
Whether the so-called run on the bank which apparently had developed within the last few days was directly responsible for the closing of the bank is only a matter of conjecture.
Source
newspapers
4.November 20, 1928Suspension
Cause
Government Action
Cause Details
Bank closed and placed under the direction of the Comptroller of the Currency; receiver to take charge.
Newspaper Excerpt
The Farmers National Bank of Wakefield failed to re-open its doors after the noon closing hours on Tuesday of this week, and the institution is now in the hands of the comptroller of currency.
Source
newspapers
5.November 21, 1928Receivership
Source
historical_nic
6.April 27, 1929Other
Newspaper Excerpt
George Cronkleton, receiver of the Farmers National bank of Wakefield, ... has forwarded checks to the comptroller of the currency at Washington for signature, representing the payment of first dividend of 45 per cent to the creditors. The bank suspended Nov. 1928 . . . The dividend will be paid soon . . . will amount nearly $176,000 . . . the Wakefield trust pay other substantial dividends in the future. (Apr–May 1929 reports of dividend payments).
Source
newspapers
Newspaper Articles (14)
1.November 22, 1928The Wakefield RepublicanWakefield, NE
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Article Text
Farmers Bank Quits; Security to Pay Soon
WAKEFIELD'S REMAINING BANK CLOSES ITS DOORS TUESDAY; BLAME WITHDRAWALS
The Farmers National Bank of Wakefield failed to its doors re-open after the noon closing hour on Tuesday, of this week, and the institution is now in the hands of the comptroller of currency. The only explanation given was sign on the door which read fol-
"Closed Due to Heavy WithPending Re-Organization. By Order of Board of Directors."
Later another notice was posted side it, and the first notice moved. The second notice
"This Bank, Under the DIrection of the Comptroller of the Currency in charge of Ross, National Bank Examiner. By Order of the Board of Directors."
Whether the so-called run on the bank which apparently had developed within the last few days was directly responsible for the closing of the bank is only matter of conjecture. Mr. M. A. Ross, examiner, who in charge, refused to make any statement other than that receiver would take charge of the bank, he believed, very soon. Officers of the institution had no statement to make to the public. R. H. Mathewson was president of the bank; H. Ware, vice president; and H. Bowman, cashier. The bank was one of the oldest institutions in this section of the country, having formerly been known the Farmers Traders Bank, and several years ago continued the Faremrs National. After taking over the interests of the old First Nationbank here few years back, the bank has always been considered one and considered to the try, last. The closing of the bank leaves Wakefield without bank or any banking facilities, with the exception of the accomodation offered by the Security State bank, which being operated under the direction of the State Guarantee Fund Commis-
SECURITY STATE BANK TO MAKE ANOTHER PAYMENT IN THE NEAR FUTURE
One bright spot on the horizon of the banking situation in Wakefield the fact that the Security State Bank of this place will pay out another dividend within the very near future. This information was given The publican for publication on Wednesday morning while the editor was in conversation with Mr. M. Strunk of the guarantee fund commission, who in charge of the bank. Mr. Strunk stated that he could not give the exact date, or the exact amount of the payment, but that the payment would be made very fact the department was at the present time making preparations for the payment and definite announcement would be made shortly. It was while making the above nouncement that Mr. Strunk told could announce that the Security State bank was ready to offer every accomodation possible during the present emergency. He stated that while it impossible for them to loan money, they could accept checking accounts and handle such business in accomodating manner any bank might do. He also stated that he could guarantee that when the time comes that receiver would be appointed for the bank, drafts would be drawn for the amount of every account in the bank and paid out before the bank closed.
2.November 29, 1928News-ChronicleWisner, NE
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Article Text
NATIONAL BANK AT WAKEFIELD CLOSED
The Farmers National Bank of Wakefield failed to re-open its doors after the noon closing hours on Tuesday of this week, and the institution is now in the hands of the comptroller of currency. Whether the so-called run on the bank which apparently had developed within the last few days was directly (responsible for the closing of the bank is only a matter of conjecture. Mr. M. A Ross, examiner, who is in charge, refused to make any statement other than that a receiver would take charge of the bank, he believed, very soon. Officers of the institution had no statement to make to the public. R. H. Mathewson, was president of the bank; H B. Ware, vice president and H. A. Bowman, cashier. The bank was one of the oldest institutions in this section of the country, hav ing formerly been known as the Farmers and Traders Bank, and several years ago continued as the Farmers National. After taking over the interests of the old First National bank here P few years back, the bank has always been considered as one of the most stable in the country and was so considered tothe last.
The closing of the bank leaves Wakefield without a bank or any banking facilities, with the exception of the accommodation offered by the Security State bank, which is being operated under the direction of the State Guarantee Fund Commission-Wakefield Republican.
3.November 29, 1928News-ChronicleWisner, NE
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Article Text
NATIONAL BANK AT WAKEFIELD CLOSED
The Farmers National Bank of Wakefield failed to re-open its doors after the noon closing hours on Tuesday of this week, and the institution is now in the hands of the comptroller of currency. Whether the so-called run on the bank which apparently had developed within the last few days was directly (responsible for the closing of the bank is only a matter of conjecture. Mr. M. A Ross, examiner, who is in charge, refused to make any statement other than that a receiver would take charge of the bank, he believed, Very soon. Officers of the institution had no statement to make to the public. R. H. Mathewson, was president of the bank; H B. Ware, vice president and H. A. Bowman, cashier. The bank was one of the oldest institutions in this section of the country, hav ing formerly been known as the Farmers and Traders Bank, and several years ago continued as the Farmers National. After taking over the interests of the old First National bank here P few years back, the bank has always been considered as one of the most stable in the country and was so considered tothe last. The closing of the bank leaves Wakefield without a bank or any banking facilities, with the exception of the accommodation offered by the Security State bank, which is being operated under the direction of the State Guarantee Fund Commission-Wakefield Republican.
4.April 27, 1929Norfolk Daily NewsNorfolk, NE
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Article Text
Bank at Wakefield Pays Big Dividend
Neb., April cial The News: George Cronkleton, receiver of the Farmers National bank of Wakefield, anthat he has checks the comptroller the currency for signature, representing the first dividend of percent the creditors of that trust. Claims against the failed bank aggregate $400,000, The bank suspend Nov. 1928. and the ceiver, in addition to paying the present dividend, has liquidated cured indebtedness over The dividend be paid soon checks returned from the comptroller's office and will amount nearly $176,000. The receiver also states that the Wakefield trust pay other substan tial dividends in the future.
5.April 28, 1929Lincoln Journal StarLincoln, NE
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Article Text
PAYS BIG BANK DIVIDEND
Receiver of Farmers National at Wakefield to Distribute 45 Percent
WAKEFJELD, Neb.- George G. Cronkleton, receiver of the Farm. ers National bank of Wakefield, has forwarded checks to the comptroller of the currency at Washing ton, for signature, representing the payment of first dividend of 45 percent to the creditors. Claims against the failed bang aggregate about $400,000. The bank suspended last Nov. 20, and the receiver, in addition to paying the present divi dend, has liquidated secured indebtedness of over $44,000. The dividend will be paid as soon as the checks are returned from comptroller's office, and will amount to nearly $176,000 The receiver states that the Wakefield trust will pay other substantial dividends in the future.
Some 8,086,263 persons have ascended Washington
6.April 28, 1929Omaha Sunday Bee-NewsOmaha, NE
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Article Text
Pays Dividend on Wakefield Bank
WAKEFIELD, April 27. George G. Cronkleton, receiver of the Farmers National bank of Wakefield, Neb., announces that ha has forwarded checks to the comptroller of the currency at Washington for signature representing the payment of first dividend of 45 per cent to the creditors. Claims against the failed bank aggregate about $400,000. The bank suspended on Nov. 20, 1928, and the receiver in addition to paying the present dividend has liquidated secured indebtedness of over $44,000. The dividend will be paid as soon as the checks are returned from the comptroller's office and will amount to nearly $176,000.
7.April 29, 1929The Omaha Morning Bee-NewsOmaha, NE
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Article Text
Depositors to Get 45 Per Cent
WAKEFIELD, April 28, George Cronkleton, receiver of the Farmers' National bank, has forwarded checks to the comptroller the currency Washington for signature, representing the payment of first dividend 45 per cent to the creditors. Claims against failed banks aggregate about $400,000. The bank suspended last Nov. 25.
8.April 30, 1929The Sioux City JournalSioux City, IA
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Article Text
He suffered severe injury to his arch and back bone.
Wakefield Bank to Pay.
Wakefield, George W. Cronkleton, receiver the FarmNational bank, Wakefield, Neb., has forwarded checks to controller of the currency, for signature. representing the pay ment of first dividend 45 cent the creditors. Claims against the failed bank aggregate about The bank suspended November 26, 1928, and the receiver. addition paying the present dividend, has liquidated secured indebtedness of over The dend will be paid as soon the checks returned, and will amount to nearly
Injured Man Gets Award.
Lincoln, Chris Neisius, Stuart, will from the Western Bridge Construction company $8 week nnt to ceed 300 from November 1927, when he was injured cranking tractor. had been paid for temporary to disability and the final determination was made by the state compensation
Will Visit in Sweden.
Charles Swanson, Osmond, and his aunt, Mrs. Minnie Bohnon, Springfield, Neb., have passports for trip Sweden, summer. Mr. has made his home Osmond eral considerable property and his aunt have invited Anderson, to company them.
Is Injured in Plow.
Foster, Neb. Special: Lester Westerbeck, injured started up and caught his left leg in the wheel of plow. The top his foot was lacerated thought some little bones were broken. He is on cruthes.
Breaks Arm Third Time.
Osmond, Clyde Craven, in Osmond high school, broke his while cranking dairy truck. This was third time three years that Clyde has broken his right arm.
9.May 2, 1929Emerson Tri-County PressEmerson, NE
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Wakefield Bank to Pay Dividend
Announcement is made that a first dividend of forty-five per cent paid Farmers National Bank. This is very pleasing news to this community. The claims aggregate about $400,000.00 and the total amount to be distributed will be about $176,000.00. The checks and schedules have been made up and sent to the Comptroller's office at Washington and when the checks are received by the Receiver, duly signed by the Comptroller, the dividend will be paid. This will probably be in about two weeks and due notice will be given in this paper when the payments are ready for distributation. The bank suspended business on November 20th, 1928, just a few days over five months ago, and in addition to the amount of the present dividend the Receiver has also paid off approximately $58,152.97 of secured indebtedness. This is a splendid showing and speaks well for Receiver Cronkleton and his able assistant Mr. E. E. Ruzicka. Those in charge state that there will be other substantial dividends paid in the future. The Receiver states that every effort will be made to make as large a realization for the creditors as possible. He also stated that he is much pleased with the friendly spirit shown by the people of the community in assisting him to work out the affairs of the bank to the best advantage.-Contributed.
10.May 2, 1929Superior Weekly JournalSuperior, NE
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WAKEFIELD BANK PAYS CREDITORS
George G. Crockleton receiver of the Farmers' National bank at Wakefield, has forwarded checks to the comptroller of the currency at Washington for signature, representing the payment of first dividend of forty-five per cent to the creditors. Claims against the failed banks aggregate about $400,000. The bank suspended last Nov. 25.
11.May 2, 1929Wayne NewsWayne, NE
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DEFUNCT WAKEFIELD BANK WILL PAY DIVIDEND SOON
$176,00 45% of Deposits to be Paid to Losers Soon.
Announcement is made that a first dividend of forty-five per cent will be paid soon to the creditors of the Farmers National Bank of Wakefield The claims aggregated about $400. 000. 00 and the total amount to be distributed will be about $176. 000. 00. The checks and schedules have been made up and sent to the Comptroller's office at Washington and when they are returned. duly signed by the Comptroller. the dividend will be paid. This will probably be in about two weeks and due notice will be given when the payments are ready for distribution. The bank suspended business on November 20th. 1928, just a few days over five months ago, and in addition to the amount of the present dividend the Receiver has also paid off approximately $58. 000. 00 of secured Indebtedness. Those in charge state that there will be other substantial dividends paid in the future. Every effort will be made to make as large a realization for the creditors as possible the Receiver stated. He also stated that he is much pleased with the friendly spirit shown by the people of the community in assisting him to work out the affairs of the bank to the best advantage.
12.May 3, 1929The Pender RepublicPender, NE
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Pays Dividend on Wakefield Bank
George G. Cronkleton, receiver of the Farmers National bank of Wake. field, annunced that he has forwarded checks to the comptroller of the currency at Washington for signature representing the payment of first dividend of 45 per cent to the creditors, when in Pender last Saturday Claims against the failed bank ag. gregate about $400,000. The bank suspended on November 20. 1928. and the receiver in addition to paying the present dividend has liquidated secured indebtedness of over $44,000. The dividend will be paid as soon as the checks are returned from the comtroller's office and will amount to nearly $176,000.
13.May 10, 1929The South Sioux City MailSouth Sioux City, NE
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CLOSED WAKEFIELD BANK PAY DIVIDEND George Cronkleston, receiver of the Farmers National bank of Wakefield. announces that has forwarded checks to comptroller of the currency Washington for signature representing the of first dividend per cent creditors of that trust. Claims against the failed bank aggregate about The bank suspended November 20, 1928, and the receiver addition paying the present dividend has liquidated secured indebtedness of The dividend will be paid soon as the checks are returned from the comptroller's office and will amount nearly $176,000. receiver states that Wakefield trust will other substantial dividends in future.
14.May 16, 1929The Wakefield RepublicanWakefield, NE
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Bank Now Paying to Its Depositors
RECEIVER BEGAN HANDING OUT DIVIDEND CHECKS MONDAY AFTERNOON
The receiver of the Farmers National Bank of Wakefield is ready to issue the dividend checks for the 45% dividend to be paid by the bank. The checks were received from Washington and orders received begin issuing them on Monday. Payments were started on Monday ternoon. All persons are required to call the office and sign receipt before the check can be obtained. Each person must sign for other words, one cannot sign for one else and get the check. The receiver anxious to deliver all checks and asks that persons who had deposits in the bank call for their checks promptly possible. Announcement that 45% dividend would be paid was made in The Republican two weeks ago, but the checks were not received until Monday by the receiver. The amount money to be distributed will total close to The bank suspended business on November 20, last, and in addition to the above dividend, the receiver has paid off over of cured indebtedness.
