Articles report the Security State Bank of Wakefield was taken over by the State Guarantee Fund Commission and closed in November 1927; no run is described. A 1929 article discusses settlement of a school district deposit claim with a bonding company. The takeover is a government action suspension and the bank remained closed.
Events (2)
1.November 1, 1927*Suspension
Cause
Government Action
Cause Details
Taken over by the State Guarantee Fund Commission; bank closed in November 1927 and old depositors restricted to withdrawals as money is paid in on outstanding indebtedness.
Newspaper Excerpt
The affairs of the Security State Bank. of Wakefield, Nebraska, was taken over by the State Guarantee Fund Commission last week and will for the present conduct business as per usual on new deposits received.
Source
newspapers
2.March 14, 1929Other
Newspaper Excerpt
MONEY ON DEPOSIT IN SECURITY STATE BANK TO BE PAID IN FULL ... the money would be paid over within few days. This an argument that has been standing ever since the closing of the Security State bank in November, 1927.
Source
newspapers
Newspaper Articles (2)
1.December 1, 1927The Wausa GazetteWausa, NE
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Article Text
WAKEFIELD BANK TAKEN OVER BY COMMISSION
The affairs of the Security State Bank. of Wakefield, Nebraska, was taken over by the State Guar antee Fund Commission last week and will for the present conduct business as per usual on new deposits received. The old depositiors will be allowed to draw-money on their deposits only as money is paid in on outstanding indebtedness to the bank. A receiver will not be appointed at the present.
Mrs. Sweet and daughter, Laura of Creighton, were here Sunday visitors at the Wm. Berridge home in this city.
2.March 14, 1929The Wakefield RepublicanWakefield, NE
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Article Text
Bond Company Agrees to Make Deposit
MONEY ON DEPOSIT IN SECURITY STATE BANK TO BE PAID IN FULL DISTRICT
Announcement was made on Monday that all money on deposit in the old Security State bank of Wakefield belonging to the local school district would be paid in full by the bonding company, and that the money would paid over within few days. This an argument that has been standing ever since the closing of the Security State bank inn November, 1927. Beebe was at that time treasurer of the school district's funds, and bonded by the Fidelity Deposit Company of Maryland. When the bank closed the board of education claimed that the bonding company should make good the amount of money then in the bank, but the company seemed to think that the deposit was guaranteed and should not be paid. Suit was started, but the bonding company offered to pay the account in full before the matter came to trial. The amount in the bank on deposit to This the companny offered to pay, togethwith all costs in the case except that of the attorney for the school district.
