First National Bank - Carroll, NE

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 5957
Charter Number: 5957
Start Date: July 1, 1925*
Location: Carroll, Nebraska (42.276, -97.189)

Metadata

Model: gpt-5-mini
Short Digest: cf62eb27

Response Measures

None

Receivership Details

Depositor recovery rate: 10.2%
Date receivership started: 1923-08-13
Date receivership terminated: 1928-10-15
OCC cause of failure: Economic conditions
Share of assets assessed as good: 25.4%
Share of assets assessed as doubtful: 42.5%
Share of assets assessed as worthless: 32.1%

Description

No article describes a depositor run. Contemporary reporting (1925) states the First National Bank had a receiver and its building was sold and occupied by the Carroll State Bank; a 1929 article refers to funds lost when that bank failed. This indicates the bank suspended/failed and entered receivership prior to July 1925 and did not resume operations. Cause inferred as bank-specific insolvency from references to failure and depleted receiver funds.

Events (4)

1. September 6, 1901 Chartered

Source: historical_nic

2. August 13, 1923 Receivership

Source: historical_nic

3. July 1, 1925* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank failed/insolvent; receiver appointed and receiver had no funds left (state lost $4,000 deposited there).
Newspaper Excerpt: The receiver of the First National Bank will retain an office in the building ...
Source: newspapers

4. January 10, 1929 Other

Newspaper Excerpt: One of the matters ... is some action to recover $4,000 of state treasury funds deposited in the First National bank of Carroll and lost when that bank failed. The supreme court gave judgment for the state against the receiver who has no funds left, ...
Source: newspapers

Newspaper Articles (2)

1. July 23, 1925 The Carroll Index Carroll, NE

Article from The Carroll Index, July 23, 1925

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Article Text

CARROLL STATE BANK IN NEW LOCATION The Carroll State Bank moved Tuesday into their new location, in the building formerly occupied by the First National Bank, and are now ready to serve the publie in a more efficient manner than ever before in the history of the State bank. The new location gives the officers and employees a modern banking house, in which to serve their patrons, with all the conveniences of a city bank. The building was purchased at public auction a short time ago for the consideration of $15,000 including all fixtures. The officers who will serve the public are as follows: Howell Rees, president. A. F. Huwaldt, vice-president. Edward Huwaldt, cashier. V. G. Williams and Leslie Belford will continue as employees of the bank. The receiver of the First National Bank will retain an office in the building which will be taken care of by Miss Lena Stewart as in the past. Miss Stewart has put in her resignation to take effect August 1st, as she will go to Newman Grove when the school year begins to fill the position as principal of the Newman Grove public schools.

2. January 10, 1929 Superior Weekly Journal Superior, NE

Article from Superior Weekly Journal, January 10, 1929

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Article Text

STATE TO ANSWER BANKS Attorney General Sorensen is preparing an answer to the suit filed by bankers who are resisting the special assessment levied under the bank guaranty law last December. He said the answer would be filed in the district court of Lancaster county Monday. His special council in this case are Edgar Ferneau of Auburn, chairman of the republican state committee, and C. E. Abbott of Fremont. The petition intervention filed in this case Friday by a depositor at Humboldt, while friendly to the side of the state, was not drawn or filed by the attorney general's office. One of the matters left by the Spillman administration for the new attorney general to look after is some action to recover $4,000 of state treasury funds deposited in the First National bank of Carroll and lost when that bank failed. The supreme court gave judgment for the state against the receiver who has no funds left, but held that the money was not a state deposit but was an investment of state funds. The transaction was between former treasurers, C. D. Robinson and D. B. Cropsey.