12912. First National Bank (Coleridge, NE)

View Charter #9796 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
9796
Charter Number
9796
Start Date
January 12, 1929
Location
Coleridge, Nebraska (42.506, -97.204)

Metadata

Model
gpt-5-mini
Short Digest
6cfd92df

Response Measures

None

Receivership Details

Depositor recovery rate
92.3%
Date receivership started
1929-01-12
Date receivership terminated
1934-08-25
Share of assets assessed as good
48.0%
Share of assets assessed as doubtful
49.5%
Share of assets assessed as worthless
2.4%

Description

Articles from Jan–Oct 1929 indicate the First National Bank of Coleridge suspended/closed in early 1929 and a receiver (George G. Cronkleton) was appointed; later in Oct 1929 the receiver is paying dividends. No article describes a depositor run prior to suspension, so this is classified as a suspension with permanent closure/receivership. There is some minor OCR/date inconsistency (one article states suspended in June, 1929 but others state suspension/closure in January 1929 and receiver appointments in January 1929); I follow the January 1929 timeline supported by contemporaneous items naming the receiver.

Events (5)
1. June 24, 1910 Chartered
Source
historical_nic
2. January 12, 1929 Receivership
Source
historical_nic
3. January 12, 1929 Suspension
Cause Details
Articles do not state a clear cause for the suspension/closure; no explicit rumor or run is reported in the pieces provided.
Newspaper Excerpt
the bank, which suspended on January 12th
Source
newspapers
4. January 23, 1929 Receivership
Newspaper Excerpt
George G. Cronkleton ... has been appointed for the First National bank, Coleridge, which closed recently. Mr. Cronkleton ... has announced that checks soon will be released, paying an additional 15 per cent dividend to depositors.
Source
newspapers
5. October 16, 1929 Other
Newspaper Excerpt
George G. Cronkelton, receiver of the First National bank of Coleridge, has announced that he is paying first dividend of 30 per cent to creditors of the bank, which suspended in June, 1929.
Source
newspapers

Newspaper Articles (10)
1. January 24, 1929 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, January 24, 1929

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Article Text

FARMER WOMAN IS BURNED WHILE MAKING LYE SOAP Foster. Neb., Jan. 23.-Special dents. Dr. George Donohue was reMrs. Oswald Brand, 25. wife of appointed superintendent of the farmer living southwest of Foster Cherokee state hospital for Insane was severely burned from her to four year term beginning knees down while making soap. March Dr. M. Nelson Voldeng A stone jar was sitting the back was reappointed superintendent of the stove lye soap in it. Mrs. the hospital for epileptics and the Brand moved it trifle and the bot school for feeble minded at Woodtom burst out, throwing the hot lye ward. soap on her. A doctor was called from Boyd County Claims $1,000. claim of $1,000 presented by Boyd county has been turned over to the state for legislative action by Harry W Scott, state tax and acting secretary of the department. It dates back to 1924, when the state took over maintenance of highways and equipment of counties. The justness of the claim is not questioned. but there appears to be no available funds after a long lapse of time. Bank Receiver Is Named. George G. Cronkleton, Laurel. has been appointed for the First National bank, Coleridge. which closed recently. Mr. Cronkleton, also receiver of the Laurel National bank, has announced that checks soon will be released, paying an ad ditional 15 per cent dividend to de positors. About $75,000 will be paid. Oakdale School Head Quits. Oakdale, Neb., Jan. Special: Supt. Jones, who has been at the head of the school in Oakdale for two years, resigned his position. Mr Janes a position traveling salesman for the William Welsh Laboratory company, Chicago. He plans to move to Lincoln. Howard A. Farrens, Able, Neb., was elected to the office. Band Formed in Wisner. Wisner, Neb. Jan. -Special: An independent band was organized here, the being musicians from Beemer, Wisner and Pilger, who formerly composed the Wisner community band. Charles Albright, Beemer, will direct the new band, with Edwin Thompson, Wisner, as assistant director, and Neil Saville, Wisner, secretary. Will Close Harness Shop. Lyons, Neb., Jan. -Special William Eggert, proprietor of a harness shop, will close his stock of harmachinery and fixtures at an quetion sale on January 26. He will to farming.

2. February 7, 1929 Rock County Leader Bassett, NE
Article from Rock County Leader, February 7, 1929

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Article Text

WHEAT GROWER TOLD OF POOL Lincoln, Neb., (Special)W. Ransom, secretary of the Manitoba wheat pool, began series addresses that will take him into parts of the state, the chamtoday, when he cussed the by which the wheat of Canada have been able increase returns. Mr. Ransom said that the farmers there that the surest way effect betterment of conditions was for them to help themselves, and that legislation is helpful, lead to positive adjustments. He said that the wheat by local units, and federal There are three units, all under Starting with five of 65,000, the pool now embraces 140,000 and constantly adding its rolls. The volume marketed was close to 300,000,000 bushels, which represents the larger part production. the past three years control the and orderly disposition had the price and The selling costs proved to be negligible, about quarter of cent per bushel, and the total overhead has never run beyond and three fourths cents, including storand interest. The saving operation controlled by the pool more than offsets the cost of operation of local elevators. RECEIVERS FOR CLOSED NEBRASKA BANKS CHANGED Coleridge, (Special) -George of the National, some in northeast braska, Been named the First National bank of Coleridge. He will be assisted here by Roy Flaherty 15 cent. dividend amounting $75,000 will be paid to depositors of the Laurel National bank according to This the third he making bank. Herbert who been at the state bank in gone Concord and George Bouchof South Sioux receiver at the State bank at Laurel, gone to Dixon, leaving Miss Frahm temporarily in charge of the Laurel State bank.

3. February 7, 1929 The Frontier O'Neill, NE
Article from The Frontier, February 7, 1929

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Article Text

WHEAT POOL Lincoln, Neb., (Special)Ransom, secretary of the wheat pool, began series addresses that will take into the state, the chamber today, when cussed the which wheat growers of Canada have been able materially increase returns. Mr. Ransom that the farmers there discovered that the surest way to effect betterment of conditions was them to help themselves, and that while legislation helpful, will not lead to positive adjustments. He said that the wheat organized by local units, and federal There three units. under agency. Starting with five of 65,000, the now embraces and constantly adding to its rolls. The volume was close bushels, which reprelarger the producyears control the market and orderly products kept the price between and costs proved negligible, about quarter of bushel, and total head has never run beyond two and three fourths cents, including storand interest. The saving in op. eration of the terminal elevators controlled the more than offsets the cost of operation elevators. RECEIVERS FOR CLOSED NEBRASKA BANKS Coleridge, Neb., (Special) receiver the Laurel National, NationWausa banks, some others in northeast Nebraska, been named receiver the First National bank of Coleridge. He will be assisted here Flaherty cent. dividend amountto will be to paid of the Laurel bank this to This the third payment the Laurel bank. Herbert Knox, who has been the state bank in Dixon, gone Concord and George Bouchof South Sioux City, formerly ceiver at the State bank at Laurel, gone to Dixon, leaving Miss Fielda of Frahm in charge the Laurel bank. LOGS SHIPPED FROM KNOX COUNTY Bloomfield, Neb., (Specarloads choice walbeen from Weigand timber Herrick ship squad men the emPenrod, Jordan and Clark Des Moines. They be used the manufacture The quality of the walnut trees this tract, former home Leonard Weigand, Knox county's earliest pioneers, attracted the during the World war and large these logs was used In the of gunstocks. Only logs of large were shipped to Des Moines. The measuring less than 10 inch ameter were sold local farmers for fence posts and fuel. HEART BALM CASE SETTLED OUT OF COURT York, Reeb, who awarded heart balm verdict in district court reagainst Stark. years old, widower, wealthy landowner of Bradshaw, has settled the case court without appeal, attorneys announced. The settlement understood to have for than $5,000. Stark's children seriously objectto marriage. Miss Reeb

4. February 8, 1929 The St. Edward Advance St. Edward, NE
Article from The St. Edward Advance, February 8, 1929

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Article Text

RECEIVERS FOR CLOSED NEBRASKA BANKS Neb., George Cronkleston. receiver of the Laurel National. NationNational banks, in Nebraska. been of the First bank of Coleridge He will be assisted here by Roy Flaherty 15 cent. dividend amount $75,000 will paid to depositors the Laurel this week. according to This the third payment he making Laurel Herbert Knox, has been the closed state bank in has gone Concord and George BouchSouth ceiver the State bank at Laurel has gone Dixon. Miss Fielda Frahm temporarily in charge of the Laurel State bank WALNUT LOGS SHIPPED FROM KNOX COUNTY carloads of choice walbeen from the Weigand timber Herrick town ship by squad men in the em. ploy Penrod, Jordan Clark Des be used the furniture The quality of walnut trees this the former home attracted the war department during the World and large used in the of gunstocks. Only were shipped to Des The tops less than 10 inch farmer for fence and fuel. HEART BALM CASE IS SETTLED OUT OF COURT -Sophie Reeb who awarded $6.600 heart balm verdict district court reagainst Sim Stark 63 years old; widower, wealthy landowner of Bradshaw, has settled the case out court appeal attorneys announced The sittlement understood to have for more than Stark's children seriously objected to the marriage. Miss Recb near Hordville.

5. October 16, 1929 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, October 16, 1929

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Article Text

CLOSED COLERIDGE BANK SOON TO PAY DIVIDEND Coleridge, Neb. Special: George G. Cronkelton, receiver of the First National bank of Coleridge, has announced that he is raying first dividend of 30 per cent creditors of the bank, which suspended in June, 1929. The receiver says that prospects are bright for payment of other dividends in the future. The present payment amounts to $41,000. Christian Body Convenes Lyons, -Special: The Christian Endeavor institute of district No. 1, met in the Presbyterian church in Lyons, with a large attendance of delegates. The principal address was given by R. D. Herbert, former president of the Nebraska Christian Endeavor union. Several Farms Are Sold Lyons, Neb.-Special: More activIty is being shown in land deals in Burt and nearby counties. John Tressmer, Rosalie, bought an 80acre improved farm of Bert Gunderson, northeast of Lyons, at $14,000. Oakdale Farmers Gather Corn Oakdale, Neb.-Special: Farmers are beginning to husk corn in this vicinity. The crop is yielding better than was expected. The quality is exceptionally good.

6. October 17, 1929 The Hartington Herald Hartington, NE
Article from The Hartington Herald, October 17, 1929

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Article Text

Coleridge Bank Is Paying A Dividend George receivFirst National Bank that paying first dividend of creditors of the which suspended on Janstates that the prospect for the ment substantial dends the future The

7. October 24, 1929 The Randolph Times Randolph, NE
Article from The Randolph Times, October 24, 1929

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Article Text

COLERIDGE BANK IS PAYING A DIVIDEND George G. Cronkleton, receiver of the First National bank of Coleridge, announces that he is now paying a first dividend of 30 per cent to the creditors of the bank, which suspended on January 12th The receiver states that the prospect is bright for the payment of other substantial dividends in the future. The present payment is over $41,000.

8. November 13, 1929 The Laurel Advocate Laurel, NE
Article from The Laurel Advocate, November 13, 1929

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BANK RECEIVER MOVED TO ILLINOIS DISTRICT M. E. Jensen, who has been receiver of the Plainview First National bank since it closed a little over a year ago, has been trasferred to Taylorville, Illinois, where he goes to accept a like position in a large bank just recently closed. He departed for that place Sunday morning, but will not move his family there until the fore part of next month. Mr. Jensen is a very competent man and has made many warm friends during his brief residence in Plainview. George G. Cronkleton, who is receiver of First National banks at Coleridge and Wakefield, has been placed in charge here and will be assisted by S. G. Coombs These gentlemen expect to divide their time between these banks from this date on. Both are very capable men. Miss Engle will remain at least temporarily as bookkeeper and stenographer, a position she has filled with general satisfaction during the past year.-Plainview News.

9. October 14, 1931 The Hastings Daily Tribune Hastings, NE
Article from The Hastings Daily Tribune, October 14, 1931

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Article Text

Thursday; To Payment Oct. George B.Cronkleton receiver First National Bank Hast. Ings, Neb., Comptroller Currency Cronkleton has handled sevreceiverships NebrasHe in the state now and report immediately Hastings. Immediately after receipt here news comptroller's lection, the Tribune obtained long distance Interview with Cronkleton after locating him Coleridge, learned that the receiver, who expects arrive here Thursday evening and assume active charge First National Bank Friday morning, has had long experience liquidation. Served 20 Posts. He assigned receivfor total banks Nebraska during the past ten and present time direct ing the liquidation nine Nebrasbanks addition to his new charge here. The banks which he Hquidating include First tional Bank Coleridge, the Hartington National Bank HartingWalthill National Bank National Bank Plainview, the Laurel National Bank Laurel, the Farmers National Bank Wakefield, First National Bank of Humphrey, Saunders County Bank Wahoo, First NationBank Elgin. Mr. Cronkleton declared that, though continue the direction the liquidation of the nine other banks, move headquarters Hastings, the First National here being the largest the group. He declared that he now has several assistants working with intimated that more may be secured. how rapidly the Hastings may progress, Mr. Cronkleton course, unmake statement, being necessary he first quaint himself with the conditions the To Work Rapidly. may, however,' assert"assure the people Hastings an earnest effort proceed with work there rapidly efficiently complished, and dividend be forthcoming depositors' there will warrant," he told the Tribune. Prior his first appointment bank years ago, Mr. Cronkleton resided Bayard, Neb., where cashier present First National Bank of that city.

10. October 16, 1931 The Hastings Daily Tribune Hastings, NE
Article from The Hastings Daily Tribune, October 16, 1931

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WORK First National Bank Receiver to Perfect Organization-Urges Patience of Depositors. George B. Cronkleton, receiver for the failed First National Bank of Hastings, today had begun his work here incident to the liquida tion of that institution. Mr. Cronkleton, with an assistant, arrived In Hastings Thursday afternoon, coming here from Colevidge, Neb. The First National Bank of the latter city is one of nine banks in Nebraska, in addition to the one here, for which he now serving as receiver. First of the problems confronting the receiver in Hastings is the per fecting of an organization to assist him in the conduct of the liquidation. Favor Local Applicants Scores of applications have been received from persons seeking a place on the staff. Mr. Cronkleton Indicated that, in 80 far as is consistent with efficiency, he will attempt to make up his staff from the Fanks of local applicants. As regards the payment of a depositors' dividend- the first dividend will be paid, and how much It will amount Cronkleton could but urge depositors to be patient. "The liquidation of a bank," he pointed out," is an important undertaking which, like most undertakings of import, requires both time and patience. Time Uncertain "It is impossible at this time." he said. "to make any announcement with regard to dividends oth er than to say that we are here to release what is in this bank as soon as it can be efficiently re leased. And everything that is here will be released. but It will take some time to do ft. How much time cannot say number of inquiries were re eelved at the bank today from holders of deposit boxes who desired to know when they may gain access to them. In reply to such inquiries patience was again requested. Mr. Cronkleton explained that for while those working In the bank will be 80 busily engaged in preHminary details that will be impossible to accommodate all of the holders of Urges Patience "It is my intention." Mr. Cronkleton explained. "to be fair and reasonable with every box holder. If it Is of paramount importance to any individual that he be permitted to open his box, in that a business transaction is dependent upon it. he should tal to me about "In general however, boxholders will greatly facilitate work in the early stages of the liquidation If they will be patient and await the time when the boxes can be made available to them without Interruption of our routine. That will be done as soon as possible "If we get too many individual recu this regard It will simply become necessary for us to allow one to gain access to his box for while.' Experienced as Receiver. Mr. Cronkleton. one of the best known national bank receivers in this section of the country, has had wide experience in his field over period of 10 years, during which time he has been appointed to 20 receiverships. In addition to having formerly served as a bank official he is also an attorney The manner in which he entered upon hs duties today served as an apparent demonstratic of his thoroughness and of his knowledge of the proper handling of the at fairs of failed Institution. He Im pressed those who were associated with him today with his ability. Under Comptroller. It was again pointed out today that the fact that Mr. Cronkleton, as receiver, has taken active charge of the First National Bank, does not preclude continued et forts upon the part of persons in terested in the bank and in the community to effect reorganza tion- and efforts in that direction were still being talked of. The First National Bank receiver maintains direct relationship with the office of the comptroller of currency in Washington. He is not under the immediate direction of court, as is the case in some other than those having to do with a national bank. O'CONNELL WINS PRIZE Frank B. Connell, secretary of the game, forestation and parks commission and former state adjutant of the American Legion, today was awarded certificate of second award in the national American Legion department history contest. O'Connell's history of the Nebraska department was written during 1922. It was rated second among the twelve histories receiv-