12938. Crawford State Bank (Crawford, NE)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: October 1, 1931*
Location: Crawford, Nebraska (42.683, -103.413)

Metadata

Model: gpt-5-mini
Short Digest: 9913468e

Response Measures

Capital injected, Full suspension, Books examined

Other: Reorganization with depositor waiver agreements and limited monthly withdrawals enforced by state; state commerce/department of trade and commerce involvement.

Description

The bank experienced heavy/considerable withdrawals (a run) in mid-October 1931 and suspended on October 21, 1931. It was reorganized (stockholders/new directors, waiver agreements, limited withdrawals) and reopened in late January 1932 (articles give dates Jan 20–22, 1932).

Events (3)

1. October 1, 1931* Run

Cause: Local Banks
Cause Details: Heavy withdrawals driven by general financial unrest in adjacent territories and regional banking conditions; articles cite 'general financial unrest' and adverse conditions in surrounding territory.
Measures: Directors suspended business; later negotiated waiver agreements with depositors and reorganized with new directors and stockholder support.
Newspaper Excerpt: There have been considerable withdrawals in the last few weeks, which, coupled with the unfavorable financial situation in adjacent territories, made the directors feel that this action was best for all concerned.
Source: newspapers

2. October 21, 1931 Suspension

Cause: Local Banks
Cause Details: Suspension precipitated by heavy withdrawals and unfavorable financial situation in adjacent territories (regional banking unrest).
Newspaper Excerpt: The Crawford State bank suspended business and did not open Wednesday morning, pending reorganization.
Source: newspapers

3. January 21, 1932 Reopening

Newspaper Excerpt: The Crawford State bank ... opened its doors Wednesday morning and [is] doing business. Re-organization ... and the policy of limited withdrawals required by the state insure the institution's success. The bank reopened with deposits $160,957. The depositors have cooperated in the reorganization by signing waiver contracts agreeing to accept payments of their deposits in monthly installments but all depositors are to be paid in full and without any write-down. (Jan 21, 1932 articles.)
Source: newspapers

Newspaper Articles (11)

1. October 22, 1931 Northwest Nebraska News Crawford, NE

Article from Northwest Nebraska News, October 22, 1931

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CLOSES REORGANIZATION Await Arrival of Representative From Trade and Commerce Department Before Plans Announced. The Crawford State bank suspended business and did not open Wednesday morning, pending reorganization. No definite announcement as to the future is ready, but the following statement has been issued: A representative of the state department of trade and commerce expected to arrive Thursday, after which it is hoped to work out something definite as to plan of operation. There have been considerable withdrawals in the last few weeks, which, coupled with the unfavorable financial situation in adjacent territories, made the directors feel that this action was best for all concerned. The bank has capital stock, surplus and undivided profits of and deposits of approximately $200,000. The officers are: R. Ivins, president; F. McGivern (Omaha), vice president; Johnson, assistant

2. October 22, 1931 Northwest Nebraska News Crawford, NE

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The Banking Situation Following the closing the Crawford State bank Wednesday morning of this week, it stated on good authority that it is more than probable that every depositor will be paid one hundred cents on the dollar of his deposits when the assets of the bank are finally liquidated, as the loans by the bank are amply by adequate collateral. It will merely take time to liquidate the assets of the bank that depositors secure their money. The town of Crawford fortunate in having good strong financial institution left. In the Commercial State bank, Crawford has one the strongest banking institutions in this part of the state, with officers who have the confidence of the public, deposits of more than $600,000, and capital stock, surplus and undivided profits large enough to inspire confidence in community several times as large as Crawford. It should have the undivided support of the business interests of the town, as well as the community at large. The Commercial State bank was organized in 1886 and has given service to the town of Crawford and the community surrounding it for nearly half century. has remained in the same family all of that time. No town can prosper without strong banking institution and as we before, Crawford is to be congratulated on having such an Institution, headed by home people who have the welfare of the town and community at heart.

3. October 22, 1931 The Harrison Sun Harrison, NE

Article from The Harrison Sun, October 22, 1931

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CRAWFORD BANK CLOSES Word reached here vesterday that Crawford State Bank suspended business that morning. has been turned over the Department Trade definite formation was stated reorganization stitution might effected following examination by the coupled with drawals by conditions throughout the adverse country caused the suspension. RECEPTION FOR NEW MINISTER ranch ladies the ComThe church are holding munity October 30th. tion on Friday Rev. Lenker and honor family the church. family and meet Bring vourself Mr. Mrs. Lenker and family enjoy an evening of visiting. Harold Reed. Eunice Sherrill. Jim Archie Inez Buckingham Fox, Lola Iversen called Chet and Lusk Wyoming hospital Sunday. Chet. who severely jured an auto accident several reported getting along considering the nature injuries. Mr. and Mrs. Allen Lushbough for Nebr., where Monday by auto her parents. From there will to Grand Island from local Odd Fellows lodge to the Odd Fellow session there the Rebekah assembly Tuesday of this week Evan Worley celebrated his birthdav and Mrs. arranged surprise party inviting his classmates him observe the occasion. enjoyed number delicious lunch

4. January 20, 1932 Lincoln Journal Star Lincoln, NE

Article from Lincoln Journal Star, January 20, 1932

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STATE REOPENS ITS DOORS Depositors to Be Paid in Failed Banks Pay Dividends. The reorganization of the Crawford State bank, for busiand the payment total of dividends depositors five failed state banks were by Governor Bryan. The Crawford State bank business Oct. 21. The new R. Ivins, president, Duncan, vice president cashier. The capital stock $30,000, surplus $10,000 undivided profits about $3,000. The bank reopened with deposits $160,957. The depositors co-operated in the reorganization by signing agreeing to cept of their but all depositors are to be paid in full and without any depositors of the Farmers State bank of Loomis, upon order of the district court, dated Dec. totals $7,163.37, 10 percent. During receivership percent $32,235, had previously paid. The Battle Creek Valley bank at Battle Creek will now cent dividend viously 15 percent or $42,900.61 been paid. The Bruno State bank will pay 10 percent, or $12,188.73. The State will pay percent $22,685.97. had viously paid 15 percent or $68,The Farmers Merchants Sterling pay 10 percent It paid 46 percent or $32,591.93.

5. January 21, 1932 Northwest Nebraska News Crawford, NE

Article from Northwest Nebraska News, January 21, 1932

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STATE BANK OF CRAWFORD IS AGAIN RUNNING Local Institution Doing Business After New Money, Sound Policy Bespeak Success. The Crawford State bank, which suspended business the middle of last October due to heavy withdrawals of cash and general financial unrest, opened its doors Wednesday morning and doing business. re-organization, which involved the addition five directors, together with the sound policy of limited withdrawals required by the state, insure the institution's success practically beyond doubt. The list of officers and employes headed by Dr. Ivins, who has been president of the bank for some years; Duncan, vice president and cashier: Eldon Spray, assistant cashier, Ruth Arner, bookkeeper. Directors are Morison, R. Dempster, George James, Dr. R. Ivins, Dr. Ivins, Duncan and Porter. Of these Messrs. Morison, Dempster, James and Duncan and Dr. Ivins are new members of the directorate. The insistent demand of the people that the bank reopen, which creased in volume all during the past. week, was reflected in the large deposits coming in immediately after the bank opened Wednesday. Only about $5,000 of the old deposits are not represented on the waiver agreements which have been signed. New Deposits May Be Drawn All new deposits coming in are not affected by any waiver agreement. They may be withdrawn and redeposited just as funds in the bank before closed. Thus to advantage to do all the everyone's business they can at the bank, as the more new deposits that come in more business the bank does, the quicker will the old deposits be released. schedule of service charges identical with that in effect at Chadron and other banks of the section is being worked out. The important thing in the whole situation, and the thing that putsmile the faces of local ting on busness men, that the bank will be able to do business in every way just as before it closed, except for the old deposits. By taking advantage of this going bank, by doing all the business we can with lift the ban on the old decan soon posits. The gradual withdrawal plan provided makes the bank's future absolutely secure. This scheme was put in effect because was desired to leave nothing to chance possible continuance of the adverse conditions of the past year or If times return soon to normal, which all business leaders predict will, the old assets may be they liquidated satisfactorily and the withdrawal waiver lifted. If, on the other hand, the depression lasts longer than expected, the gradual cannot. undermine the bank's financial structure and cause second closing, which has been the case with other institutions. Duncan, vice president and cashier, has spent much time in Lincoln and Omaha the past few months, taking care of the legal and other matters involved. Another important factor in speeding up the opening was the confidence placed in Gund by the state department of banking. Mr. Gund, assistant receiver for the Commercial State bank, has checked in the assets and managed other details, that special man did not need to be sent out from Lincoln, which the usual procedure.

6. January 22, 1932 Chadron Record Chadron, NE

Article from Chadron Record, January 22, 1932

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Crawford Reopened On Wednesday News of the re-organization of the Crawford State Bank of Crawford, which opened its doors Wednesday of this week, will be most welcome to the people of Dawes county. The Crawford State Bank suspended business October 21 and every possible effort toward reorganization has been made since that date. The new officers are: Ivins, President; Duncan, Vice President and Cashier. The capistock is $30,000.00, surplus and undivided profits about $3,000. The bank reopened with deposits $160,957. Depositors have cooperated In reorganization of the bank by signing waiver contracts agreeing to payments of their deposits positors are to be paid in full and without any writedown.

7. January 22, 1932 Star-Herald Scottsbluff, NE

Article from Star-Herald, January 22, 1932

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Crawford State Bank Reopens for Business The reorganized Crawford State bank, made solvent by stockholders, reopened for business Wednesday The bank suspended October 21, 1931. The new officers are: O. R. Ivins, president; S. P. Duncan, vice president and cashier. The capital stock is $30,000; surplus, $10,000: and undivided profits. about $3,000. The bank reopened with deposits of $160,957. The depositors have cooperated in the reorganization by signing waiver contracts agreeing to accept payments of their deposits in monthly installments but all depositors are to be paid in full and without any write-down. Official approval of the reorganization has been given by the state commerce department.

8. January 27, 1932 Star-Herald Scottsbluff, NE

Article from Star-Herald, January 27, 1932

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Crawford State Bank $4.95 Reopens for Business The Crawford State bank. which suspended business last October be- Beautiful missy dresses bought from the Raccoons, Pony, Northern Seal. Muskrat, Caracul, etc. cause of heavy withdrawal of cash Hollywood market. Exact replicas of exand financial unrest. opened its doors pensive film-land styles. last week and is doing business. A reorganization. which involved the addition of five new directors. together with the policy of limited 15 Transparent Velvet Dresses originally $39.50 withdrawals required by the state. insure the institution's success, it is 3 Black Velvet Evening Wraps originally $39.50 believed. The capital stock is $30,000. Tremendous surplus $10,000 and undivided profits about $3,000. The deposits totaled 1 Beautiful Blue Chiffon Dress originally $29.50 $160,957.

9. January 28, 1932 Chadron Chronicle Chadron, NE

Article from Chadron Chronicle, January 28, 1932

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Bank Opens Wednesday Ivins President The Crawford State bank, which suspended business the middle of last October due to heavy of cash and general financial unrest, opened its doors Wednesday morning and business. re-organization, which involved the addition of five new directors, together with the sound policy of limited withdrawals required by the state, insure the institution's success practically beyond doubt. The list of officers and employees headed by Dr. Ivins, who has been president of the bank for some years; Duncan, vice president and cashier; Eldon Spray, assistant cashier, Ruth Arner, bookkeeper. Directors are Morison, Dempster, George James, and Porter. Of these Messrs. Morison, Dempster, James and can and Dr. Ivins are new of the directorate. The insistent demand of the people that the bank reopen, which increasin volume all during the past week reflected the large deposits coming in after the bank opened Wednesday. Only about of the old posits not represented the waiver agreements which signed. New Deposits May Be Drawn All new deposits coming in are not affected by any waiver agreement. They be withdrawn and redemay posited just as funds in the bank fore it closed. Thus to one's advantage to do the business they can at the bank, as the more new deposits that come more business the bank does, the quicker will the old deposits be leased. A schedule of service charges identwith that effect Chadron and other banks of the section is worked Nebraska News.

10. January 28, 1932 The Western Nebraska Observer Kimball, NE

Article from The Western Nebraska Observer, January 28, 1932

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CRAWFORD STATE BANK REOPENS FOR BUSINESS The reorganized Crawford State bank, made solvent by stockholders, reopened for business Wednesday. The bank suspended October 21, 1931. The new officers are: O. R. Ivins, president: S. Duncan, vice president and cashier. The capital stock is $30,000; surplus, $10,000, and undivided profits, about $3,000. The bank reopened with deposits of $160,- The depositors have cooperated the reorganization by signing waiver contracts agreeing to accept payments of their deposits in monthly installments but all depositors are to be paid in full and without any writedown. Official approval of the reorganization has been given by the state commerce department.

11. January 29, 1932 The Gering Courier Gering, NE

Article from The Gering Courier, January 29, 1932

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ITEMS OF INTEREST OVER WEST AREAS CURRENT EVENTS IN VALLEY AND NEARBY AREAS Revamped. Rewritten or Picked Up Bodily from Our Exchanges for Local Consumption M. O. York of Weldona, Colo., has been elected as president of the Colorado press association. He was a former resident of Mitchell where he was employed by the Index for a number of years, and now publishes the Weldona Tribune. The golden wedding anniversary of the marriage of Senator and Mrs. H. M. Springer will come on Tuesday of next week, and it has been announced that they will have a reception for their friends at their home in Mitchell from 3 to 5 p. m. and from 7 to 10 p. m. Floyd Miller of near Huntsman, in Chey county, won the Union Pacific scholarship for that county. The scholership is valued at $100. In addition he receives free railroad fare to Lincoln. A unique contribution to the re ligious life of the region is being performed by James Johnston, who runs a school bus every Sunday morning over a 56 mile route out of Torrington and gathers up children bringing them to Sunday school and taking them back afterward, entirely at his own expense. They are taken to any of three separate Sunday schools they wish to attend. The Crawford State bank, which suspended business in October, has been reorganized and was opened for business again last week. All depositors are to be paid in full, but have signed agreements to check out not more than certain percentages of their credits during any one month. The county board of Morrill county has eliminated from its budget of expense for the coming year the items for support of the farm bureau. They state that the constitutional limit for this purpose will not yield the necessary amount to continue the activity. Potatoes shipped from the stations of the two railroads at Mitchell and South Morrill during the past season were 1370 carloads There are still many cars of spuds in the cellars of that section, and movement has started with the warmer weather. Guy V. Doran, editor of the Sidney Telegraph, understood to be considered as a democratic candidate to oppose Congressman Simmons. A report is also in circulation that Keith Neville of North Platte, former governor, is being urged to enter the race. Lewis Colyer, boy scout at Torrington and son of Colyer, former sheriff at Torrington, has been awarded what is known as the of Harmon scolarship. It includes a sum of $100 and an opportunity to be loaned $250 per year for two years to be used in assisting in a college education. The Wyoming fishing season will open this year usual on ly April 1, but will be brought to a close on November 5. just 25 days in advance of the date heretofore observed. Negotiations for the purchase that of the site of old Fort Laramie seemingly have failed, and it now announced by members of the Vyoming landmark commission that they will start proceedings for condemnation. Lee Basye of Lincoln, who was formerly an Alliance attorney and deputy attorney ral. is an announced candidate for the repub-