Commercial Exchange Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 18, 1926
Location: Doniphan, Nebraska (40.772, -98.370)

Metadata

Model: gpt-5-mini
Short Digest: a7d6366f

Response Measures

None

Description

No run is mentioned. The department of trade and commerce placed the bank under control (Guarantee Fund) for impaired capital (government action), and a receiver was appointed; the bank is to be wound up (closure). OCR dates: article published 1928-04-30; text refers to impairment on or about 1926-11-18.

Events (2)

1. November 18, 1926 Suspension

Cause: Government Action
Cause Details: Department of Trade and Commerce placed the bank under control and into the Guarantee Fund due to impaired capital and reserve below legal requirement.
Newspaper Excerpt: On or about November 18, 1926, the petition states, the capital became impaired ... the department placed the bank and its affairs in the hands of the Guarantee Fund department
Source: newspapers

2. April 30, 1928 Receivership

Newspaper Excerpt: A petition for confirmation of the appointment of I. A. Kirk, Gibbon, as receiver of the Commercial Exchange bank, of Doniphan, was filed ... It is prayed that the bank be decreed insolvent ... and the appointment of I. A. Kirk be confirmed and he allowed to proceed with the business of winding up the bank's affairs.
Source: newspapers

Newspaper Articles (1)

1. April 30, 1928 The Grand Island Independent Grand Island, NE

Article from The Grand Island Independent, April 30, 1928

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Article Text

DONIPHAN BANK GETS RECEIVER A petition for confirmation of the appointment of I. A. Kirk, Gibbon, as receiver of the Commercial Exchange bank, of Doniphan, was filed at the office of the clerk of the district court, Saturday, by the office of Attorney General O. S. Spillman. The petition allege that the Commercal Exchange bank operated until November 18, 1928, with a capital stock of $15,000 and surplus fund of $10,000. On or about November 18, 1926, the petition states, the capital became impaired for more than the $15,000 and the bank was conductng business in an unsafe and unauthorized manner. The reserve was below the law's requirement, it is further alleged. For these reasons the bank came lawfully under the control of the department of trade and commerce. On the same date the department placed the bank and its affairs in the hands of the Guarantee Fund department and the commission has investigated and ascertained that the bank cannot continue. It is prayed that the bank be decreed insolvent, that the Guarantee department be ordered to wind up its affairs and that the appointment of I. A. Kirk be confirmed and he allowed to proceed with the business of winding up the bank's affairs.