13100. First National Bank (Hartington, NE)

View Charter #4528 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
4528
Charter Number
4528
Start Date
May 25, 1932
Location
Hartington, Nebraska (42.622, -97.264)

Metadata

Model
gpt-5-mini
Short Digest
dbdd7071

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
26.5%
Date receivership started
1932-06-01
Date receivership terminated
1938-05-27
Share of assets assessed as good
30.1%
Share of assets assessed as doubtful
42.0%
Share of assets assessed as worthless
27.9%

Description

The First National Bank of Hartington experienced a heavy run (reported the day before closing) and suspended operations, closing its doors on May 26, 1932. A receiver was appointed in early June 1932 and the bank was liquidated with dividends paid later—indicating permanent closure. The run was reported as hastened by the recent failure of the First National Bank of Crofton (local bank distress).

Events (6)
1. March 4, 1891 Chartered
Source
historical_nic
2. May 25, 1932 Run
Cause
Local Banks
Cause Details
Withdrawals and a heavy run reportedly occurred the day before closing; failure of the First National Bank of Crofton two days earlier likely hastened depositor panic.
Measures
Board of directors decided to close the bank to protect depositors (ceased payments).
Newspaper Excerpt
There was quite a heavy run on the bank the previous day, it is reported.
Source
newspapers
3. May 26, 1932 Suspension
Cause
Local Banks
Cause Details
Depleted cash reserve due to heavy withdrawals; closing of nearby Crofton bank precipitated/run hastened the suspension.
Newspaper Excerpt
The First National Bank Hartington closed its doors last Thursday night ... A depleted cash reserve and withdrawal of deposits are given by officers as the reason for suspension.
Source
newspapers
4. June 1, 1932 Receivership
Source
historical_nic
5. June 9, 1932 Other
Newspaper Excerpt
Receiver Has Been Appoint- ed for the First National the of Hartington ... Frank Burchmore appointed receiver of the closed bank the First National Bank ... Tilden the First National Bank recently National Tilden, assistant receiver and charge. ... The receiver of the First National Bank of Hartington is advertising public sale of the bank building and the fixtures ... to be held on September 30th. (reports of receiver appointments and liquidation activity).
Source
newspapers
6. October 5, 1933 Other
Newspaper Excerpt
Belief Hartington community must prosperous ... based his belief on the fact that few people had called the dividend checks of five ... call at the bank your earliest convenience and the officials there will be glad to hand out check for the amount your dividend.
Source
newspapers

Newspaper Articles (12)
1. September 23, 1931 Osmond Republican Osmond, NE
Article from Osmond Republican, September 23, 1931

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Article Text

Neighborhood The receiver of the First National Bank of Hartington is advertising public sale of the bank building and the fixtures of the above bank to be held on September 30th. Thirteen hundred cottonwood trees three and four feet in diameter have been smashed to earth by dynamite to make way for highway No. 14 north of Neligh. The great trees lined both sides of the highway and their removal was deemed necessary for grading. Blasting seemed quicker and cheaper than other methods. As much as pounds of dynamite was used on some of them. For the purpose of determining whether the taxpayers of the tington city district wish to pay the requested additional salary to band instructor now employed by the city of Hartington at $100 per month, special election has been called for Sept. 22nd. The instructor Sly has asked for an increase and as the city is now paying the above amount was suggested that the school district pay any additional amount be granted him. The election will serve criterion of the wishes of the taxpayers and the school board has agreed to abide by the result. Carl Bickson and Dell Mobley. truck drivers of Blenco, Ia., will be arraigned in county court at Hartington on charges of hauling paupers into Nebras_a. The two were arrested and sued on the charge of using trucks to carry paupers into Cedar county on Sept. Their trucks were attached and they were quired to post cash bond of $100 each. It charged that the men hauled to Cedar county the William West family, county charges. Numerous requests for pauper aid during the coming winter featured last Thursday's meeting of the Coun,ty Board of Supervisors of Knox County. The Board in answer, cited the fact that decreased property valuations had caused decreased tax ceipts, and, result, the county coffers would be unable to meet the demands for aid and general many relief. A resolution was then passed asking Governor Bryan, by proclamation, to appeal to more fortunately situated areas in Nebraska for sistance, and also asking the American Red Cross to come in and set for relief, and to handle displans tribution of News.

2. June 2, 1932 The Hartington Herald Hartington, NE
Article from The Hartington Herald, June 2, 1932

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Article Text

Signs of Times Point To Dawning of an Era of Reconstruction in Hartington Community Suffered Many Future Full Promise badly Hartington and Cedar county during They the adversity and failures other conditions addition to the stagnation souls the The climax of this calamitous been during the when the First National Bank of Hartingbank the This the third bank failure at the seat this disaster had stunning effect. Other catastrophies have befalthe community such cantile failures, devatating fires, One the largest garages northeast Nebraska burned the ground and blackened and only short the biggest general gutted flames and the destroyed. Hartington has apparently touched bottom. of the events and people of upward indicate improved Copious and the drouth, and insured bounthe prospect and should toward that end. those things which are beforgetting all misforfailures and disappointpressing forward toward those things which The Hartington Lions Club setting the pace for community by adopting three year govern its activities. This embraces many useful and projects. With this club blaze the trail, the community press forward to ment. New public and the establishment of new dustrial enterprises are all worth goals. an Hartington needs bank. county seat could exist very without banking facilities capital will no the doubt avail tempting opportunity. Hartington needs stores, garages other places of business these will eventually materialize. There no limit to the progress which may made along lines. The outlook is bright and there one which must cooperation. That always the sine qua of In order to avail themselves opportunities which hand and assure maximum achievement during the era of construction opening, people forget all political and religious differences and harmoniously and wholeheartedly togeth- ONLY LONE SURVIVOR THE HARTINGTON G.A.R. the haired man walked slowly down the The man and honor front stage soldier uniform. After had taken the Amflag That aged man Robonly surviving member the Hartington the and the young with him Age and youth going down together and bowing togeth Stars and Stripes went by. was pretty and sight. There only pitiful remnant the left Many years have passed since conflict Civil and one taps have been soundfor brave boys the blue. Their ranks being rapidly depleted by the thrilling their brave deeds will an If that, there will be question about the result.

3. June 2, 1932 The Hartington Herald Hartington, NE
Article from The Hartington Herald, June 2, 1932

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IS CLOSED YEARS AFTER 49 OF SERVICE First National Forced To Suspend on Account of a Depleted Reserve Last Bank Is First National Once Had Deposits People Are Shocked by Closing The First National Bank Hartington last Thursday night being for half century lackyear. depleted cash and withdrawal given officers the for pension The bank might have operate for while longer, stated but, in order protect their depositors, the board of directors decided to Failure of the local bank doubt hastened, if not precipitated. the closing the First of Crofton only two days before. There quite heavy the bank the previous People Were Stunned People have accustomed do business with the First National Bank of Hartington for many years stunned when they down town Friday morning and found notice door that was closed. The failure this bank the which Hartington and county without facilities. years had strong banks. The Hartington National in 1928, Cedar County 1931 and the First National in the hands Other Cedar county banks have failed during the past Farmers State and the Fordyce State. The this city Organized in 1883 Organized 1883, was one the oldest and strongest banks northeast Nebraska and at deposits almost In June, 1920 peak year, deposits aggregated $950,000. When bank closed deposits had dwindled to In the First National and the Farmers State Bank. which located the present Hartington Building Loan building, merged occupied building on the corner Washington avenue and Fifth street. Officers the bank when closed its doors were Louis Goetz, president; Beste, vice-presiCarl cashier, and Lloyd Lynde Alphonse Lamassistant cashiers. Louis Goetz. Spork, John Hirschman, Carl Pedersen. Geo. Beste and Lloyd Lynde and the following owned stock the First National Bank: Amundson, Theo. Beste estate, Beste, Cameron, Dendinger, Dorsey, Mrs. Dan Felber, George, Louis Goetz, Aug Gohman, Mrs. Sarah Gordon, John Hochstein Mrs. Ethel Kerr estate, Krause, Lammers, K. Lammers, Lammers, McKenzie, Lloyd Lynde, Mrs. Ella Mason, Mrs. Hazel Olsen, Oswald, LuR. Parks, Pedersen, Peters, Ready, Mrs. Ready, Mrs. Robinson, Helen Scoville, Scoville, Spork, Agatha Uhing estate and Mildred W. Haggart. Lyon, bank examiner, arrived Friday make the inventory and now charge. Officers state that the percentof dividends which the institution will pay will depend on this year's and the prices which brings. Three former ficers of the First National and prominent its affairs for many Robinson, R. G. Mason and Weston.

4. June 2, 1932 The Hartington Herald Hartington, NE
Article from The Hartington Herald, June 2, 1932

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Article Text

HARTINGTON Week By Week First National Closes Its Drowns Falls on Graduating Classes standing street corners latest The and bank failure. The First tional has closed its doors said, heavy The had made her fight and the community hoped hope that might the but ally doubt by the failure the First Na tional Crofton only before The banking business built peculiar sense confidence. Where confidence exists, bank may continue operate but, for cause, this any intangible foundation becomes weakened, totter and fall. Financially, the First NationBank of Hartington sound had large capital stock ample and well known and responsible business but, when positors began drawing their money, forced to suspend. Failure of this bank creates an extraordinary situation in Hart. ington. county bank which formerly had out three the writer came community 1907. there this institutions Hartington National, the First National and the Farmers State Later the First National and Farme State combined and still later the Cedar County State The crash closing the Hartington the dar County State failed Imagine Hartington! bank buildings. Of the not Either the come and start county the midst of of the richest farming sections Nebraska without banks Hartington have bank banks future and normal conditions will be restored. That, one hopes, not undue but plain statement fact. In the meantime, people are how they going carry on their and what medium of exchange. There will be more checks for there are local banks to write them the community will to find some other method of paying bills. To large extent, no doubt business will done on cash basis done before there any this country. One happy effect of the present that nobody will have lie awake nights about his overdrafts. As the result of the general economic depression and unfavorconditions, there are far fewer banks in this territory than there years ago and, during the past few four Cedar county towns have been hit. "vicious circle' in the banking business. We can not strong banks without public confidence and there can not be public confidence without strong banks there you are. Eventuhowever, circle will broken and confidence and stabilThen there will be return of prosperity. eventually come and the rainfall of the past month and bright prospect the solid foundation which the will be built predict that the the years will watching It must be admitted that like another the recent came which banished drouth present, anyway hot south wind blew clouds would that gravating they number finally, volume limited but totaled heavy general did the business far the cerned and writer, the suggestive thing about the There people the following day than have long and the fields, but because they felt in the mood Farmers their from radius and the stores rushing was happy reminder of days gone by. The curtain down on the class 1932 Hartington High the the other evening brilliant and sight artistically decorated the to, the Salvation of the State done in class displayed. The for these unusually artistic graduates an imposcolorful generation the Today but many the honors for other unique feature of this mencement program that address by form Cedar county boy student the high Hartington attorney Franz Radke, Mrs. Otilia Radke this was the and his address on the value tained many helpful If his aged mother worked all her life give education was in the audience, her heart must have pride. mother's dream mothambition attained. At every commencement season, we the older generation are with the fact that young people who were only children yesterday compose the graduating class. This writer has lived Hartington than quarter of century, but some this year's seniors were born and their parents courted and married since he arrived in town. The years pass rapidly. The babies of yesterday are the today and, here few years longer, another which growing up will be receiving displomas. That the dark side of the is bright very bright side. Heavy, fallen cently all over this territory and the thoroughly soaked. The prospect wonderful. Never better history the county the state and the cheering comes from different localities that the young grasshopwhich hatching by the drowned in great numbers. People that their dead bodies could be scoopup the bushel after the rain. Just at the point where the uation was critical, nature stepped in and saved the farmer. Whether not the rain has put an end to the grashopper in this area remains to be seen, but the presumption that it has. At least, the danger has been greatly diminished and serious problem has been largely solved. The only other remedy was poison best, an remedy-and, since nothing help the farmer and state funds and private means limited, real crisis rapidly approaching. few hours, nature accomplished what would have required millions of dollars to have done not half well. The writer has feeling that this country right at the laying the foundation for new prosperity. Some of our communities have been hard hit the past few suffered failures and financial disasters; but there are better things in store. A new day is dawning. Recovery may be slow, but it will

5. June 9, 1932 The Hartington Herald Hartington, NE
Article from The Hartington Herald, June 9, 1932

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HERALD CALENDAR the NCO club at the pavilion. CHARGE dance John June Lyric Theatre. Receiver Has Been Appoint- the Goldenrod ballroom Randolph. ed for the First National the of Hartington Helena the To Liquidate Slowly Helena pavilion. No Strong Measures Will pend Markets That the recently closed First National Hartington would long time liquidation and that would dividends from 75 the per inion expresed by Wednesday morning when the doors closed during inventory opened to the public By extending liquidation period, hoped realize deal more from the assets the bank than the forced the immedpayment loans. the intention officials charge much money possible the creditors and yet not the people who What realized the assets will, course, depend market values during months. Burchmore Frank Burchmore folk appointed receiver the closed bank the First National Bank Tiland the First National Bank recently National Tilden, assistant receiver and charge. being present by Miss Edna Allen Kansas, Bea Gunderson Norfolk and Dorothy Walz. Miss Allen been the bank National, Norfolk bank Walz position stenographer the local bank for number years. The latter permanently Foster told The Herald yesterday that, he obtained full information gard status bank, would publish and would publish casional to keep the public Bank Closed May 26 The First National Bank Hartington closed doors Thursday, May after being business for half century cash reserve withdrawal by officers the reason bank might have operate for longer, stated; but, order protect their deposithe board directors cided to close. Failure the local bank was doubt hastened, not precipitated, by closing of the First National Crofton only before. There was quite heavy run the bank the The failure of this bank the third which Hartington perienced and leaves the county without banking facilities. Ten years had strong banks. The National 1928, Cedar County State 1931 and now the First National the hands of Other Cedar county banks that have failed during past months the Farmers State Wynot the State. The First of this capitalized Organized 1883 the oldest strongest banks and deposits June peak year, deposits aggregated $950,000. When the page

6. June 9, 1932 The Plainview News Plainview, NE
Article from The Plainview News, June 9, 1932

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HARTINGTON'S LAST BANK IS CLOSED Hartington.-The First National of Hartington closed its doors last Thursday night after being in business for half a century lacking one year. A depleted cash reserve and withdrawal of deposits are given by officers as the reason for suspension. The bank might have continued to operate for a while longer, it is stated; but in order to protect their depositors, the board of directors decided to close. Failure of the local bank was no doubt hastened, if not precipitated by the closing of the First National of Crofton only two days before. There was quite a heavy run on the bank the previous day, it is reported.

7. June 17, 1932 The Ashton Herald Ashton, NE
Article from The Ashton Herald, June 17, 1932

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Hartington, County Sea: Now Without a Bank Hartington people are stand. ing around on the street corners in little groups discussing the latest news. The news is un. pleasant and distressing an. other bank failure. The First National has closed its doors following, it is said, a heavy run The institution had made a heroic fight and the community hop., ed against hope that it might weather the economic storm, but it finally succumbed. The crash was no doubt hastened, if not OC. casioned, by the failure of the First National Bank of Crofton Failure of this bank creates an extraordinary situation. A county seat without a bank which formerly had three. In 1907 this community had three flourishing institutions— the Hartington National, the First National and the Farmers State. Later the First National and the Farmers State combined and still later the Cedar County State was organiz. ed. The first crash came in 1928 with the closing of the Hartington National, the Cedar County State failed in 1931 and now the last survivor has gone into the hands of the receiver.

8. September 5, 1932 Fremont Tribune Fremont, NE
Article from Fremont Tribune, September 5, 1932

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BANK OFFICIAL IS DEAD IN NORFOLK Sept. Fred federal receiver, died here for the Norfolk National and for the First National banks Hartingand Neb.

9. September 5, 1932 Kearney Hub Kearney, NE
Article from Kearney Hub, September 5, 1932

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Nebraska News Notes. Nebraska City, Neb., Sept. Violet Turnbaugh, 15, was near here yesterday afternoon when she stepped into deep hole the Missouri river. The girl had been wading with number compan Boats of Nebraska City Outboard Motor association races aided in searching for the body. Norfolk, Neb., Sept. B. 59, federal bank receiver, died here yesterday. He receiver for the Norfolk National bank and the First National banks Tilden, Hartington Crofton, Neb. Grand Island, Sept. Viola Knop, ended her life yesterday She believed dispondent over health. Kennard, Neb., Sept. body Harry Japp, was found hanging from here Saturday ternoon. The youth had been missing from his home since Thursday was believed to have ended his life while over inability find steady employment. Dalton, Neb., Sept. 5.-State and county officials are seeking identity of safe cracksmen blew open the post office safe here and made off in cash and equal sum stamps pool hall and blacksmith also were entered, presumably by the same marauders.

10. September 8, 1932 Norfolk Daily News Norfolk, NE
Article from Norfolk Daily News, September 8, 1932

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New Receiver for National Harald Nomland, new receiver the Norfolk National bank, arrived here late Wednesday and assumed new duties Thursday morning. Mr. Nomland succeeds the Frank Burchmore, who died suddenly short time ago, He will receiver for the First National bank of Tilden, the First National Crofton and the First National Hartington. experienced bank receivcoming here from Kearney where held that position for the City National bank. Prior to his service there Mr. Nomland bank receiver at Stockton and Phillipsburg, Kan. He married and has daughter years old. The family will move here once.

11. September 10, 1932 The Omaha Morning Bee-News Omaha, NE
Article from The Omaha Morning Bee-News, September 10, 1932

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TRANSFER BANK RECEIVER KEARNEY. Sept. Nomland, receiver of the City National bank of Kearney, has been transferred to Norfolk, where he will be in charge of the Norfolk National bank and the First National banks at Hartington, Tilden and Crofton. Affairs of the City National are in the final stages of liquidation, and the final dividend, probably 2.8 per cent and amounting to approximately $50,000, probably will be ready in October. With the payment of this final dividend, the creditors will have received trifle 50 per cent of the total approved claims of $1,682,000.

12. October 5, 1933 Cuming County Democrat West Point, NE
Article from Cuming County Democrat, October 5, 1933

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BANK SAYS PEOPLE HAVE MONEY Cedar County News: Belief Hartington community must prosperous, spite of drought, hoppers and voiced Wednesday by Herman Beckman, receiver for the First National bank, who based his belief on the fact that few people had called the dividend checks of five although announcement in the newspapers that dividend had been authorized and the checks were ready. The fact that an official nouncement did not come from the had been mad previous the adjudication of other closed banks, may have been the of the delay. Whatever the reason for the delay, appears this issue The News, you had deposit in the First National bank just call at the bank your earliest convenience and the officials there will be glad to hand out check for the amount your dividend. Another reason that the officials anxious to get rid of the checks that September ends the quarter and they are anxious to have the checks all out and paid time.