13101. Hartington National Bank (Hartington, NE)

View Charter #5400 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5400
Charter Number
5400
Start Date
November 20, 1928
Location
Hartington, Nebraska (42.622, -97.264)

Metadata

Model
gpt-5-mini
Short Digest
e8c51b60

Response Measures

None

Receivership Details

Depositor recovery rate
61.1%
Date receivership started
1928-11-13
Date receivership terminated
1933-07-01
OCC cause of failure
Governance
Share of assets assessed as good
38.3%
Share of assets assessed as doubtful
53.4%
Share of assets assessed as worthless
8.3%

Description

The Hartington National Bank closed and a receiver was appointed in Nov 1928. Articles describe examination, receivership, and later liquidation activities and sale of the bank building. No clear contemporaneous run is described for the Hartington National itself; later articles reference receivership and prosecutions arising from examinations.

Events (4)
1. June 4, 1900 Chartered
Source
historical_nic
2. November 13, 1928 Receivership
Source
historical_nic
3. November 20, 1928 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed after failures to collect loans and depleted funds; examinations revealed problems in books and misapplied funds later uncovered by examiners and receiver; borrowers failed to pay, impairing collections and reserves.
Newspaper Excerpt
The Hartington National bank ... closed Hartington, Cedar county, Tuesday last
Source
newspapers
4. November 22, 1928 Receivership
Newspaper Excerpt
BANK RECEIVER NAMED ... The Hartington National bank ... closed ... The president ... Bank Guaranty Attack. ... The depositors Hartington National bank have protection. ... receiver Allen ... will close up the affairs of the bank. (receiver mentioned in subsequent articles as W. H. Allen and Cronkleton involved in liquidation.) Also: bank went into receivership (Omaha World-Herald, 1930) and later references to receiver Allen handling affairs in 1930-1931.) (Excerpted lines from multiple articles.)
Source
newspapers

Newspaper Articles (9)
1. November 22, 1928 Nebraska Signal Geneva, NE
Article from Nebraska Signal, November 22, 1928

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Article Text

BANK RECEIVER NAMED The Hartington National bank, capital $40,000, deposits $350,000, closed Hartington, Cedar county, Tuesday last One deposits fund of collectpurpose of fighting The president the bank, the Hartington says as the positors fare getting their depend on the attitude the have the bank and who upon pay back. The that has with debt bank attitude. When bank because from borrowers failed. The bank fails large cent the borrowers begin fight claims against them, raising all sorts objections and ting imaginable sort claim. Very banks would they could collect the face value their notes. failure depositors would lose anything Those and berate the Nebraska guaranty should willing concede that the question has sides. The depositors Hartington National bank have protection. had been the the bank been great they under and addition they have guaranty There every believe that state banks get every dollar their deposits though greatly the certainty of payment. Bank Guaranty Attack. What written above might be proud the he rendered doubtful the Nebraska We to honor the supreme should hold the guar- the men who gave their fund lives. sentianticipated any than cept some knelt the what they could ground, on break There some badly that techniwounded, put thus, defect be found that would may long but without regret. levying assessThe which guaranty supreme motive Schantz, president of the triotism the There bank Omaha, leader willing mischief Nebraska state need for matters, heading need that spirit live. We need induce large now heed the time apply the the realm injunction state belief that American department Legion should lead in the spirit, special of should in the lead the line one cent that duty and service for law early have harmless December. doubt around now, those satisfied to along with the filed because long does not interfere their technical flaw in the us the story of the lady which much finally being found by to church. he to sleep. That would legislature he got the snoring snoring seem this shook courts will hold the to reply 'Leave me alone. would practically turn to get up. started guaranty unless the fire should of such that us are not could the legislasnoring not trycourts upset We guaranty unless very today task strong reason The bankers should go to legislature of they think the people state sugstand the law being killed. gested day the Milligan Picture Section. The Signal is presenting to its readers today devoted principally to Milligan pictures and personal torical matter. They pages eleven fourteen inclusive. Most from which the HaberFriend was largely preby except the reprint of the historical booklet published years ago, the authors of which the just course business hope readers find the section many pages and be found some statistics that might confuse does member that they years old. was stated that time that the average of county about $38. The pay of has since the beginning the world member statistics about the schools have no reference 1928. Rain Affects Graves. The rain that fell the earth more in the settle as feet. Joe Owens has been very filling in the graves We have engaged in newsbut heard which affected time. Some the fected much as three old. We hope has curred the that rain unusual depth Fillmore counfarm land also. About the Hadsells. from Hugh B. Hadsell Guide Rock proves that time Hugh realize that the Hadsell outfit gone eight years? Election day the Our be enjoy Signal The Signal

2. December 20, 1928 Cedar County News Hartington, NE
Article from Cedar County News, December 20, 1928

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Article Text

CLAIMS BE AGAINST CLOSED BANK RECEIVER ALLEN SAYS THAT HE HOPES TO BE READY TO RECEIVE SOON Claims of depositors and creditors the closed HartingNational will be for Allen, the institution, soon afholidays the same closing affairs the tained, to Assets of the institution gotten shape Allen and his assistants hope shortly to be attention claims of positors creditors. action official that claims filed, and set during which must in the banking then be opinion percentage the deposiexpressed the closed, planning adjustment affairs. AT BRIDGE party

3. September 25, 1930 The Wynot Tribune Wynot, NE
Article from The Wynot Tribune, September 25, 1930

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FIRST NATIONAL TO PAY FINAL DIVIDEND Receiver's Checks Will Be Available Here Monday and Tuesday. Checks for the final dividend of 18.9 per cent to the depositors of the First National bank of Wynot are now in the hands of W. H. Allen, receiver for delivery in his office at the Hartington National bank at Hartington, or the receiver will be at the Farmers State bank in Wvnot on Monday and Tuesday, September 29th and 30th, and will deliver them in person to you if you so desire. The receiver's certificates must be surrendered upon receipt of this final dividend. Bring your receiver's certificates with you. or mail them to the receiver at Hartington. Remember, that all checks not called for on or before October 15th, 1930, will be returned to the comptroller of the currency at Washington, D. C., and it will take an endless amount of red tape and delay to secure your check after that time. The First National bank closed its doors December 24, 1927. The posits amounted to about $100,000, about $30,000 demand deposits and the balance time certificates and savings deposits. With the final payment of the 18.9 per cent the depositors will have received a total of almost 74 per cent or over $70,000. After the closing of the bank Geo. D. Cronkelton was placed in charge as receiver for some time and later W. H. Allen was sent here to close up the affairs of the bank. An invoice and estimate of the assets made by Mr. Cronkelton disclosed a very discouraging condition and at that time feared that less than 50 per cent would be realized by the depositors. However, Mr. Allen, with the earnest co-operation of J. F. Arens, F. W. Arens, J. F. Hochstein and other officers and directors. was able to make some collections that had been considered doubtful, these stockholders even making personal sacrifices that the law did not require in order to assure the depositors every cent possible of their money. In closing up the affairs of the bank, Receiver Allen is high in his praise of the honor and strict integrity of the Arens families and Mr. Hochstein and their wonderful loyalty in making every sacrifice in order to protect the depositors who had placed their money in this trust. As all of the assets of the bank have been disposed of, the giving out of these dividend checks marks the finish of the chapter as regards the defunct First National bank of Wynot. Mr. Allen, who is also receiver of the failed Hartington National bank, will continue to reside in Hartington until this_ bank's affairs are wound up.

4. November 11, 1930 Omaha World-Herald Omaha, NE
Article from Omaha World-Herald, November 11, 1930

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Article Text

CASHIER ON TRIAL OVER MISSING MAN'S MONEY Collins Claims Secretly Made Trustee, but Brothers Seek Fund. GONE FOR 14 YEARS Testimony in the trial of Ed. Win E. Collins, former cashier of the Hartington, Neb., National bank on charges of misapplication of bank funds and false entry which began Monday federal court. revolves about 14 thousand dollars deposited in the bank in 1916 by man named Fred Joosten, who then disappeared Charge against Collins center about his alleged use of this money, but he contends that Joosten returned secretly once and appointed him trustee of the money, and asked him to invest it 80 that his brothers would not know about Joosten's two William and Henry Joosten half brother Carl Thalen, have had him declared legally dead and the money has been declared part of estate. Since was in the form of certificates of deposit which draw no interest unless every six months Joosten original deposit has not grown through inter est. When Joosten who would be 59 years old now if he is alive, sold his farm near Randolph in 1916 he talked some of going to South Dakota. Later reports came that he been killed in the wheat fields, but nothing ever has been verified. Collins is represented by H E Burkett Hartington and A. Epperson, assistant United States the case before Federal Judge Wood Alleged evidence against Collins was unearthed when bank examin ers went over the books after the bank went into receivership.

5. April 30, 1931 The Hartington Herald Hartington, NE
Article from The Hartington Herald, April 30, 1931

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COURT Burkett Will Argue Collins Mortgage Action CirCourt Appeals Attorney Burkett will Paul, Minn. this week case before the United argue States Circuit Court of Appeals, eighth circuit. will appear Monday. Allen, ceiver Hartington National Bank of Hartington, Nebraska, appellant, Sophia Edwin Collins, appellees, and appeal from United States Edwin Collins borrowed $15,from his Sophia Collins, and gave second mortgage on his equity farm at He money, alleged, bad in the bank receiver brought action United States district court mortgage aside. The case tried in the court Omaha January and before Judge Woodrough defendant Now been appealed the circuit appeals. Omaha for the Burkett for the appellees.

6. September 17, 1931 The Hartington Herald Hartington, NE
Article from The Hartington Herald, September 17, 1931

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With the Clock Sold the Highest Bidder will buy The Hartington National Bank with the Clock? This the question which frequently heard the street the homes houses of this city for the Hartington National building until that bank failed, the show places of Hartington not Cedar county. And its corridors are its marble floors covered with dust and its grand and massive wood veiled with spider webs. In spite of its present serted however, an old building and cleaning, litle brightening and the sights and signs human habitants would again make center of commercial pride. built about cost of upward of years ago, terpiece of architectural and tistic skill, grand formal openits completion, thousands of persons visiting and admiring its grandeur and beauty, Wednesday, September 1931 will be sold upon the tion block. And someone will its actual worth. This building will be offered for auction the bank Coleridge Wednesday, September 30, and will get the bargain lifetime. will be the bank building in this city o'clock on date announced above. eription the property may found in this issue of The Herald.

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

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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.

8. 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.

9. 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.