Phelps County Bank - Holdrege, NE

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 7, 1932
Location: Holdrege, Nebraska (40.440, -99.370)

Metadata

Model: gpt-5-mini
Short Digest: c9883fb5

Response Measures

None

Description

Articles indicate the Phelps County Bank in Holdrege was closed and a receiver sought after the death of a director left the bank without the required resident directors (Dec 1932). The state banking department placed an examiner in charge; subsequently the bank was liquidated and receivers borrowed RFC funds. No article describes a depositor run prior to suspension.

Events (4)

1. December 7, 1932 Receivership

Newspaper Excerpt: M. R. Beckord, of the state banking department, has been placed in charge of the bank until receiver can be appointed. Dec. receiver be asked for the Phelps County Bank here and the assets of the bank ... was decided meeting of group depositors with the bank commissioner, George W. Woods.
Source: newspapers

2. December 7, 1932 Suspension

Cause: Government Action
Cause Details: Closed after death of a director left bank without required resident directors; state banking department placed an official in charge pending receiver appointment.
Newspaper Excerpt: Following the death of ... one the directors of the bank, the institution was closed the law requires that there be least resident directors. M. R. Beckord, of the state banking department, has been placed in charge of the bank until receiver can be appointed.
Source: newspapers

3. June 29, 1933 Other

Newspaper Excerpt: Depositors of the Phelps County bank at Holdrege have received an initial dividend from liquidation of assets of the in the sum of $26,021, 10 per cent of deposits ... dividends will be paid from liquidation of assets of failed banks at the rate one per day during the remainder of ...
Source: newspapers

4. May 25, 1934 Other

Newspaper Excerpt: The table of loans to closed bank receivers includes ... Holdrege Phelps County Bank, $50,000.
Source: newspapers

Newspaper Articles (4)

1. December 7, 1932 The Hastings Daily Tribune Hastings, NE

Article from The Hastings Daily Tribune, December 7, 1932

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Article Text

HOLDREGE BANK TO RECEIVER Dec. receiver be asked for the Phelps County Bank here and the assets of the bank it was cided meeting of group depositors with the bank commissioner, George W. Woods. Following the death of ickson, one the directors of the bank, the institution was closed the law requires that there be least resident directors. M. R. Beckord, of the state banking department, has been placed in charge of the bank until receiver can be appointed.

2. June 29, 1933 The Stockman's Journal Omaha, NE

Article from The Stockman's Journal, June 29, 1933

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Article Text

State Bank at Ainsworth Is Liquidated In Full dation in full of the Citizens State bank, of Ainsworth, was announced yesterday by the state department of banking. All the bank were paid in full, the banking said by liquidation through the Commercial National bank Depositors of the Phelps County bank at Holdrege have received an initial dividend from liquidation of assets of the in the sum of $26,021, 10 per cent of deposits Depositors of the Sargent State bank have received per cent dividend, amounting to $5,115, the banking department announced. According to Secretary Luikart of the banking department, dividends will be paid from liquidation of assest of failed banks at the rate one per day during the remainder of

3. March 22, 1934 The Orleans Chronicle Orleans, NE

Article from The Orleans Chronicle, March 22, 1934

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Article Text

A. M. Strunk of Holdrege was in Orleans Tuesday Booking after busilness matters of the failed State Bank of 0 leans, as assistant receiver. Mr. Strunk is alo assistant receiver for the Phelps County bank which failed in business about a year ago.

4. May 25, 1934 Star-Herald Scottsbluff, NE

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Article Text

FAILED BANKS GET R. F. C. CASH LOAN Washington, May 24. (P)-Receivers of closed Nebraska banks were' authorized to borrow $2,022,653.43 from the Reconstruction Finance corporation between February 2, 1932, and May 18, 1934, Jesse H. Jones, chairman, reported today. The largest individual loan authorized in Nebraska was $175,000 to the Farmers State Bank of Columbus. The Farmers State Bank of Kearney borrowed $141,750. and the Norfolk National bank received $130,000. Besides the loans to closed bank receivers, the RFC also authorized a loan of $50,000 to the Fremont Mortgage company. The table of loans to closed bank receivers includes Auburn. First National Bank of Auburn. $26,000 First National Bank of Auburn. $23,000. Aurora. Fidelity State Bank, $49,675. Columbus, The Commercial National Bank Columbus, $60,000; Farmers State $175,000. Fremont, The Union National Bank of Fremont, $85,000. Holdrege Phelps County Bank, $50,000. Hooper, Hooper State Bank, $40,000. Litchfield, The First National Bank of Madison. The First National Bank of Madison, $83,000. McCook Farmers & Merchants State Bank, $26,000. Norfolk, The Norfolk National Bank, $130,000 Platte Center, Platte County Bank, St. Edward The Smith National Bank of St. Sterling, First State Bank. $31,000. West Point. The Point National Bank, $50,000; West Point National Bank,