13160. American State Bank (Kearney, NE)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
July 27, 1929
Location
Kearney, Nebraska (40.699, -99.081)

Metadata

Model
gpt-5-mini
Short Digest
480ebfe0

Response Measures

None

Description

The American State Bank of Kearney closed in late July 1929 and was the subject of depositor meetings and a reorganization plan. Newspapers describe the bank as having 'closed' or 'failed' and later being 'reorganized and reopened' (Dec. 1929). The articles describe runs on the Farmers State Bank (a different Kearney bank) after American closed; there is no clear evidence of a run on the American State Bank itself. Closure appears driven by bad/undesirable assets and insolvency concerns, so classified as bank-specific adverse information leading to suspension. Reopened under reorganization by December 1929.

Events (3)

1. July 27, 1929 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Articles refer to the bank as having 'failed', mention 'undesirable assets' and a need for reorganization; closure followed discovery/recognition of asset problems rather than a described false rumor or external macro shock.
Newspaper Excerpt
A few minutes after opening, news reached Lexington that the American State bank of Kearney had closed its doors
Source
newspapers
2. July 30, 1929 Other
Newspaper Excerpt
meeting of American State bank depositors for the organization of the bank which closed its doors Saturday. The plan was endorsed by the depositors. Mr. Woods said that under the plan it would be possible reopen the bank within two ... (plan to reorganize/reopen).
Source
newspapers
3. December 5, 1929 Reopening
Newspaper Excerpt
it is of to note that the American State bank of Kearney has been reorganized and reopened under new name.
Source
newspapers

Newspaper Articles (8)

Article from The Lincoln Star, July 28, 1929

Click image to open full size in new tab

Article Text

REOPENED BANK GETS DEPOSITS People Show Confidence in Dawson County Institution. (Special to The Star.) LEXINGTON, Neb., July 27-The newly reorganized Dawson County State bank officially opened its doors Saturday morning. after being closed for about two weeks. During the first hour deposits amounting to $50,000 were handed in through the cashier's window A steady stream of patrons and friends who had carried rolls of currency and wads of checks for several days crowded through the doors and when bank closed this afternoon $106,419.28 had been deposited. The cashier stated that to his knowledge there was not dollar of deposits withdrawn in favor of any other depository, thus showing the confidence of the people in the reorganized bank A few minutes after opening. news reached Lexington that the American State bank of Kearney had closed its doors and on call of the president of the surviving bank at Kearney that might need more cash to satisfy any withdrawals, the Dawson County State to rushed $10,000 in currency


Article from North Platte Daily Telegraph, July 30, 1929

Click image to open full size in new tab

Article Text

DEPOSITS REPLACING "RUN" ON KEARNEY STATE BANK Kearney, Neb., July 30. (AP) run the Farmers' state bank Saturday soon turned into profitable business for the only one left Kearney since the failure the American state bank several days ago, Lowe, sr., president, reported today. Mr. Lowe said the bank had cepted 40 new accounts the past few days and that deposits yésterday far exceeded the withdrawals Saturday.


Article from The Omaha Evening Bee-News, July 30, 1929

Click image to open full size in new tab

Article Text

Kearney Hears Plan to Reopen Bank Doors KEARNEY July 29. missioner. Monday night outlined plan meeting of American State bank depositors for the organization of the bank which closed its doors Saturday The plan was endorsed by the depositors. Mr. Woods said that under the plan It would be possible reopen the bank within two


Article from The Omaha Evening Bee-News, July 30, 1929

Click image to open full size in new tab

Article Text

Heavy Business Succeeds Run on Bank at Kearney Neb. July 30. The the Farmers State bank Saturday has turned into profitable business for the instituonly one left in Kearney since failure of the American State bank several days ago, J. G. Lowe ar., president, reported Tuesday Mr. Lowe said the bank had accepted 40 new accounts in the last few days and that deposits Monday far exceeded withdrawals


Article from The Kearney Daily News, August 1, 1929

Click image to open full size in new tab

Article Text

Following the closing of the doors their two weeks vacation trip to the the American State Bank of this the Amercian With the closing of Yellowstone National Park and Saturday morning, plans State of this Saturday Bank city delightful and entertaining already well in the making for there was considerable Salt Lake City, they morning Going and opening of the organization citement and feeling of unrest apparvisited days in that historic banking institution at an early date. of the depositors of and the among some place, taking in Saltair, meeting of the depositors the bank. This of had the closed course beach, vistinig the Mormon Temple bank was held at Junior few tendency contaminate and hearing the noonday concert school auditorium on Monday remaining the depositors of the only the big organ, the Brigham Young of this week there being ing bank, the Farmers State Bank, and cottage and monument and then eight hundred in attendance, and the withdrawal of Yollowstone where they precipitated west the choice of the meeting that of by small number depositors. entered the seeing the dance park, organizaion plans, as explained carried Contrary to story the baby Indians who delight Bank Commissioner Wood, be adop. where an Omaha paper Tuesday morndance for the youngsters and and work with his end in view the folks the ing, there not the white join in many started once. State Bank Saturday children. Farmers on dance, especially the They George Wood, state bank commis- which renewed Monday places was visited all principal sioner, was present the meeting ferred, nor has there been run interest the Park, including the and fully explained the and clearly the institution at any time since the Geysers Old Faithful Inn, Lake courses to the depositors Bank. open closing of the American State Lake Yellowstone and enjoypertaining to the American State There considerable amount steamboat trip on the lake, Bank. He first spoke to great extent remainwithdrawn from the which reputed to be the highest the receivership plan, which bank Saturday, but should North America, the Canon Hotel stated the outset that he did not taken consideration that porsituated in the most beautiful part favor, but went into details and tion of the withdrawals nothing of the Roosevelt Lodge from park, clearly set forth advantages, there under more than usual occurance where walked Lost Falls, they be and the disadvantages of any, normal conditions. and then Mt. Washburn, 10,384 such method in winding the above sealevel to the President Lowe of the Farmers feet top fairs closed banks. reached twelve State Bank and the directors of the which by gradual The plan of reorganization, made institution had fortified the bank climb. After making thorough possible through an act of the legisfamous it position to with trip through the Geyser that in cope lature the last session, was then returned the Canyon the situation at hand, and had such Basin they to by Mr. Wood and he did explained there Hotel and went Cody, the east on the bank taken place not hesitate to assure the listeners the back cash hand to every deentrance to park, coming on pay that he heartily sympathy Denver where visited Rocky mand made the institution. they upon with this plan and hoped the deposi National then There nothing to when Mountain Park and guess tors of the American State Bank home. They left here July bank position meet the situon would adopt such plan. To subthis safe and after first seeing their dauhgter and ation way. that this the husband, Mr. and Mrs. Anan Ray- sound banking institution. better only plan of procedure, mond and young son Spencer for At the meeting of the depositors pointed with much pride the their home in Omaha. They returned the closed American State bank that since the enactment of the July 25th sending the Bank CommissionMonday evening, granting the right of reorganthrough to their home Omaha. Wood assurred the audience that ization by the depositors of closed the Farmers State bank was in the bank, ten out of fourteen closed best shape. He went further to of banks in the state have state that no matter how Belville Central run, Owen of City cessfully reorgonized and opened and safe and sound bank Grand heavy, on and Phyllis Bernice Frye of are present working would not cause the closing of its reorganization plan. Island were united in marriage doors. The terday afternoon the Baptist meeting was presided over Coon officiating There is every indication that the Horace Carey selected chairman, manse, Pastor of Mr. Farmers State bank in this class. The the only and and Berbig named secre- groom Sam'l Belville. did his high The president and directors of the tary. Following the plan outlined and institution experienced no difficulty Mrs. Wood, the chairman named school work Central City delay in thousands of attended Grand Island College getting committee fifteen depositors hand that crisis may asked retire and select and the State University any associated The newly organized Dawson committee of five, who could be the present time he father County State bank at Lexington lected from within without farming operaThe bride the pressed confidence in the remaining committee of fifteen, and the tions. bank this city by rallying their selected of Mr. and Mrs. Wm. Frye. She of mittee of five were with several thousand dollars committee did her high school work Grand support depositor's had while another shipment work in connection with the bank Island and recently has currency, thousands of dollars was received aminer, Mr. Cassel, tion with the telephone company. going from another city. safe and sound Parents both the bride and the assets of the bank and determine bank in to all the the position present statue of institution. accompanied brief wedding to the money needed to meet crisis. This The committee named and After trip should dispel the unanimously by the meeting mountains, the happy young couple proved dition of the Farmers State bank of of return Central City where composed Horace Carey, Henry establish their home. Kearney. Knutzen, George Herring, they Wittera Bessie. These That the business interests of the and The funeral service of Gaddian city and community might be saved gentlemen acceded to the wishes the and Pugsley was held yesterday after- from disastrous situation, joint other depositors they 4:30 in the Bower Funeral meeting of the Rotary, Kiwanis and now engaged in going over the sets of the bank, selecting that Home, conducted by Pastor Cosmopolitan clubs the city was tion would be Coon the Baptist Church. Mr. held the Fort Kearney hotel Satnotes which considwas old. He had urday which time the désirable assets go into Pugsley years morning Such been invalid for years, the business the city expressed reorganization. assets many considered undesirable will result sunstroke and passed their confidence in the Farmers State but will still remain the hospital in Hastings. Ed. bank and gave assurrance that the aside, and will and Mrs. Fred Griss situation would be dealt with erty the depositors. Pugsley present off the and daughter, Dan Enos nephew, the best possible manner. charged against capital the bank. The living in Kearney. Interment The meeting was addressed surplus of depositors reduction will the Kearney cemetery. members of the various clubs and at the close of the meeting resolutions portion of the undesirable assets The local National Guard Com- adopted follows: maining, which will determine the until the the known the 120 Wagon Com- civic clubs of Kearney, Roproper time, public may pany, obliged to take dollar pany the Nebraska National Guard, tary, Cosmopolitan and Kiwanis, per on deposit when the institution closed. together with the Medical Depart- joint assembled recognizing meeting While the committee not ment detachment, are making the present situation and its possiper- propmitted out information for attending the bilities, do hereby present the folto give any preparations until the time, th epublic state which opens the lowing resolutions: proper may camp assured that the condition Ashland next Monday. The hereby reaffirm our faith in camp the institution bad two units will have from to the community consisting of Kearnot nearly some would to make believe together with the officers. The and its environs as potential try and thought this time the will under the center. Its people are work checking the affairs of Capt. Guy Henninger, and the right, and intelligent. Its generous bank will be completed within short medical detachment under the in soil are inalienable. Our and that the depositors will mand Dr. Wallace climate salubrious. The obliged concede only small boys will enjoy much improved tions of the community are of the their this as new and better most desirable kind. Our financial deposits. camp year As explained and outlined by Bank buildings have been constructed institutions all times render courCommissioner Wood, will become expense of about teous, careful and invaluable service necessary for stockholders in the all deserving patrons. In short bank to subscribe stock rMs. Thompson and daughters assets incalulable. organized are the amount of sixty thousand dollars visited the Ben Worthing home "Now, therefore, (resolved: and We have good authority and Overton this week. That pledge our earnest confifeel perfectly safe telling dence sympathetic support to the readers that there already The men are providing the special State bank in its laudable are ready music for the services the effort to the credit of the practically keep plete the reorganization of the bank Church next Sunday. munity unsulied. That we direct the soon the findings of secretary of this assembly to transmittee and examiner are presented Mrs. Kenneth Smith of Omaha Mr. Louis Stutt our earnest the depositors and plans for reor- visiting her sister rMs. Eva Jones. in his time of physical ability, and our earnest hope for his That thank him speedy recovery. for the kindnesses rendered the many Kearney and pledge citizenry him heartiest cooperation his efforts at rehabilitation of the financial institution over which he sides. "Believing that service the highest good, appeal to our fellow citizens to employ courage, forbearance and hope the crisis the hour, avoiding vain and unprofitable accusations and speculations. "Be it further resolved: That copy of these resolutions be furnishthe of the city, President Lowe and President Stutt. "Signed by the committee this day of July, GEO. MARTIN, RAY TURNER,


Article from Scottsbluff Republican, August 2, 1929

Click image to open full size in new tab

Article Text

Police Required to Check Run on Bank The American State bank at Kearney closed its doors last Saturday and immediately there was a movement for the re-organization of the institution. Notwithstanding that the business men of the city expressed their confidence in the remaining banking Institution there was a run made on it, depositors clamoring for their money The run on the bank became a spirited affair and police were necessary to check the crowd.


Article from Lincoln Journal Star, August 7, 1929

Click image to open full size in new tab

Article Text

BANK DEPOSITORS MEET KEARNEY, Depositors American State bank, which failed recently, will meet tonight to hear reports the committee on what action has been taken thus far in reorganizing the bank. The first meeting of the depositors was Monday night committee was named to investigate the feasibility reorganizing the bank. It that the bank will be reorganized and opened soon.


Article from Nebraska Signal, December 5, 1929

Click image to open full size in new tab

Article Text

HARMONY Most all of the corn husking vicinity. George Eppler has been helping husk corn. Harry Rakestraw is helping his father, H. husk corn. James Hintz of Ohiowa finished husking corn for Emil Bedlam last Joe and Stella Schelbitzki were visitors at the Harmony school last Rex Johnson of Alexandria husking corn for his uncle, Christof and Mrs. Ben Higel spent Wednesday Clay Center at the Mr. and Mrs. A. Stowell and family spent Thanksgiving in OhioMr. and Mrs. Ross Heston spent Saturday evening with Christof The children and teacher of Harmony school enjoyed vacation and Friday. Little Delores Norder is spending days with her aunt, Mrs. Ollie of Miss Leona Myers and friend of Gilead visited at the home of W. family Sunday Mr. and Mrs. Jack Henrichs and Mervil Wayne were Sunday evening callers at Henry Norder's home. Mr. and Mrs. John Johnson and Ella spent Thanksgiving with Gene Fuller and family Mr. and Mrs. George Eppler spent Thanksgiving with Mrs. Eppler's ter, Mrs. Alfred Lentfer, and husGeneva. Mr. and Mrs. Jack Henrichs and Mervil Wayne spent Wednesday Henrichs parents, Mr. and Sander Sr. Mrs. Hele Johnson and son Charles of Ohiowa spent Saturday evening with their and brother, Christof family Mrs. Heie Johnson and son Charles of Ohiowa visited at the home of their daughter and sister, Mrs. Ross Heston, and husband Mr. and Mrs. Christof Johnson Schoenholtz and family and Mr. and Mrs. George and family Thanksgiving with the ladies' parents, Mr. and Mrs. Lou Eppler. Cleaning Up the Banks. The banking situation in the state is of to everybody. to note that the American State bank of Kearney has been reorganized and reopened under new name. Three comparatively small state banks closed by the state department last week, one at Chadron, one at Ashton and the First State bank of Lincoln. The Lincoln bank had moved in from one of the suburbs and had not been able to get on its feet. The Ashland State bank was closed Monday by its officers result of run. The bank had no real estate and was apparently sound condition but many people withdrew their money that the bank doors had to be closed. FAIRMONT NOTES. (Fairmont Chronicle.) The signs at the two bank intersections were placed yesterday. Born, Mr. and Mrs. Gerald Finney of rural route one, Tuesday, November 26, twin boys. The Fairmont lodge room being redecorated and the building repaired. Mrs. Watson is suffering from an infection which developed in cut on her right hand. Mrs. Moon and two children were reported ill of flu yesterday. Roy Burns, barber in Mr. Moon's employ, is also ill of the same malMiss Zola M. Shoemaker has purchased Aldrich northeast quarter of section 18-8-2, in township. The price was $100 per acre. There are no buildings. Willard McNamara, who employed assistant auditor with the Nebraska Bank commission the state during six has signed his position and came home Saturday to pass few days with home folks. is leaving for Chicago Wednesday to take up his work junior accountant with the thur Anderson Co., accountants of that city. An automobile driven by Mr. and Mrs. W. Bolton Emporia, Kas., into the ditch north of town the Meridian highway Tuesday when tire blew out. Mrs. Bolton had her right arm broken above the elbow and Mr. Bolton suffered badly bruised hip. They brought to the Ashby hospital and given medical treatment, before proceeding on their way to northern braska for Mr. and C. Chapin recently from their Pliny eral that he had been made genof the Santa Ana Laundry, Crystal Cleaners, Crescent and Southern Cleanall Service Co. The Santa Ana plant fine one and handles $200,000 Mr. Chapin ary, plus bonus at the end of the Miss Nellie Brown, sister of the late H. O. Brown and Mrs. Brown, passed at away Peoria, Sunday, November 24, following extended illness. She was in her year. Miss Brown has made her home the Faircommunity several the families of H. and Brown. an ount of Harlow Brown, Beulah and Alva Brown and Don Fraizer. Brown had many friends here. YORK (York Teller.) Miss Jane Muir seriously sick ious family over her condition. Mrs. who passed her night, her death occurred April tales of drifting in from New York and points nearer home, forth one day haste to put the deed record then to he expected better since the transaction John Muir returned Saturday from visiting his son Fred Cal, for several located about forty miles from San Diego and Fred is foreman of the Buick garage in the town which provides pleasant place of residence. During his absence Mr. Muir visited San Diego, Los Angeles adjoining towns and met many former friends, among them several he had known in boyhood. Depositors of the American State bank, after conference with Clarence Bliss the state banking board, named committee of five men to confer with state authorities concerning condition of the bank and to report to the depositors concerning the of the institution. Members of the committee chosen are W. Baer, Oscar Kolling, Thomas Curren Sr. and H. Clifford. Old Friendships, Never forgotten will glow with appreciation for that most personal photograph Arrange for an early appointment. 10-1 HABERMAN STUDIO. Notice. The D. of will meet at the hall Friday evening, December Officers will be elected for the coming year. /All members are requested to be present. For Sale. One two-hole John Deere and one Sandwich used shellers, in first class condition. Fairmont Geneva. 10-1 GEORGE W. PORTER. Food Sale. The Loyal Woman's class of the Christian church will sell pies, cakes, rolls, etc., at the electric light office December 14. 10-2 For Sale. White Wyandotte cockerels from state accredited flock $1.25 each. Sutton 4711. 10-1 EDWARD SCHMIDT. For Sale. Fairbanks five-ton scale, good condition, for sale reasonable. Phone 90. 10-tf GENEVA MILLING CO. 10-2 Personal Tax Notice. All personal taxes not paid by December 10 must have interest added. CLAY THOMAS, County Treasurer. For Sale. roan Shorthorn cow, to be fresh soon. Phone 4013 W. 10-tf WALTER EATON. E. Johnson's Public Sale. Johnson will sell mules, cattle, farm machinery, at his home Tuesday, December 10. See his ad in this issue. For Sale Pure bred White Wyandotte cockerels. Fairmont 10-2 MRS. W. J. PERKINS. Lost, A brown gun case. Finder please leave George W. Porter's Implement store. 10-1 For Sale. Pony, buggy and harness, reasonable. Grafton, Neb. 10-1 H. EICHSTEDT. Milk and Cream. Can handle few more customers my milk Phone 294 W. 10-3 FRANK BRADEN. For Sale. Barred Rock cockerels. Phone 3830 Shickley 10-2* WILLIAM Wanted. Washing ironing and plain sewing Phone 165 10-1* LOUISE TAYLOR. For Sale. Rose comb Rhode Island red roosters, $1.25 Neb. 10-2* CHARLES TRENARY. For Sale. Wicker baby buggy. Geneva phone 267. 10-1. For Sale. Day library table $7.50. 10-tf MRS. W. HOURIGAN.