Security State Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 1, 1924*
Location: Lynch, Nebraska (42.830, -98.466)

Metadata

Model: gpt-5-mini
Short Digest: f709c5e9

Response Measures

None

Description

Article reports Security State Bank (Lynch, NE) was turned over to the guaranty fund commission in November 1924 with an estimated loss of $175,000; a new charter was issued for a different institution (Farmers' State Bank) in March 1926. No run is described — this is a failure/closure with guaranty fund involvement.

Events (3)

1. November 1, 1924* Receivership

Newspaper Excerpt: Security State bank Lynch has been operated the gualanty fund commission November 1924, ... The loss the guaranty fund estimated at $175,000.
Source: newspapers

2. November 1, 1924* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was turned over to the guaranty fund (implying insolvency/losses that required guaranty fund action).
Newspaper Excerpt: The deposits, when the bank turned over No. 1924, to the guaranty fund amounted $375,000. The loss the guaranty fund estimated at $175,000.
Source: newspapers

3. March 6, 1926 Other

Newspaper Excerpt: Security State Become FarmState, Estimated Loss $175,000 to Guaranty Fund. ... issued-a charter the new which will be known the Farmers' State bank Lynch.
Source: newspapers

Newspaper Articles (1)

1. March 6, 1926 Lincoln Journal Star Lincoln, NE

Article from Lincoln Journal Star, March 6, 1926

Click image to open full size in new tab

Article Text

NEW BANK CHARTERED FECTED AT LYNCH. Security State Become FarmState, Estimated Loss $175,000 to Guar- anty Fund. Security State bank Lynch has been operated the gualanty fund commission November 1924, ganized with new owners and capital. Secretary Griggs of the department trade and has issued-a charter the new which will be known the Farmers' State bank Lynch. contract of the assets and asumption liability deposits amounting $350,000 been agreed upon and submitted the district court approval. The deposits, when the bank turned over No. 1924, to the guaranty fund amounted $375,000. The loss the guaranty fund estimated at $175,000. The capital stock of the old bank was $20,000. The capital stock of the ized banks $25,000. The officers the old bank were Holbert, president: Wasatko, assistant cashier; Dan Melsha, cashier. The officers of the new bank are president; vice president; Dan cashier. These officers are sole stockholders and constitute the board of directors.