Atlas Bank - Neligh, NE

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 1, 1925*
Location: Neligh, Nebraska (42.129, -98.030)

Metadata

Model: gpt-5-mini
Short Digest: 17b7847c

Response Measures

None

Description

Articles indicate Atlas Bank (referred to as Atlas State Bank in Oct 1925) was placed in receivership and its assets are being sold off through 1925. No article describes a depositor run prior to suspension. The bank appears to be permanently closed and being wound up.

Events (5)

1. January 1, 1925* Receivership

Newspaper Excerpt: Receiver directed to report on above claims on or before Feb., 9. 1925 ... The Receiver of the Atlas Bank is going to sell ... properties ... moving toward winding up affairs.
Source: newspapers

2. January 1, 1925* Suspension

Cause: Government Action
Cause Details: Bank in receivership with claims being adjudicated in district court; bank effectively suspended and in liquidation.
Newspaper Excerpt: Receiver directed to report on above claims on or before Feb., 9. 1925 and hearings thereon set for Feb. 16. 1925.
Source: newspapers

3. January 29, 1925 Other

Newspaper Excerpt: The Receiver of the Atlas Bank is going to sell 4 nice homes and a business building in Neligh at Auction Friday, Feb. 6th ... Autos will leave the Atlas Company office at 1 o'clock and drive to each property as it is sold.
Source: newspapers

4. October 27, 1925 Other

Newspaper Excerpt: The supreme court Monday held that the Pioneer Insurance company was not entitled to repayment from the guaranty fund of certificate of deposit holds for $1,000 in the failed Atlas State bank of Neligh.
Source: newspapers

5. December 18, 1925 Other

Newspaper Excerpt: The affairs of the Atlas bank are now about wound up. All but three pieces of real estate ... have been sold and practically all the notes have been collected ... The receiver expects at an early date to sell the remaining assets at public auction and proceed to wind up its affairs.
Source: newspapers

Newspaper Articles (4)

1. January 16, 1925 Neligh Leader Neligh, NE

Article from Neligh Leader, January 16, 1925

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Article Text

MATTERS IN DISTRICT COURT Judge Welch Disposes of Considers- ble Business. Session of the district court was held January 9. Judge Anson A. Welch presiding and the following business was transacted: State of Nebraska ex rel O. S. Spillman. attorney general vs. Atlas bank of Neligh: application of Walter H Goff for leave to file claim out of time with claim attached. considered such claim. Application of Harry H. Krebeck et al. to file claim out of time sustained, applicants given ten days. to file same. Application of The State Savings and Loan Association for leave to file claim out of time suetained. Receiver directed to report on above claims on or before Feb., 9. 1925 and hearings thereon set for Feb. 16. 1925. Motion of Pioneer Ins., Co., for new trial on its claim No., 467 overruled. Claimant excepts. Trial on petition of the Omaha Trust Co., Geo. N. Seymour and J Melick based on notes of Karel Kmock Finding. for Petitioners. Receiver ordered to convey to petitioners J. Melick and Geo. N. Seymour the land in controversy and assign to them the lease of same for 1924 and pay to petitioners the cash received on rent for 1924. Supersedeas bond fixed at 00. Conditioned as required by law. Motion for new trial overruled Receiver excepts. Trial on petition Omaha Trust Co. Geo. N. Seymour and J. J. Melick on notes of Thos. H Serck and Thos. C. Kirk assigned as collateral, Finding that land was conveyed to Ray Swanson for bank in payment of Serck and Kirk notes and such conveyance reported by petitioners. Bank and Receiver has received rents and paid prior Hens on said land. leaving balance on payment of which with interest to receiver he Is directed to convey the land to petitioners. Louisa L. Babcock VS Alma Nuerenberger. et Sale confirmed. Deed ordered Proceeds ordered applied first in payment of costs. Balance on plaintiffs decree. Blanche B. Gibson vs Dewey V. Gibson defendant defaulted: Trial to court Finding for plaintiff. Decree of divorce as prayed. Peters Trust Co., VS Noe E. Ross, et al- Objections to sheriff's sale overruled. Sheriff's sale confirmed. Deed ordered. Defendants except. Supersedeas bond fixed at 1.000 00. The Prudential Life Ins., Co., VS Jesse L. Freeman, et al. Motion for new trial by Seymour and Melick on cross-petition of Effie B. Freeman sustained. Decree in her favor set aside and new trial granted thereon. Sale thereunder set aside. Defendants Melick and Seymour given wenty days to answer cross-petition of Effie B. Freeman. Thirty days to answer continued. The Conservative Savings and Loan Assn., vs Thomas J. Adams, et al. Sheriff's sale confirmed. Deed OF-2 ered. Proceeds ordered applied, first in payment of costs, balance on plaintiffs claim. Oakdale Bank of Oakdale, Nebr. vs Carsten Peterson, et al.- Stock Yards National Bank given leave to file petition in intervention instanter. By request of defendants. Sixty days given them in which to answer same Conservative Savings and Loan As sociation VS Jacob Hoerle, et al. Trial to court on cross-petition of Lois Mill er except as to personal liability of Maggie P. Hoerle Finding for crosspetitioner Decree of foreclosure and sale as prayed. Passed for trial as to personal liability of Maggie P. Hoerie for any deficiency. O. Williams V8 Chris Burkley et al.- Dismissed by Plaintiff at plaintiffs costs. Neligh Investment Co., VS Mary E. Bertram. et al.- Plaintiff dismisses as to 8th and 9th causes of action Charles E. North VS Ralph Van Auker. et at- Dismissed by plaintiff at plaintiff's costs. United States Trust Co., vs Frank Veber et al.- Elgin State Bank given leave to file petition in intervention Katie Schutt. et al. vs Carsten Petersen et al.- Defendants defaulted on petition of plaintiff. Finding for plainlien and sale. Passed for hearing on United States Trust Co., V8 Della L. Ludwick. et at. All defendants exept Seymour defaulted on petition. Trial to court. Finding for plaintiff Dora Krebs vs Fred Olmsted, et al.All defendants defaulted on petition except Frank B. Skinner All defendents cross-petition defaulted thereon. Trial to court. Finding for plain. (iff and cross-petitioner Decree of foreclosure and sale as prayed Hugo Thissen et at vs Caroline Smith et al. motion of defendants Margaretha Thadden et at for an or. der directing clerk to pay money in his hands belonging to them as proceeds of sale of their respoctive in. terests in various lands. so ordered Penn Mastral Life Insurance Co. va Henry Thomsen et al leave given for mendment of return of sheriff to Anding for plaintiff decree of divoree as In the matter of the application of Trial to court on petition and return and finding for respon leat said Warpersodens bond denied Motion for new trial overruled. The following new cases have been filed with the clerk of the court J. H Medin as guardian of estate

2. January 29, 1925 Neligh News Neligh, NE

Article from Neligh News, January 29, 1925

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Article Text

DO YOU OWN A HOME If not now is the time to own one. The Receiver of the Atlas Bank is going to sell 4 nice homes and a business building in Neligh at Auction Friday, Feb. 6th-here will be one of the greatest opportunities of 1925 to own a home at a bargain. R. J. Forsyth has the management of this sale and will be glad to go over the proposition on any one of them. Watch for the big bills for full description and terms, or phone the sale mgr.. Autos will leave the Atlas Company office at 1 o'clock and drive to each property as it is sold. Dava Anderson of St. Edward was in Neligh on business Wednesday. Insure your property today through the Neligh State Bank, tomorrow may be too late. Supervisors Mitchell, Stringfellow and Grenamyre were in Neligh on county road business Tuesday. Spring work time will soon be here. How are your work shoes- There's a reason for Wyenbergs.-Sellerys. Don't miss out, after inventory clean up on corsets, big specials at 98c, $1.98 and $2.98.-Wolfe & Bro. F. C. MacDonald of Omaha, a former resident of Neligh, was here on business for the Deep Rock ON Co., on Tuesday. Miss Hazel Sowders has accepted a position with the local telephone company at Riverton, Wyoming, and left for that place last Thursday. Look men, 250 all wool samples in our new spring style book, made to your measure suits at $32.50. Step in and look them over.-Wolfe & Bro. Have your harness oiled and repaired now while we have the time to do you a good job. Mr. O. Truax will look after this department again this year and will be assisted by Mr. Wm. Finicle.-The Union Store, Phone 17. The Elkhorn Valley Creamery has discontinued the delivery of milk and cream in Neligh after a trial of three weeks. Mr. Neson says the people of Neligh would rather save the two cents a quart than to pay for having it delivered, and he wants to do what his patrons wish in the matter. A. J. Nelson, proprietor of the Elkhorn Valley Creamery says that the receipt of cream has greatly increased during January and that farmers are learning the great revenue of daiying in conjunction with farming. He thinks the dairy business this year will amount to a great deal more than last year.

3. October 27, 1925 Lincoln Journal Star Lincoln, NE

Article from Lincoln Journal Star, October 27, 1925

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Article Text

COMPANY CLAIM REJECTED Pioneer Insurance Corporation Denied Repayment From Guaranty Fund of Deposit. The supreme court Monday held that the Pioneer Insurance company was not entitled to repayment from the guaranty fund of certificate of deposit holds for $1,000 in the failed Atlas State bank of Neligh. Some years ago, the bank was in sore need of funds, and offered to pay W. L. McAllister a bonus if he could get some additional deposits He secured $7,000 from the Pioneer company, under an agreement with its president, E. C. Folsom, that he would split his $1,000 commission with him. Certificates for $8,000 were issued, and McAllister paid $500. All of the certificates were later cashed save the one in question. Tc balance the transaction on the books note for $1,000 by one Pitzer was put in the bank. The court holds that the bonus was not consideration for the note, and tha the $1,000 certificate was 80 interlocked with the others as to constitute one transaction, all of them drawing the maximum rate the legal effect of -Nich was to pay a higher Interest on the, $7,000

4. December 18, 1925 Neligh Leader Neligh, NE

Article from Neligh Leader, December 18, 1925

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Article Text

CLEANING UP ATLAS BANK Shop The affairs of the Atlas bank are now about wound up. All but three pieces of real estate and these 80 heavily incumbered they are not saleable have been sold and practically all the notes have been collected that are collectable at present at Teast The receiver expects at an early date to sell the remaining assets at public auction and proceed to wind up its affairs. Moving Pillars From Street The pillars to mark turning positions on the main streets are to be taken out * and in their stead slightly raised mound carrying a red light at night is to be substituted Parties often collided with the pillars in turning, but the new marker would not result in injury to either the marker or auto in case drivers miscalculated.