13327. Norfolk Savings Bank (Norfolk, NE)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
November 27, 1931
Location
Norfolk, Nebraska (42.028, -97.417)

Metadata

Model
gpt-5-mini
Short Digest
a6b79c48

Response Measures

None

Description

The Norfolk Savings Bank was closed on Nov. 27, 1931 and placed in receivership (E. H. Luikart). Subsequent articles discuss receivership actions, dividends paid during receivership (1932 and 1933), receiver's deeds and litigation against the receiver of the Norfolk National Bank. No contemporaneous run or depositor run is described in these articles. Closure appears permanent with a receiver managing assets and distributing dividends.

Events (4)

1. November 27, 1931 Receivership
Newspaper Excerpt
H. Luikart, as receiver of the savings bank, has filed action ... prior to the closing of the institutions, Nov. 27, 1931. ... E. H. Luikart, Receiver, Norfolk Savings Bank (Receiver's Deed).
Source
newspapers
2. November 27, 1931 Suspension
Cause
Government Action
Cause Details
Bank was closed and placed in receivership on Nov. 27, 1931 (state/federal closure and receivership administration).
Newspaper Excerpt
the two banks were closed, Nov. 27, 1931
Source
newspapers
3. October 15, 1932 Other
Newspaper Excerpt
Norfolk Savings Bank. Prior payments made during receivership $15,458.23 or 10%. $7,729.06 or 5% Norfolk Savings Bank. Prior payments made during receivership ... 21% of original deposits paid during going bank period.
Source
newspapers
4. September 14, 1933 Other
Newspaper Excerpt
Checks covering further percent payment to depositors of the Norfolk Savings bank being placed the mails, was announced Thursday morning by Scannell, Norfolk, assistant to the receiver.
Source
newspapers

Newspaper Articles (8)

Article from Lincoln Journal Star, May 12, 1932

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MERE MENTION Walter program. KFOR Thurs. eve. Bedding and vegetable plants. 406 Hill F6571-B7021. Open Mr. Roy Losey, specialist women's hair cutting Realistic is now Ben Simon Sons Beauty The report of the city scales the month April shows that 187 were weighed. Receipts were $15.70. Fresh halibut steaks, no waste, 19c Oven fresh ginger bread, with 13c flavor, rising bread, large loaf, 12c. Freadrich initial dividend payment of has been the state department of trade and depositors of the failed Norfolk Savings bank. The payment represented percent deposits on hand at time of closing. State Engineer Cochran has combined inspection flood damage in northwestern Nebraska, survey of drouth needs northern counties. expects Norfolk night, will stop Friday night in O'Neill. W. Kershaw was arrested at Sterling Deputy Sheriff Ward and brought to Lincoln to face charge issuing an insufficient fund check drawn on the Adams State bank passed local store 19. He in the county Members of the state board control Lincoln Thursday on periodical inspection trip to institutions. visit Nebraska school for the at Omaha, and the pital at Norfolk before returning Saturday. John Leahy, farmer living filed voluntary ruptcy Thursday federal court, debts $3,177 and assets of $451. claims $950 held by Ella Good of Peru and the Bank of Ludwig says the recent report some vandal had destroyed large number and plants his greenhouse, boulevard south of Second and South, led the public believe erroneously that the entire stock stroyed. The vandal had acid on plants, but the entire stock was not destroyed. The Pioneers golf course water The Saunders County National system Farm which was Thursday. Pump house and pump brought into the case originally order the court, protests in lake supply possibly will be ready to in preme court judgment days two When the $2,500 entered against in favor of Martin depositor, water properly for new greens along with the failed Citizens will State bank of Wahoo. One of its sodded. west nine greens but for the sod cov- officers was an officer the and he transferred $2,500 ering, next week. Erickson's account to that of the Marshal Weygint brought back association. contends that Charles this alchemy of bookkeeping when took Kolb to jail the cashier, relative of Erickson, there Wednesday evening, the latter's general claim Walker made bond and positor released. He was arrested at preferred and insists that Pawnee half dozen this cannot be done, especially at other people last month on liquor its expense. charges. Kolb awaiting the action grand Frank H. Cox, executor and plaint with passing siduary estate counterfeit money. M. Hamilton county, ap. pealed the On behalf of Lazard Cahn, Coloday from finding of Judge Springs, Verne Hedge redis that his action in taking part quested the council business the the Amerclassification the southeast corican State bank of York placed ner of 27th and Adams, now outhm that can side the corporate limits but withnot action against the zone. The Joshua Cox and others who signed located the junction 27th contract with Cox bought with the Cornhusker highway and their stock that they would repuralleged to be business. chase Judge Landis said that establish purpose Cox had the reorfilling station there. ganization order avoid State Purchasing Agent Farris holders' liability and that has awarded contracts quan- made impossible for him do tity of culvert steel for use the things the require and the North him before can demand Platte bids its fulfillment the others, inceived. The low bids upon tender delivery the awarded The Burlington applied to the Manufacturrailway Thursday for ing authority to publish, effective tracts, and Carsone day's reduced rates company, sand, gravel crushed Grand Island, $946.16. from Bend, Attorneys for Clarence G. Bliss, apolis, spur and Allis former state bank filed Waverly granted authomotion in supreme court Thursday rity reduce on shipments from central Nebraska points asking the dismissal the appeal the state trade Wilcox, from pits and from an Hardy the district fees to allowed to $10 car attorneys the Citizens ments PlattsState bank Geneva. Something mouth. The was like forty such appeals have thorized reduce to cents the filed, motion rate test of most of the cases. named the neighThey say that the appeal frivol- borhood Missouri ous; that no bill of exceptions necdetermine what place the court below has filed and cannot filed because the time long since passed, and that there is no error in the record. Bills exception were filed in few the cases, and file others after time was denied. the sum of $15 week for and burial benefit was granted Mrs. Amanda Grosse the state for the death of her husband. The woman the of Herman Grosse, of West Point. husband killed near on March last, when truck he was driving for the Standard Oil company, collided headon with another machine. Globe Indemnity company and the Realty filed appeal in district court from award of compensation made Blanche McKee rate of $10 week from 25 until disability ends, not to exceed 300 They claim she was not injured course the syndicate, and that her bility due in part to the claims to have sustained. They ask dismissal of the award. Suit the City of Lincoln against Benjamin Finkelstein for an to prevent operation alleged junk 23rd and being before District Judge Chappell. The city claims where cars are apart parts kept for violation the zoning of 1929. Mr. Finkelstein says the 1929 amended not apply and that permitted operate the used car market business place before the ordinance passed. Hans Hansen lost his case federal Thursday when Judge Munger directed verdict for the the end trial lasting three days. Mr. Hansen, victim of arthritis tracted military service, draws compensation seeking collect on his surance explained that the soldier apparently partially when permanently totally disabled, didn't prevail while his policy was force therefore he collect Pacific was allowed reduce rates from Manley, Weeping Water, Wabash, wood Eagle. Seven disbarment suits filed by Attorney General Sorensen the supreme court pending. some cases the issues have not been made up. the cases are called for trial the court will point referee take testimony each and report findings and has been customary for the court to allow fee $500 referees in The attorney general not the cases brought trial. The fees which may which must come out the attorney general's fund for would the limit which may be spent one quarter. The by the attorney genrecently against LymanRickey Gravel company, alleging illegal consume the attorney general's allowance for the quarter. He has the firm of Perry, Pelt Marti special counsel in the gravel case. The city of Lincoln applied to the railway Thursday to maintain operate an electric transmission line from the street pumpstation Lincoln the reservoir pumping stations by the near Ashland. not the present intention Commissioner Schroeder construct line. made contract with the


Article from Nebraska Legal News, October 15, 1932

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BANKING NEWS BANK DIVIDENDS $33,916.66 or 20% Oakland State Bank, first payment. $23,184.96 or 20% Franklin Exchange Bank, first payment. $9,335.50 or 10% Bank of Campbell. Prior payments $14,003.17 or 15%. $15,248.98 or 10% Upland Banking Co. Prior payments $38,122.08 or 25%. $10,589.65 or 10% Farmers State Bank, Cortland. Prior payments $10,589.65 or 10%. $9,190.44 or 10.95% Farmers State Bank, Chapman. Prior payments $41,965.77 or 50%. $7,729.06 or 5% Norfolk Savings Bank. Prior payments made during receivership $15,458.23 or 10%. $3,600.18 or 3% Breslow State Bank. Prior payments $9,606.09 or 8%. 21% of original deposits paid during going bank period. The last dividend of the City National bank of Kearney, closed in 1929 was anounced Monday at 2.85 per cent. This brought the total payments to $828,595. A third dividend of 10 per cent will be paid by the closed German bank of Millard, according to a petition filed in district court by E. H. Luikhart, state bank receiver. The dividend wi bring $14,031 to depositors and will bring the total paid by the bank to 40 per cent, or $70,157.


Article from The Tilden Citizen, August 3, 1933

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Madison County Real Estate Transfers Real estate transfers for the week ending Monday, July 31st, compiled by Ward and Moyer Abstract Bonded Abstracters, Madison, Neb. Henry, sheriff to the Nebraska State Bank Liquidation association. (S. Lot Block Riverside Park D.) Addition, Norfolk, $1350.30. Senestedt to Cora Beels Block Durland's 2nd Add., Norfolk, $1.00. Harry Barnes to H. Luikart, ceiver of Norfolk Savings Bank, (Rec. Deed) Lots and Block Original Town of Battle Creek, Nebraska. $1.00. Daniel Conley to Edith M. Porter An undivided 19 interest South 198 of East 60 West of Lot 22 Ward's Suburban Lots Norfolk. Other value and Henry, Sheriff to Madison County Building and Loan Ass'n Lot 12, Block Pasewalk's 4th Addition to Norfolk, Gilbert Stone to Edith M. orter (Q. D.) Undivided 19 interest South 198 of of W 126 of Lot Ward's Suburban Lots to Norfolk, other value and $1.00. Henry, sheriff to Madison County Building and Loan Ass'n in Block Lawndale Addition to City of Norfolk,


Article from Norfolk Daily News, September 14, 1933

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JUDGMENT ASKED AGAINST NORFOLK NATIONAL BANK SAVINGS RECEIVER AVERS LOANS MADE TO AID NATIONAL BANK ACCOUNTING SOUGHT IN SUIT Luikart Claims Officers of Savings Bank Knew Mortgaged Property Was Not of Sufficient Value to Protect Institution Charging that officers of the Norfolk National bank and the Norfolk Savings bank, who were the same for both institutions, caused at various times before the two banks were closed, Nov. 27, 1931, the savings bank to make loans to different persons and firms for the purpose of increasing assets of the national bank, H. Luikart, as receiver of the savings bank, has filed action in federal court here against Forrest Lear, as receiver of the National bank, asking that an accounting be had as the amount of money due him from the defendant and that he be given judgment against the defendant. The amount involved is around Officers of the banks as listed in the petition are E. Burnham, president of both institutions: Pasewalk vice-president of both banks, and the cashier, who is not identified in the action. Among the listed causes for action charging that at the time the banks closed, the savings bank had on deposit in the bank; that officers knew the national bank was in solvent before was closed; that no part of the deposit has been paid to the savings bank, except the sum of and that $3, 628.30 has not been paid. "Traded With Themselves" At various times within two years before the banks closed, the petition states, Norfolk National bank officers purchased for and sold to the savings bank bonds of various countries, states, municipal corporations or private corporations, and in making the transactions dealt and traded with themselves as officers of the Norfolk Savings bank. The petition further alleges that the bank paid for the bonds; that many of the bonds were not listed on any exchange and had no market value, and that none of them were investments for the savings banks, and bonds were not general liens. The plaintiff avers that the bonds at the time of their purchase did not exceed $50,000 value, and the savings bank has been in the sum of $22, no part of which has been paid. In the case of loans to persons firms, the plaintiff claims that the banks' officers would loan sums through the savings bank for the purpose of reducing the persons' or firms' to the Norfolk National bank. Charge Intent To Injure In having the savings bank make the loans, the officers would have the borrowers mortgage and convey to the savings bank property they owned, knowing at the time that the mortgaged property not of sufficient value protect the savings bank against loss, and that the mortgage was accepted by the officers with the intent of injuring the savings bank, according to the petition. The plaintiff states in the petition that if the defendant so desires, he ready, willing and able to surrender to the defendant any security listed or described in the various causes of action and ceived by the savings bank, upon the repaying the plaintiff the cost of such security the savings bank. also asked by the plaintiff that whatever sum be found to bé due defendant the plaintiff be adjudged and decreed preferred claim against the defendant and to be paid in full out of the assets of the Nonfolk National bank. M. McDuffee, Norfolk, is the plaintiff's attorney.


Article from Norfolk Daily News, September 14, 1933

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SAVINGS ANOTHER DIVIDEND CHECKS COVERING PERCENT OF DEPOSITS BEING PUT IN MAILS Checks covering further percent payment to depositors of the Norfolk Savings bank being placed the mails, was announced Thursday morning by Scannell, Norfolk, assistant to the receiver. The checks are be ing mailed from Lincoln. In letter to Mr. Scannell, Besse Parriott, Lincoln, chief clerk of the dividend of the ceivership division, made the folcomment about the payment: you know, this payment has been held up so long on account of having to use the funds for other expenses, but now since we have sufficient cash on hand again, we going to release the dividend and thought you might appreciate knowing that these checks are go ing


Article from The Lincoln Star, September 15, 1933

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NATIONAL BANK RECEIVER SUED Luikart Claims Norfolk Institution Owes Savings Bank. NORFOLK Sept. Charging that officers of the Norfolk National bank and the Norfolk Savings bank, were identical, caused at various times before the two banks were closed Nov. the savings bank to make loans to persons and firms owing the national bank, so that they pay debts to the national H Luikart, as receiver of savings bank, has filed an action in Federal court here against Forrest Lear, as receiver the national bank. He asks that counting be amount money due plaintiff from the defendant and that the receiver for the savings bank be given judgment against the defendant. It charged that inadequate curity taken protect the loans. Officers of the bank as listin the petition are Burnpresident both institutions: Pasewalk, vice president both banks, and the cashier, who not identified in the action. The plaintiff lists as preferred claim balance on the savings deposit the bank amounting to He also asserts the bank and to the savings bonds the sum which at the time their purchase were not to exceed $50,000. Many the bonds, he says, were not listand had no market and none them banks. were lawful for savings The total amount of claims involved about $69,000.


Article from The Omaha Morning Bee-News, September 16, 1933

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LUIKART SUES BANK RECEIVER NORFOLK, Sept. 15, (P)-E. H. Luikart, receiver for the Norfolk Savings bank, has filed suit in federal court here against Forrest Lear, receiver for the Norfolk National bank, for an accounting and judgment involving claims of approximately $69,000. He alleged that prior to the closing of the institutions, Nov. 27. 1931. the officers who served in the same capacity for both institutions caused the savings bank to make loans to debtors of the national bank, 80 they might repay their national bank obligations. Inadequate security, he alleged, was accepted for the savings bank loans. The officers listed are C. E. Burnham, president, and L. P. Pasewalk, vice president, of both institutions, and the cashier, not named. The petition lists as a preferred claim against the national bank $3,628 deposit by the savings bank. It alleges the national bank sold to the savings bank for $72,020 bonds which were not worth more than $50,000 at the time of their purchase. Many of the bonds, Luikart said, were not listed on any exchange, had no market value, and were not lawful investments for savings banks.


Article from Newman Grove Reporter, June 27, 1934

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Mabel Nelson John E. Anderson West 30 acres of Samuel Ommerman to Douglas Baldwin (Q. D.) So. 50 of and of 100 of East Lot 13, Bk. Hayes Add., Norfolk. Lot 167 Homestead Add., Norfolk; Lots Block 6, Kimball Blair's Add., Norfolk; NE% 24-24-1W; Sec. 20-26 Mellette Co. and other land in other counties, Emma Tappert Lauren pert (W. D.) Beginning 50 of corner Lot 10, Haase's Suburban Lots Norfolk, Nebr., thence north 184 thence west thencesouth 184 feet, thence 60 feet to the place of beginning. Other value and $1.00 Marian E. Zavodsky Anderson to John E. Anderson (Q. D.) S1/2 23-21-4W, Dufphey E. Hewer (W. D.) Lot Pasewalk's Add. to Nofolk, $2500. Charles W. Bryan, Governor, E. H. Luikart, Receiver, Norfolk Savings Bank to Fleming, Barry, and Mitchell, Trustees for the Depositors of the Norfolk Savings Bank (Receiver's Deed) Lot Block Pasewalk's Add. South 120 of East 140 of bk. Koenigsteins 3rd Add; North 90 of Block Bear and Mathewson's Add; Lots and Block Hayes Add., Norfolk, all being in Norfolk, $1.00 A. Henry, Sheriff to Loosbrook Wall Paper Company (S. D.) East 50 1-10 of West 110 of South of of Lot 2, Bk 1, Haase's Lots to the City of Norfolk, $141 The Nebraska State Bank Liquidation Compary of Norfolk Elaine Cook and Elmer Cook (W. D.) Lot 1, Block 9, Edgewater Park Add., Norfolk $2000