13526. State Bank (Ravenna, NE)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 1, 1931*
Location
Ravenna, Nebraska (41.026, -98.913)

Metadata

Model
gpt-5-mini
Short Digest
b48e5c1a

Response Measures

None

Description

The State Bank of Ravenna was taken into the custody of the state banking department and placed in liquidation/receivership (assistant/acting receiver McGrew). There is no article describing a depositor run prior to suspension; instead articles describe suspension, liquidation, and appointment of a receiver. A new institution called The Ravenna Bank is organized and opens Jan 2 (1932) as a different bank; the original State Bank remains in liquidation/receivership.

Events (3)
1. October 1, 1931* Suspension
Cause
Government Action
Cause Details
Taken into custody of the State Banking Department and operations suspended; safes sealed at other local bank; State Banking Department managing liquidation.
Newspaper Excerpt
The Security Bank, which not in the hands of the State Banking department, has their safe sealed... Meanwhile, at the State Bank Ravenna, the preliminary work been finished, and depositors are now able to appear at the bank, get their statements, and receive information regarding liquidation.
Source
newspapers
2. October 9, 1931 Receivership
Newspaper Excerpt
Assistant Receiver McGrew, now charge of the bank, informed the News... The meeting of the depositors the State Bank of Ravenna will be held the near future... Receiver McGrew is busy moving the papers and effects of the State Bank of Ravenna now (Dec 25 article).
Source
newspapers
3. January 2, 1932 Other
Newspaper Excerpt
The Ravenna Bank will swing open its doors to the Ravenna public on Saturday, January 2... Receiver McGrew is busy moving the papers and effects of the State Bank of Ravenna now. The papers of the new bank will be moved on New Year's day, and the bank will open on the following day.
Source
newspapers

Newspaper Articles (4)
1. October 9, 1931 The Ravenna News Ravenna, NE
Article from The Ravenna News, October 9, 1931

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Article Text

of Ravenna Depositors' Meeting to be Exact Date Cannot be An nounced; The Commissioner Busy Man. The meeting of the depositors the State Bank of Ravenna will be held the near future, but the exact cannot be announced today. Assistant Receiver McGrew, now charge of the bank, informed the News that in letter Commissioner Woods in Lincoln, he has his enirely filled up for this week, but intimated that perhaps next week might set. The depositors will be informed concerning the meeting, in plenty time attend.

2. October 16, 1931 The Ravenna News Ravenna, NE
Article from The Ravenna News, October 16, 1931

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Article Text

Developments Meanwhile Temporary Structure Slowly Being Set Up and Put Into Motion The situation which appears from the outside to particularly deplorable of town temporarily without not in realdeplorable, but merely inconvenAnd from appearances, seems, temporary structure being built at present which will eliminate much the inconvenience within week The banking trouble which chronic over entire state at preshas completely swamped the state banking department. Commissioner Woods, who to appear in Ravenna soon before the body of positors of the State Bank Ravenand the Security State Bank, swamped. He unable to say na, his services being badly needed Meanwhile, at the State Bank Ravenna, the preliminary work been finished, and depositors are now able to appear at the bank, get their statements, and receive information regarding liquidation. The Security Bank, which not in the hands of the State Banking department, has their safe sealed, and the force merely marking time until further word is received from Lincoln. group from the Community effort local clearing house, bureau of exchange set up temporarily, has been partly successful and partly frustratthe meeting the CommunLuncheon club Tuesday evening, was brought out that to up office Ravenna, representing the State Bank Poole the NaGrand Island, deposits and cash checks and issue change would be direct violation of the banking statutes The State Bank of Poole nouncing in issue that they will cash salary and other checks for Ravenna people, making small service charge to cover number Ravenna merchants are preparing to keep slightly larger amount currency hand to cash smaller checks They intend to give preference their customers, as might be expected. expected that when local folks become acquainted system, things will run quietly and smoothly Members reported at the Community Club that they had entertained visitors the city this week, who were prying into the banking situation here, and seeking information the view of opening new bank. The problem their minds seemed to be not much matter raising the necessary capital and surplus, more to how much supthe bank would get in the city whether charter could be obtained. There nothing at all definite in this direction,

3. December 25, 1931 The Ravenna News Ravenna, NE
Article from The Ravenna News, December 25, 1931

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Article Text

The Ravenna Bank Will Open on 2nd Day of New Year Officers and Directorate Show Group of Responsible and Capable Gentlemen. Mr. Horace J. Cary, Mr. Fred Cottrell, Mr. C. E. Clark and Mr. Clarence Fisher will be the officers of The Ravenna Bank, which is to swing open its doors to the Ravenna public on Saturday, January 2. This was announced following the meeting of the stockholders at the Ravenna public library Wednesday afternoon of this week. Receiver McGrew is busy moving the papers and effects of the State Bank of Ravenna now. The last table cannot be moved until after Dec. because depositor's claims must be filed there up to that time. Papers of the new bank will be moved on New Year's day, and the bank will open on the following day. While the moving may not be complete, and some confusion may result, the new bankers want to get in and get settled, to start the New Year right. Horace J. Cary, of Kearney, 42, the new president is known in Ravenna. He was born in Schneider township, the son of Lyman Cary, several times county treasurer of this county, and well-known citizen. Horace Cary is a leading stockholder in the Fort Kearney Staate bank, and is recognized as man of considerable standing and wealth. Fred Cottrell, vice-president, needs no introduction. His station in Ravenna as leading merchant, and his activities in civic and community work single him out as a good man for the position. C. E. Clark, the cashier, needs little introduction. He is the "man behind the guns", capable, industrious, sensible. Much of the credit of the new bank for Ravenna goes to Mr. Clark. Mr. Clarence Fisher, assistant cashier, has long been identified with the State Bank of Ravenna, knows the people, customs, and habits of this community. Mrs. F. H. Lecron will head the department of bookkeeping. The board of directors are as follows: Horace J. Cary, Kearney; Paul Kennow, Kearney; R. H. Barber, Paxton; C. F. Fisher, Ravenna; Fred Cottrell. Ravenna; Barney Wedemeyer, Ravenna: C. E. Clark, Poole. The first three are directors of the Fort Kearney State Bank, of KearThe stockholders of the new bank as follows: Horace J. Cary; Paul Kennow; R. H. Barber; A. C. Wittera; Clarence Fisher; Fred Cottrell; Chas. and Helen Zimpfer; Jos. Hervert; A. Hervert; Jos. Kriha; Jos. Muegerl; Barney Wedemeyer; Frank Winkler; John Tuchel; E. A. Poole; C. E. Clark. The mere reading this list is enough to show that are very responsible and substantial people in this section. They are not confined to any one financiers, business men, farmers all are included. They are a hand-picked group. Further information the fees, charges, and policies of The Ravenna Bank will appear next week. At the same time an effort will be made for the merchants to cooperate on a Bank Opening Day in Ravenna.

4. January 15, 1932 The Ravenna News Ravenna, NE
Article from The Ravenna News, January 15, 1932

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Article Text

Bank Liquidation Work Goes Forward With all the claims against the State Bank of Ravenna filed and ready to court consideration, and the filing of claims in the Security State bank begin in ten days or two weeks, the of liquidation the two banks is proceeding quietbut rapidly All claims for the State Bank had be filed December 1931. The hearing of the district court for validation the claims will take place January 29, 1932, the end this month. After the claims are dated and recorded, available dividends can be paid, although Asst. Receiver Frank McGrew says that collections are pretty slow. Claims for money in the Security State Bank will be eligible for soon. Mr. McGrew relates that the state department in Lincoln overloaded with receivership work that they are about two weeks behind There is no statute which makes to hold depositor's meetin closed neither there statute which makes necessary appoint depositor's with the liquidation For this reason meetings both the State Bank and the Security bank will not be held. The department figured that as long receivwas already on the in Ravenand reorganization either bank impractical, there was little use spending $50 to hold meeting. There will be depositor's committee to help with the classification the paper, but will consist of selected by the assistant by the state partment. committee of three has already been appointed for the State Bank. Assistant Receiver Frank McGrew has charge of the three banks Ravenna, bank Mason City and one big but divides the cost of liquidation considerably.