13546. Rosalie State Bank (Rosalie, NE)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
June 1, 1929*
Location
Rosalie, Nebraska (42.056, -96.513)

Metadata

Model
gpt-5-mini
Short Digest
e8f8fd21

Response Measures

None

Description

The Rosalie State Bank suspended operations in June 1929 (described as suspended operation recently). Depositors organized, took assets for liquidation/reorganization, and the bank reopened under new management (E. W. Rossiter) and charter approval in late July 1929. No explicit bank run is described in the articles — suspension followed by reorganization and reopening.

Events (2)

1. June 1, 1929* Suspension
Cause Details
Articles state the bank suspended operation recently but do not specify a concrete cause; assets appear solvent and were turned over to depositors for liquidation/reorganization. Local gossip mentioned as possible hazard but not identified as trigger.
Newspaper Excerpt
depositors of the Rosalie State bank which suspended operation recently
Source
newspapers
2. July 22, 1929 Reopening
Newspaper Excerpt
the re-opening of the Rosalie State bank, Monday morning, after having been closed several weeks. E. W. Rossiter in charge.
Source
newspapers

Newspaper Articles (4)

Article from The Walthill Times, June 20, 1929

Click image to open full size in new tab

Article Text

MOVE TO RE-ORGANIZE ROSALIE BANK Other Members Favor Retention of Street Overseer, Re-elect Petersen and Riley. Chairman Chafes at Refusal to Sustain. A meeting of the village board Monday evening developed situation somewhat tense when the question of village marshal and street man came up for discusison, after being laid over for period of SIX weeks. As law and sioner the of the board had declared his to retain B Riley as night man, but had demanded the of Carl Petersen as day mar of the village The other members, all of whom were on the board last year, appeared isfied with the Dane and balked displacing him. It was the first session of the board in June and the monthly bills were presented and disposed of in the usual manner A request from Frank Rightbower was presented for permit struct an addition from the rear his hotel northward the street A motion carried grant permit, with the that the construction comply with ment in the district the dirance be wholly on his property. It reported held and the board Tuesday morning at which understanding reached. The matter of the purchase of Mathewson strip, north of town, purposes was brought up discussed. This the the are located. The price asked $1500.00 Attention called to fact that now the playground for the children of parts of town and most all parts town most location for that use. The concrete tennis courts built at cost of $1500 Should the tract into other hands, and become subdivided or premises for one or more homes, could not hereafter be secured at anywhere near the present offer The strip comprises four The board decided to defer action meeting Thursday evening of this week to consider the proposition and give opportunity to look it over Objection was voiced against the large bill board the vacant lots west of the Fuller motion was carried instructing the clerk to rotify the billboard company remove the objectionable feature immediately The next and last proposition considered was the of the mar As stated there to make change the right man, Riley. has been regarded as attached to the law department. The day man, Petersen. as stated these columns, has been regarded by the board as attached to the streets and alleys partment and his work Timarily and principally that of keeping the village thorofares proper condition. In that relation the board in the past has Petersen under Whitehead's jurisdiction, and his duties marshal incidental only stated that he was satisfied with Carl as street man and has no desire to make any change. Another member was of the opinion that the law and order man should Depositors Meeting Called to Salvage Assets and Continue the Institution. move appears to have been started at meeting held in Rosalie last Friday evening by the depositors of the Rosalie State bank which suspended operation recently, to take over the assets and plan reorgan ization of the institution to enable to resume business A state bank Inspector was present. stated that the late owners of the bank have turned its assets over the depositors for liquidation, and the plan 'under consideration is to is sue to each depositor form of long time certificate of 35 per cent of his deposit. For the remaining 65 percent he Is given credit payable 10 percent monthly, as the assets are As the bank appears to be solvent this plan gives time for liquidating paper as it becomes due and the plan said to be acceptable by the depositors For this purpose will be formed for handling the affairs the bank There hope that with capital and banking will appear or be found, who will invest sufficient capital take and reopen banking An ar rangement that kind would be most the farmers and business men of community where there need of going bank and good field to support such an institution Brink right and the prevailing impression as to the cause of substantially correct may be advisable for the village to put muzzles on some of their careman with money may with good reason hesitate on making under posbility such a hazard be permited to name the marshal, and street man have his choice for street maintainer Two other mem expressed a attitude There was etiticism of both em ployees in their police work and their retention hung on thread more slender than the vote indicates. The mayor was outspokenly firm his demard for Petersen's scalp and hinted strongly resignation if the board refused to comply. The situation was fairly tense for time as the members were loath cause ruction within the board. Finally member: move we vote. After a the mo- Chairman: "Moved and seconded that we Clerk: "What are you voting The motion was amended to ballot separately on choice for night watch and for day man The choice night watch stood Riley 3. Stanley Benner John Wood For day man: Petersch 3, Benner The chairman with considerable feeling upbraided the other members for refusing to his wishes. In his resentment he notice that would back" them. The other trustees felt that he overstepped his bounds heretofore recognized and was attempting to usurp the and alley preHowever the tenure of neither man certain sinecure, one may judge by board Each as police officer comes in for criticism of neglect of duty, failure follow out orders and disposition shirk or shift responsibility A change appears possible at any time, though none has been intimated SO far. It is complicated by the problem of finding a better man for the job.


Article from The Rosalie Rip-Saw, June 28, 1929

Click image to open full size in new tab

Article Text

MOVE TO REORGANIZE ROSALIE BANK. From The Walthill Times. A move appears to have been started at a meeting held in Rosalie last Friday evening by the depositors of the Rosalie State Bank which suspended operation recently, to takeover the assets and plan a reorganization of the institution to enable it to resume business. A state bank inspector was present. It is stated that the late owners of the bank have turned its assets over to the depositors for liquidation, and the plan under consideration is to issue to each depositor a form of long time debenture certificate of 35 percent of his deposit. For the remaining 65 percent he is given a credit payable 10 percent monthly, as the assets are liquidated. As the bank appears to be solvent this plan gives time for liquidating outstanding paper as it becomes due, and the plan IS said to be acceptable by the depositors. For this purpose a reorganization will be formed for handling the affairs of the bank. There is a hope that someone with capital and banking experience will appear or be found, who will invest sufficient to take and reopen it as a banking institution. An arrangement of that kind would be most welcome to the farmers and business men of that community whera there is need of a going bank and a good field to support such an institution. However if Brink is right and the prevailing impression as to the cause of suspension is substantially correct, it may be advisable for the village to put muzzles on some of their careless talkers, or & man with money may with good reason hesitate on making n'investment under a possibility of such a hazard recurring. Yes, we all talk, gossip, boycott, back-bite and lie, (little white lies and damned big, black ones) too much in Rosalie, and this includes the bunch of us, bankers, ex bankers and nearbankers. Can't we forget our petty larceny grievences, now Before its too late. Its going to be bell to stop at once, a habit we've practiced for years; but lets all try it for a month, and we may and will be so well pleased with the arrangement we'll never quit it. What say? Don't all speak at the same time!


Article from The Walthill Times, July 25, 1929

Click image to open full size in new tab

Article Text

ROSALIE WELCOMES RE-OPENING BANK Closed Institution Resumes under New Management. E. W. Rossiter in Charge. Business men and farmers showed the glad hand the re-opening of the Rosalie State bank, Mnday morning, after having been closed several weeks. Not only did residents call numbers to express their gratification, but patrons swelled the posits generously by bringing checks and cash in quantities that swelled the total most couraging amount, added to the percent residue deposits when the bank suspended Rossiter, as cashier of the bank was behind the window to receive greetings, cash and to transwhatever business presented self The capital stock of and surplus of $2,000 was renewed by subscriptions of number of Rosalie business men and farmers who readily subscribed the after tasting the being deprived banking facilities for some time. is said that the total financial ratof the stock holders aggregates million dollars. Such background is assuring of the stability of the institution After the stock was subscribed and the organization effected, the new president and cashier, accompanied the state examiner in charge of the defunct went to LinSaturday and appeared before the state board with report of the new organization and were given to re-open the bank and resume business under the charter. The new officers are: Geo. Busselman president Elkin vice pres. Rossiter cashier Nels Nelson, W Reed. additional directors For the present Mr Rossiter will give his time to conducting the business of the bank as cashier. Later on, after everything is running smoothly in the ordinary channels of banking business that his daily will not required, probable that he will introduce an as sistant to take care of the business when necesasry for the cashier absent. The elation of the re-opening of the institution fervent that the residents of Rosalie planned celebration to be held in the village last evening. Gains of the lege of agriculture was engaged to be present and give one of his famous speeches and committee engaged the Bancroft band to furnish music for the jubilee.


Article from The Decatur Herald, August 1, 1929

Click image to open full size in new tab

Article Text

ROSALIE WELCOMES RE-OPENING OF BANK Closed Institution Resumes Under New Management. E. W. Rossiter In Charge. From the Walthill Times:Business men and farmers showed the glad hand on the re-opening of the Rosalie State Bank, Monday merning, after having been closed several weeks. Not only did residents call in numbers to express their gratification, but patrons swelled the deposits generously by bringing in checks and eash in quantities that swelled the total to a most encour. aging amount, added to the 65 per cent residue of deposits when the bank suspended business. E W Rossiter, as cashier of the bank, behind the window to receive greetings, cash and to transact whatever business presented iteself The elation of the re-opening of the institution was so fervent that the residents of Rosalio planned a celebration to be held in the village last evening. Newt. Gains, of the College of Agricultture, was engaged to be present and give one of his famous speeches and a committee engaged the Bancroft Band to furnish music for the jubilee.