City State Bank - Sutton, NE

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: April 1, 1929
Location: Sutton, Nebraska (40.606, -97.859)

Metadata

Model: gpt-5-mini
Short Digest: b8b0af6c

Response Measures

None

Description

Article (May 30, 1929) reports City State Bank had been closed April 1, 1929 and is being reorganized/recapitalized by local citizens and expected to reopen within a few days. No run on this specific bank is described in the article; closure appears to be for reorganization rather than a depositor run.

Events (1)

1. April 1, 1929 Suspension

Cause: Voluntary Liquidation
Cause Details: Bank closed April 1 and is being reorganized and recapitalized by local citizens/depositors' committee; expected to reopen soon.
Newspaper Excerpt: The only other bank in the town, the City State bank, was closed April 1 with deposits of $223,000. This bank is being reorganized and recapitalized by a local group of citizens working with the depositors' committee. It is expected to reopen within a few days.
Source: newspapers

Newspaper Articles (1)

1. May 30, 1929 The Fillmore Chronicle Fairmont, NE

Article from The Fillmore Chronicle, May 30, 1929

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Article Text

Bank President Burke Found Dead Monday Sutton, Nebr., May Special to State Journal)-James F. Burke, president of the Sutton State bank, either intentionally killed himself in the banking offices here Monday or was the victim of the accidental discharge of a rifle. Officials said the death was suicide. The tragedy occurred between 6 and 7 and was disclosed when Ed Kirchhefer, bookkeeper, working in the rear of the building, heard the report of a gun and found Burke in a heap upon the floor the rifle by his side. Officers of the concern, headed by Burke for nearly fifteen years, immediately closed the bank pending an examination of its affairs by the state department. Rumors Saturday that the bank was not to open for business caused a run on the bank, M. Figi, vice president of the bank, said. The bank remained open all day Saturday, however, but in the evening, a reorganization was planned. By this reorganization, Tom Burke, of Grafton, brother of the president, and Earl Wilkins, Geneva, were to take over the controlling interest in the bank No motive was advanced for Burke's death, in event it was found to be suicide, tho rumors were related Monday that the Sutton bank was to be merged with another institution. The bank was formerly headed by the late Frank Sloan, Burke succeeding him in office. Tom Burke, Grafton banker, is a brother of the dead man. Mr. Burke is survived by his widow and two children. With both of Sutton's banks closed, bank examiners were making valiant efforts here Tuesday to reorganize the institutions and give the town a bank again. The only other bank in the town, the City State bank, was closed April 1 with deposits of $223,000. This bank is being reorganized and recapitalized by a local group of citizens working with the depositors' committee. It is expected to reopen within a few days. FINE $15.00-COSTS $10.20 On Saturday Frank Miller principal of Fairmont high school, swore out a complaint charging Harold Hurst and Glen Porter with assault on the night of Friday, May 24. Sheriff Little served the papers and the two young men were up before County Judge Landgren Saturday afternoon. Both plead not guilty, but on the evidence produced His Honor fined Porter $15.00 and costs taxed at $10.20, which he paid. The charge against Hurst was dismissed. It appears that the incident was the result of ill-feeling which has existed for several months. Bad business, and the less of it henceforth the better for the community.