Security State Bank - Wakefield, NE

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 1, 1927*
Location: Wakefield, Nebraska (42.269, -96.865)

Metadata

Model: gpt-5-mini
Short Digest: 8413bdec

Response Measures

None

Description

The Security State Bank of Wakefield was taken over by the State Guarantee Fund Commission in late November 1927 (reported 1927-12-01) and did not resume normal operations; by 1929 it is still referred to as the 'old' bank closed in November 1927 and the bonding company settles a school district deposit claim. No run is described; the takeover is a government action leading to effective permanent closure. OCR corrected minor spacing/typos in Article 1 (e.g., 'Guar antee' -> 'Guarantee').

Events (2)

1. November 1, 1927* Suspension

Cause: Government Action
Cause Details: Taken over by the State Guarantee Fund Commission; bank closed to general withdrawals except as funds come in on indebtedness.
Newspaper Excerpt: The affairs of the Security State Bank. of Wakefield, Nebraska, was taken over by the State Guarantee Fund Commission last week and will for the present conduct business as per usual on new deposits received.
Source: newspapers

2. March 14, 1929 Other

Newspaper Excerpt: MONEY ON DEPOSIT IN SECURITY STATE BANK TO BE PAID IN FULL ... the old Security State bank of Wakefield ... the closing of the Security State bank in November, 1927. Bonding company offered to pay the account in full before the matter came to trial and will pay the amount in the bank on deposit ... together with all costs except attorney fees for the school district's case. (Note: large OCR repetition in original; snippet trimmed.)
Source: newspapers

Newspaper Articles (2)

1. December 1, 1927 The Wausa Gazette Wausa, NE

Article from The Wausa Gazette, December 1, 1927

Click image to open full size in new tab

Article Text

WAKEFIELD BANK TAKEN OVER BY COMMISSION The affairs of the Security State Bank. of Wakefield, Nebraska, was taken over by the State Guar antee Fund Commission last week and will for the present conduct business as per usual on new deposits received. The old depositiors will be allowed to draw-money on their deposits only as money is paid in on outstanding indebtedness to the bank. A receiver will not be appointed at the present. Mrs. Sweet and daughter, Laura of Creighton, were here Sunday visitors at the Wm. Berridge home in this city.

2. March 14, 1929 The Wakefield Republican Wakefield, NE

Article from The Wakefield Republican, March 14, 1929

Click image to open full size in new tab

Article Text

Bond Company Agrees to Make Deposit MONEY ON DEPOSIT IN SECURITY STATE BANK TO BE PAID IN FULL DISTRICT Announcement was made on Monday that all money on deposit in the old Security State bank of Wakefield belonging to the local school district would be paid in full by the bonding company, and that the money would paid over within few days. This an argument that has been standing ever since the closing of the Security State bank inn November, 1927. Beebe was at that time treasurer of the school district's funds, and bonded by the Fidelity Deposit Company of Maryland. When the bank closed the board of education claimed that the bonding company should make good the amount of money then in the bank, but the company seemed to think that the deposit was guaranteed and should not be paid. Suit was started, but the bonding company offered to pay the account in full before the matter came to trial. The amount in the bank on deposit to This the companny offered to pay, togethwith all costs in the case except that of the attorney for the school district.