13755. First National Bank (Wynot, NE)

View Charter #8335 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
8335
Charter Number
8335
Start Date
December 24, 1927
Location
Wynot, Nebraska (42.740, -97.169)

Metadata

Model
gpt-5-mini
Short Digest
f64c5260

Response Measures

None

Receivership Details

Depositor recovery rate
63.9%
Date receivership started
1927-12-27
Date receivership terminated
1930-10-16
Share of assets assessed as good
38.2%
Share of assets assessed as doubtful
55.8%
Share of assets assessed as worthless
6.0%

Description

The First National Bank of Wynot closed its doors on December 24, 1927 and was placed in receivership. Articles describe insolvency/poor assets and receivers' liquidation over the following years (claims filing 1928, building turnover 1930, final dividend Sept 1929/1930, disposal of records 1931). No article describes a depositor run prior to suspension; events are consistent with a suspension/closure followed by receivership and final dividend.

Events (8)
1. August 17, 1906 Chartered
Source
historical_nic
2. December 24, 1927 Receivership
Newspaper Excerpt
After the closing of the bank Geo. D. Cronkelton was placed in charge as receiver for some time and later W. H. Allen was sent here to close up the affairs of the bank.
Source
newspapers
3. December 24, 1927 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed due to discouraging asset condition/insolvency; invoice and estimate disclosed poor condition and insufficient assets.
Newspaper Excerpt
The First National bank closed its doors December 24, 1927.
Source
newspapers
4. December 27, 1927 Receivership
Source
historical_nic
5. July 26, 1928 Other
Newspaper Excerpt
George G. Cronkleton, the receiver of the First National bank of Wynot states that ... a very large number of depositors and creditors of the bank have not made legal proof of their claims against the failed bank.
Source
newspapers
6. January 30, 1930 Other
Newspaper Excerpt
Receiver W. H. Allen ... turning over the First National bank building to Franz Meirose, who recently purchased the same.
Source
newspapers
7. September 29, 1930 Other
Newspaper Excerpt
Checks for the final dividend of 18.9 per cent to the depositors of the First National bank of Wynot are now in the hands of W. H. Allen, receiver ... Monday and Tuesday, September 29th and 30th.
Source
newspapers
8. April 30, 1931 Other
Newspaper Excerpt
Finis written the over doorway First Bank Wynot ... the defunct institution hauled out ... books records stored ... the bonfire closes chapter.
Source
newspapers

Newspaper Articles (4)
1. July 26, 1928 The Wynot Tribune Wynot, NE
Article from The Wynot Tribune, July 26, 1928

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Article Text

FILE YOUR CLAIMS AGAINST THE BANK. George G. Cronkleton, the receiver of the First National bank of Wynot states that he has noticed that a very large number of depositors and creditors of the bank have not made legal proof of their claims against the failed bank. The receiver states that no creditor can draw a dividend unless he has made legal proof of his claim against the trust. The way the matter stands now is that if a divIdend is declared there will be a very large number of creditors who will not receive anything on their claims. The object and purpose of the receivership is to distribute the collections on assets rateably among the creditors, but if they fail or neglect to file such claims, no one can be blamed if they fail to receive their just proportion of the liquidation of the banks assets. The time set for filing claims is past. but the receiver states that he will extend the time for a short period in order to allow those who have not filed to do so at once. If those who have not filed will do so within the next thirty days the receiver states that he will accept their claims. If your claim is not filed within that time you can blame nobody but yourself if you do not receive dividends. Positively no dividend will be paid those who do not file. It is to your interest to file your claim at once. Due legal notice has been given and it is up to the creditors to file if they want their share in the dividends. The receiver hopes that he will not have to call this important matter to public attention again.

2. January 30, 1930 The Wynot Tribune Wynot, NE
Article from The Wynot Tribune, January 30, 1930

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Article Text

RECEIVER ALLEN TURNS OVER FIRST NATIONAL BANK BLDG. Receiver W. H. Allen was in Wynot Tuesday afternoon and attended to the details prior to turning over the First National bank building to Franz Meirose, who recently purchased the same. Mr. Meirose is now in possession of the building. Just what disposition will be made of the building, Mr. Meirose is not prepared to say just now. It is an exceptionally good location and many have suggested that it would make a most excellent place for the postoffice and bring it to a more central location.

3. September 25, 1930 The Wynot Tribune Wynot, NE
Article from The Wynot Tribune, September 25, 1930

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Article Text

FIRST NATIONAL TO PAY FINAL DIVIDEND Receiver's Checks Will Be Available Here Monday and Tuesday. Checks for the final dividend of 18.9 per cent to the depositors of the First National bank of Wynot are now in the hands of W. H. Allen, receiver for delivery in his office at the Hartington National bank at Hartington, or the receiver will be at the Farmers State bank in Wvnot on Monday and Tuesday, September 29th and 30th, and will deliver them in person to you if you so desire. The receiver's certificates must be surrendered upon receipt of this final dividend. Bring your receiver's certificates with you. or mail them to the receiver at Hartington. Remember, that all checks not called for on or before October 15th, 1930, will be returned to the comptroller of the currency at Washington, D. C., and it will take an endless amount of red tape and delay to secure your check after that time. The First National bank closed its doors December 24, 1927. The posits amounted to about $100,000, about $30,000 demand deposits and the balance time certificates and savings deposits. With the final payment of the 18.9 per cent the depositors will have received a total of almost 74 per cent or over $70,000. After the closing of the bank Geo. D. Cronkelton was placed in charge as receiver for some time and later W. H. Allen was sent here to close up the affairs of the bank. An invoice and estimate of the assets made by Mr. Cronkelton disclosed a very discouraging condition and at that time feared that less than 50 per cent would be realized by the depositors. However, Mr. Allen, with the earnest co-operation of J. F. Arens, F. W. Arens, J. F. Hochstein and other officers and directors. was able to make some collections that had been considered doubtful, these stockholders even making personal sacrifices that the law did not require in order to assure the depositors every cent possible of their money. In closing up the affairs of the bank, Receiver Allen is high in his praise of the honor and strict integrity of the Arens families and Mr. Hochstein and their wonderful loyalty in making every sacrifice in order to protect the depositors who had placed their money in this trust. As all of the assets of the bank have been disposed of, the giving out of these dividend checks marks the finish of the chapter as regards the defunct First National bank of Wynot. Mr. Allen, who is also receiver of the failed Hartington National bank, will continue to reside in Hartington until this_ bank's affairs are wound up.

4. April 30, 1931 The Hartington Herald Hartington, NE
Article from The Hartington Herald, April 30, 1931

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Article Text

Finis Written the Door. over First National Wynot Finis written the over doorway First Bank Wynot last Thursday the that defunct institution hauled out dumping ground burned. books records stored National Bank time cluded daily cash journal, letter files; draft register, Earl Pickett hauled once flourishing banking house their truck loads, and Anthony Hirschman Pollock officiated the The stuff made tremendfire and some smoke sparks ascended spirits departed officdepositors near scene. First National closed and appointed receiver. several the assets were sold years and the bonfire closes chapter. Geo. Cronkelton, charge certify the books records to Allen, receiver