13756. American State Bank (York, NE)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
November 18, 1929
Location
York, Nebraska (40.868, -97.592)

Metadata

Model
gpt-5-mini
Short Digest
6dbb467e

Response Measures

Capital injected, Full suspension, Books examined

Other: Reorganization and formation of new bank under same charter (name changed to Bank of Commerce).

Description

Newspaper articles report a run that led officers to close the American State Bank on Nov. 18, 1929; the institution was reorganized and reopened as the Bank of Commerce on Mar. 3, 1930. Cause of the run is linked to the failure of the Polk Bank (same president Joshua Cox) and consequent local contagion. OCR errors in Article 1 were corrected for clarity (e.g., dates and names). Later references (late 1930) to a receiver and trustee/dividend reflect post-failure administration of the failed American State Bank's assets, but the core episode is run → temporary closing/suspension → reopening under new name and organization.

Events (3)

1. November 18, 1929 Run
Cause
Local Banks
Cause Details
Run sparked by fear after failure of the Polk Bank (same president Joshua Cox) and excited statements about the York bank; depositors withdrew large sums.
Measures
Officers closed the doors for protection to the depositors and pursued reorganization; state banking department involvement and a meeting of depositors called.
Newspaper Excerpt
The Bank of Commerce today replaced the American State bank in this city which was closed on Nov. 18, 1929, following run.
Source
newspapers
2. November 18, 1929 Suspension
Cause
Local Banks
Cause Details
Temporary closure/suspension invoked by bank officers to halt withdrawals after the run triggered by the Polk bank failure and resulting local panic.
Newspaper Excerpt
The doors of the bank closed ... Closing the bank in this manner will allow fear and feeling subside and reorganization can proceed in orderly manner.
Source
newspapers
3. March 3, 1930 Reopening
Newspaper Excerpt
New Bank Opens Its Doors This Morning ... The Bank of Commerce today replaced the American State bank in this city which was closed on Nov. 18, 1929. The Bank of Commerce ... now supplants the former American State bank ... The new bank opened for business in the usual manner and without formal opening. (Mar. 3, 1930).
Source
newspapers

Newspaper Articles (7)

Article from The York Republican, November 21, 1929

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American Closed for Depositors' Held Wednesday; as Committee Monday morning, about American State of which Joshua Cox its doors the public for the reorganization, and from precipitating the organizainto crippled and unstable condition, which was being caused run on the bank, due failure of the Polk bank, which Joshua Cox was also president. Persons became overly excited about the condition of the York bank and some statements started caused, making close the doors order the remainder of the depositors heavy financial The doors of the bank closed following from Bliss, head the state board, immediately formed the situation here, and insisted that officers doors for protection to the depositors. The following statement made by Secretary Bliss, the ing of the closing the bank, secured by Alden: Clarence Bliss, head the state department, stated day that his investigations showed the bank be in sound condition. bank closed for after large deposits drawn, through fear that insolvency Bank of Polk, of which Joshua Cox, indicated York bank which bank Mr. Cox touch with the officers the bank with the bank thoroughly that the situation heavy stockholders and depositors. always better of certainty and when fronted with for bank to close its Usually the clears up quickly and the bank condition public Bliss indicated that he had been close touch with the that what had been done had his approval. Closing the bank in this manner will allow fear and feeling subside and reorganization can proceed orderly manner. This procedure enables the bank to clean up bad paper and start with clean Asked how long the bank would remain closed, Mr. Bliss plied that the conditions he felt sure they are would only few days until the bank open under organization. The procedure being followed here that has been lowed recently banks closed. The state banking calls meeting of the positors for conference. jority of them believe the bank should continue reopened under conditions that satisfactory the department. The lies with the itors. is believed in the of the American State bank that losses will accrue to the depositors but that losses that have may


Article from Beatrice Daily Sun, January 22, 1930

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FORM NEW BANK YORK, Nebr., Jan. 22. (P)A group of York business men announced today that plans for the organization of a new bank here are practically complete. Assets and personal effects of the American State bank, which closed late last year, will be incorporated in the new institution. French Tricolor The blue and red cockade was the badge of the city of Paris. The union of this and the Bourbon white produced the tricolor, the badge of France since 1789.


Article from The Friend Sentinel, January 23, 1930

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NEBRASKA SHIPPED 105 CARS OF CHOICE APPLES Fred Weber Sr., of this city. is reported very ill at his home. Miss Mamie Krebs, spent last Thursday in Lincoln: Mrs. Wm. Yokel and Miss Maude McLennan were Lincoln visitors Monday Miss Mary Hulburt of Lead, S: D is here visiting her parents. Mr. and Mrs. A. F. Hulburt. MASK BALL at Central Hall. Milligan, Nebr. Saturday, January 25. 1930. $50.00 in cash prizes. Mr. and Mrs. Robert Blanchard Henry Berst ships live stock to the and daughter spent Wednesday in Corn Belt Com. Co., So. Omaha. Seward. Mr. and Mrs. Bill Wiess of Waco, Hurlburt's Millinery, Saturday Jan. spent Wednesday at the home of 26. League of Women Voters. Mr. and Mrs. Herbert Heckman. Mr. and Mrs. Herbert Heckman held their sale Wednesday They are planning to move to Lincoln about February 1st. Mr and Mrs. P.O. Southwick en tertained the school faculty to a dinner party at their home., Tuesday evening Mrs. W B. Rogers of Tekamah Miss Lucille Krebs, writes her par- Nebraska. is visiting at the home of ents, that she arrived in Santa Fe. her son. Paul Rogers family New Mexico, OK. and is nicely lo- a cated in her new work. Nestle Permanent Wave $5.00 (all Hurlburt's Millinery, Saturday Jan. the year round) and Eugene Perman26. League of Women Voters. ent Wave $8.00 (shampoo included): -Little Flower Beauty Shop. Crete, Eugene Stockdale, of Lincoln, spent Telephone 1255. Nebraska lays no claim to being a fruit state,- nature having endowed southeastern Nebraska with a soil that grows the finest flavored Friday and Saturday here with his apples in the world, that section is mother, Mrs. Frances Stockdale coming into notice as an apple region of great promise. High School Operetta tickets on According to the records in the sale Saturday, January 25, at Prooffice of the state and federal agrikup's Drug Store, beginning at noon. cultural statistician at Lincoln, a total of 105 carloads of apples were High School Operetta tickets on shipped from Nebraska points in sale Saturday. January 25, at Pro1929. The shipments of 1929 were kup's Drug Store, beginning at noon. about three times those of the preceding year. Richardson county Regular meeting of Rose Standish shipped fifty-five cars; Nemaha Chapter No. 265 O. E. S., Friday evecounty, forty cars; Otoe county, ten ning, January 24. Installation of cars. officers. No records are obtainable for the larger amount of apples that were Mr. and Mrs. J. A. Johnson have purchased at the orchards and rereturned home. after spending sevmoved by automobiles and trucks. eral weeks in Madison, Wisconsin From large section of Nebraska with relatives. and from Kansas, Missouri and Iowa, people drive into southeastern Ira Burton. of Maywood, who had Nebraska at apple picking time to been in Omaha, visited his parents, buy their home supplies of apples. Mr. and Mrs. O. Burton. and other Shubert holds the record for the relatives here this week. largest number of cars shipped, fifty-one. Brownville was second W. R. Zieg of Alliance, is here this with twenty-five cars; Nebraska week visiting his parents, Mr. and City ten cars; Howe, nine cars; Rulo Mrs. Jacog Zieg. He will enter the two cars: Falls City, one car; Salem state university next week one car. Two cars of harvest apples were shipped in July, four cars in Frank Redman and family moved August, forty cars in September into the residence property owned by fifty-one cars in October and eight W. S. Markland, Monday. better known as the Gavin Home. The Loess soil in the section boarding the Missouri in the exMrs. Bertha, Andrew of Hastings, treme southeast counties of the was here visiting her parents, Mr. state has no superior in the world and Mrs. E. V. Harding and sister. as fruit land. The the faMiss Inez Harding over Sunday. mous valley of the Nile in Egypt does not excel it. It is especially No buyer of advertising has to adapted to the growth of fruit of guess about The Sentinel's circulathose varieties that do well in the tion, as an auditor's report is on file climate of this section. Besides in the office and can be inspected. apples, pears and grapes are successfully grown in commercial quanThe Reno Cafe had installed a tities in this section. The apple new lavatory. in the recently rebusiness, though already carried on modeled wash room. This week Leo in quite an extensive manner, is Gavin redecorated the walls and destined to be much larger secceiling tional enterprise when the orchards now coming to maturity put their Nestle Permanent Wave $5.00 (all choice offerings on the market. INJURY JINX BROKEN the year round) and Eugene Permanent Wave $8,00 (shampoo included). -Little Flower Beauty Shop. Crete. Telephone 1255. About nine months ago while painting sign on the roof of barn The second of a series of four card on the Elva Aitken farm, east of parties sponsored by the Catholic Friend. Leo Gavin fell from the roof Ladies will be held at the K. of C. and suffered a compound fracture of Hall. Tuesday, January 28 at 8 the leg and hip. After O CROCK. Reservation for Bridge, some time in the University hospital Whist or Five Hundred may be made in Omaha, he returned to Friend with Mrs. Frantz Chairman. and for considerable time was con- fined here with his leg in cast. After removal of the cast and just when he was able to be about with the aid of a cane. having threw away his crutches, he unfortunately had his broken, while jacking up a car with a jack that had seen its best days The jack slipped and the handle came up hard. striking him on the arm. Although his arm is still somewhat swelled and pains him some, he broke the injury jinx this week and completed a small decorating job at the Reno Cafe. the first work he has been able to do since the fall from the barn. His leg still gives him some trouble and pains at times, especially during this cold weather. You will notice that the two lumber yard ads have a different arrangement this week. We are doing this because of the wideness of our new type made it almost impossible to set the columns so narrow and divisions of words were terrible. We believe you will like the two column effect better and if you have not been reading these ads you have missed something mighty good. Start now. The state convention of firemen have voted to amend their constitution and hold the annual meeting in October instead of December. This is good move as January is always so cold that it is hard for members to get to the convention city. and the convention is so big that the entertaining city finds it hard to house the delegates. The weather in October will be generally warm and when cities charter pullman cars they will be warm enough to sleep in eliminating the congestion in the hotels. Many people seem to think that the state convention of firemen rough affair. but the contrary is the truth. The big convention is orderly and important. Mr. and Mrs. O. R. Mead received word today. from their son, Ray Mead, Geno, Colo., stating that Mrs. Ray Mead is very ill. Mrs. Mead will go to Colorado tomorrow Dinner guests of Mr. and Mrs. Herbert Heckman, Sunday were Mr. and Mrs. J. H. Bender and family, Mr. and Mrs. Merle Heinzman and daughter, and Albert Heckman. At the Wednesday evening meeting of the Evangelistic Campaign, at the Congregational church. large crowd was present. Rev. Ernest Horner, of Pleasant Dale, came the farthest distance. 37 miles. Jacob Schwaubauer brought the oldest type of car, a 1916 model. Ed Combs brought the largest delegation of 11. Miss Stockton presented the winners with a beautiful picture of "Christ in Gethsemane. Miss Gould gave her message in song, and Miss Stockton preached fine sermon. Today brought a little relief from the extreme cold weather of the past three weeks. With the temperature below zero almost every day. the country roads blocked with snow, business has nearly come to standstill. This morning the temperature was six above and continuously rising Clear weather has prevailed here most of this week. while in the states south of us storms have caused suffering and blocked railroad traffic. A sudden thaw over the Mississippi valley will cause the rivers to flood. If this water could be impounded for summer use this part of the United States would be a garden spot. The state bank at Harrison has been reopened with the old officers in charge. Wild rumors started a run on this bank and it was closed by its officers to protect the assets. This shows just what will happen when gossip reflects on the credit of a bank. The Peoples State Bank, of Wolbach. opened Saturday morning. giving that city a banking institution again. Last night's papers carried an announcement that the American State Bank. of York, will reopen in a few days. All this is very "shows that although the legislature did not do all we expected regarding the banking situation they did pass some laws that are helping. Nestle Permanent Wave (all the year round) and Eugene Permanent Wave $8.00 (shampoo included) Little Flower Beauty Shop. Crete, Telephone 1255. Miss Edna Miner and Perry Miner of Medicine Hat, Sask. Canada, will arrive here today to visit at the homes of Mr. and Mrs. W S. Markland, Mr and Mrs. Wm. Eichenour Mrs. Anna Craig. and other relatives. The Miner children are grandchildren of Mrs. P. A. Yeast. of Lincoln The Corn Belt Commission Company, South Omaha. receives live stock from E. B. Barney


Article from York News-Times, March 3, 1930

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New Bank Opens Its Doors This Morning Bank of Commerce Supplants American State Bank; Fred Babka Selected Cashier The Bank of Commerce today replaced the American State bank in this city which was closed on Nov. 18, 1929. following run. The bank opened momentarily as the American State bank due to the fact that the new institution operating under the same charter which formerly cerved the State bank Statultaneously with the opening of the American State bank. the directors met and officially changed The name of the institution to the Bank of Commerce by which it will American Pinto bank closed its doors, officers stated that an attempt would be made to reorganize the institution and it was not until this morning that this statement was made reality. The Bank of Commerce with its cutire new set of stockholders, directors and officers. now supplants the former American State bank Fred W. Babka, former state bank examiner, was elected to the cashiership during the meeting of the board of directors which was in session when the bank opened its doors. and assumed his duties in that cappelty immediately. Mr. Babka has had 10 years of banking experience, beginning his career at Belvidere. For the past three years he has been connected with the state department of trade and commerce and has acted in the capacity of state bank examiner. He came to York at the time the American State bank closed and has been in charge of the defunct institution ever since. Some time ago he moved his famIly to this city to make their home. expecting at that time to be more centrally located in his territory The new bank opened for business in the usual manner and without formal opening. Depositors and patrons of the bank were on hand to attend to business matters which were long since pending but otherwise business was carried on in the usual manner Officers of the new institution recelved congratulations from other bankers of the city and Coad. president of the Packers National bank of South Omaha, made personal visit to the new bank on the morning of its opening M. Well. president of the National Bank of Commerce at Lincoln, wired that he would arrive Inter in the day. Several large boquets were sent with greetIngs to the new business house. The Bank of Commerce opened Liggett H. Smith, Babka, cashier and Marquardt, assistant cashier. All bookkeepers and stenographic assistants of the former institution were again at their places.


Article from Central City Nonpareil, November 20, 1930

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home of his parents, and Mrs. August Mrs. Carl Dehtloff has been very the past week. Mr. Mrs. Gustafson parents, Mrs. Stevens Sunday McGaffin Central City Thursday. bee held Frihusking afternoon Mrs. Freida Lind by her neighbors. acres corn husked. The bank receiver the AmerState bank York visited Stevens Thursday aftermet at the home Tuesguests Elsie Huddelston Shelby, county president, and Shelby county, retary. Devotional Putman folby lowed the business Pres. Mrs. burg. Motion made and car ried present Polk framed picture Frances liard. feature of the the state convention held given Mrs. Winkleman. Stotts has been ill the Mrs. Carl Steelquist were York visitors Martha Johnson clerking Felton store.


Article from The Headlight, November 20, 1930

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Julia McClure entertained at Miss dinner honor and Mrs. McClure's parents, wedding Covers were laid for cake forming the centerpiece. Mr. Mrs. Ed Those present were Nelson and daughters of Osceola, Mr. Mrs. Stevens, McClure, Jack birthday the same Elizabeth Allison week of friend Merchant. and Mrs. Sealey were Sunday guests of Mr. and Mrs. Maurice Sealey Mrs. Aldrich and Velda dinner guests in the Seth Piper home SunMrs. John Johnson and daughters Martha and Glea were York visitors Friday and Mrs. Henry Horstman Loup City Saturday. mother returnwith for Baptist church held party at the church basement Friday evening. The evening pleasantly spent in playing games, followed the serving the hostesses, dred McDaniel and Martha Nels entertained Mr. Mrs Nyberg, Mrs. Olof Nyberg dinner Sunday Prof. and Mrs. Henry Horstman Wednesday evening in Lindberg Chas. Ehn went to Grand Island Monday to visit his sister, Mrs. PierThe Young People's Society of Mission church program the church evening. Lunch the program. The public invited The Music Department of the Womens Monday home Taylor: Mildred McDaniel paper "German Composers. lunch served the and Harold Beckman and family Stromsburg Sunday dinner guests Mr. and Mrs. RodGust Ehn were visit. Friday. Lynn Horricks of Omaha is parents, Mr. and Mrs. Mrs. Gustafson and visited parents Mr. and Mrs. Sunday. McGaffin was CenCity, Thursday husking bee held Friday af. ternoon Mrs. Freda Lind her neighbors. 47 acres of corn were husked. bank receiver of American State Bank York visited Ths. home afternoon. guests Mrs. Elsie of Shelby, County President Shelby, County Secretary devotional reading given Mrs. Putman. followed the business meeting conducted Pres. and the Polk lard. The the afternoon the held ScottsbluIf, given by Miss Hazel Stevens, teacher of District miles north one west Polk will hold program the school house Tuesday evening, November welcome. Mrs McConnell, Cohagen, Leona and Lloyd Rhinehart were at York Glenn and Floyd Miller were Central Rev. Philip Smith will fill the Pulpit Mr. Mrs. Stotts were York Monday Will Colby has been assisting Will Stevens with his cornhusking the past week. Klone of York, mother Walter Green reported Williams, Sunday dinner guests in the Nelson home. The Pilipino Boys from Lincoln Polk, Sunday Mr. and Carl Steelquist and family were entertained Sunday the his parents, Mr. and Mrs. August Steelquist. Carl Dehtloff has been very ill the Sampson, 3rd and grade end home folks Central City Mr. Sunday dinner Mr. and Mrs. Horstman. Grand Island Gospel Team will charge the Baptist church Sunday evening. the them Glenn and visited relatives Sunday Dorothy Green Central City, Friday evening, returning home Saturday. Evelyn Beckman visited Saturday Sunday with her friend Mildred Polk friends recently learned of the Evelyn Norton, and ton 11. are extended. Mrs. Stevens and daughters. Mrs. Irvin derson and Hahn Miss Blanche were at Central City, Thursday. Mrs. Warner Samuelson Fern Central City, Thurs. day Mrs. Irvin Anderson, Mrs. Lloyd Hahn day their sister, Mrs. Country Club will meet FriNovember home Stevens. The making doorstops and pillows will up. M. E. CHURCH, POLK Lord's Day School Morning Worship Epworth Evening Prayer Meeting and Study Thursday night Choir Practice Thursday night at Ladies Aid will meet day church Hostesses Aldrich, Bryant morning day service topic: Kind Mem. the evening the Epworth League free offering taken.


Article from The Omaha Morning Bee-News, December 20, 1930

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York Bank Dividend YORK, Dec. 19. H. Kolling, trustee the failed American State bank here, will play Santa Claus beginning next Monday paying cent dividend, totaling to depositors. When organized the Bank Commerce last March. per cent payment was made, followed 10 per cent dividend June