14623. Bank of Sparks (Sparks, NV)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 1, 1932
Location: Sparks, Nevada (39.535, -119.753)

Metadata

Model: gpt-5-mini
Short Digest: 63f0d710

Response Measures

None

Description

Bank of Sparks was closed in the statewide Nevada bank holiday (Nov 1932) as part of the Wingfield chain. There is no article describing a depositor run; the institution remained closed and was placed in receivership (Feb 1934) and subsequently liquidated with dividend payments to depositors. Thus this is a suspension that resulted in permanent closure/receivership. Dates are taken from newspaper reports (Nov 1932 closure; receivership appointment Feb 28, 1934).

Events (4)

1. November 1, 1932 Suspension

Cause: Government Action
Cause Details: Closed as part of Nevada's statewide bank holiday/holiday to permit reorganization of the Wingfield banks; Bank of Sparks did not reopen after the November 1932 holiday.
Newspaper Excerpt: The banks failed to open their doors after Nevada's first statewide bank holiday in November, 1932.
Source: newspapers

2. February 28, 1934 Receivership

Newspaper Excerpt: Leo F. Schmidt ... was appointed receiver for seven closed state banks ... are the Bank of Sparks ... District Judge Clark J. Guild ... appointed Schmidt, fixed his salary at $500 per month ... The banks involved failed to open their doors after Nevada first statewide bank holiday in November, 1932. (AP report, Feb. 28, 1934).Receiver Named For Seven Closed Banks in Nevada (Salt Lake Tribune, 1934-03-01).Bank Receiver Buys Nevada Firm Assets (Sacramento Bee, July 16, 1934) shows receiver actions and distributions for Bank of Sparks.
Source: newspapers

3. April 27, 1934 Other

Newspaper Excerpt: Judge Clark J. Guild yesterday granted permission to Leo F. Schmidt, bank receiver, to pay 10 per cent dividend depositors of the Bank of Sparks ... The dividend will ... be paid about May 3rd. It the second 10-cent dividend. (Sacramento Bee, April 27, 1934).To Dividend Bank Sparks ... Bank Receiver Leo Schmitt said ... about $55,000 cash in the Bank ... HOLC bonds ... would aid in liquidation ... but would not bring enough money immediately in any bank but the Sparks institution to call for dividend. (Nevada State Journal, April 22, 1934).
Source: newspapers

4. December 24, 1934 Other

Newspaper Excerpt: Four Wingfield banks declare Yule dividend ... the Bank of Sparks will pay a 10 per cent dividend, amounting to $56,060. (Sacramento Bee, Dec 14, 1934).
Source: newspapers

Newspaper Articles (16)

1. November 21, 1932 Nevada State Journal Reno, NV

Article from Nevada State Journal, November 21, 1932

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SPARKS SESSION FIRST AND WELLS TOMORROW McKee, Wingfield and Thatcher to Explain Consolidation Plans; Legislation Needed By GEORGE CRISSEY The first of series of mass meetings to educate Nevadans as to the advantage of reorganizing the Wingfield banks into one consolidated bank which, with branches, would serve the entire state, will be launched at Sparks tonight. A mass meeting of depositors of the Bank of Sparks will be held. It will be addressed by J. K. McKee, Reconstruction Finance Corporation expert; George Wingfield, head of the Wingfield banks; George B. Thatcher and others. The meeting will open at 7:30 m. in the auditorium of the Sparks high school. H. Gazin will open the conference and will call upon Thatcher to preside. The meeting will be open to the public and depositors are particularly urged to attend. Plan of Reopening Banks Through Creation Of Consolidated Institution Will Be Told The meeting is the forerunner of similar gatherings to be held in all communities where Wingfield banks are located. The meeting in Sparks will be followed by gathering of bank depositors of the Henderson Banking corporation in Elko Tuesday noon and of the Wells State Bank Tuesday night. The Winnemucca meeting is likely to be held Wednesday noon. Three meetings are likely in Reno, one for the depositors of the Reno National and the Bank of Nevada Savings & Trust company, another for the United Nevalda and the third for the Riverside Bank. However, the dates of the Reno meetings have not been set. In each instance depositors will be told of Nevada banking difficulties and of the way out, through the consolidated bank plan. Consolidation of 12 Banks Into One Strong Institution Is Basis of Reorganization Plan The plan, as explained to a committee of depositors which endorsed it, is simplicity itself. The 12 Wingfield banks, now on a holiday to permit reorganization, would be wiped out and their assets utilized in creating one strong bank with branches. A special session of the legislature, in addition to depositor consent, is necessary. If the depositrs agree to the change in banking, a special session will be called to legalize branch banking which, at present, is contrary to Nevada law. Reconstruction Finance Corporation Expert Gives Plan Unqualified Endorsement Local citizens today stressed the fact that the plan has the unqualified endorsement of McKee, who represents the Federal Reconstruction Finance Corporation. He, it was pointed out, is an outsider, and sees Nevada problems in the abstract. His decision, after prolonged investigation, is in favor of the plan. That, it was stréssed, is the view of a financial expert from the outside who has no direct interest in the state. The members of the depositors' committee which, on Saturday night, endorsed the consolidated bank plan, left for their various homes to arrange general meetings of depositors. In each instance, the committeemen will carry word of the plan back home, plan the meeting and advise Thatcher who will arrange for the mass meetings. McKee Leaves Tuesday for Washington, But LeRoy Will Remain Until Plan is Worked Out McKee is leaving Nevada Tuesday after the Wells called back due to for He was meeting Washington. pressure of business from other quarters. A. R. LeRoy, the other R. C. expert, will remain here, however, until the present situation is worked out. Details of the plan call for depositors waiving 40 per cent of their deposits, which would be given to them in stock in the consolidated bank: The remaining 60 per cent would be subject to a withdrawal restriction while assets of the bank, including slow loans, would go into a trust fund to secure the deposits transferred into stock. McKee heartily approved of the plan, saying he saw officials that view also. out. Bank expressed other way

2. March 3, 1933 Nevada State Journal Reno, NV

Article from Nevada State Journal, March 3, 1933

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The final form of waiver which deduct from the proceeds depositors the closed Wingfield the actual and banks asked and cost carrying on said The forms together the necessary cost of other than the Bank collections, attorneys fees, court Sparks will be the same costs, and the like, and the said change name. Waivers trustees shall have the right the national banks are very compromise all them, to renew and extend the These waivers will be mailed obligations of debtors to said trust, depositors the and to file suits, foreclose mortpart next and of the gages, purchase foreclosed property reopening banks depend speed foreclosure sale for the benefit which substantial the the trust estate, and take forms returned. such steps they in their ment deem necessary for the liquidation of said assets either lection compromise of same and to in every way with the same as fully as though assets were fully owned by said liquidating trustees in their right. Said trustees shall have the power and at the expense the estate make such expenditures and disbursements out trust estate may necessary the protection and the assets thereof, for such purpose may borrow money and pledge all or any part of the security The undersigned and each entitled to participate in Trust Fund shall receive pation certificate representing her interest the trust assets. Said Trust Fund shall be sively the benefit of the positors creditors of Bank Sparks, but and when depositors paid full the amounts their original claims against said bank, together with terest the rate four per (4%) annum from November then any shall distributed to the stockholders Bank of Sparks, their cessors interest, their interests appear. Whenever the new bank the mortgage company and Trust Fund are each interested any asset line of the bank shall have first the security, any, asset line credit, the mortgage company shall have the second thereon, and such order shall be entitled to receive of said asset or line of credit the security therefor, the amount their respective interests therein before any part thereof shall be recovered by said trustees The bank company for period two and after the organization the bank shall have the substitute any of the assets retained in the mortgage company newals thereof whole renewal made) of the proceeds liquidation said exchange be limited to bills receivable and be upon the basis of original chase price with mutual adjustment interest to the date of exchange substitution, that such exchange shall only be made between originating time transfer) from the State Bank Examiner charge of Bank of Sparks, Inc. No distribution shall be made by the trustees until after the expiration of said period of substitution. At any time after the expiration said period of stitution the liquidating trustee trustees shall, upon the written quest of the owners of majoriy amount said participation tificates the public sale to the highest bidder for cash after having given such notice time place may be required by the said and trustee trustees shall make final disposition the upon proceeds of said trust assets then on hand the manner and the hereinabove purposes such sale new bank company may be mortgage chaser of all any part residue the trust assets. During the entire period while said assets are in process of liquidaby said liquidating trustee trustees, three depositors their shall be conferred with from time time concerning such dation and shall have full books records of Trust. the understood that said trustee trustees exercise their but majority thereof, jointly, three trustees appointed, and in the event control, and duties thereof ancy powers performed by the surviving majority in interest members. creditors holding participation certificates in said trust may trustees any time upon written notice thirty such election each depositor creditor holding participation tificates. Eccles, Dyer and Forrest Clarence Kind, hereby nated the committee of said the depositors' bank and are granted the suspended authority and shall, when power said new bank have been organized pany this agreement, transfer in said bank and undersigned's claim company the suspended bank so against enable the new bank to use the company and acquiring assets of said suspended State Bank Examiner executive the new band mortgage successor in interest the authorized signee the make proof claim its the State Bank Examiner in charge of said suspended bank obtain the customary Receiver's certificate issued favor the new bank mortgage company and said committee said new bank company authorized release, cancel and surrender said Receiver's certificate Bank Examiner part consideration the purchase and acquisition by the bank mortgage pany of the assets suspended bank, and such surrender and cancellation of said certificate said State Bank Examiner shall stand fully released from all claims of the undersigned to participation the assets said suspended bank and delivery of the assets said suspended bank to said bank shall operate in of and final dividend to the undersigned full payment his or her present claim against State Bank Examiner. This agreement shall not waiver stockholders any stockholders Bank of Sparks. but such liability be enforced by the trustees named, and all notes, securities judgments obtained by the said trustees count thereof shall be included the Trust Fund to set for the benefit of depositors Bank Sparks, value the assets Bank of Sparks, classified determined by the appraisals to good but slow the basis net credit of the positor creditor in the bank mortgage company. and each depositor creditor shall be entitled to that proportion said net assets his deposit credit shall bear to the total of the good and good but assets of Bank of Inc. The undersigned, from his said credit, payable only from hereby subscribes thereof to capital stock of and mortgage company thereof to the capital and surplus the bank understood and agreed that the legal title to the entire capital stock the mortgage company shall vested in the bank trust for the subscribers the capital stock but each subscriber to the capital stock mortgage company shall receive participation certificate which shall represent interest in the assets of the mortgage company after its debts, obligations, and have been The assets of have been appraised. and under this plan and agreement and accordance with said the following distribution of assets to the respective banks. made the Trust Fund. the subscription to the capital in mortgage company. the subscription to the capital and plus the New Bank, and the depositor's deposit New will be approximately as using for the illustration:

3. March 3, 1933 Nevada State Journal Reno, NV

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WAIVER AGREEMENT OF AND OR OF BANK OF SPARKS, The depositor and creditor of Bank Sparks, now suspended, tion of execution like ments by such of the other of said bank may and for value received and for the purpose of providing for the of said and other banks commonly known Wingfield Banks State Wells, Nevada; derson Banking Company, Nevada; First Bank, nemucca, Nevada; Churchill Bank, Fallon, Nevada; Bank Sparks, Sparks, Nevada; Carson Valley Bank, Carson, City, Nevada; Virginia City Bank, Virginia City, Nevada; Tonopah Banking poration, Tonopah, Nevada; The Reno National Bank, Bank of vada Savings Trust Company, United Nevada Bank and Riverside Bank, all Reno, Nevada), hereby sell, transfer, convey and over unto the executive committee named, his, her claim said suspended Bank Sparks, Inc., trust for the and hereinafter and hereby agrees follows: That the assets of each of said Wingfield banks shall separately appraised appraisers shall be appointed follows: the Receiver The Reno tional Bank, one the Receiver the First Bank of nemucca, one by State Bank Examiner Nevada, and two others, selected by Victor Palmer, who acts for certain corporations the ganization the Wingfield and one selected the man the respective depositors' committees of the present closed banks. All assets of this and all the other Wingfield banks determined the appraisers to be good good but slow shall be transferred and assigned to company organized and corporated be qualified rower the nance other mental loan and to NEW BANK, which shall have capital and surplus $500,000.00, and which shall have charter and the to operate main bank with branches. The value the par the bank The capital of the mortgage shall approximately company but said capital depending upon the transferred under the appraisals classifications. par value of the shares the shall be mortgage company each. The appraisers herein provided determine and fix the assets of the Wingfield banks which shall be placed and specicic assets which shall placed the company. The assets placed in the band mortgage company and acquired from the State Examiner in charge the pended equal the the suspended bank assumed paid by the lutely bank mortgage pursuant to this pany and under like executed other creditors, and under contract with the State Bank aminer shall entered the acquisition said assets. Said amount of assets placed and tained in the bank shall subject to adjustment amount to equal the sum actually dto be at the time necessary acquisition, compensate the bank mortgage for the total liabilities pany paid by The by the bank assets are to taken company face value with adjustment interest the date transfer of asset interest bearing, when asset, whether interest any may be taken bearing the value fixed by the appraisers appraised value be agreed such the bank and the upon Bank Examiner. assets of Bank of Sparks, which deemed by the losses shall praisers sold, transferred and assigned be the new bank and the bank company will transfer all mortgage company said items (hereinafter called of Trust Fund) to three liquidattrustees to appointed of District Court of the Judge District of Nevada having thereof. Said trustees must Trust Fund shall depositors. trust and shall held tributed rata from time trustees creditors said contributing the and claims. The portion make charge their they

4. November 2, 1933 The Sacramento Bee Sacramento, CA

Article from The Sacramento Bee, November 2, 1933

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RECEIVERSHIP IN NINE WINGFIELD BANKS IS ASKED Dividend Of W Cents Is Ordered For Reno Depositors CARSON CITY (Nev.), Nov. The question of receivership of the closed Wingfield state banks, nine in number, is now formally before the district court here. Judge Clark J. Guild has issued an order to show cause, returnable Novemb 15th, why he should not name receivers for the state banks of the chain. The court order followed one in which he ordered that a dividend of 25 cents be paid to depositors of the Riverside Bank of Reno and a dividend of 10 cents to the depositors the Bank of Sparks. The petition for a dividend for dend.

5. November 2, 1933 Nevada State Journal Reno, NV

Article from Nevada State Journal, November 2, 1933

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Receivers Asked For Banks; Move Will Be Fought (Continued from Page One) been unavailing. but that Transamerica was still considering entering the Nevada banking field. Court's Jurisdiction Issue "What they may do is to open branch banking system here and then buy certain assets from the mortgage company or receivers. or whoever has the assets," Eccles said. A decision by Transamerica is expected this week end. Eccles said. The authority of a Nevada district judge to appoint a receiver for a bank will be an issue at forthcoming sessions of the trial. Judge H. W. Edwards of Ely, in the case in which Prince A. Hawkins sought to have a receiver appointed for the United Nevada bank. ruled that the court had no jurisdiction to appoint a receiver unless grave charges were made against the bank superintendent Two Remedies Seen "Our position will be that the court cannot appoint a receiver," M. A. Diskin, attorney for Bank Superintendent Seaborn, said last night. "The Nevada statute provides two remedies: reorganization or turning over the assets to the depositors. Seaborn has $20,000,000 in his care. We are going to be sure that the assets are not given to any one who has not the authority to receive them." Diskin said. Any further reorganization steps and the receivership issue will be decided at the next court session. November 15. Statement Issued After a conference last night Gunzendorfer and Griswold made the following statement: "We are going over the law and checking facts to determine which methods (receivership or a mortgage company) will be legal and how depositors can get the most money with the least expense. "As to the law, we have grave doubts of the court's authority to appoint a receiver or receivers under the present status of the case. Receivership Held Costly "As to the benefit of the depositors, we certainly feel that anything that will provide for liquidation is better than receiverships, with the incidental costs and attorney fees. "Further, we feel that the assets of the banks belong to the depositors and that they should have the right to select the method in which their property should be handled. "The cross-complaints filed by opposing attorneys do not show that it is the desire of the depositors to have receiverships. Receiverships certainly are not our desire, as past receiverships have been impractical from the standpoint of time and expense. Bank Asks Receiver "The 1933 legislature. in drawing the 1933 banking act. attempted to avoid the very thing our opponents desire to accomplish. "In due course and as soon as possible we expect to file pleadings setting forth our position." The attorneys filed answers and cross-complaints asking receiverships or a joint receivership for all state banks except the Wells State bank. E. F. Lunsford on October 10 filed such papers in the Riverside bank case. The First National bank of Reno vesterday petitioned for receivership the Henderson bank of Elko. The Henderson bank owes the Reno First National $3,324.36. Resume Case Nov. 15 Judge Guild declared that hearings would be held every day beginning November 15 and until the matter of disposal of the assets of the banks is completed. The issue now before the court is: Can the court appoint a receiver?" Judge Guild declared. The show-cause order, notifying all depositors to have any plans or suggestions before the court in writing on November 15 was granted by Judge Guild at the suggestion of H. R. Cooke. Judge Guild spent yesterday aft- ernoon preparing the order and mailing It to every newspaper in a town where there is a closed Wingfield bank. Preference Suits Pending "We will hear all matters regarding receiverships or new plans Wednesday, November 15. at 10 a. Judge Guild ordered. Griswold said he had no objection to the show-cause order. Judge Guild said that he still had jurisdiction of the case and expected to make final disposition of the bank problem. There are 10 suits for preference pending. one in Elko. one in Reno, three in Tonopah. three in Carson, one in Virginia City and one in Wells. Trial of the Wells State bank preference claims was set for next Monday. the Virginia City case for Tuesday and the industrial commission suits against the Carson Valley bank next Wednesday. The answers and cross-complaints asking receivership filed yesterday included the Tonopah Banking corporation. H. R. Cooke petitioner; Bank of Sparks, Agnes Brown, John Gunn. Herbert L. Covington, M. E. Bowman. William Schipper, August Bernacini, Frank Cantlon and A. J. Christensen petitioners; Virginia City bank, George H. Niemeyer petitioner; Carson Valley bank. Gertrude Church and the Zephyr Cove Properties company petitioners; United Nevada bank, Neph Adamson petitioner, and Bank of Nevada Savings and Trust company. Joseph A. Tacchino petitioner. The petitioners in the Riverside action included Mrs. J. La Rue Robinson, P. E. Groesbeck. Eliza Hill, Roger Bernard and L. B. Jenkins.

6. February 10, 1934 The Salt Lake Tribune Salt Lake City, UT

Article from The Salt Lake Tribune, February 10, 1934

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Bank Receiver Action Upheld CARSON CITY, Nev., Feb. 9 (JP)The right of District Judge Clark J. Guild to appoint receivers for seven Neveda state banks, all of which were members of the defunct George Wing. field banking group, was upheld in a unanimous decision of the Nevada supreme court today. Institutions affected by the ruling are the Bank of Nevada Savings and Trust company, the United Nevada bank and the Riverside bank, all of Reno; the Bank of Sparks, the Carson Valley bank at Carson City, the Virginia City bank and the Tonopah Banking corporation.

7. February 28, 1934 The Sacramento Bee Sacramento, CA

Article from The Sacramento Bee, February 28, 1934

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GUILD SELECTS HOLLAND LAND BANK RECEIVER CONCERN SHOWS Lovelock Cashier Will Have PROFIT IN YEAR Charge Of Closed Wing- field Institutions CARSON CITY (Nev.), Feb. 28 ier of the First National Bank at Lovelock, Nev., to-day was appointed receiver for seven closed state banks in Nevada. The institutions. all of which are members the controlled by George Wingfield, Reno capitalist, are the Bank Nevada Savings and Trust Company, the United Nevada Bank, and the Riverside Bank. all of Reno: the Bank of Sparks, the Carson Valley Bank, the City Bank and the Tonopah Banking Corporation. Salary Is $500 Monthly. District Clark Guild, after Schmidt, fixed his salary $500 per month and named the law firm Samuel Platt and John Sinal of Reno to act as his attorney The banks failed to open their doors after Nevada's first statewide bank holiday in November. 1932. The two Wingfield national banks, the Reno National and the First National of Winnemucca, are being liquidated by national bank The Wingfield state banks, the Wells State Bank. the Henderson Banking Corporation of Elko, and the Churchill County Bank have been taken by depositor corporations. Annual Report Of Clarksburg Enterprise Is Issued By Company Agriculture in the rich Holland district netted substantial returns to the growers last year. The annual report of the Holland Land Company which operates vast acreage the section around Yolo was sued to-day by Ottem, the president, the concern's net profits from all sources were $46,685.09 deducting reserve of $7,287 for federal income taxes. Net Profits Of $26,807.87 The the brought net profit of $26,807.87 consisting largely crop lease rentals and the interest on land sales contracts. The land sales profits amounted to $2,735.23 Ottem says the company realized book profit $24,631.27 on the of contract for the sale of 2,894 in the Yolo bypart of the Sacramento River flood control project The former have until Jan1936, to repurchase the at price equivalent to the balance due under their contract was Plans For 1934 Made. During 1933, Holland Land sold crops valued at $29.220.60 as the annual share-lease rental on the by-pass land. Leases already are made for the farming of this acreage during 1934. The area has plowed, with 1,000 acres planted to barley. The tenants plan put the remainder in sugar beets and In the refinancing of contracts and second mortgages through the federal farm loan agencies, the company has since January 1st, $48,199.85 in cash and junior mortgage for $2,000 on 122 acres. Ottem says expects to recelve an additional $156,000 in cash and $64,000 of junior mortgages on 1,352 acres in further refinancing Paid $73.25 A Share. The report shows the total liquidating and earned dividends paid to date on the outstanding stock amounts $2,197,500. or $73.25 share This amount includes $60,000 distributed since the last annual meeting of the stockholders year ago. The report also deals to some extent with the stand aken by the in the Holland Land District against the curtailment of sugar beet production, this being leading one in the district. With California second only to in the production of domestic beet sugar the company appeals to Californians to urge their and congressmen to support all legislation favorable to the sugar beet growers The company ended 1933 with total assets of -Capital Man Is Manager. Gus Olson, known in Sacramento as the former chairman of the agricultural committee of the Sacramento Chamber of Commerce, the general manager of the Holland Land Company. Besides Ottem and Olson the other officers include William Timson, vice president: George M. Burton, John E. Jardine, B. Lilienthal, Mendenhall, Lee B. Milbank, W. A. Richardson and Rollo Wheeler. other members of the board of directors: Huhn, secretary, and W. H. Bielefeld, assistant secretary. The general offices are in Clarksburg.

8. March 1, 1934 The Salt Lake Tribune Salt Lake City, UT

Article from The Salt Lake Tribune, March 1, 1934

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Receiver Named For Seven Closed Banks in Nevada CARSON CITY, Nev., Feb. 28 (AP) Leo F. Schmidt, assistant cashier of the First National bank of Lovelock, Nev., today was appointed receiver for seven closed state banks in Nevada. The institutions, all of which members the group controlled by George Wingfield, Reno capitalist. are the Bank of Nevada Savings and Trust company, the United Nevada bank and the Riverside bank, all Reno: the Bank of Sparks, the Car son Valley bank, the Virginia City of bank the Tonopah Banking cor poration. District Judge Clark J. Guild, after appointing Schmidt, fixed his salary at $500 per month and "named the law firm of Samuell Platt and John Sinai of Reno to act as his attorney The banks involved failed to open their doors after Nevada first state wide bank holiday in November, 1932. two Wingfield banks the Reno National and the First Na tional of Winnemucca, are being liquidated by national receivers. The remaining Wingfield state banks, Churchill County bank, been over corporations.

9. March 15, 1934 Nevada State Journal Reno, NV

Article from Nevada State Journal, March 15, 1934

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Schmitt Takes Over Two Banks Bank Receiver Leo F Schmitt yesterday took over the United Nevada and Riverside banks Roy J Frisch, Schmitt's assistant in charge of the affaus of the Riverside bank, today will finish moving the assets of the Riverside into the United Nevada bank, where the Reno banks are being administered Schmitt yesterday issued a report showing the condition of the seven state banks which he has taken over as follows Bank of Nevada Cash $127,358 16 Liabilities 3,228,132 36 Assets (book value) 3,373,557 29 Bank of Sparks Cash $30 324 97 Liabilities Assets (book value) 642,242 17 United Nevada Cash $14,541 71 Liabilities Assets (book value) 2,251 297 32 Riverside Bank Cash $30,138 Liabilities 616 774 06 Assets (book value) 765,106 81 Tonopah Bank Cash $24,920 73 Liabilities 677,297 Assets (booy value) 749,485 93 Virginia City Bank Cash Liabilities 195,368 03 Assets (book value) 219,049 27 Carson Valley Bank Cash $41 976 3 Liabilities 860,240 60 Assets (book value) 994 476 30

10. April 22, 1934 Nevada State Journal Reno, NV

Article from Nevada State Journal, April 22, 1934

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To Dividend Bring Sparks ten dividend Bank Sparks will be declared in May. The Home Owners' Loan Corone of the Roosevelt adporation. principal recovery largely is responsible for weapons, fact that Sparks bank depositwill given about $80,000 ors within weeks. Bank Receiver Leo Schmitt said last night that he has now about $55,000 cash in the Bank and that when HOLC Sparks bonds, which have been accepted the bank for real estate mortby received from Washgages, are and sold by the bank. there ington will about available for Sparks Schmitt said that the Bank of the only one of the Sparks was seven banks which he administering which is affected appreciably the HOLC bond transfer. Nevada George HOLC yesterday stated manager, that 331 applications HOLC loans had been filed by debtors to the closed banks in the state. Friedhoff said that there are 458 real estate the mortgages banks eligible for Home Owners' loans and that if all were granted. would mean total of $1,092,would be available to the closed banks. There have been 121 such loans closed. They total $320,366. There have been 246 final appraisals made. Schmitt said that HOLC bonds would aid in liquidation in other banks in his charge, but that they would not bring enough money mediately in any bank but the Sparks institution to call for dividend.

11. April 27, 1934 The Sacramento Bee Sacramento, CA

Article from The Sacramento Bee, April 27, 1934

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Bank Of Sparks Dividend Is Given Court Approval CARSON CITY (Nev.), April 27. Judge Clark J. Guild yesterday granted permission to Leo F. Schmidt, bank receiver, to pay 10 per cent dividend depositors of the Bank of Sparks, one of the state banks in the closed Wingfield chain. The dividend will and will be paid about May 3rd. It the second 10-cent dividend. Schmidt informed udge Guild he expected to be in position in LEO. about ten days to pay another depositor dividend to Riverside Bank depositors, but the amount was not stated. The last dividend to Riverside depositors was 25 cents. Dividends to depositors of the Carson Valley Bank and the Tonopah Banking Corporation may be authorized next month. Schmidt announced there are sufficient funds on hand to pay 5-cent dividend to depositors of the Bank of Nevada Savings and Trust Company, providing certain trust funds are held to be not preferred claims. The receiver expects to in-

12. July 16, 1934 The Sacramento Bee Sacramento, CA

Article from The Sacramento Bee, July 16, 1934

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BANK RECEIVER BUYS NEVADA FIRM ASSETS RENO (Nev.). July 16.-Assets of The Realization Company, taken over from the old Washoe County Bank several years ago, were bought by the receiver of the United Nevada Bank, defunct Wingfiled institution, at a sheriff's sale Thursday. The sale was held to satisfy a judgment obtained by the receiver totaling $154,393.54. The receiver, Leo F. Schmidt, bought personal property on June 28th for $38,280, and Thursday bought the real property for Stockholders in The Realization Company are completely wiped out. The company was formed in 1929 when the United Nevada Bank was organized to take over the old Washoe County Bank Depositors were paid 75 cents on the dollar, taking the remainder in Realization Company stock. RECEIVER FOR SEVEN BANKS FILES REPORT RENO (Nev.), July 16.-In a report filed by Leo F. Schmitt receiver for seven state banks of the closed Wingfield chain. collections of $722,000 above operating expenses. in period of four months are shown. Part of this money has been distributed and part is being distributed to depositors of the Riverside Bank and the Bank of Nevada Savings and Trust Company of Reno, and the Bank of Sparks of Sparks The report of the receiver is given in great detail for each of the seven banks he is administering In only one case, however, that of the United Nevada Bank, does he indicate what the total depositor dividend may be, and he places this at not in excess of 50 cents on the dollar The United Nevada Bank has paid no dividend so far BUTCHER IS JAILED IN RECKLESS DRIVING CASE LODI (San Joaquin Co.), July 16 Alex Seidler, 30, butcher, was sent to jail for fifty days by Police Judge J. E. Hopkins in default of $100 fine imposed on a charge of reckless driving. Seidler gave Police Officers Del Acker and A. E. White a race through the city before he was arrested Thursday night FIRE DESTROYS CABIN GRASS VALLEY (Nevada Co.), July 16.-A fire late Saturday destroyed cabin, woodshed and per sonal belongings of several employes at the Manion Dairy on the Upper Colfax Road The dam age is estimated at $300. chemical engine from the Grass Valley Fire Department prevented the flames from spreading to the main buildings.

13. November 16, 1934 Nevada State Journal Reno, NV

Article from Nevada State Journal, November 16, 1934

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Soon Is Likely SPARKS, Nov. who had money in the Bank of Sparks when closed in 1932 will per cent payment on their money before Christmas, bank receivers stated today. If the dividend declared, will bring the total payments up to 40 per cent, excluding the initial payment of 10 per cent which was declared soon after the bank was closed. Depositors who have not called for former payments declared on their money are urged to da so immediately. More than $10,000 on hand to pay depositors for the payments declared the three different intervals.

14. November 21, 1934 Nevada State Journal Reno, NV

Article from Nevada State Journal, November 21, 1934

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Petitions For Bank Sparks for Ready SPARKS, Nov for the proposed bank in Sparks distributed to few stores here toand several signatures were tained to start the list of residents who would do their banking in Sparks bank were established Reactions toward the petitions reported very favorably and no refused to sign the document person The petitions be more distributed tomorrow and day and all residents are urged them Members of the banking headed by Fodrin, and mittee, representatives various tions will circulate the petitions clubs, churches, service among and churches canganizations of the town from house to vass also be made, Fodrin house may stated. submitted to the The petition idents follows. To the Directors of the First Bank of Reno Gentlemen: tional "Whereas the people of the of Sparks, county Washoe, have been without bankof Nevada, facilities since November first, ing 1932 and have been unable at any since the above mentioned time, transact the ordinary banking business this community, and, "Whereas the history of banking of Sparks since the the city stallation of the Bank of Sparks has indicated that strongly vent banking institution can at any and at all times be maintained this city and this fact very indicated the statement dently the present bank receiver where shows that one of the largest, dividends that has not the largest, been has been made by the Bank of Sparks, and, "Whereas the present system of Southern Pacific employes, well business and other residents, being compelled to do their banking business Reno direct detriment to the of Sparks and takes city from the city of Sparks away volume of business to which large justly entitled, and; "Whereas the business interests and the residential interests and the people generally believe that the tablishment of bank in the city of Sparks would be of mutual fit to those who organize the bank and to the hundred residents the city Sparks: "Therefore, the undersigned citizens, tax payers and residents the city of Sparks petition your bank establish branch in the city of Sparks and promise to you that if you do and will establish such branch that they will transany and all banking business through your agency and that we will do everything in our power to secure the aid and assistance of those with whom we come in tact to transact their banking business through your institution."

15. December 14, 1934 The Sacramento Bee Sacramento, CA

Article from The Sacramento Bee, December 14, 1934

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FOUR WINGFIELD BANKS DECLARE YULE DIVIDEND Nevada Depositors Will Receive Checks To-morrow, Monday RENO (Nev.), Dec. Christmas gift in the form of dividend checks totaling $591,424 will be available for depositors of four of the closed Wingfield banks to-morrow and Monday. Leo F. Schmitt, receiver for sev en of the state banks of the closed Wingfield chain, announced several weeks ago he hoped to have a Christmas dividend, that of the United Nevada Bank depending on obtaining loan from the Reconstruction Finance Corporation. The United Nevada loan was approved recently Amounts Are Given. The United Nevada Bank dividend, the first to be paid depositors of this bank will amount to 30 per or The Riverside Bank will pay dividend of 10 per cent, amounting to $61,677. The Virginia City Bank will pay dividend of per cent, or $15,629, the Bank of Sparks will pay and 10 per cent dividend, amounting to $56,060. Letter Is Awaited. Schmitt says dividend to depositors of the Tonopah Banking Corporation also is likely, this depending on the receiver receiving letter from Esmeralda County of ficials that no appeal will be taken in the preference suit recently cided in favor the bank receiver by Judge H. Edwards. If this letter is forthcoming the receiver says he can pay an immediate divi dent of $81 699 to depositors. RFC Gives Aid. The Bank of Sparks dividends will be available Monday at the office of the old bank in Sparks. The other dividend checks will be The receiver received check yesterday from the RFC for 664, representing money borrowed from that corporation, and this will be applied on the dividend, together with funds on hand. Totals Are Listed Including the dividend payments to be made Saturday and Monday the closed banks of which Schmitt is receiver will have paid the following dividends: Riverside out of deposit liability of $822,392. Bank of $230,470 out of deposit liability of $622,893. Bank of Nevada Savings and out of a deposit liability of Virginia City out of deposit liability of $195,593. United Nevada- out of a deposit liability 586. Two Fail Dividends. The other two banks in charge of Schmitt have not yet paid dividend. They are the Carson Valley Bank of Carson City, and the Tonopah Banking Corporation. Other Wingfield bank depositors have formed depositor corporations and are liquidating without receivership, while two national banks are in receivership, one of which, the First National at Winnemucca, has paid one dividend.

16. December 30, 1934 Nevada State Journal Reno, NV

Article from Nevada State Journal, December 30, 1934

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SPARKS, Dec. than $43,000 of the recent dividend clared by the Bank of Sparks has been collected by depositors durthe weeks, bank officials stated today. The balance of the $56,000 which on hand to meet the payments slightly than Nearly still the bank to be paid depositors on dividends declared prior to the recent 10 cent payment, Simms, bank receiver, stated. The greatest tion of this sum consists of small deposits and claims. It is urgent that all depositors entitled to money from the dend payments for immediately in order to avoid sary expense in handling the money, Simms said.