National Bank of Commerce

Episode Information

Episode UID: 529201594
Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 52920 national
Charter Number: 5292
Start Date: October 7, 1932
Location: Garnett, Kansas (38.281, -95.242)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 8f1c03261dfed1b3

Response Measures

None

Receivership Details

Depositor recovery rate: 56.9%
Date receivership started: 1932-03-25
Date receivership terminated: 1938-03-25
Share of assets assessed as good: 30.9%
Share of assets assessed as doubtful: 56.2%
Share of assets assessed as worthless: 12.8%

Description

Article lists the Garnett bank as '(receiver)' and shows RFC loan to the receiver.

Events (3)

1. April 17, 1900 Chartered

Source: historical_nic

2. March 25, 1932 Receivership

Source: historical_nic

3. October 7, 1932 Receivership

Newspaper Excerpt: Garnett, National Bank of Commerce of Garnett (receiver), $20,000;
Source: newspapers

Newspaper Articles (1)

1. October 7, 1932 The Iola Register Iola, KS

Article Text

Report Did No Harm. "The publication of the July report of the Reconstruction Finance corporation, during the month of August, did not have the bad effect upon the banks as predicted by the opponents of the provision. "This is shown by the greatly decreased number of bank suspensions that have occurred since the report was published. "During the month of July there were 131 suspensions. During the month of August 85 suspensions; and during the month of September 63 suspensions." States to which relief loans were authorized in August at 3 per cent interest follow: Alabama, $225,000; Illinois, 6 million dollars; Louisiana, $1,096,084; Michigan, $1,800,000; North Dakota, $50,000; Ohio, $768,000 and $842,585; South Dakota, $150,000, and Wisconsin, 3 million dollars. Part of July Report Included. The report showed that a total of $5,552,400 authorized to banks and trust companies during the last ten days of July covered by the previous report was cancelled, including $3,800,000 to the Bank of America National Trust and Savings association of San Francisco. Other authorized loans to financial institutions cancelled between August 1, and September 21, totalled $1,224,264. Application for loans received during August numbered 1,151, with repayments in the month totalling $35,241,799. Loans to bank and trust companies included $39,290,150 to aid in reorganization or liquidation of closed banks. In addition, the report said, the corporation had outstanding on August 31, agreements to make loans totalling $3,875,000 upon the performance by applicants of specified conditions. Of loans authorized to railroads, $2,170,500 is reimbursable from the Railroad Credit corporation, when funds are available. Washington, Oct. 7. (AP)—Loans to banks by the R. F. C. for the month of August were at interest rate of 5½ per cent with a few at 5 per cent. Loans to Kansas banks: Blaine, The Blaine State bank, $3,249.52; Cheney, Citizens State bank, $15,873.96; Coldwater, People's State bank, $7,050.82; Falun, Falun State bank of Falun, $9,058.48; Garnett, National Bank of Commerce of Garnett (receiver), $20,000; Highland, First National bank of Highland, $13,000; Kansas City, The Fidelity State bank, $26,439.49; Meade, Meade State bank, $25,484.26. MODEL OF PORTRAIT JOBLESS Subject of Paris Canvas Let Out by Oklahoma. Oklahoma City, Oct. 7. (AP)—The "Typical American Soldier" of Raymond Dewarreux's painting has lost his job. The subject of the painting, Otis Leader, a Choctaw Indian who received the distinguished service cross, was discharged yesterday from the Oklahoma highway department, where he had worked eight years. The painting hangs in a Paris art gallery.