5732. Chase County National Bank (Cottonwood Falls, KS)

View Charter #2764 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
2764
Charter Number
2764
Start Date
January 1, 1928*
Location
Cottonwood Falls, Kansas (38.372, -96.543)

Metadata

Model
gpt-5-mini
Short Digest
252546799a113409

Response Measures

Full suspension, Books examined

Other: Appointment of a receiver and subsequent liquidation actions (receivership) — bank closed and receiver liquidated assets.

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1928-02-06
Date receivership terminated
1929-06-30
OCC cause of failure
Governance
Share of assets assessed as good
34.9%
Share of assets assessed as doubtful
34.0%
Share of assets assessed as worthless
31.1%

Description

Articles report heavy withdrawals over several weeks (a run) that depleted resources; the bank closed (suspended) and a receiver (N. M. Dudley) was appointed in February 1928. Receiver liquidated assets and assessed stockholders; depositors received partial payment later. Dates taken from newspaper reports (closure referenced in Feb 10, 1928 article as having closed 'Monday morning').

Events (5)
1. August 9, 1882 Chartered
Source
historical_nic
2. January 1, 1928* Run
Cause Details
Sustained heavy withdrawals by depositors over several weeks that depleted the bank's resources; article does not attribute withdrawals to a specific rumor, correspondent failure, or macro panic.
Newspaper Excerpt
closed its doors Monday morning following heavy withdrawals by the depositors during the past several weeks, which so depleted the resources that the institution could no longer do business.
Source
newspapers
3. February 6, 1928 Receivership
Source
historical_nic
4. February 6, 1928 Receivership
Newspaper Excerpt
N. M. Dudley ... has been appointed receiver for the Chase County National bank ... Mr. Dudley arrived here Wednesday and will be in charge of the bank. The examiners ... still are at work checking up ... There is a move on for the reorganization of the bank ... (later) receiver disposed of real estate and called assessment of stockholders and will make payment to depositors; liquidation continued through summer 1928.
Source
newspapers
5. February 6, 1928 Suspension
Cause
Government Action
Cause Details
Examiners sent from Kansas City and subsequent appointment of a receiver after the bank closed; closure followed heavy withdrawals and examiners' work.
Newspaper Excerpt
N. M. Dudley, of Moline, has been appointed receiver for the Chase County National bank of this city, which closed its doors Monday morning.
Source
newspapers

Newspaper Articles (4)
1. February 10, 1928 The Emporia Gazette Emporia, KS
Article from The Emporia Gazette, February 10, 1928

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Article Text

APPOINT BANK RECEIVER N. M. Budley, of Moline. Has Charge of Closed Chase County Bank. Special The Gazette: Cottonwood Falls, Feb. 10.-N. M. Dudley. of Moline, has been appointed receiver for the Chase County National bank of this city, which closed its doors Monday morning. following heavy withdrawals by the depositors during the past several weeks, which so depleted the resources that the institution could DO longer do business. Mr. Dudley arrived here Wednesday and will be in charge of the bank The examiners. who were sent here from Kansas City Monday morning, J. A. Clark and his assistant, Mr. O'Brien, still are at work checking up and will probably not complete this work for another week. There is a move on for the reorganization of the bank in the near future. but nothing definite has been announced.

2. June 26, 1928 The Emporia Gazette Emporia, KS
Article from The Emporia Gazette, June 26, 1928

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Article Text

TO ASSESS STOCKHOLDERS Defunct Chase County Bank will Mak Payment to Depositors. Special The Gazette: Cottonwood Falls, June 25Stockholders of the defunct Chase County National bank here will make the last payment June 27 of the $1000,000 assessment which was called for by the receiver to meet the bank's obligations. The $100,000 assessment was called for in March but to make the payments easier on the stockholders the receiver allowed stockholders to pay 25 per cent each month. The bank's receiver during the past several months has disposed of considerable amount of real estate which the bank was holding and has collected on outstanding notes, and it is understood that depositors will receive their first payment within the next 30 days. The payment is expected to be about 30 per cent.

3. August 16, 1928 The Emporia Gazette Emporia, KS
Article from The Emporia Gazette, August 16, 1928

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Article Text

SELL BANK PROPERTY. Receiver Is Liquidating Assets. of Chase County Bank. Cottonwood Falls, Aug. 16.-N. M. Dudley, receiver for the defunct Chase County National bank, of this place has sold six farms, belonging to the bank since he took the receivership in February. This is all the real estate owned by the bank with the exception of town property. The last farm sold was disposed of this week to John Hancock, of Emporia, and was a 110-acre farm in the Chicago Mound vicinity of Lyon county. Four of the six farms were located in Chase county and two in Lyon county.

4. September 6, 1928 The Emporia Gazette Emporia, KS
Article from The Emporia Gazette, September 6, 1928

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Article Text

BANK RECEIVER QUITS JOB. Frank George Will Be Secretary to State Democratic Committee. Cottonwood Falls. Sept. 6.-Frank J. George, who has been stationed here since the first of the year as assistant receiver for the defunct Chase County national bank. has resigned and is leaving this week for Olivet. Mr. George. who was chairman of the Democratic central committee of Coffey county also was active at the party council and was elected secretary of the state Democratic committee. He will take up his new duties at once.