6018. State Bank (McPherson, KS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 1, 1897*
Location
McPherson, Kansas (38.371, -97.664)

Metadata

Model
gpt-5-mini
Short Digest
dfd0887305755263

Response Measures

None

Description

Articles (Sep–Dec 1897) report the State Bank of McPherson failing and the bank commissioner/deputy taking charge to settle affairs; later a receiver (D. A. Bradley) was appointed (Dec 1897). No explicit run is described; the failure appears driven by bad assets/tied-up paper and contagion from the Salina bank's failure.

Events (3)
1. September 1, 1897* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed and was taken into charge by the deputy bank commissioner; assets tied up in poor paper and trust funds and contagion from the Salina State Bank failure.
Newspaper Excerpt
the settling up the Salina State bank and State bank of McPherson ... The affairs of the State bank of McPherson are coming out all right. Mr. Rogers has charge of this bank also.
Source
newspapers
2. September 30, 1897 Other
Newspaper Excerpt
The affairs of State bank of McPherson are coming out all right. Mr. Rogers has charge of this bank also. It will pay out also I believe without loss to the depositors.
Source
newspapers
3. December 9, 1897 Receivership
Newspaper Excerpt
D. A. Bradley ... has been appointed receiver of the state bank of McPherson whose affairs G. A. Rogers as deputy bank commissioner has been unavailingly trying to settle. The bank's liabilities are about $50,000, while the assets are so tied up in poor paper and trust funds ... An adjustment of the bank's affairs will be had Dec. 27.
Source
newspapers

Newspaper Articles (3)
1. September 23, 1897 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, September 23, 1897

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Article Text

JOHN BREIDENTHAL Talks of His Work, the Last Four Weeks as Bank Commissioner. From the Newton Republican. John W. Briedenthal, the state bank commissioner, was in the city a short time this morning. While here he was interviewed by a reporter for the Republican and in speaking of the work he had been doing in regard to the settling up the Salina State bank and State bank of McPherson, he said: "The new banking law which was passed last winter by the legislature is proving to be a God send to depositors in banks which fail. Under this law we are allowed to appoint a deputy bank commissioner who can have charge of the bank for ninety days and is allowed to use his own judgment in settling up the bank's affairs. "Immediately upon the failure of the Salina State bank, I appointed George Rodgers of Abilene as deputy commissioner and placed him in charge of the bank. He went to work to settle all the claims. Most of the large claims he settled by trading real estate and when necessary would give a cash bonus to equal the value of the claim against the bank, in this way all the large claims against the bank were settled in a few weeks. "In with the assets we took a store, that the president of the bank W. C. Pierce had been running and we placed a man in charge of it and ran it for several weeks, doing a very good business. Several weeks ago the man in charge thought the business was slacking up and shut up the store for several deys. giving it out that he was marking down the prices, when in fact he raised the prices on many goods. The store was opened and in two days we cleared $1,400. The bank will be settled up some time this week and the depositors will get a hundred cents on the dollar when a few months ago when the bank failed a number of the depositors sold their claims for less than 50 cents on the dollar. "The affairs of the State bank of McPherson are coming out all right Mr. Rodgers has charge of this bank also. It will pay out also I believe without loss to the depositors. Senator Matthews' failure was due to the failure of the Salina bank."

2. September 30, 1897 Abilene Weekly Reflector Abilene, KS
Article from Abilene Weekly Reflector, September 30, 1897

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Article Text

SETTLING IN FULL. George Rogers' Management Is Commended. In an interview yesterday Bank Commissioner Breidenthal thus complimented the management of the Salina State bank by Deputy Commissioner G. A. Rogers of this city: "Most of the larger claims he settled by trading real estate and when necessary would give a cash bonus to equal the value of the claim against the bank, in this way all the larger claims against the bank were settled in a few weeks. "In with the assets we took a store that the president of the bank, W. C. Pierce had been running and we placed a man in charge of it and ran it for several weeks, doing a very good business. Several weeks ago the man in charge thought the business was slacking up and shut up the store for several days, giving it out that he was marking down the prices, when in fact he raised the prices on many goods. The store was opened and in two days we cleared $1,400. The bank will be settled up some time this week and the depositors will get a hundred cents on the dollar when a few months ago when the bank failed a number of the depositors sold their claims for less than 50 cents on the dollar. The affairs of State bank of McPherson are coming out all right. Mr. Rogers has charge of this bank also. It will pay out also I believe without loss to the depositors. Senator Matthews' failure was due to the failure of the Salina bank."

3. December 9, 1897 Abilene Weekly Reflector Abilene, KS
Article from Abilene Weekly Reflector, December 9, 1897

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Article Text

n. A. Bradley Is Receiver. D. A. Bradley, formerly of Abilene, has been appointed receiver of the state bank of McPherson whose affairs G. A. Rogers as deputy bank commissioner has been unavailingly trying to settle. The bank's liabilities are about $50,000, while the assets are so tied up in poor paper and trust funds that little hope for large dividends exists. An adjustment of the bank's affairs will be had Dec. 27.