Citizens State Bank (McCook, NE)

Episode Information

Episode UID
76007671483
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7600767 routing
Routing Number
76-0076
Start Date
July 26, 1923
Location
McCook, Nebraska (40.202, -100.626)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
34c0c9e7b0656742

Response Measures

None

Description

Bank was consolidated/taken over by another state bank with a receiver appointed by state authorities.

Events (3)
1. July 26, 1923 Receivership
Newspaper Excerpt
Van Peterson ... will take charge of the Citizens' State bank as receiver to wind up its affairs.
Source
newspapers
2. July 26, 1923 Suspension
Cause
Government Action
Cause Details
Consolidation brought about by the state banking bureau and the guaranty fund commission; bank taken over.
Newspaper Excerpt
consolidation of two state banks has been effected at McCook, the Citizens State bank being taken over by the Farmers' & Merchants' State bank.
Source
newspapers
3. February 16, 1924 Other
Newspaper Excerpt
Citizens' State bank, McCook, to take up receiver's certificates in full, $204,208.
Source
newspapers

Newspaper Articles (2)
1. July 26, 1923 The Lincoln Star Lincoln, NE
Article from The Lincoln Star, July 26, 1923

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Article Text

STATE BANKS AT M'COOK MERGE Consolidation Brought About by Banking Bureau and Guaranty Commission. Announcement was made Thursday by Trade and Commerce Secretary Knudson that a consolidation of two state banks has been effected at McCook, the Citizens State bank being taken over by the Farmers' & Merchants' State bank. The merger was brought about by the state banking bureau and the guaranty fund commission. Van Peterson, secretary of the commission, is now at McCook and will take charge of the Citizens' State bank as receiver to wind up its affairs. State Examiner Charles H. Stone is assisting Mr. Peterson. The last published statement by the Citizens' State bank of McCook, under date of June 30, showed these items: Deposits, $235,226; loans and discounts, $357,738; cash, $34,686; bills payable, $33,700; rediscounted paper, $28,000. Officers of the Citizens' State bank are: President, Mrs. V. Franklin; vice president, G. H. Watkins; cashier, E. C. Penney. They will have no connection with the consolidated bank.

2. February 16, 1924 The Lincoln Star Lincoln, NE
Article from The Lincoln Star, February 16, 1924

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Article Text

Settlements for Six Failed Banks Take One-sixth of Cash on Hand. About one-sixth of the amount of money in the state guaranty fund is being drawn out by Trade and Commerce Secretary Knudson to meet claims against six failed banks, in conformity with orders made by district court judges. The whole sum withdrawn is $427,275, to be distributed as follows: Nebraska State bank, Milligan, full payment to depositors, $80,184. Farmers' State bank, Dixon, full payment to depositors, $16,274. Citizens' State bank, McCook, to take up receiver's certificates in full, $204,208. First State bank, Kenesaw, to take up receiver's certificates in full, $115,785. Citizens' State bank, Kimball, interest on receiver's certificates, $5,000. Farmers' State bank, receiver's expenses, $5,885. Each solvent bank was drawn upon by Secretary Knudson for 16.8 per cent of its guaranty reserve, to make these payments. In addition, the same percentage was drawn from the special reserve guaranty fund of $19,700 in the hands of the state treasurer, yielding nearly $3,300 from that source. The regular guaranty fund contained $2,551,688 prior to the draft, and there now remains in it $2,124,413. The amount left on hand is less than the legal requirement of 1 per cent on average deposits, but the semi-annual assessment July 1 will bring the fund up again very close to the minimum which the law specifies.