Bank failed in Jan 1928 and was placed in receivership; subsequent court actions concern sale of assets and receiver retention.
Events (4)
1.January 1, 1928*Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was insolvent leading to failure in January 1928 and takeover by state authorities.
Newspaper Excerpt
The bank failed Jan. 1928, and its affairs placed the hands of the commission by the state banking department.
Source
newspapers
+13 months
2.February 13, 1929Receivership
Newspaper Excerpt
petition urging the ... Robert Schuyler, member of the guaranty fund ... for the First State of North Bend, filed in district court yesterday by state, through Atty. Gen. Sorensen.
Source
newspapers
+3 months
3.May 22, 1929Other
Newspaper Excerpt
Judge Fred L. Spear ... refused to remove R. Brownell from his position as receiver for the First State bank of North Bend; authorized Brownell to call for sealed bids on the assets of the bank.
Source
newspapers
+69 days
4.July 30, 1929Other
Newspaper Excerpt
Fred Spear has ordered new hearing on the sale of assets of the closed First State Bank at North Bend.
Source
newspapers
Newspaper Articles (10)
1.February 13, 1929Norfolk Daily NewsNorfolk, NE
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Article Text
Receiver Asked
Fremont, Neb., petition urging the Robert Schuyler, member of the guaranty fund comfor the funct First State of North Bend, filed in district court yesterday by state, through Atty. Gen. Sorensen. The urged the appointwith instructions affairs' of the institutions and liquidate the funds. The bank failed Jan. 1928, and its affairs placed the hands of the commission by the state banking department.
2.February 14, 1929Lincoln Journal StarLincoln, NE
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Article Text
BROWNELL FOR NORTH BEND BANK RECEIVER tion urging the appointment of Ro ert 0. Brownell of Schuyler, men ber of the guaranty fund commission, as receiver for the delum First State bank of North Bend, was filed in district court yesterday by the state, thru Attornet General C. A. Sorensen.
3.April 5, 1929The Lincoln StarLincoln, NE
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DEMAND MADE ON A BANK RECEIVER
FREMONT Neb. April District Judge Fred L. Spear issued an order late Thursday for R. W. Brownell to appear in court here April 13 to explain his acts as receiver for the First State bank of North Bend It is charged that Brownell disposed of part of the bank's assets without a court order
4.May 22, 1929Beatrice Daily SunBeatrice, NE
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Article Text
NORTH BEND BANK RECEIVER RETAINED
Fremont, Nebr. May 22 (/P) Judge Frd L. Suar, in district court here yesterday refused to remove R. Brownell from his position as for the First State bank, of North Bend. At same time Judge Spear approved petition of the bank's depositors for the sale its assets and authorized Brownell to call for sealed bids against the wishes of the state department of trade and commerce. In continuing Brownell as the bank's receiver. Judge Spear found that he had been performing his duties and diligently the state had claimed that he was not working for the best interests of depositors.
5.May 22, 1929The Grand Island IndependentGrand Island, NE
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Article Text
REMOVAL OF NORTH BANK RECEIVER REFUSED
Neb., May 22. Fred Spear, in district court here yesterday, refused remove Brownell from his position receiver for the First State bank, of North Bend. At the same time Judge Spear approved petition of the bank's positors for the sale of its assets and to call for scalbids against the of the state of and In continuing the bank's Judge Spear found that he had been performing his duties "carefully diligently.' The state claimed that he working for the best interests of
6.May 22, 1929North Platte Daily TelegraphNorth Platte, NE
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Article Text
REFUSES TO DISCHARGE BANK RECEIVER
Fremont, Neb., May 22. (A.P.) -Judge Fred L. Spear, in district court here yesterday refused to remove R. Brownell from his position as for the First State Bank of North Bend. At the same time Judge Spear approved petition of the bank's depositors for the sale of. its as sets and authorized Brownell call for sealed bids against the trade and commerce. In continuing Brownell as the receiver, Judge Spear found that he had been ingrhis duties "carefully and diligently" the state had claimed that he was not working for the best interests of depositors.
7.May 22, 1929The Omaha Morning Bee-NewsOmaha, NE
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Article Text
Refuses to Fire Bank Receiver
FREMONT, May memorandum opinion handed down in district court Tuesday, District Judge Fred L. Spear expressed the opinion that R. O. Brownell, for the First State bank of North Bend. had been "careful and diligent" in closing the affairs of the bank and refused to authorize the removal of Brownell, as asked by Attorney General C. A. Sorenson and depositors of the bank. However. Judge Spear, upon the request of 20 depositors. authorized Brownell to call for sealed bids on the assets of the bank as whole. Both Brownell and the state department of trade and commerce had asked that the depositors. request for a sale be overruled.
8.July 30, 1929Kearney HubKearney, NE
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NEBRASKA NEWS NOTES.
Garage. David late Saturday destroyed the storage garage Charles Machurek, the barber shop Glen Sargent. Loss estimated twenty-two including seventeen automobiles.
Bridge Rebuilt. hase been sumed bridge south of the Burlington station here, spanning drainage put out during heavy rains weeks ago. been of its ing room for new 150 foot bridge built
Commission Bans Water. continued dry has caused too heavy drain the city wells, city ordered the use city water except for domestic purposes.
Order New Hearing. Spear day ordered hearing the of assets the closed First State bank North Bend. Both and the bidder offerobjected court's finding that the bid should rejected. and the bank liquidated otherwise. The held before Judge Clinton Chase of Stanton.
Petitions Air Mail Stop. the volume mail handled daily increasing. the Sidney Chamber Commerce has decided petition the make this city regular stop on the route. Many Sidney business men have the desire airplanes for their business trips to Omaha.
Thousands Pienic. Long Several thousand an annual the North railroad employes held here Sunday. Representatives of along the line from Chicago to Casper, present.
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9.July 30, 1929North Platte Daily TelegraphNorth Platte, NE
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Article Text
ORDER NEW HEARING ON SALE OF BANK ASSETS
Fremont, Neb., July 30 (AP) Fred Spear has dered new hearing on the sale of assets of the closed First State Bank at North Bend. Both depositors and the bidder who fered for the assets, have objected to the court's finding that the offer should be rejected, and the bank liquidated otherwise. The new hearing will held Thursday before Judge Clinton Chase of Stanton.
10.April 11, 1932Fremont TribuneFremont, NE
Article Text
OF RECORDS ASKED
Bank Receiver Begins Action Here
Action was filed in Dodge county district court by Luikart, receiver of the First State Bank of North Bend, against Thomas Kastle and others asking that deeds conveyance of property from Kastle his wife, son and be declared null and void and that the properties may be ordered sold to satisfy judgment of $14,300 which the plaintiff states is against Kastle for stockholder's liability in the North Bend bank. Defendants, in addition to Kastle, are Anna M. Kastle, his wife, Alice Kastle and Marion Milliken, his daughters, Thomas Kastle, son, and James Milliken. Milliken, stated, named only as the husband of Marion C. Milliken. The plaintiff that conveyproperty from Kastle Mrs. Kastle and their three chilwere recorded September 26, The petition sets out that the were by the have been April 1921, but states that the plaintiff they executed following September plaintiff alleges the which Kastle was an officer was insolvent the time, and that the made for the purpose of "hindering, delaying and defrauding the creditors of said bank."
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.