gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
aab71d2779543266
Response Measures
None
Receivership Details
Depositor recovery rate
34.7%
Date receivership started
1932-06-01
Date receivership terminated
1937-08-31
Share of assets assessed as good
25.1%
Share of assets assessed as doubtful
58.0%
Share of assets assessed as worthless
17.0%
Description
No explicit contemporary description of a run on Crofton is present; closure is attributed to depleted cash and withdrawals.
Events (4)
1.April 21, 1906Chartered
Source
historical_nic
2.June 1, 1932Receivership
Source
historical_nic
3.June 1, 1932*Suspension
Cause Details
Depleted cash reserve and large withdrawals of deposits prompted board to close the bank to protect depositors.
Newspaper Excerpt
closing of the First National of Crofton only two days before. A depleted cash reserve and withdrawal of deposits are given by officers as the reason for suspension.
Source
newspapers
4.September 5, 1932Receivership
Newspaper Excerpt
Burchmore had resided at Norfolk more than a year as receiver for the Norfolk National bank, and the First National banks of Tilden, Hartington and Crofton; new receiver Nomland succeeds Burchmore and will be receiver for the First National Crofton; later payments made from bonds to county by bank receiver Harold Nomland/Forrest Lear named receiver later in 1933 .','cause_details':null}]}
Source
newspapers
Newspaper Articles (13)
1.June 9, 1932The Plainview NewsPlainview, NE
Article Text
HARTINGTON'S LAST BANK IS CLOSED
Hartington.-The First National of Hartington closed its doors last Thursday night after being in business for half a century lacking one year. A depleted cash reserve and withdrawal of deposits are given by officers as the reason for suspension. The bank might have continued to operate for a while longer, it is stated; but in order to protect their depositors, the board of directors decided to close. Failure of the local bank was no doubt hastened, if not precipitated by the closing of the First National of Crofton only two days before. There was quite a heavy run on the bank the previous day, it is reported.
2.June 9, 1932The Homer StarHomer, NE
Article Text
pond, he found the fish still the Proof the Elmo farm four northeast Hartington recently when bolt killed fine horses and stunned others and but failed ignite The lightning entered the barn through hay two that had with their during hour The two were killed two an adjoining stall stunned, was little that happened be the barn the time. pulled apart like paper folincident. of 2000, more without bank, First National Bank having closed doors just after being for nearly half century depleted reserve withdrawal of deposits are given officers the for pension. The tinued longtheir the board of decided Failure the bank no doubt hastened, closing the Crofton before. quite the bank the day, report-
3.June 17, 1932The Ashton HeraldAshton, NE
Article Text
Hartington, County Sea: Now Without a Bank
Hartington people are stand. ing around on the street corners in little groups discussing the latest news. The news is un. pleasant and distressing an. other bank failure. The First National has closed its doors following, it is said, a heavy run The institution had made a heroic fight and the community hop., ed against hope that it might weather the economic storm, but it finally succumbed. The crash was no doubt hastened, if not OC. casioned, by the failure of the First National Bank of Crofton Failure of this bank creates an extraordinary situation. A county seat without a bank which formerly had three. In 1907 this community had three flourishing institutions— the Hartington National, the First National and the Farmers State. Later the First National and the Farmers State combined and still later the Cedar County State was organiz. ed. The first crash came in 1928 with the closing of the Hartington National, the Cedar County State failed in 1931 and now the last survivor has gone into the hands of the receiver.
4.September 5, 1932The Grand Island IndependentGrand Island, NE
Article Text
BURCHMORE RITES TO BE HELD TUESDAY
Omaha, Sept. 5. (AP)—Funeral services will be held here tomorrow for Frank B. Burchmore, 59, former Omaha insurance man and federal bank receiver, who died suddenly Saturday night at his home in Norfolk.
Burchmore had resided at Norfolk more than a year as receiver for the Norfolk National bank, and the First National banks of Tilden, Hartington and Crofton.
5.September 5, 1932The Hastings Daily TribuneHastings, NE
Article Text
BANK RECEIVER DEAD
NORFOLK, Neb., Sept. Fred Burchmore, federal bank died here yesterday for the Norfolk National Bank and for the First National banks Tilden, Harting ton and Crofton, Neb.
6.September 5, 1932North Platte Daily TelegraphNorth Platte, NE
Article Text
BANK RECEIVER DIES
Omaha, Sept. 5. Funeral services will be held here tomorrow for Frank B. Burchmore, 59, former Omaha insurance man and federal bank receiver, who died Saturday night at his home in Norfolk. Burchmore had resided in Norfolk more than year as receiver for the Norfolk National bank, and the First National banks of Tilden, Hartington and Crofton. is survived by his widow, one daughter, six sisters and a brother. The body will be cremated after services at the Masonic temple in charge of Right Angle lodge No. 303, A. F. and A. M., and Arthur Jones, Christian Science reader.
An ad in the Telegraph reaches those in North Platte trade territory that are able to buy.
7.September 5, 1932Omaha World-HeraldOmaha, NE
Article Text
ment bank receiver for the Norfolk National, and the First National banks at Tilden, Hartington and Crofton, Neb.
Besides Mrs. Sweeney, Mr. Burchmore is survived by his widow, Daisy V.; six sisters, Mrs. Rose Allen of Norfolk, Mrs. Sophie Rickman of Port Angelus, Wash.; Mrs. Emily Mansfield, Fort Sill, Okla., and Mrs. Elizabeth Lunquist, Mrs. Laura Hallquist and Mrs. Helen Sorenson, all of Omaha, and one brother, George, of Omaha.
The body will be brought to Crosby's mortuary here. Services will be Tuesday at 2 at the Masonic temple, in charge of Right Angle
8.September 5, 1932The Stockman's JournalOmaha, NE
Article Text
Fred Burchmore Dies
Norfolk, Neb., Sept. B. Burchmore, 59, federal bank receiver, died here yesterday. He was receiver for the Norfolk National bank and for the First National banks Tilden, Hartington and Crofton, Neb.
9.September 8, 1932The Crofton JournalCrofton, NE
Article Text
FRANK BURCHMORE TAKEN SUDDENLY AT NORFOLK HOME
Frank B. Burchmore, 59, former Omahan and federal bank receiver, died suddenly Saturday night at Norfolk, Nebr., his home for the past year. At time of his death. Mr. Burchmore was United States government bank receiver for the Norfolk National, and the First National banks at Tilden, Hartington and Crofton, Nebr.
10.September 8, 1932Norfolk Daily NewsNorfolk, NE
Article Text
New Receiver for National
Harald Nomland, new receiver the Norfolk National bank, arrived here late Wednesday and assumed new duties Thursday morning. Mr. Nomland succeeds the Frank Burchmore, who died suddenly short time ago, He will receiver for the First National bank of Tilden, the First National Crofton and the First National Hartington. experienced bank receivcoming here from Kearney where held that position for the City National bank. Prior to his service there Mr. Nomland bank receiver at Stockton and Phillipsburg, Kan. He married and has daughter years old. The family will move here once.
11.September 10, 1932The Omaha Morning Bee-NewsOmaha, NE
Article Text
TRANSFER BANK RECEIVER
KEARNEY. Sept. Nomland, receiver of the City National bank of Kearney, has been transferred to Norfolk, where he will be in charge of the Norfolk National bank and the First National banks at Hartington, Tilden and Crofton. Affairs of the City National are in the final stages of liquidation, and the final dividend, probably 2.8 per cent and amounting to approximately $50,000, probably will be ready in October. With the payment of this final dividend, the creditors will have received trifle 50 per cent of the total approved claims of $1,682,000.
12.March 9, 1933The Wausa GazetteWausa, NE
Article Text
KNOX COUNTY RECEIVES $10,000 FROM CLOSED BANK
Edw. J. Lenger Receives Money Of The Crofton First National Bank
With a communication, dated Feb ruary 24, received by Edw. J. Lenger, Knox county clerk, a draft for $10,266.98 was received from bonds which secured Knox county deposits in the First National bank of Crofton. The draft received from G. H. Pipkin of the Kansas City, Mo., Re serve bank who was instructed in the matter by Harold Nomland, bank receiver. The amount represented the deposit amounting to $10,106.79 and interest on it. The par value of the bonds was $12,500. They were sold in order to pay the amount. This is the second payment made from the defunct bank. The other was around $5,000 received by the Crofton school board on school deposits.-Ex.
13.August 3, 1933The Tilden CitizenTilden, NE
Article Text
Forrest Lear Is Named National Bank Receiver
Forrest Lear of Norfolk, present in bankruptcy for the Norfolk has been named receiver for the Norfolk National bank, also First National bank of Tilden and First tional bank of Crofton, succeeding Harold Nomland, who was appointed receiver following the death of Burchmore. understood that Mr. Lear will continue for the present as referee bankruptcy although he assumed the position receiver at the close of business Wednesday. John Wehr, clerk and field who has been manager, charge of the bank here will tinue his position is announced.
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.