United Nevada Bank (Reno, NV)

Episode Information

Episode UID
94000171595
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
9400017 routing
Routing Number
94-0001
Start Date
November 1, 1932*
Location
Reno, Nevada (39.530, -119.814)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
178302ed5b6d1c9f

Response Measures

None

Description

Bank failed to open after Nevada's November 1932 statewide banking holiday and was later placed in receivership (Feb 1934).

Events (4)
1. November 1, 1932* Suspension
Cause
Government Action
Cause Details
Failed to open following Nevada's first statewide banking holiday (Nov 1932).
Newspaper Excerpt
The banks involved failed to open their doors after Nevada's first statewide bank holiday in November, 1932.
Source
newspapers
2. February 28, 1934 Receivership
Newspaper Excerpt
Leo F. Schmidt ... was appointed receiver for seven closed state banks ... the United Nevada bank.
Source
newspapers
3. July 16, 1934 Other
Newspaper Excerpt
Assets of The Realization Company ... were bought by the receiver of the United Nevada Bank ... receiver indicated depositor dividend for United Nevada Bank not in excess of 50 cents on the dollar.
Source
newspapers
4. November 20, 1934 Other
Newspaper Excerpt
Authorization of a loan ... will permit of 30 per cent dividend to depositors, was made known here yesterday by Leo F. Schmitt, receiver for the United Nevada Bank.
Source
newspapers

Newspaper Articles (10)
1. February 10, 1934 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, February 10, 1934

Click image to open full size in new tab

Article Text

Bank Receiver Action Upheld CARSON CITY, Nev., Feb. 9 (JP)The right of District Judge Clark J. Guild to appoint receivers for seven Neveda state banks, all of which were members of the defunct George Wing. field banking group, was upheld in a unanimous decision of the Nevada supreme court today. Institutions affected by the ruling are the Bank of Nevada Savings and Trust company, the United Nevada bank and the Riverside bank, all of Reno; the Bank of Sparks, the Carson Valley bank at Carson City, the Virginia City bank and the Tonopah Banking corporation.

2. February 28, 1934 The Sacramento Bee Sacramento, CA
Article from The Sacramento Bee, February 28, 1934

Click image to open full size in new tab

Article Text

GUILD SELECTS HOLLAND LAND BANK RECEIVER CONCERN SHOWS Lovelock Cashier Will Have PROFIT IN YEAR Charge Of Closed Wing- field Institutions CARSON CITY (Nev.), Feb. 28 ier of the First National Bank at Lovelock, Nev., to-day was appointed receiver for seven closed state banks in Nevada. The institutions. all of which are members the controlled by George Wingfield, Reno capitalist, are the Bank Nevada Savings and Trust Company, the United Nevada Bank, and the Riverside Bank. all of Reno: the Bank of Sparks, the Carson Valley Bank, the City Bank and the Tonopah Banking Corporation. Salary Is $500 Monthly. District Clark Guild, after Schmidt, fixed his salary $500 per month and named the law firm Samuel Platt and John Sinal of Reno to act as his attorney The banks failed to open their doors after Nevada's first statewide bank holiday in November. 1932. The two Wingfield national banks, the Reno National and the First National of Winnemucca, are being liquidated by national bank The Wingfield state banks, the Wells State Bank. the Henderson Banking Corporation of Elko, and the Churchill County Bank have been taken by depositor corporations. Annual Report Of Clarksburg Enterprise Is Issued By Company Agriculture in the rich Holland district netted substantial returns to the growers last year. The annual report of the Holland Land Company which operates vast acreage the section around Yolo was sued to-day by Ottem, the president, the concern's net profits from all sources were $46,685.09 deducting reserve of $7,287 for federal income taxes. Net Profits Of $26,807.87 The the brought net profit of $26,807.87 consisting largely crop lease rentals and the interest on land sales contracts. The land sales profits amounted to $2,735.23 Ottem says the company realized book profit $24,631.27 on the of contract for the sale of 2,894 in the Yolo bypart of the Sacramento River flood control project The former have until Jan1936, to repurchase the at price equivalent to the balance due under their contract was Plans For 1934 Made. During 1933, Holland Land sold crops valued at $29.220.60 as the annual share-lease rental on the by-pass land. Leases already are made for the farming of this acreage during 1934. The area has plowed, with 1,000 acres planted to barley. The tenants plan put the remainder in sugar beets and In the refinancing of contracts and second mortgages through the federal farm loan agencies, the company has since January 1st, $48,199.85 in cash and junior mortgage for $2,000 on 122 acres. Ottem says expects to recelve an additional $156,000 in cash and $64,000 of junior mortgages on 1,352 acres in further refinancing Paid $73.25 A Share. The report shows the total liquidating and earned dividends paid to date on the outstanding stock amounts $2,197,500. or $73.25 share This amount includes $60,000 distributed since the last annual meeting of the stockholders year ago. The report also deals to some extent with the stand aken by the in the Holland Land District against the curtailment of sugar beet production, this being leading one in the district. With California second only to in the production of domestic beet sugar the company appeals to Californians to urge their and congressmen to support all legislation favorable to the sugar beet growers The company ended 1933 with total assets of -Capital Man Is Manager. Gus Olson, known in Sacramento as the former chairman of the agricultural committee of the Sacramento Chamber of Commerce, the general manager of the Holland Land Company. Besides Ottem and Olson the other officers include William Timson, vice president: George M. Burton, John E. Jardine, B. Lilienthal, Mendenhall, Lee B. Milbank, W. A. Richardson and Rollo Wheeler. other members of the board of directors: Huhn, secretary, and W. H. Bielefeld, assistant secretary. The general offices are in Clarksburg.

3. March 1, 1934 The San Bernardino County Sun San Bernardino, CA
Article from The San Bernardino County Sun, March 1, 1934

Click image to open full size in new tab

Article Text

Associated Press) CARSON Nev., Feb. Schmidt, assistant cashier the First National Bank today appointed ceiver closed state banks Nevada. The institutions, all of which the trolled by George Reno capitalist. Bank Nevada Savings Trust Co., the United Nevada bank and the Riverside all Reno: the Bank Sparks, the Carson Valley the City bank Tonopah Corporation. District Judge Clark Guild. appointing Schmidt, fixed ary $500 per month and named the law firm Samuel Platt and John Sinai of Reno to act as his attorney. The banks involved failed to open their Nevada's first bank holiday Novem1932. The Wingfield National banks, the Reno National and the First National being by national bank receivers. The remaining Wingfield banks, the Wells State bank, Henderson Banking poration and County bank been taken by corporations,

4. March 1, 1934 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, March 1, 1934

Click image to open full size in new tab

Article Text

Receiver Named For Seven Closed Banks in Nevada CARSON CITY, Nev., Feb. 28 (AP) Leo F. Schmidt, assistant cashier of the First National bank of Lovelock, Nev., today was appointed receiver for seven closed state banks in Nevada. The institutions, all of which members the group controlled by George Wingfield, Reno capitalist. are the Bank of Nevada Savings and Trust company, the United Nevada bank and the Riverside bank, all Reno: the Bank of Sparks, the Car son Valley bank, the Virginia City of bank the Tonopah Banking cor poration. District Judge Clark J. Guild, after appointing Schmidt, fixed his salary at $500 per month and "named the law firm of Samuell Platt and John Sinai of Reno to act as his attorney The banks involved failed to open their doors after Nevada first state wide bank holiday in November, 1932. two Wingfield banks the Reno National and the First Na tional of Winnemucca, are being liquidated by national receivers. The remaining Wingfield state banks, Churchill County bank, been over corporations.

5. March 2, 1934 Nevada State Journal Reno, NV
Article from Nevada State Journal, March 2, 1934

Click image to open full size in new tab

Article Text

Receiver Offices United Nevada Leo Schmitt, receiver for the closed state banks. announced night that he was preparing to establish administration quarters the United Nevada Bank. The closed banks Reno will be administered through the single fice the United but Nevada, Schmitt night undecided to branch would be established in the other towns where closed banks Bank Seaborn is making an of the assets of the seven banks will turn the Schmitt. Schmitt charge of the banks as his $200,000 bond approved and soon as he has checked the inventory. Sam Platt and John Sinai were appointed attorneys for the receiver.

6. June 1, 1934 Mason Valley News Yerington, NV
Article from Mason Valley News, June 1, 1934

Click image to open full size in new tab

Article Text

13 STATE BANKS STILL OPEN RENO, Nev., (UP)-Thirteen banks in Nevada are open for business, compared to 31 before the depression, a United Press survey showed. Of the banks open six are national banks, four state banks are operating without limitations and three under restrictions. Thirteen of the 18 closed institutions are in hands of receivers. 4 others have been reorganized into liquidatating companied and one, Bank of, Southern Nevada at Las Vegas, is in voluntary liquidation. Depositors of the closed Battle Mountain State Bank have petitioned for permission to reopen under restrictions. Hearing has been set for June 6 before Judge Edgar Eather at Austin. If the depositors' petition is granted the Batle Mountain institution will be opened for limited business similar to the Lander County Bank, Austin, the Mason Valley Bank at Yerington, and the Wells State Bank. Banks reopening for restricted business under the supervision of State Bank Superintendent E. J. Seaborn are required to freeze all old deposits for a four year period. New deposits must be held in cash, be, deposited with a Federal Reserve bank or invested in federal securities. Banks open for unrestricted business are: Ely National Bank and First National Bank, both at Ely; First National Bank, Lovelock; First National Bank, Elko; First National Bank, Reno: Ruth Bank, Ruth; First State Bank, Las Vegas; First National Bank, Eureka; Farmers Bank of Carson Valley, Minden, and the Bank of Pioche. Those under restrictions are: Lander County Bank, Austin; Wells State Bank, and the Mason Valley Bank. Closed Banks under Leo F. Schmitt as receiver are: Carson Valley Bank, Carson City; Bank of Nevada Savings and Trust, Riverside Bank, and United Nevada Bank, all of Reno; Bank of Sparks; Tonopah Banking Corporation, of Tonopah, and Virginia City Bank. Seaborn is in charge of the following closed institutions: Battle Mountain State Bank; Douglas County Farmers' Bank Gardnerville; The Quinn River Bank, McDermiat; Winnemucka State Bank and Trust Co. The Reno National Bank is in charge of Walter J. Tobin, national bank receiver. Receiver H. S. Streeter is in charge of the First National Bank of Winnemucca. MRS. JOHN FEENEY, former resident of Wabuska, accompanied by her son John, is spending a short vacation visiting at the home of Mrs. Gelmstedt. She will return to San Francisco on Monday. Subscribe to the News.

7. July 16, 1934 The Sacramento Bee Sacramento, CA
Article from The Sacramento Bee, July 16, 1934

Click image to open full size in new tab

Article Text

BANK RECEIVER BUYS NEVADA FIRM ASSETS RENO (Nev.). July 16.-Assets of The Realization Company, taken over from the old Washoe County Bank several years ago, were bought by the receiver of the United Nevada Bank, defunct Wingfiled institution, at a sheriff's sale Thursday. The sale was held to satisfy a judgment obtained by the receiver totaling $154,393.54. The receiver, Leo F. Schmidt, bought personal property on June 28th for $38,280, and Thursday bought the real property for Stockholders in The Realization Company are completely wiped out. The company was formed in 1929 when the United Nevada Bank was organized to take over the old Washoe County Bank Depositors were paid 75 cents on the dollar, taking the remainder in Realization Company stock. RECEIVER FOR SEVEN BANKS FILES REPORT RENO (Nev.), July 16.-In a report filed by Leo F. Schmitt receiver for seven state banks of the closed Wingfield chain. collections of $722,000 above operating expenses. in period of four months are shown. Part of this money has been distributed and part is being distributed to depositors of the Riverside Bank and the Bank of Nevada Savings and Trust Company of Reno, and the Bank of Sparks of Sparks The report of the receiver is given in great detail for each of the seven banks he is administering In only one case, however, that of the United Nevada Bank, does he indicate what the total depositor dividend may be, and he places this at not in excess of 50 cents on the dollar The United Nevada Bank has paid no dividend so far BUTCHER IS JAILED IN RECKLESS DRIVING CASE LODI (San Joaquin Co.), July 16 Alex Seidler, 30, butcher, was sent to jail for fifty days by Police Judge J. E. Hopkins in default of $100 fine imposed on a charge of reckless driving. Seidler gave Police Officers Del Acker and A. E. White a race through the city before he was arrested Thursday night FIRE DESTROYS CABIN GRASS VALLEY (Nevada Co.), July 16.-A fire late Saturday destroyed cabin, woodshed and per sonal belongings of several employes at the Manion Dairy on the Upper Colfax Road The dam age is estimated at $300. chemical engine from the Grass Valley Fire Department prevented the flames from spreading to the main buildings.

8. October 6, 1934 Nevada State Journal Reno, NV
Article from Nevada State Journal, October 6, 1934

Click image to open full size in new tab

Article Text

SUSANVILLE SLAYER HANGED AT SAN QUENTIN PRISON Receiver Issues Report on Closed State Banks SALARY COSTS CUT; DEBTORS FACING SUITS Lax Borrowers Who Do Not Cooperate Hit by Administrator The small percentage of persons who are indebted to the seven closed state banks and who, in the opinion of Leo F. Schmitt, receiver for the institutions. are not making the proper effort to liquidate such indebedness may, in the near future, find such indebtcdness reduced to judgment with a levy to issue on any of their assets. This suggestion was contained in R. letter written by Schmitt to Judge Clark J. Guild, and which accompanied his quarterly report of the seven banks. Rivers:de bank of Reno, United Nevada bank of Reno, Bank of Nevada Savings and Trust company, Reno; Bank of Sparks, Carson Valley bank. Virginia City bank and the Tonopah Banking corporation. Face Court Action Schmitt emphasized that he did not wish to cause undue embarrassment to borrowers, but felt that a few of the persons indebted to the banks were not making any effort to co-operate with the institutions in paying off obligations: A receiver's duty is to the depositors of the banks, according to Schmitt, and for this reason, after an investigation has been made into the financial condition of such delinquent borrowers, the matter will be taken up legally During the quarter extending from June 30 to September 29 Schmitt collected a total of $270,403. despite the drought and handicaps suffered by ranchers and livestock men, who constitute the largest percentage of the bank's debtors. This brings his total collections from March in the seven trusts to $1,199,970.09. Depositors Get Cash Of this amount, according to the report, the depositors have received $544,737.27 and secured creditors (Continued on Page 10)

9. November 20, 1934 The Sacramento Bee Sacramento, CA
Article from The Sacramento Bee, November 20, 1934

Click image to open full size in new tab

Article Text

Bank Receiver In Reno Wins Loan To Man En Route To Declare Dividend Dying Father Is RENO (Nev.), Nov. Authorization of a loan of $461,058, which will permit of 30 per cent divi- Killed By Train dend to depositors, was made John M. Fulton, Retired Rail Agent, Dies At 85 Years RENO (Nev.). Nov. Funeral services will be held here Thursday for the late John M. Fulton, for m years assistant general freight and passenger agent for the Southern Pacific in Nevada who died in San Francisco last night. Fulton, native of Ohio, was 85 years of Started As Engineer. His career with the Southern Pa. cific began as locomotive engineer on the Visalia division in 1876. known here yesterday by Leo F. Schmitt, receiver for the United Nevada Bank. The loan will come from the Reconstruction Finance Schmitt said that the money would be available as dividend some time before Christmas. The loan is $20,000 less than originally sought as the receiver had received other funds since he made his To Retain Collateral. As collateral the receiver will deposit securities with a face value of $1,361,602, and of an appraised value of $933,322 but the receiver will be permitted to retain certain of this collateral in order to take care of certain moving accounts of the defunct bank. From 1885 until 1898 Fulton was NEVADA CITY (Nevada Co.). with the old da-California Nov. Coroner A. M. Holmes is Oregon Railroad in Nevada as attempting to locate relatives of superintendent, traffic manager man tentatively identified as Jerry Roger Knowland of Los Angeles who was crushed to death beneath the wheels of freight train near Boca, Nevada County, late yesterday. A telegram in the man's pocket read: "Father not expected to live. Come at once Betty It is believed the man Was en S.S. route to Reno, Nev., when he fell under the wheels.

10. November 24, 1934 Nevada State Journal Reno, NV
Article from Nevada State Journal, November 24, 1934

Click image to open full size in new tab

Article Text

NEW PARK ON MT. ROSE AIM OF SCRUGHAM $20,000 Appropriation to Be Asked; CCC Camp Projected Colonel James G. Scrugham, congressman from Nevada, last night announced that he will ask congress for an appropriation of about $20,000 to establish a state park from Galena creek toward the top of Mount Rose. The plan involves government purchase of 6000 or 7000 acres of land, formerly owned by the Wheeler and Holcomb estates, the establishing of a CCC camp in the area to do the work on the completion of an improved highway to the top of Mount Rose. Colonel Scrugham has had the idea in mind for some time. The government wants a COC camp near Reno. The scenic beauties of the district and the opportunity to buy the land for $3 an acre now, whereas it formenly was priced at $10 an acre, caused Colonel Scrugham to have a national park service inspector investigate the proposed project. "I understand the national park service inspector will make a favorable report on the proposal," Colonel Scrugham said. The land to be boug:- is now the property of the United Nevada Bank and is a part of the 64,000 acres of Wheeler and Holcomb property which the bank took over from the Realization company. Bank Receiver Leo F. Schmitt and the Washoe county commissioners are co-operating with Colonel Scrugham on the project. The proposed state park would be 17 miles from Reno. The CCC workers would build the road, reforest the area, build camp tables, fireplaces and refuse disposal places. The project, if approved, would be another step in President Roosevelt's program for a "more abundant life" for the average man. It would enable local residents to use the improved natural beauties of the district for recreation.