First National Bank (Lambert, MT)

View Charter #11176 on SPMC View balance sheet

Episode Information

Episode UID
1117601495
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
111760 national
Charter Number
11176
Start Date
July 16, 1924
Location
Lambert, Montana (47.684, -104.621)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fbcef8333451f5da

Response Measures

None

Receivership Details

Depositor recovery rate
40.5%
Date receivership started
1924-07-16
Date receivership terminated
1928-09-24
OCC cause of failure
Economic conditions
Share of assets assessed as good
24.7%
Share of assets assessed as doubtful
20.0%
Share of assets assessed as worthless
55.2%

Events (4)
1. April 30, 1918 Chartered
Source
historical_nic
2. July 16, 1924 Receivership
Source
historical_nic
3. July 16, 1924 Receivership
Newspaper Excerpt
Jack Turner appointed Receiver of the First National Bank of Lambert. / L.H. Turner, Receiver of the FIRST NATIONAL BANK OF LAMBERT (sheriff's sale notice). / the Receiver referenced in 1928 article about looting the closed bank building.
Source
newspapers
4. July 16, 1924 Suspension
Cause
Government Action
Cause Details
Bank placed in receivership by authorities and closed to depositors.
Newspaper Excerpt
appointed Receiver of the First National Bank of Lambert.
Source
newspapers

Newspaper Articles (3)
1. August 1, 1924 The Producers News Plentywood, MT
Article from The Producers News, August 1, 1924

Click image to open full size in new tab

Article Text

Hon. Frank Edwards Lampoons Gov. Dixon Sheridan County Political Pot Starts To Bubble Jack Turner Appointed PRINCESS OF SHERI- FARMER-LABOR CANDIDATE FOR GOVCHAMPIONSHIP OF Receiver at Lambert PIE COUNTER SEEMS DISTANT TO GANGSTERS ERNOR TEARS MASK OFF JOSEPH Jack Turner of Sidney has been apDAN COUNTY CAMN. E. MONTANA TO pointed Receiver of the First NationCalls Convention to Pick Candidates-Find it Hard to Locate al Bank of Lambert. Mr. Turner has Them for Several Places-Oscar Collins and Popbottle been a resident of Richland County Tells About Dixon's Secret Compact With R. O. Evans to PAIGN OPENS BE SETTLED AT Jack Shut Out. Fool the People of State Who Cry Out for Tax Justic for nected a number with the of First years National and was Bank conNominating Ballots are in This Issue of Sidney during the greater part of BRUSH LAKE SUN. and Calls Attention to Cheating of Railroads. of Producers News-Also Ballot this time. Cood for 100 Vatanf Favorite DIXON KEEPS HIS MAN COLLINS ON GROUNDS

2. November 27, 1925 The Circle Banner Circle, MT
Article from The Circle Banner, November 27, 1925

Click image to open full size in new tab

Article Text

NOTICE OF SHERIFF'S SALE IN THE DISTRICT COURT OF THE SEVENTH JUDICIAL DISTRICT OF THE STATE OF MONTANA, IN AND FOR THE COUNTY OF McCONE. NELS J. ANDERSON, and JOHANNA ANDERSON, Plaintiff's ARNSTON; LAURA GOTFRED NORTHWESTERN ARNSTON MORTGAGE COMPANY, corporation; FARMERS STATE BANK OF LAMBERTON, corporation; THE FIRST NATIONAL BANK OF LAM BERT, corporation; L.H. TURNER, Receiver of the FIRST NATIONAL BANK OF LAMBERT; CONRAD ARNSTON; MAX LEHMAN; TO BE SOLD AT SHERIFF S SALE, on the 5th day of December, 1925, at the hour of 2:00 o'clock P. M. of said day, at the front door of the Court House in Circle, McCone County, Montana, the following real estate, in McCone County, Montana, to-wit: East Half (E½) of Section Twelve (12), in Township Twenty-two (22) North, of Range Forty-five (45), East Montana Meridian, containing 320 acres, more or less, according to the Government thereof; formerty situated in Dawson County, Montana, but now lying and being in the County of McCone, State of Montana; together with an the hereuitaments and appurtenances thereunto beionging or in anywise appertaining. Dated at Circle, Montana, this 12th day or November, 1925. First publication November 13th, 1925.

3. February 10, 1928 The Producers News Plentywood, MT
Article from The Producers News, February 10, 1928

Click image to open full size in new tab

Article Text

(From Richland County Leader) Lambert.-Again the First National Bank building has been looted and two truck loads of fixtures have been courthouse. hauled to Sidney to be used in the new This is about all that can be removed unless the Receiver gets short on salary funds and tears up the floor and sells it or takes down the walls and sells the brick, which quite likely will happen if time is given. The First State Bank went in this same manner and has been forgotten, ali but the name, now the First National which comes under the control of the Federal Government is going down the same lane. Oh, yes, the stockholders paid in their hundred per cent assessment, the law says they must, and the banks each paid a small dividend. But where has the balance gone? The law does not say that a Receiver cannot rape a closed bank by prolonging its final settlement, oh no. He can keep on drawing a big salary just so long as there is anything left to draw one with and when the assets are gone, he rubs his soft fat hands together and tell the Judge that he has done all he can and that there is nothing more to settle. The Honorable Judge pats him on the back and says, "well done my good and faithful servant, lets go get a drink." We know of a bank in Billings that was closed more than fifteen years ago and the Receiver has kept it going from that time until now without winding up the business. This was one of the largest banks in that city and has proven a fine thing for this man as he now owns nearly all of the bank assets and is considered by the Banking Department one of their crack Receivers. This fellow is fat and sleek and puffs when he walks. And when the son-of-a-louse dies he will be stuck SO deep in Hell that he won't even be able to see the light of the fires. Any community that suffers a bank failure would save themselves a lot of worry and receive some satisfaction if they would blow the establishment into a million pieces and not submit placidly to seeing some bird with a "whorl" on his index finger step in and get away with the horns, hide and tallow. If you think we are spreading it a little too thick, just ask the stockholders of closed banks, ask the depositors or ask the people of the community. They can tell it to you."