First National Bank (Savoy, MT)

View Charter #11199 on SPMC View balance sheet

Episode Information

Episode UID
1119901501
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
111990 national
Charter Number
11199
Start Date
January 2, 1925
Location
Savoy, Montana (48.474, -108.544)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
df4544fcc6e93774

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1925-01-03
Date receivership terminated
1925-09-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
22.9%
Share of assets assessed as doubtful
67.7%
Share of assets assessed as worthless
9.4%

Description

Articles give closure date (Jan 2, 1925) and receiver payments; no run described or cause given.

Events (4)
1. June 21, 1918 Chartered
Source
historical_nic
2. January 2, 1925 Suspension
Cause Details
Article notes closure but gives no cause or trigger for suspension.
Newspaper Excerpt
The suspended banks are: ... First National Bank of Savoy;
Source
newspapers
3. January 3, 1925 Receivership
Source
historical_nic
4. January 3, 1925 Receivership
Newspaper Excerpt
Frank Browne, who is receiver of a number of defunct national banks in the Havre district, has made an unusual record in administering the affairs of the First National bank of Savoy
Source
newspapers

Newspaper Articles (2)
1. January 16, 1925 Park City Pioneer Park City, MT
Article from Park City Pioneer, January 16, 1925

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Article Text

Banks Crash. Four Montana banks closed their doors the first week of the present year. Three of these were banks and the other bank. The suspended banks are: Security State Bank of Roy; First National Bank of Savoy; Stockmens National Bank of Columbus; First National Bank of Townsend.

2. July 24, 1925 The Producers News Plentywood, MT
Article from The Producers News, July 24, 1925

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Article Text

AN HONEST BANKER FOUND AT LAST! RECEIVER BROWN PAYS SAVOY BANK DEPOSITORS 100 CENTS ON DOLLAR. Frank Browne, who is receiver of a number of defunct national banks in the Havre district, has made an unusual record in administering the affairs of the First National bank of Savoy and is now putting out the first dividend checks to creditors. The checks are for 100 per cent of deposits with interest at 8 per cent from the date the bank closed, January 2, 1925, to July 2, 1925, the date of the dividend. Receiver Browne made this payment from the receipts through disposition of the assets and without levying an assessment on the stockholders. The bank was capitalized for $25,000. So far as has been learned it is the only state or national bank, which has failed in Montana, to pay its creditors in full and no levy on the stockholders.