12063. First National Bank (Beach, ND)

Bank Information

Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
9484
Charter Number
9484
Start Date
February 28, 1925
Location
Beach, North Dakota (46.918, -104.004)

Metadata

Model
gpt-5-mini
Short Digest
41612f72

Response Measures

None

Receivership Details

Depositor recovery rate
33.0%
Date receivership started
1924-01-24
Date receivership terminated
1928-12-31
OCC cause of failure
Economic conditions
Share of assets assessed as good
53.7%
Share of assets assessed as doubtful
29.0%
Share of assets assessed as worthless
17.4%

Description

The bank had been closed and placed in receivership by at least Feb 28, 1925 (receiver J. C. Ridgway announced a dividend). Later articles (1928) refer to the bank as the closed First National bank and a 1930 series documents indictment of a former receiver for embezzlement. No contemporaneous run is described in the articles; events indicate suspension/closure with a receiver appointed (government action).

Events (6)

1. July 20, 1909 Chartered
Source
historical_nic
2. January 24, 1924 Receivership
Source
historical_nic
3. February 28, 1925 Receivership
Newspaper Excerpt
Receiver J. C. Ridgway, of the First National bank of Beach, announces that the comptroller of the currency has authorized the payment of a dividend of ten percent to all depositors and creditors, who have filed proof of claim with the receiver.
Source
newspapers
4. February 28, 1925 Suspension
Cause
Government Action
Cause Details
Bank was placed in receivership (comptroller of the currency authorized receiver to pay a dividend).
Newspaper Excerpt
receiver ... of the First National bank of Beach
Source
newspapers
5. September 18, 1928 Other
Newspaper Excerpt
They had worked carefully, however, and nothing could be found that might lead to their arrest. ... W. J. Tobin, receiver of the closed First National bank
Source
newspapers
6. January 8, 1930 Other
Newspaper Excerpt
The warrant charges that on or about August 9, 1927, Ridgway was acting as receiver of the First National Bank of Beach, N. Dak., and embezzled, it is alleged, $750 of the funds coming into his hands.
Source
newspapers

Newspaper Articles (8)

Article from The Bismarck Tribune, February 28, 1925

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Article Text

DIVIDEND TO BE PAID FROM BANK'S FUNDS Beach, N. D., Feb. 28.-Receiver J. C. Ridgway, of the First National bank of Beach, announces that the comptroller of the currency has authorized the payment of a dividend of ten percent to all depositors and creditors, who have filed proof of claim with the receiver. The office force of the receiver has been busily engaged for several weeks in calculating the dividend and making up a dividend ledger of all proved claims. Claimants who have not yet proved their claims will not be included in the first distribution to be made.


Article from The Bismarck Tribune, September 18, 1928

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Article Text

UNMASKED MEN SCOOP UP CASH ESCAPE IN AUTO Yeggs May Have Used Car Stolen from Birlea O. Ward in Bismarck LOCK PEOPLE IN VAULT Three States Being Scoured Today by Posses as Clues Are Lacking Four unmasked men robbed the Farmers and Merchants Bank of Beach of $5,000 at 2:45 p. .m. yes. terday. A report that the men escaped in an automobile which was stolen in Bismarck Sunday is being investigated by Mandan and Bismarck police. The robbers are said to have escaped in a green Buick sedan, with a U.S. Royal and an Ajax tire on the left and right rear wheels, respectively The car stolen in Bismarck Sunday was 1926 green Buick Master Six sedan, with Seiberling tires. It was stolen here from Birlea o. Ward, manager of the Capital steam laun. dry. Police officials believe that tires on the automobile may have been changed by the robbers, if they used the car stolen in Bismarck, before they committed the robbery. Search for the bandits today extended to the northern part of South Dakota, eastern Montana and south. ern North Dakota, Several posses from Beach combed the territory in southern North Dakota and northern South Dakota, but could find no trace of the bandits. No traces were found in eastern Montana. One group of men which had been working over the territory in west ern South Dakota returned to Beach late last night. While the men were combing the country in the vicinity of Beach. police inspectors and county officials were tarefully inspecting the bank for possible clues The men had worked carefully, how ever. and nothing could be found that might lead to their arrest. "Stick 'em up. And make it snappy The order. given in a tone of voice that left no doubt as to its sincerity came from a short. middle-aged gen tlemen. From his hip was pointed the blunt nose of steel-blue auto matic. The first step in the robbery of the Beach bank was under way Quietly and without notice three men had entered the bank. One of the men, without attracting any attention from the workers at the bank, had walked around the stenog rapher's desk and was standing directly back of the counter, able to keep an eye on all workers in the bank. Another had wandered into the office of W. J. Tobin, receiver of the closed First National bank Tobin and his stenographer were likewise looking down the barrel of a blunt-nosed automatic. The third man was leaning leisurely against a railing near the front of the bank looking all the world like a super visor of a crew of workers. While the three men were inside the bank a fourth sat in the driver's seat of the Buick, keeping the motor run ning. The men worked slowly and quietly at first, but after the first order of the short man they got into action Stepping around the corner of the counter. the man in the front part of the bank scooped up all the avail able cash and stuffed it into a little black bag The man in the back part of the building marched his two prisoners to the front and the third robber kept a gun on the stenographers and the cashier. Fires at Cashier "Get down on the floor and stay there. Carl o. Halvorson, cashier of the institution, moved a little bit too slow, and a bullet crashed into the woodwork, less than two feet from his head. Halvorson got down on the floor. Two stenographers did likewise. The three men surveyed the inside of the bank and, noticing an open wall safe. they took from it a stack of greenbacks. In their haste, however, they failed to notice several thousand dollars lying near the side of the safe. While the men were collecting the money from the wall safe, four customers walked in. They also were ordered to lie down on the floor. but off second thought the shorter man ordered the entire group into the vault and slammed the door The men then made a run for the car and sped toward Sentinel Butte village ab 10 miles east of Beach. It was 10 minutes before the four customers and five bank employes were released from the vault. An assistant cashier who had been sent to the courthouse an hour previous to the holdup returned. and, finding no one at the bank became suspicious. He immediately noticed that the door to the vault was closed, and released the group. Posses Are Formed Immediately the alarm was given. The sheriff's office was notified and all available men around the town were gathered to form posse to search for the robbers. The men were split up in several parties each going in different directions. Following the tracks made by the automobile. one that the bendita Sentinel Butte, but miles from switched their to man. been notified the men. Golden pressed the the oral


Article from Evening Star, January 8, 1930

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Article Text

HELD ON CHARGE OF EMBEZZLEMENT Representative Knutson's Secretary Arrested at House Office Building Today. Joseph Castle Ridgway of Fargo, N. Dak., secretary of Representative Knutson of Minnesota. was arrested today at the House Office Building by Deputy United States Marshals John J. Clarkson and C. Ceremile on a warrant issued by United States Commissioner Turnage on complaint of George O'Dougherty, a special agent of the Department of Justice, charging embezzlement of $750. Bond was fixed at $2,500 for a hearing to be arranged before the commissioner. The warrant charges that on or about August 9, 1927, Ridgway was acting as receiver of the First National Bank of Beach, N. Dak., and embezzled, it is alleged, $750 of the funds coming into his hands. An indictment was reported against him October 30 last, and the warrant was secured in removal proceedings at the request of the North Dakota authorities.


Article from The Washington Times, January 8, 1930

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Article Text

KNUTSON'S AIDF ARRESTED J. C. Ridgway, of Fargo, N. D., said to be secretary of Representative Knutson of Minnesota, was arrested on a Commissioner's warrant charging embezzlement by Deputy Marshals John J. Clarkson and C. Ceremeli at the House Office Building this morning. Commissioner Needham C. Turnage issued the warrant for Ridgway's arrest after George O'Dougherty. special Department of Justice agent swore that a Federal grand jury had indicted him last October 30. According to the information contained on the warrant Ridgway was receiver for the First National Bank of Beach, N. D., and while acting in that capacity, embezzled $750 of the funds of the trust. While Ridgway has not yet been taken before the Commissioner to enter his pleas Turnage declared that he would require $2,500 bond for his release to answer the indictment. It is not contemplated that Ridgway will fight removal.


Article from The Forum, January 9, 1930

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Article Text

RIDGWAY HELD IN WASHINGTON Receiver Indicted Here Arrested for Alleged Embezzlement Indicted at the last term of the federal grand jury Fargo charge of embezzling $750 refor the First National bank Beach, said be Wednesday special dispatches to The Fargo Needham C. United issued rant for Ridgway's after O'Dougherty department of justice agent. swore federal grand jury had indicted him Oct. 30 last, according to information the Ridgway is with failing to turn made for the bank according to P. Garberg, district expected that he will be tried the next of federal court which opens in February according Mr Garberg.


Article from The Fargo Forum, Daily Republican, and Moorhead Daily News, January 21, 1930

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Article Text

Former Beach Bank Receiver On Bond former receiver of C. the First National bank Beach, D., who arrested in Washington, D. C., recently on an indictbeen on $2,000 has to B. Garberg, attorney here. He probably next term of fedbe tried oral court at in February Ridgeway charged with failing money collected for the turn Judge Andrew Miller Mr.


Article from The Forum, January 22, 1930

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Article Text

FORMER BEACH BANK RECEIVER ON BOND C. Ridgeway, former receiver of the First National bank of Beach, N. D., who was arrested in Washington, D. C., recently on an indictment charging $750 has been released on $2,000 bond. according to P. B. Garberg, U. S. district attorney here. He probably will be tried the next term of fedoral court at Bismarck in February


Article from The Bismarck Tribune, March 31, 1930

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# Ridgeway, Asbridge Face Trial on April 8 Fargo, N. D., Mar. 31.β€”(AP)β€”Cases involving alleged embezzlement by a bank receiver and operation of a still near Leith, N. D., will be tried at the Bismarck term of the federal court which opens April 8, P. B. Garberg, U. S. district attorney, announced today. J. C. Ridgeway, who was arrested in Washington, D. C., in January and is a former receiver for the First National Bank of Beach, N. D., will face trial on indictments charging him with embezzling $750 of the bank's funds. Thomas Asbridge, farmer living near Leith, will be tried on indictments charging him with operating a still valued at from $20,000 to $30,000 and capable of turning out 350 gallons of alcohol daily.