12216. First National Bank (Edgeley, ND)

View Charter #7914 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7914
Charter Number
7914
Start Date
January 14, 1927
Location
Edgeley, North Dakota (46.359, -98.716)

Metadata

Model
gpt-5-mini
Short Digest
5afe0271

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1927-01-31
Date receivership terminated
1935-08-23
Share of assets assessed as good
33.2%
Share of assets assessed as doubtful
59.4%
Share of assets assessed as worthless
7.3%

Description

Articles state the First National Bank of Edgeley was closed (closed Jan. 14) and placed in receivership (Ed Schulenberg, receiver). No mention of depositor run; dividends being paid to creditors indicates permanent closure with receiver distributing assets.

Events (4)
1. September 16, 1905 Chartered
Source
historical_nic
2. January 14, 1927 Suspension
Cause Details
Article does not specify the cause of the suspension/closure; receiver was appointed and bank remained closed.
Newspaper Excerpt
the First National bank of this city, closed last January 14, according to Ed Schulenberg, receiver for the bank.
Source
newspapers
3. January 31, 1927 Receivership
Source
historical_nic
4. November 8, 1927 Receivership
Newspaper Excerpt
Checks - are now being signed by the comptroller of the currency at Washington in payment of a second dividend of 25 per cent to depositors of the First National bank of this city, closed last January 14, according to Ed Schulenberg, receiver for the bank. Certificate holders in the First National Bank of Edgeley will receive payments. A total of 80 per cent has been paid by this trust since it was closed less than two years ago. The La Moure trust has paid 40 per cent in addition to this payment. Checks are now being sent to creditors of the First National Bank of Marion, covering a dividend of 10 per cent. A 10 per cent dividend is being paid to creditors of the Farmers National Bank of La Moure but checks will not be ready for distribution until Jan. 1. The bank closed in February, 1926.
Source
newspapers

Newspaper Articles (2)
1. November 8, 1927 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, November 8, 1927

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Article Text

Edgeley Bank Pays Second Dividend Edgeley, N. D., Nov. 8.-(Special to the Tribune)-Checks - are now being signed by the comptroller of the currency at Washington in payment of a second dividend of 25 per cent to depositors of the First National bank of this city, closed last January 14, according to Ed Schulenberg, receiver for the bank. A first dividend of 25 per cent was paid in August.

2. December 19, 1928 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, December 19, 1928

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Article Text

3 Closed Banks in La Moure Making 10 Per Cent Payments La Moure, Dec. 19.-Payment of 10 per cent dividends in each of three closed banks in La Moure- county is announced today by Ed Schulenberg, receiver. Certificate holders in the First National Bank of Edgeley will receive payments. A total of 80 per cent has been paid by this trust since it was closed less than two years ago. A 10 per cent dividend is being paid to creditors of the Farmers National Bank of La Moure but checks will not be ready for distribution until Jan. 1. The La Moure trust has paid 40 per cent in addition to this payment. The bank closed in February, 1926. Checks are now being sent to creditors of the First National Bank of Marion, covering a dividend of 10 per cent.