12579. First National Bank (Ryder, ND)

Bank Information

Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
national
Bank ID
9214
Charter Number
9214
Start Date
March 16, 1921
Location
Ryder, North Dakota (47.918, -101.678)

Metadata

Model
gpt-5-mini
Short Digest
5ea2c70e

Response Measures

Full suspension

Other: Bank attempted to 'embalm' (3% on deposits) and held conferences with heavy depositors prior to closing; eventual closing reported as failure.

Receivership Details

Depositor recovery rate
16.5%
Date receivership started
1931-08-08
Date receivership terminated
1935-09-06
OCC cause of failure
Economic conditions
Share of assets assessed as good
26.7%
Share of assets assessed as doubtful
56.4%
Share of assets assessed as worthless
16.9%

Description

1931 article reports First National of Ryder closed with depleted reserves after deposit withdrawals triggered by panic following other bank closings on the Soo Line. Earlier 1921 article only lists the bank as a garnishee and does not describe runs or suspensions for this bank.

Events (5)

1. August 5, 1908 Chartered
Source
historical_nic
2. March 16, 1921 Other
Newspaper Excerpt
First National Bank of Ryder, N. D. listed among banks to be garnisheed by Ward County commissioners for funds on deposit with the Bank of North Dakota.
Source
newspapers
3. August 1, 1931* Run
Cause
Local Banks
Cause Details
Panic/withdrawals triggered by closing of several nearby banks (Soo Line closings) leading depositors to rapidly withdraw funds, depleting reserves
Newspaper Excerpt
Depositors became frightened and began withdrawal of funds so rapidly that cash could not be collected fast enough to cover withdrawals
Source
newspapers
4. August 8, 1931 Receivership
Source
historical_nic
5. August 14, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed after reserves were depleted by heavy withdrawals following the run; bank failed to open and closed doors permanently (reported as a failure/closure).
Newspaper Excerpt
Four banks, the First National of Plaza, First National of Ryder, First National of Parshall and the First National of Van Hook, all in North Dakota, closed last Friday.
Source
newspapers

Newspaper Articles (2)

Article from The Ward County Independent, March 24, 1921

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Article Text

Hald, yes. com Motion carried. Moved by Com. Vandenoever seconded by Com. Spicher that the following resolution be accepted and approved and placed on file: RESOLUTION: WHEREAS, Ward County at the present time has deposited with the Bank of North Dakota in checking account the sum of $194,802.86 together with accrued interest thereon since the first of February, 1921, and WHEREAS, the Board of County Commissioners of Ward county have heretofore designated the banks of Ward County, North Dakota, as the present depositors of its funds, and WHEREAS, the Bank of North Dakota has refused to honor checks of the Treasurer of Ward County, North Dakota. legally drawn on its said checking account. and WHEREAS, the said Bank of North Dakota now has on redeposit in the here inafter mentioned banks of North Dakota, large sums of money, and WHEREAS, the Supreme Court of North Dakota has recently decided that garnishment proceedings may be brot against said Bank of North Dakota, and WHEREAS, the County Commissioners consider it for the best interest of Ward county to bring garnishment proceedings against the funds in the hands of the hereinafter mentioned banks belonging to the Bank of North Dakota. NOW. THEREFORE, BE IT RESOLVED. that the state's attorney of Ward County, North Dakota, be and hereby is instructed to forthwith commence action against the Bank of North Dakota for the sum of money now on deposit with the Bank of North Dakota on checking account belonging to Ward County, North Dakota, and garnishee the following banks. to-wilt: Scandinavian American Bank of Minot, N. D. Second National Bank of Minot. N D., The Union National Bank of Minot N. D., Citizens State Bank of Minot. N. D., First International Bank of Minot. N. D., American State Bank of Burlington, N. D., First State Bank of Burlington, N. D., Citizens State Bank of Douglas, N. D., The First State Bank of Ryder, N. D., First National Bank of Ryder, N. D., First State Bank of Sawyer, N. D., Sawyer State Bank of Sawyer, N. D. The Security State Bank of Deering, N. D., Deering State Bank of Deering, N. D., First State Bank of Surrey, N. D., and the First State Bank of Lone Tree, N. D. On roll call the members voted as follows: Com. Vandenoever, yes. Com. Toftner. yes. Com. Spicher, yes. Com. Haldi, yes. Com. Krantz, yes. Motion carried. Moved by Com. Haldi seconded by Com. Vandenoever that the Board adjourn until 9 a. m., March 16th. 1921. Motion carried. March 16th, 1921 The Board met as per adjournment at 9 a. m., on above date, with all members present and Com. Krantz in the chair. Moved by Com. Vandenoever seconded by Com. Spicher that the report of A. P. Scofield, sheriff of Ward county, for the month of January, for collection of delinquent personal property taxes for the year 1919. to the amount of $167.85. be accepted. approved and placed on file. Motion carried. Moved by Com. Vandenoever seconded by Com. Haldi that the road petition signed by R. L. Ladd and 70 others of Sauk Prairie and Greenbush Townships, for a change of the county road as follows: Beginning at the NW corner of Sec. 19, Twp. 160, Range 87, running east five miles to the NE corner of Sec. 23, thence south three miles to the SW corner of Sec. 36, Twp. 160, Range 87, thence south six miles to the SW corner of Sec. 36, Twp. 159, Range 87, thence two miles southwest down to Donnybrook, be accepted and approved, and placed on file and the chairman instructed to appoint viewers. Motion carried. The chairman appointed the following viewers: Commissioners Vandenoever, Spicher, Haldi and Krantz. Moved by Com. Spicher seconded by Com. Vandenoever that the following


Article from The Producers News, August 21, 1931

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Article Text

FIVE BANKS IN N.D. CLOSED LAST WEEK Plaza, Ryder, Van Hook, Stanley and Parshall National Banks Close Doors Following Depletion of Reserves. Special to The Producers Newsβ€” Stanley, N. D., Aug. 17.- The Bank of Stanley failed to open on Thursday morning after officials of the institution had been in conference with several of the heaviest depositors until late Wednesday night. Harold Kulaas, cashier, gave as the chief reason for closing that a run which started last Saturday, a week ago, had depleted the reserve. Following the closing of five banks on the Soo Line last Thursday, depositors became frightened and began withdrawal of funds so rapidly that cash could not be collected fast enough to cover withdrawals An effort made to "embalm" the bank for three years, at 3% on deposits failed when several depositors refused to sign up. The Bank of Stanley was moved here from Lunds Valley about three years ago. E. S. LeG is the president. It had deposits of $30,000 with a capitalization of $15,000. Loans and discounts aggregate approximately $30,000 with cash on hand amounting to $6.400. This is the third bank failure in Stanley in the past few years. E. T. Lee also has a bank at Grenora near the Montana line. Four banks. the First National of Plaza, First National of Ryder, First National of Parshall and the First National of Van Hook, all in North Dakota, closed last Friday. Deposits in the four banks were said by L. L. Madland, national bank examiner, to aggregate $535,000. Depleted reserves and frozen as-