12636. First National Bank (Van Hook, ND)

View Charter #10966 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
10966
Charter Number
10966
Start Date
August 13, 1931
Location
Van Hook, North Dakota

Metadata

Model
gpt-5-mini
Short Digest
4790cd5c

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
10.0%
Date receivership started
1931-08-08
Date receivership terminated
1935-09-28
Share of assets assessed as good
25.2%
Share of assets assessed as doubtful
70.2%
Share of assets assessed as worthless
4.6%

Description

Contemporary article (Aug 1931) reports the First National Bank of Van Hook closed after rapid withdrawals tied to panic following other local bank closings on the Soo Line. By Oct 1932 the institution is explicitly described as 'First National Bank of Van Hook (receiver)', indicating it went into receivership and did not reopen.

Events (5)
1. March 23, 1917 Chartered
Source
historical_nic
2. August 8, 1931 Receivership
Source
historical_nic
3. August 13, 1931 Run
Cause
Local Banks
Cause Details
Depositors were frightened and made rapid withdrawals after the closing of several other nearby banks on the Soo Line, depleting reserves.
Measures
Closed temporarily (suspended payments) after rapid withdrawals; no successful recapitalization by depositors.
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... 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 13, 1931 Suspension
Cause
Local Banks
Cause Details
Depleted reserves caused by heavy withdrawals triggered by panic over other local bank closings; bank failed to open following depletion of cash reserves.
Newspaper Excerpt
Four banks... closed last Friday. Deposits in the four banks were said by L. L. Madland, national bank examiner, to aggregate $535,000. Depleted reserves...
Source
newspapers
5. October 10, 1932 Receivership
Newspaper Excerpt
Van Hook, First National Bank of Van Hook (receiver), $15,400; ... States were authorized to borrow a total of $13,931,669 for relief purposes. They included: North Dakota - ... Van Hook, First National Bank of Van Hook (receiver), $15,400; ... (Bismarck Tribune, 1932-10-10).
Source
newspapers

Newspaper Articles (2)
1. August 21, 1931 The Producers News Plentywood, MT
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 News— 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-

2. October 10, 1932 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, October 10, 1932

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Article Text

BANKS IN STATE TO GET R.F. C. LOANS Beach, Danzig and Van Hook Institutions Included in Approved List Washington, Oct. 10.-(P)-Funds were on tap Saturday at four agricultural credit corporations for loans to farmers and stockmen. The Reconstruction Finance corporation, which established these regional agricultural agencies, said $12,000,000 was in the treasury subject to drafts up to $3,000,000 each by the credit corporations at Sioux City, Salt Lake City, Spokane and Columbus. In announcing money now was available for the four agricultural agencies, Ford Hovey, who directs this work for the finance corporation, said first loans would be made immediately. States were authorized to borrow a total of $13,931,669 for relief purposes. They included: North Dakota - Beach, Farmers' and Merchants' bank, $12.000; Danzig, Farmers' State bank, $4,500; Petersburg, Citizens' State Bank of Petersburg, $5,850; Van Hook, First National Bank of Van Hook (receiver), $15,400; Starkweather, Farmers' Bank of Starkweather, $10,000; Grand Forks Building & Loan association, $1,584.50.