Articles report that Deadwood National turned its assets and deposits over to First National and closed their doors on June 11, 1894. No run is described; the action appears to be a consolidation/closure due to poor earnings and worthless securities (bank-specific adverse information). It is not described as a government receivership; the First National assumed deposits and checks.
Events (3)
1.August 30, 1886Chartered
Source
historical_nic
2.June 7, 1894Voluntary Liquidation
Source
historical_nic
3.June 11, 1894Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure to make money and possession of considerable almost worthless securities prompted the banks to turn assets and deposits over to First National and close their doors.
Newspaper Excerpt
The Merchants' National and the Deadwood National turned their assets and deposits over to the First National and closed their doors.
Source
newspapers
Newspaper Articles (3)
1.June 12, 1894The TimesRichmond, VA
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Article Text
National Banks Consolidate. DEADWOOD, S. D., June 11.-The consolidation of three national banks of this city was made Saturday, the Merchants' National and the Deadwood National turning their assets and deposits over to the First National and closed their doors. The First National will carry all checks of the old banks, and nobody will lose a dollar by the deal. Failure to make money and the possession of considerable almost worthless securities are assigned as the causes of the closing of the two institutions.
2.June 12, 1894Richmond DispatchRichmond, VA
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Article Text
National Bank Consolidation. DEADWOOD, S. D., June 11.-The Merchants National and the Deadwood National banks, of this city, have turned their assets and deposits over to the First National Bank and closed their doors. The First, National will carry all the checks of the old banks, and nobody will lose a dollar by the deal. A failure to make money and the possession of considerable almost worthless securities are assigned as the causes of the closing of the two institutions.
3.June 12, 1894The Morning NewsSavannah, GA
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Article Text
BANKS GO OUT OF BUSINESS. Two Deadwood Institutions Turn Their Business Over to a Third. Deadwood, S.D., June 11.-The consolidation of three national banks of this city was made Saturday. The Merchants' National and the Deadwood National turned their assets and deposits over to the First National and closed their doors. The First National will carry all the hecks of the old banks and nobody will lose a dollar by the deal. Failure to make money and the possession of considerable almost worthless securities are assigned as the causes of the closing of the two institutions.
