gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
958e256ed200575c
Response Measures
None
Description
State Banking Department took the bank into its hands; receiver later appointed and bank sold.
Events (3)
1.December 3, 1923Run
Cause
Bank Specific Adverse Info
Cause Details
Depleted currency/reserves and heavy withdrawals leading to inability to pay out checks; bank 'bled dry'.
Measures
Bank remained open doors but refused payments and deposits; staff hoped for currency shipment.
Newspaper Excerpt
The State Bank of Plentywood ceased to operate as a bank Monday afternoon... it was unable to pay out any more money... depositors became panic stricken.
Source
newspapers
2.December 4, 1923Suspension
Cause
Government Action
Cause Details
State Banking Department assumed control and sign 'closed' posted by order of board/directors.
Newspaper Excerpt
Bank Closed By Order of the board of Directors: in Hands of the State Banking Department.
Source
newspapers
3.March 27, 1925Receivership
Newspaper Excerpt
N. L. NELSON, Receiver of State Bank of Plentywood, a corporation, Plaintiff, ---
WAITING FOR CASH SAYS BANK OFFICER Information Unavailable As to Actual Status of the BankSome Think It Will Open Again Às Soon as Available Cash Can Be Secured. The State Bank of Plentywood ceased to operate as a bank Monday RAY WHITE'S CAR afternoon. It took deposits up until Monday noon, when it was unable to pay out any more money, even turnSTOLEN LAST WEEK ing down checks in the sum of $1.00. The institution then refused to take BUICK BELONGING TO LOCAL in deposits. and continued to refuse STATION AGENT MYSTERIOUSpayment upon paper drawn upon it. LY DISAPPEARS FROM GARThe doors of the bank, however, AGE. were not closed, nor were any representatives of the State banking deBetween Thursday evening and partment in town, nor has any repSaturday afternoon of last week, the resentative been in town since. as far 1921 5 passenger Buick belonging to as can be learned. The excuse given Ray White, local depot agent, was out by employes of the bank for the stolen from the garage at his home. nonpayment of orders, was that the According to reports, Mr. White bank had run out of currency, but had not seen the car since Thursday that payment would be resumed night and after the snow storm of Tuesday morning, when the train Friday, figured that he might as well came in with a shipment of currency, take the battery out of the car as which Cashier N. L. Nelson was in he would not be using the machine the Twin Cities arranging for with any more this winter. Upon going to the Federal Reserve Bank. Tuesday the garage he found the car had been morning passed, Wednesday morning stolen from the garage. came and no currency arrived and the Mr. White notified the Sheriff's ofbank did not resume payment or the fice of the loss of the car and they taking of deposits. Still, however, the immediately got on the trail of the doors remained open and no officers thief and it is said they have a clue of the State Banking Department arto his identity and if he is captured rived. Neither did Cashier Nelson the officers believe it will bring out show up-depositors became panic same sensational developments. stricken. and Thursday morning all Mr. White purchased the auto from were convinced that something serithe Donaldson Garage two years ago ous had happened, although employes and the machine was in good condiin charge of the bank would not adtion. Mr. White, according to reports, mit that the bank had closed, but is very fortunate in having $1100 inclaimed that it was only in sort of surance on his car against theft, suspended animation waiting for which insurance will no doubt cover money when it would resume operathe loss to Mr. White. tion. Friday morning the doors of * * * * the bank opened as usual with all M'MASTER ORDERS CUT hands at service but Cashier Nelson remained absent and no legend ap* Huron, S. D., Dec. 6.-Gover* * peared, announcing the final closing of nor W. H. McMaster entered the * the bank. to break the suspense. gasoline war again here today * Monday morning, one of employes and ordered the sale of gas from of the bank appeared in the County * the state's station at the fair Treasurer's oflice and asked to ex* grounds at 13 cents per gallon. e (Continued on Page Four) * * *
State Bank of Plentywood Closes Payments Monday (Continued from page 1) change county, school and city warrants, which they had on hand in the sum of $2500.00 for checks given in payment of taxes by taxpayers drawn on that bank which offer was accepted and the exchange was made. However, Tuesday, about $4,000 more checks in payment of taxes drawn on that bank appeared in the County Treasurer's office, which that bank has been unable to honor, and which checks unless cashed soon will be returned by the County Treasurer to the drawers without their tax receipts. The failure of this bank at this time is a calamity upon the people of Plentywood and vicinity. The bank had numerous customers, probably the most substantial in the county. The money for the faii crop had been deposited in the bank quite generally, and much of it had been checked out in payment of takes, which checks will probably be returned protested to the drawers without the tax receipts, which means that the taxes of the drawers will go delinquent. with penalty added thereto. It was to avoid this very calamity that County Treasurer Olson asked the taxpayers several times to tender the payment of taxes in cash, but many of the taxpayers did not heed his request. Numerous deposits were made Monday before the bank suspended payments and much hardship is the results. Assessor Aspelund deposited his pay check about noon Monday only to have his checks refused a couple of hours later. The Lutheran Ladies' Aid deposited quite a sum of money in the bank last week as did also several Sunday school treasurers. The conditions of this bank became precarious last summer but about September 1st, Peter Marron, one of the heavy stockholders. raised $25,000 for it which tided it over for the time. The bank has not paid county drafts for nearly two years, and for three months did not even renew its bonds for county deposits, while at the same time it refused to pay the county its money, and it was only after the most urgent representations were made to Gov. Dixon and Bank Examiner Skelton. and after the arrival of special examiners in Plentywood at the time of the closing of the Sheridan County State Bank the second time, did the State Bank of Plentywood renew its bonds with the county, and otherwise set its house in order. However, Cashier Nelson gave out many times thereafter that the bank had weathered the crisis, and would pull through. On September 1st, Governor Dixon promised Sen. Taylor, in a letter to him that all depositors in Sheridan County banks after September 1st, would be "Trusteed," that is put in special funds by themselves, and not mixed with the funds of the bank, SO that they could be held intact and returned to the depositors in case of a closing. Whether this promise has been kept or not in reference to the closed bank is unknown at this time. If it has, all depositors since Sept. 1st. will get their money back. It is to be hoped that this promise has been kept. County Treasurer Olson reports the that there are about $12.000.00 of the county's funds deposited in State Bank of Plentywood, which he believes is amply protected by personal bonds, mortgages. and warrants.
Sign Closed" Finally Appears On Door Of P'wood State Bank Formal Notice Appeared Last Friday Morning Leaving No More Question in the Minds of the Depositors Institution Bled Dry. BANK MAY REORGANIZE ACCORDING TO RUMORS Friday morning of last week, after no fear of consequences on the part hovering between life and death for of the players-they make no pretense more than ten days, the State Bank of closing a bank as long as the bank of Plentywood finally put up the is able to function: the conditions exmotto on the door that is now belisting in the bank do not seem to be coming so familiar the length and ever considered. breadth of the state, namely: "Bank MAY REORGANIZE Closed By Order of the board of DiThere is a lot of talk about town rectors: in Hands of the State Bankto the effect that the Plentywood ing Department." State Bank will make an effort to reWhy it took so long after the bank organize, and reopen, even in face of suspended operation to finally get the the fact that practically every re-orcourage to put up the sign is one of ganized bank in the State has closed the conundrums. its doors the second time. It is adThe bank stayed open, it seems, unvanced that the Plentywood State til it was actually bled dry-until all Bank has in its vault only very good of its money was gone. The bank had paper, and that if the depositors will probably the best set of customers of sign up for a period and more deposany bank in the county which acits can be secured, that the bank accounts for its ability to operate as tually can make its collections in time long as it did. and the bank restored to a solid footThe present State Banking Departing. ment makes no pretense of enforcing It is the hope of everyone that the stated conditions are true and that the law-allowing banks to play pingpong with the people's money with the bank can reopen.
Sign "Closed" Finally Appears On Door Of P'wood State Bank
Formal Notice Appeared Last Friday Morning Leaving No More Question in the Minds of the Depositors—Institution Bled Dry.
BANK MAY REORGANIZE ACCORDING TO RUMORS
Friday morning of last week, after hovering between life and death for more than ten days, the State Bank of Plentywood finally put up the motto on the door that is now becoming so familiar the length and breadth of the state, namely: "Bank Closed By Order of the board of Directors: in Hands of the State Banking Department."
Why it took so long after the bank suspended operation to finally get the courage to put up the sign is one of the conundrums.
The bank stayed open, it seems, until it was actually bled dry—until all of its money was gone. The bank had probably the best set of customers of any bank in the county which accounts for its ability to operate as long as it did.
The present State Banking Department makes no pretense of enforcing the law—allowing banks to play ping-pong with the people's money with
Friday morning of last week, after hovering between life and death for more than ten days, the State Bank of Plentywood finally put up the motto on the door that is now becoming so familiar the length and breadth of the state, namely: "Bank Closed By Order of the board of Directors: in Hands of the State Banking Department."
Why it took so long after the bank suspended operation to finally get the courage to put up the sign is one of the conundrums.
The bank stayed open, it seems, until it was actually bled dry—until all of its money was gone. The bank had probably the best set of customers of any bank in the county which accounts for its ability to operate as long as it did.
The present State Banking Department makes no pretense of enforcing the law—allowing banks to play ping-pong with the people's money with no fear of consequences on the part of the players—they make no pretense of closing a bank as long as the bank is able to function: the conditions existing in the bank do not seem to be ever considered.
MAY REORGANIZE
There is a lot of talk about town to the effect that the Plentywood State Bank will make an effort to reorganize, and reopen, even in face of the fact that practically every reorganized bank in the State has closed its doors the second time. It is advanced that the Plentywood State Bank has in its vault only very good paper, and that if the depositors will sign up for a period and more deposits can be secured, that the bank actually can make its collections in time and the bank restored to a solid footing.
It is the hope of everyone that the stated conditions are true and that the bank can reopen.
7.December 27, 1923The Valley TribuneBainville, MT
Click image to open full size in new tab
Article Text
PLENTYWOOD BANK WILL BE REOPENED
The directors of the State Bank of Plentywood, which suspended business on December 4th, on account of depleted reserves, have announced that they expect to resume business some time during the month of January 1924.
In order to accomplish this, it will be necessary for the depositors to cooperate and efforts are now being made to induce the depositors to defer the payment of their deposits over a period of years in order to permit the bank to realize on its assets. The directors express the belief that the banks assets are sound, and with fair crops are dollar for dollar. The deposits at the present time amount to about $125,000.00 and the loans and discounts to about $157,000.00.
While the suspension of the bank is to be regretted, yet the feeling among the patrons is one of sympathy toward the directors and officials rather than resentment.—Plentywood Herald.
defer the time of payment of their respective deposits over a period of years. WHEREAS, the undersigned is a depositor or holder of a claim against the State Bank of Plentywood, Montana, and Whereas, the said bank is now in suspension and efforts are being made to have it resume business and Whereas, it is necessary to defer the due date of deposits in order that the bank's assets may be liquidated in an orderly manner and without the necessity of a reçeivership. Now therefore in consideration of the premises and the mutual benefits and respective signatures hereto subscribed and the acceptance hereof by the State Bank of Plentywood, each of the subscribers respectively agrees to accept a certificate of deposit for $11,567.37, which shall be payable as follows: 10 per cent of the amount shall be payable December 4, 1925 10 per cent December 4, 1926 Deecmber 4, 1927 20 per cent 20 per cent December 4, 1928 December 4, 1929 20 per cent 20 per cent December 4, 1930 Said certificate of deposit shall bear interest at the rate of 5 per cent per annum, payable in cash annually. and may be retired and paid by said bank, before maturity should local conditions warrant it. In the event the State Bank of Plentywood shall fail to resume business, or in the event the Superintendent of Banks shall fail or refuse to approve the resumption of business by said bank this agreement shall be without effect. SHERIDAN COUNTY, MONT. By R. G. TYLER, Chairman. JENS IBSEN Roll call on motion: Commissioner Ibsen: yes. Commissioner: Yes. Commissioner Lundeen: No. Motion carried. At this time there being no bids for supplies for fumigating purposes before the Board, said matter was laid over to next regular meeting. On motion at 12 o'clock noon, the Board adjourned. Attest: Clerk Chairman
9.April 4, 1924The Producers NewsPlentywood, MT
Click image to open full size in new tab
Article Text
DIRECTORS OF PLENTYWOOD ST. BANK MEET TUESDAY EVENING
The directors and several of the heavy depositors of the defunct Plentywood State Bank are reported to have met quietly in the offices of that institution Tuesday evening, and to have carefully gone over the proposition to reopen that bank again since the closing of the First National Bank of Plentywood last week. It seems that since the closing of the First National that a number of the people formerly connected with the defunct Plentywood State Bank feel that there is a splendid opening in Plentywood for another bank and they feel that if now the State Bank could be opened again that it might be able to ride.
Just what plans were formulated have not been disclosed. It is however, claimed that quite a number of those interested in that institution are very jealous of the idea of allowing Riba to have a monopoly of the banking business.
10.March 27, 1925The Producers NewsPlentywood, MT
Click image to open full size in new tab
Article Text
N. L. NELSON, Receiver of State Bank of Plentywood, a corporation, Plaintiff, ---
11.April 10, 1925The Producers NewsPlentywood, MT
Click image to open full size in new tab
Article Text
N. L. NELSON, Receiver of State
Bank of Plentywood, a corporation,
Plaintiff,
12.April 17, 1925The Producers NewsPlentywood, MT
Click image to open full size in new tab
Article Text
N. L. NELSON, Receiver of State Bank of Plentywood, a corporation, Plaintiff,
13.May 8, 1925The Producers NewsPlentywood, MT
Click image to open full size in new tab
Article Text
# STATE BANK OF PLENTYWOOD,
a Corporation, acting by and through N. L. Nelson, Receiver of said Bank, Plaintiff,
14.May 15, 1925The Producers NewsPlentywood, MT
Click image to open full size in new tab
Article Text
STATE BANK OF PLENTYWOOD, a Corporation, acting by and through N. L. Nelson, Receiver of . said Bank, Plaintiff,
15.June 12, 1925The Producers NewsPlentywood, MT
Click image to open full size in new tab
Article Text
N. L. NELSON, Receiver for STATE BANK OF PLENTYWOOD, a corporation, Plaintiff, ------
16.July 10, 1925The Producers NewsPlentywood, MT
Click image to open full size in new tab
Article Text
N. L. NELSON, Receiver of State Bank of Plentywood, a corporation, Plaintiff, -versus-
BANK BUILDING IS BOUGHT BY COUNTY Continued from Page One) The claim of $8,500 held by the county against the bank was for deposits the county had in the bank when that institution closed its doors. This deposit was secured by personal bonds of directors and some shareholders of the bank. While, under the law this was a preferred claim, it would cost considerable money to recover on it and there might be some difficulty in realizing on a judgment. JUDGE'S ORDER The Judge's order confirming the sale is as follows: Fred Ibsen, Receiver of the State Bank of Plentywood, an insolvent banking corporation, having made and filed in court his petition for the sale of the Lot Numbered Seven (7) of the Block Numbered Twelve (12), of the Original Townsite of Plentywood, Sheridan County, Montana, together with the bank building and office building thereon situated; and it appearing to the court that the valuation of said property is fixed by the Bank Examiner at Seven Thousand ($7,000.00) Dollars: that said property is renting for the sum of Fifty ($50.00) Dollars per month for said banking building, and Twenty Five ($25.00) Dollars per month for said office building: that the taxes on said building amount to about Seven Hundred ($700.00) Dollars per annum, and that the insurance thereon and cost of upkeep, are high: that the County of Sheridan, in the State of Montana, is a prospective purchaser of said lat and the two said buildings, and has made an offer to purchase the same from said Receiver, for the sum of Twelve Thousand ($12,000.00) Dollars, made up of the claim of Sheridan County, Montana, against said State Bank of Plentywood, an insolvent banking corporation and the Receiver thereof, in the sum of about 0 Eighty Five Hundred ($8500.00) Dollars, and the further assumption by Sheridan County as pur6 chaser of Fifteen Hundred ($1500.00) Dollars in back and 3 delinquent taxes upon said pro2 perty, and the further sum of 3 Two Thousand ($2,000.00) Dol0 lars in lawful money of the United States; and it appearing to the court that said property is at the present time carried at T a loss: that the above sale is the most advantageous and for the y best interests of said insolvent e banking corporation, and the Ree ceiver thereof: IT IS THEREFORE, BY THE e COURT, ORDERED, That the said Fred Ibsen, Receiver of said r State Bank of Plentywood, an insolvent banking corporation, d be, and he is hereby authorized, e empowered and directed to acr cept the offer of said Sheridan County, Montana, and to make said sale to it upon the terms and conditions hereinbefore set forth. g Dated this 4th day of November, A. D. 1925. b S. E. PAUL, y District Judge.
PETER SPRINGER, Plaintiff, -VS.RUDOLPH REHMER, DORTHEA REHMER, his wife, STATE BANK OF PLENTYWOOD, a corporation, and FRED IBSEN, as Receiver of the State Bank of Plentywood, a corporation, Defendants.
PETER SPRINGER, Plaintiff, -VS.RUDOLPH REHMER, DORTHEA REHMER, his wife, STATE BANK OF PLENTYWOOD, a corporation, and FRED IBSEN, as Receiver of the State Bank of Plentywood, a corporation, Defendants.
THE STATE OF MONTANA, Plaintiff -versusSTATE corporation, BANK OF PLENTYWOOD, a It appearing to the satisfaction Defendant. of the Court from verified petition of Fred Ibsen, Receiver of State Bank of Plentywood, that several of the stockholders owning stock in said bank voluntarily paid an assessment of 100% on all stock owned by them shortly before said bank closed, which reduced the liabilities of said bank to that extent, and that said stockholders have offered at this time to pay a further assessment of 50% on all stock owned by them in said bank in full satisfaction of their stockholders liability; now, therefore, it is hereby ORDERED, That all persons having claims against said bank who object to such compromise settlement being made, appear before this Court, at the Courthouse in Plentywood, Montana, on the 30th day of October, 1926, at 10:00 o'clock A. M. and show cause, if any they have, why such compromise settlement should not be made; or that prior to said date they file with the Clerk of this Court written objections to such compromise setlement; and IT IS FURTHER ORDERED, That notice hereof be given by publishing a copy of the Order to Show Cause for four successive weeks in the Producers News, a weekly newspaper printed and published at Plentywood, Montana, and by mailing a copy of this order to each person having an approved claim against said bank in the sum of $500.00 or more. Dated September 28th, 1926. S. E. PAUL, Judge. First Publication October 1, 1926. Last Publication October 22, 1926.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
