gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d821dcc900c48c5c
Response Measures
None
Receivership Details
Depositor recovery rate
50.0%
Date receivership started
1924-01-24
Date receivership terminated
1934-08-10
OCC cause of failure
Run
Share of assets assessed as good
59.2%
Share of assets assessed as doubtful
25.3%
Share of assets assessed as worthless
15.5%
Description
Some articles mention preparations to reopen, but receiver was appointed and liquidation proceeded.
Events (4)
1.November 23, 1882Chartered
Source
historical_nic
2.January 11, 1924Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed to open doors amid poor statement of condition and depleted reserves; deposits had declined and statements showed weakness.
Newspaper Excerpt
The Sioux Falls National bank... failed to open its doors Friday.
Source
newspapers
3.January 24, 1924Receivership
Source
historical_nic
4.January 24, 1924Receivership
Newspaper Excerpt
He was appointed receiver of the bank January 24, 1924. The bank closed its doors January 11, 1924.
Source
newspapers
Newspaper Articles (22)
1.January 10, 1924Thomas County ClipperSeneca, NE
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Run On Iowa Bank
By a decision of its board of directors, the Iowa State Bank at Atlantic failed to open its doors Wednesday morning. The action followed recent withdrawals of deposits occasioned by rumors that the bank was not in the most solid condition, and to the poor showing made in the last statement of condition published last Friday. It had a capital stock of $50,000 and deposits of more than $300,000.
The Sioux Falls National Bank, organized May 1, 1882, one of the oldest banks in South Dakota, closed its doors this week. It was capitalized for $150,000 and the statement of December 31 shows it had deposits of $2,500,000.
The Bennett County Bank at Martin, South Dakota, failed to open its doors last Monday morning. This is in the Pine Ridge Indian reservation, about thirteen miles north of the Nebraska state line. The bank will be reopened soon under new management.
A similar bank swindling case like they had in Halsey came to light with the closing of the Citizens' State Bank at Parker, in south-east part of South Dakota, where fifty thousand dollars' worth of worthless notes had been taken in exchange for certificates of deposit by men connected with the bank. B. F. Swan, the cashier, Frank R. Beddow, H. J. Caulsfield and a dozen other men, formerly residents of Sioux City, Iowa, are being arrested as fast as they can be located by Deputy State Sheriff N. J. Folsom. They used the money in some colonization scheme.
In North Platte valley two banks in Garden county were consolidated this week when Nebraska State Bank had taken over the Oshkosh State Bank as a precautionary measure. Oshkosh is a county seat town.
Among the numerous failures down in North Platte valley the latest to close its doors is the old First National Bank at Gering, county seat of Scotts Bluff county, which was organized back in 1897. It had a capital stock of $25,000, surplus $8,000, and deposits that formerly were $700,000 have declined to less than $500,000. Gering has yet another national bank and one state bank. Across the Platte river the city of Scottsbluff has about six banks.
SECOND SIOUX FALLS BANK HAS CLOSED ITS DOORS SIOUX FALLS, S. D. Jan. 15.-With payments of deposits temporarily suspended, the Sioux Falls Trust and Savings Bank with deposits of $5,000,000 today was under supervision of the state depositors guaranty fund commission. Preparations were under way for the reopening of the Sioux Falls National Bank, which closed last Friday and which had deposits of $2,500,000. Closing of this bank caused heavy withdrawals by depositors of the Sioux Falls Trust and Savings institution, according to an official statement.
SIOUX FALLS BANK IN RECEIVER'S HANDS
SIOUX FALLS, S. D., Jan. 15.—With payments of deposits temporarily suspended, the Sioux Falls Trust and Savings Bank, with deposits of $5,000,000, today was under supervision of the state depositors' guaranty fund commission.
Preparations were under way for the reopening of the Sioux Falls National Bank, which closed last Friday and which had deposits of $2,500,000. Closing of this bank caused heavy withdrawals by depositors of the Sioux Falls Trust and Savings institution, according to an official statement.
4.January 17, 1924Eagle River ReviewEagle River, WI
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Sioux Falls Bank Suspends. Sioux Falls, S. D.-The Sioux Falls National bank, one of the oldest banks in the state, failed to open its doors Friday. The December statement of the bank showed deposits of more than $2,500,000.
5.January 23, 1924The Redwood GazetteRedwood Falls, MN
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During the week the Sioux Falis National bank closed and the Sioux Falls Trust & Savings bank was placed under the supervision of a state commission, and temporariiy will suspend payments on deposits. The State bank of Hinckley and the Farmers & Merchants State bank of Montevideo and a bank at Amboy were closed by the state superintendent of banks, Depleted reserves IS the general cause.
6.January 24, 1924Wisconsin Dells EventsWisconsin Dells, WI
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Run Closes Bank.
Sioux Falls, S. D.—The Sioux Falls Trust & Savings bank, with deposits of $5,000,000 is under supervision of the state. Closing of the Sioux Falls National bank caused a heavy run on the institution.
7.January 24, 1924The Boyden ReporterBoyden, IA
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Article Text
DOMESTIC
New York, which offered $205,000 and convention expenses against $200,000 offered by San Francisco, was chosen as the convention city by the Democratic national committee.
Motion picture machine operators at Chicago now receive a weekly sliding scale from $55 to $112, the highest figure in the "de luxe" theaters. A new wage scale was signed for a 5 per cent increase.
The Sioux Falls (S. D.) Trust & Savings bank, with deposits of $5,000,000, is under supervision of the state. Closing of the Sioux Falls National bank caused a heavy run on the institution.
8.January 24, 1924The Belden ProgressBelden, NE
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Article Text
DOMESTIC
New York, which offered $205,000 and convention expenses against $200,000 offered by San Francisco, was chosen as the convention city by the Democratic national committee.
Motion picture machine operators at Chicago now receive a weekly sliding scale from $55 to $112, the highest figure in the "de luxe" theaters. A new wage scale was signed for a 5 per cent increase.
The Sioux Falls (S. D.) Trust & Savings bank, with deposits of $5,000,000, is under supervision of the state. Closing of the Sioux Falls National bank caused a heavy run on the institution.
9.January 24, 1924Epitaph-NewsLa Farge, WI
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Women Vote in Louisiana.
New Orleans, La.—For the first time women of Louisiana joined with the men Tuesday in selecting the Democratic nominee for governor, other state and parish officers and members of the legislature.
Run Closes Bank.
Sioux Falls, S. D.—The Sioux Falls Trust & Savings bank, with deposits of $5,000,000 is under supervision of the state. Closing of the Sioux Falls National bank caused a heavy run on the institution.
10.January 25, 1924The Home TimesFlanagan, IL
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Article Text
DOMESTIC
New York, which offered $205,000 and convention expenses against $200,000 offered by San Francisco, was chosen as the convention city by the Democratic national committee.
Motion picture machine operators at Chicago now receive a weekly sliding scale from $55 to $112, the highest figure in the "de luxe" theaters. A new wage scale was signed for a 5 per cent increase.
The Sioux Falls (S. D.) Trust & Savings bank, with deposits of $5,000,000, is under supervision of the state. Closing of the Sioux Falls National bank caused a heavy run on the institution.
11.January 25, 1924The Benton AdvocateBenton, WI
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Article Text
The Sioux Falls (S. D.) Trust & Savings bank, with deposits of $5,000,000, is under supervision of the state. Closing of the Sioux Falls National bank caused a heavy run on the institution.
12.February 4, 1924The Daily WorkerNew York, Chicago, NY
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oldest institution in the town, closed its doors. Tied to this ak was the First Trust Company, organized under the state law, to take up the musty paper that had been accumulated thru years of bad loans by the First National. Fresh deposits were desired for the First National, and the only way these could be got was by the organization of the subsidiary company. One of the devices of the First Trust to coax new deposits, was to send out several hundred pass books to people of small means, inviting their deposits. A credit of one dollar was written in the pass book, providing the recipient of the book became depositor of the bank. This pass book a credit "come-on" system worked with a great many, with the result that a large number of people are now patiently awaiting the promised re-opening of the bank. The First National Bank was a favorite of the officers of the State Rural Credits Board. One of the members of the Rural Credits Board, Albert Zosky, was a director of the bank. How much Rural Credits funds, borrowed by the State on bonds sold to furnish loans on land to farmers, are tied up in the failure, nobody but the insiders know. The Rural Credits Board is a closed corporation, divulging nothing it can conveniently keep from the public. Panic Grips Sioux Falls. The acute stage of the panic which has been approaching for months, broke in Sioux Falls, with the failure of the Sioux Falls National Bank on the 10th of January. This bank had deposits of two and a half million dollars, and with it went a number of its satellite banks in the smaller towns. This failure was followed two days later by the failure of the Sioux Falls Trust & Savings Bank, with deposits of between four and five million dollars, and with this institution also went a number of its country correspondents. In the interim, other smaller banks in the State, having no relations with these banks, "went South." These huge failures startled the big boys at Washington, and last week we were informed that Coolidgequick to come to the aid of the banks but slow to recognize the farmer distress as the cause of the troublehad instructed the War Finance Corporation to come to the rescue of the banks of North and South Dakota and Minnesota, with a thirty million slice of War Finance Corporation funds. Eugene Meyer is now on the ground with the alleged purpose of plugging the financial storm sewer with public money, one third of which is to go to this State, and the balance to North Dakota and Minnesota. Coolidge Didn't Save Them. This promise of the administration to come to the rescue could not been taken seriously, however, for on Monday the Western National Bank of Mitchell, with deposits of nearly a million dollars and five branch banks, closed its doors. This bank is headed by W. S. Hill, who was formerly president of the South Dakota Farm Bureau Federation. He was a prospective "dirt" farmer choice for member of the Federal Reserve Board and later for an appointment to the Shipping Board. On the same day the International State Bank of Sioux Falls, with deposits of $1,300,000 turned the key in its doors. This makes the third big failure in Sioux Falls within ten days. The combined deposit obligations of the three failed Sioux Falls banks amounts to over eight million dollars, which makes the Coolidge donation of ten million dollars for South Dakota look like a drop in the bucket to the distressed bankers who are not yet closed, but are shivering on the brink. Banks Failed Mondav. The daily press of this section is running a "closed shop" on news of bank failures generally, but from current information available at this writing, eleven banks closed their doors in this State on Monday. It was Black Monday for South Dakota's financiers. Nobody can tell how many more banks will tumble within the next few days or weeks. ,Depositors are quietly withdrawing their funds from all the banks now open, so that a continuation of the bank explosions may be expected. Nobody, not even the bankers themselves, appear to believe that the dumping of thirty or even fifty million dollars into the banks of the northwest to take up the bad paper of the banks, would now do any
13.February 6, 1924Lead Daily CallLead, SD
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Federal Reserve Flayed by McMaster in Campaign Speech
Holds System Responsible in Part For Financial Plight of Agricultural Sections of South Dakota.
WESSINGTON, S. D., Feb. 6.—Stating that the federal reserve system was conceived for the purpose of bringing aid to the whole country through stabilization of financial conditions, Gov. W. H. McMaster in the second speech of his campaign for nomination as republican candidate for the U. S. senate here, yesterday afternoon declared that in actual operation the system had failed to perform its most important service—that of aiding agricultural interests.
"It is true," he said, "that the system has been the bulwark of strength of the great financial centers," and has been of immense aid to the prosperous east but that its influences and its management had been directed toward assisting and conserving these interests and not the agricultural interests, pointing out that through a recent ruling of the federal reserve bank that only member banks could get paper discounted with it. It has through this ruling deprived hundreds of South Dakota banks of any participation and has thereby deprived farmers of the needed assistance through home banks.
"This was a hard blow to South Dakota," the governor said "when a country bank out here, and there are some five hundred of them, needs assistance they don't get one dollar for their paper unless they are members either directly or indirectly."
He stated that if officials of Minneapolis federal bank performed their duty in a broad and comprehensive manner, the Sioux Falls National bank would not have failed and recent trouble would not have materialized. "The federal bank system should be overhauled," said Governor McMaster.
14.July 26, 1926Argus-LeaderSioux Falls, SD
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The
In Circuit Court Mrs. Anna Plummer started suit for divorce against John Plummer, ing and desertion. They married Nyack, Nov. 19, 1910. Ellwood Knight are attorneys the plaintiff. Pearson started suit against Ed asking judgment bad check. James Berdahl attorney for the plaintiff In brought by Frieda Ger ber against the din the defendant. Lynth Doyle are for the plaintiffs. Julia Mahoney confessed judg. ment in favor of E. Morrison the sum $2,217.81. Boyce, Warren plaintiff. In the the Savings vs. Savings bank and Fred su of Judge Medin signed for the defendants. Bailey plaintiff and M. Luddy the defendJudge Medin allowed Charles H. WIIcox, as receiver of the Sloux tional bank, M. Balley Voorhees appeared for the plaintiff. Marriage Licenses Stephen Portland, Charlotte Lund .Sioux Falls
15.December 14, 1929Argus-LeaderSioux Falls, SD
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ried in Sioux Falls on February 17. 1916. Melquist are attorneys for the $120.50 has been entered in circuit court in Charles Wilcox, of the Sioux Falls National against John G. Muth, Davison county, defendant in action Mr. Wilcox against Downey, defendant, and John Muth, garnishee. was signed by Judge John T. MeBailey Voorhees and Keister are attorneys for the bank receiver.
Marriage Licenses Will Witte Paul, Minn. Caroline Hoehne Paul, Minn.
16.March 4, 1930Argus-LeaderSioux Falls, SD
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McDONALD NAMED AS BANK RECEIVER
Replaces C. H. Wilcox in S. F. National Bank
Charles S. McDonald has been appointed receiver of the closed Sioux Falls National bank, replacing Charles H. Wilcox. who has resigned to take position in Chicago, according to word received late Monday night from W. Pole, comptroller of the currency. Mr. McDonald will take over the office at once. he announced. the appointment being effective today. Mr. Wilcox been elected director of the Pettibone Mulligan company of Chicago, steel corporation. He left Sioux Falls Saturday to begin his duties with the firm. He was appointed receiver of the bank January 24. 1924. The bank closed its doors January 11. Dividends to the amount of 40 per cent have been paid to date on deposits in the bank. and it is understood that further dividends will be declared in the near future.
17.March 6, 1930The Sioux City JournalSioux City, IA
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will co-operate with retail merchants In all sections of the Black Hills and surrounding territory.
Tultion Rates Vary Greatly Sturgis, S. D.-Special: Rates for county high school fultion In Meade county ranged from $98 in Sturgis to $135 in the Hereford and Pledmont districts. Clough district charges $80, Faith $115 and Stoneville $100. These schools are maintained by county.
Named Bank Receiver
Sioux Falls, S. D.-Special: Charles McDonald has been appointed recelver of the closed Sloux Falls National bank, to succeed Charles H. Wilcox, who resigned to accept position in Chicago. The bank was closed 11, 1924, and to date has paid dividends of 40 per cent.
18.March 6, 1930The Sioux City JournalSioux City, IA
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will co-operate with retail merchants in all sections of the Black Hills and surrounding territory.
Tuition Rates Vary Greatly Sturgis, S. -Special: Rates for county high school tuition in Meade county ranged from $98 in Sturgis $135 in the Hereford and Piedmont districts. Clough district charges $80, Faith $115 and Stoneville $100. These schools are maintained by Meade county.
Named Bank Receiver
Sioux Falls, S. D.-Special: Charles McDonald has been appointed receiver of the closed Sioux Falls National bank, to succeed Charles H. Wilcox, who resigned to accept position in Chicago. The bank was closed 11, 1924. and to date has paid dividends of 40 per cent.
19.December 8, 1931Argus-LeaderSioux Falls, SD
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Sioux Falls National Bank Affairs Will Be Liquidated Immediately
SEEKS SENATE SEAT
Receiver McDonald Announces Receipt of Instructions From Washington Official
20.January 10, 1932Argus-LeaderSioux Falls, SD
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in Progress Reported Bank Liquidation Work
McDonald States That Much Detail Work Remains to Be Done in Local Institution
Progress the liquidation of the of the Falls National bank was reported Saturday by Charles McDonald receiver in charge of the institution Much detail work the way compiling figures and data on assets and lia bilities is before liquidacan be Mr. McDonald said. He added that this now in progress but due to the nature of the task it is problematical as to just when the work of liquidation will be ended, it was said. Mr. McDonald was recently structed comptroller currency at Washington to proceed with the closing up of the affairs the business on January 10. 1924 Mr. Mc Donald became receiver March succeeding Charles W. Wilcox. who was transferred to tion of the United date the bank has paid 50 percent in dividends.
21.August 8, 1932Argus-LeaderSioux Falls, SD
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$49,230 Judgment Is Sold for $150
A judgment for $49,230 filed in Minnehaha circuit court against John W. Sioux Falls, has been assigned to T. Tobin of this Charles S. McDonald, receiver for the Sioux Falls National The judgment was assigned to Mr. Tobin consideration of $150 according to records filed today in circuit court. The bank suspended business on April 4, 1915 and liquidation was recently completed the affairs the bank concluded.
22.August 19, 1932Argus-LeaderSioux Falls, SD
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Around the Courthouse
IN CIRCUIT COURT Sioux Fantle default judgment obtained court costs of of and action filed against today in an on Earl that he failed to the grounds goods purchased John MeJudge cember, din signed the judgment and Frank Vust appeared as attorney for the plaintiff Charges of extreme cruelty decree in her brought vorce and permission maiden to name, resume Hazel the of her Barkley. Hazel Bordeau today. She brought the suit against Edgar Both reside married in Sioux Falls. Las The couple was July 14, 1931 Judge Medin Vegas, signed the decree and Coon tiff and Coon appeared for the plainLela Heng Dell Rapids. cruelty bringing and charges nonsupport. asked for divorce permission to resume her maiden Lela Strauderman. filed today against Carl Heng, Rapids. The couple was Zim- at Sioux Falls January 1931. merman and Nisbet appear for the Charles McDonald. receiver of the Sioux Falls National suspended business January obtained permission court today to dispose of of the bank for a total of $1,071.03.
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.
