First National Bank (Madison, SD)

View Charter #3149 on SPMC View balance sheet

Episode Information

Episode UID
314901504
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
31490 national
Charter Number
3149
Start Date
April 23, 1925
Location
Madison, South Dakota (44.006, -97.114)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
705dec839295b38e

Response Measures

None

Receivership Details

Depositor recovery rate
21.4%
Date receivership started
1925-05-21
Date receivership terminated
1931-10-31
OCC cause of failure
Governance
Share of assets assessed as good
32.8%
Share of assets assessed as doubtful
28.6%
Share of assets assessed as worthless
38.6%

Events (5)
1. April 1, 1884 Chartered
Source
historical_nic
2. April 23, 1925 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended operations and announced arrangements for reorganization or consolidation with Security State Bank.
Newspaper Excerpt
The First National bank here suspended business today. Its capital was $50,000 and it had deposits of $500,000.
Source
newspapers
3. May 21, 1925 Receivership
Source
historical_nic
4. May 21, 1925 Receivership
Newspaper Excerpt
Andrew Kopperud ... has arrived at Madison to take charge of the affairs of the First National bank. Mr. Kopperud will succeed L. H. Sedlacek, who will return to Minneapolis to take up his duties with the national banking department.
Source
newspapers
5. April 5, 1928 Other
Newspaper Excerpt
Rognes Brothers purchased from the defunct First National bank the property known as the McKinnon corner... The bank receiver recently sold property ... This makes a total of over $36,000 which should be enough to declare another small dividend to the stock holders.
Source
newspapers

Newspaper Articles (5)
1. April 24, 1925 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, April 24, 1925

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Article Text

WINS CHAMPIONSHIP St. Cloud, Minn., April 23.—Technical high school of St. Cloud won the 1924-25 debating championship of Minnesota by defeating Center City high in the finals here tonight. The winners presented the negative side of the state question "Resolved, that the United States should enter the League of Nations as it existed July 1, 1924." SOUTH DAKOTA BANK CLOSES Madison, S. D., April 23. — The First National bank here suspended business today. Its capital was $50,000 and it had deposits of $500,000. C. E. Olstad, president of the institution, said tonight that arrangements are under way for a reorganization or consolidation with the Security State bank at Madison.

2. April 24, 1925 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, April 24, 1925

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Article Text

Bank at Madison, S. D., Quits Business Madison, S. D., April 23.—The First National bank here suspended business today. Its capital was $50,000 and it had deposits of $500,000. C. E. Olstad, president of the institution, said tonight that arrangements are under way for a reorganization or consolidation with the Security State bank, of Madison.

3. April 24, 1925 St. Joseph News-Press St. Joseph, MO
Article from St. Joseph News-Press, April 24, 1925

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Article Text

IADISON, 8. D., BANK QUITS. MADISON First National business yesterday capital was $30,000 and It had deposits of $500,000.

4. July 15, 1925 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, July 15, 1925

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Article Text

New Bank Receiver Arrives. Madison, S. D., July 14.—Special: Andrew Kopperud, of Webster, has arrived at Madison to take charge of the affairs of the First National bank. Mr. Kopperud will succeed L. H. Sedlacek, who will return to Minneapolis to take up his duties with the national banking department. Mr. Kopperud was invited to Washington to discuss the reopening of the bank with the comptroller of currency and he stated that he will co-operate

5. April 5, 1928 Argus-Leader Sioux Falls, SD
Article from Argus-Leader, April 5, 1928

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Article Text

REAL ESTATE SALE AUGURS BANK DIVIDEND IN MADISON (Special to the Argus-Leader) owners Madison, of the April Madison 5.-Rognes Brothers, purchased from the defunct First have National bank the property known as the McKinnon corner, at the intersection of Center street and Egan avenue, which houses the Sugar Bowl, This is the most prominent corner of the town. The consideration is $18,000 The bank receiver recently sold property $18,100. which housed the bank, for This makes a total of over $36,000 which should be enough to declare another small dividend to the stock holders. In nearly years the bank failed only 10 per cent since has been paid out to depositors so badly were the affairs of the bank involved. Chris Rognes, one of the members of the firm which the McKinnon mayor property Madison. from the bank is the of