Bank of Commerce (Forsyth, MT)

Episode Information

Episode UID
3266121091488
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
326612109 hash
Start Date
December 13, 1923
Location
Forsyth, Montana (46.266, -106.678)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
91d5a01e83b8d01f

Response Measures

None

Events (3)

1. December 13, 1923 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Management closed after president J. E. Edwards was unable to meet an obligation reported to be $118,000 due at noon, prompting directors to close.
Newspaper Excerpt
The Bank of Commerce at Forsyth voluntarily closed its doors at noon Thursday and was taken in charge by a deputy examiner from the office of the state superintendent of banks.
Source
newspapers
2. January 4, 1924 Receivership
Newspaper Excerpt
Carl B. Calvin ... has gone to Forsyth, where he will assume the duties of receiver of the Bank of Commerce, which recently closed its doors.
Source
newspapers
3. April 2, 1925 Other
Newspaper Excerpt
District judge signed an order authorizing D. J. Muri, receiver of the Bank of Commerce to pay a 5 per cent dividend.
Source
newspapers

Newspaper Articles (16)

Article from The Montana Record-Herald, December 13, 1923

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Article Text

DOORS CLOSE IN FORSYTH BANKS STATE INSTITUTION TAKES VOLUNTARY ACTION—NATIONAL CLOSES IN FACE OF RUN. The Bank of Commerce at Forsyth voluntarily closed its doors at noon Thursday and was taken in charge by a deputy examiner from the office of the state superintendent of banks. It is said the bank's liabilities are approximately $776,000 with assets unestimated as yet. J. E. Edwards, former state senator, is president of the institution and R. J. Cole is cashier. It is said that inability of Mr. Edwards to meet an obligation, reported to be $118,000, due at noon on Thursday was responsible for the action of the bank's management. The First National Bank of Forsyth also closed its doors at the same time. This action was taken when it appeared probable that a run on its resources would follow the closing of the Bank of Commerce. The First National's liabilities are said to be about the same as those of the Bank of Commerce.


Article from The Seattle Star, December 14, 1923

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Two Forsythe Banks Close Their Doors FORSYTHE, Mont., Dec. 14.-Two local banks, the Bank of Commerce and the First National bank, closed their doors here today. The Bank of commerce acted voluntarily and state bank examiners took charge. Liabilities are estimated at $775,000, while assets have not been computed. The First National was forced to close when a heavy run that threatened to be disastrous, began, officers stated.


Article from The Seattle Star, December 14, 1923

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Two Forsythe Banks Close Their Doors FORSYTHE, Mont., Dec. 14.—Two local banks, the Bank of Commerce and the First National bank, closed their doors here today. The Bank of commerce acted voluntarily and state bank examiners took charge. Liabilities are estimated at $775,000, while assets have not been computed. The First National was forced to close when a heavy run that threatened to be disastrous, began, officers stated.


Article from The Garfield County Journal, December 15, 1923

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Two Forsyth Banks Close Doors Thursday Thursday afternoon, like a bolt of lightning out of a clear sky, came a telegram from Forsyth announcing the fact that the doors of both the Bank of Commerce and the First National Bank had been closed. Reports reaching here say that the Bank of Commerce failed in an effort to meet certain demands laid down by the examiner and the directors ordered the doors closed. The First National Bank directors, fearing a run on their bank, also ordered the doors closed. A goodly number of local people have deposits in both banks. This leaves Forsyth with only one bank, the American National. The Helena Record-Herald in the account of the situation says in part: "The liabilities of the Bank of Commerce are approximately $776,000 with assets unestimated as yet. J. E. Edwards, former state senator, is president of the institution and R. J. Cole is cashier. It is said that inability of Mr. Edwards to meet an obligation, reported to be $118,000, due at noon on Thursday was responsible for the action of the bank's management. The First National's liabilities are said to be about the same as those of the Bank of Commerce."


Article from The Producers News, January 4, 1924

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COPPER TOOL'S BANK GOES BROKE A. C.M. FAILS TO COME TO RESCUE OF FAITHFUL SERVITORJ. E. EDWARDS OF FORSYTH IS NOW BANKRUPT. Forsyth.-The Bank of Commerce of Forsyth voluntarily closed its doors at noon last Thursday and was taken in charge by a deputy examiner from the office of the state superintendent of banks. It is said the bank's liabilities are approximately $776,000 with assets unestimated as yet. J. E. Edwards, former state senator, is president of the institution and R. J. Cole is cashier. It is said that inability of Mr. Edwards to meet an obligation, reported to be $118,000, due at noon on Thursday was responsible for the action of the bank's management. The First National Bank of Forsyth also closed its doors at the same time. This action was taken when it appeared probable that a run on its resources would follow the closing of the Bank of Commerce. The First National's liabilities are said to be about the same as those of the Bank of Commerce.


Article from The Billings Gazette, January 5, 1924

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Calvin Takes Charge As Bank Receiver Miles City, Jan. 4.—(Special.)—Following his appointment Wednesday of this week, Carl B. Calvin of this city has gone to Forsyth, where he will assume the duties of receiver of the Bank of Commerce, which recently closed its doors. Mr. Calvin is one of the prominent citizens of Miles City and actively identified with the movement to secure


Article from The Butte Daily Post, February 5, 1924

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MONTANA A News Review of the State SORORITY GRANTED NATIONAL CHARTER BOZEMAN.—The Zeta Kappa women's fraternity of Montana State college has been granted a national charter and will be installed as Delta Gamma chapter of Alpha Gamma Delta. The Zeta Kappas were organized five years ago as a local and its members have taken an active part in all phases of women's activities. Alpha Gamma Delta fraternity was organized at Syracuse university in 1904. It now has 30 chapters. LIVINGSTON JAIL IS TENANTLESS 30 DAYS LIVINGSTON.—"There hasn't been a soul in the city jail for more than a month," declared O. T. Ragland, police judge. In December there was but one arrest and that man, who was accused of disobeying a minor city ordinance, forfeited his bond. It is the first time in four years, at least, that Livingston's jail has been empty more than 30 consecutive days, according to Mr. Ragland. ACCUSED BANKER SPENDS THE NIGHT IN JAIL CELL HELENA.—George W. Casteel, president of the Banking Corporation of Montana when it failed, pleaded not guilty to violation of the state banking laws, when arraigned Monday. A similar plea was entered by C. A. Tweed, former cashier of the bank, with whom Casteel was brought back from California Sunday night. Tweed managed to obtain bail immediately on arrival here, but Casteel was compelled to spend the night in jail. He said he did not know whether he would be able to obtain bonds. "That," he added, "depends on my friends." UNIDENTIFIED BODY IS FOUND IN COULEE SIDNEY.—Mystery surrounds the identity and manner of death of an unidentified man whose body was found by Tom Rice in a coulee about four miles from Sioux pass, near here. Though the body was badly mutilated by exposure and by animals, Sheriff O'Brien and Coroner Combs, who visited the scene after the find was reported by Mr. Rice, say that there are means of learning the general appearance of the deceased. They say the body had lain in the open for about a month. Authorities are working on the theory that the victim had lain down during a snow storm and had frozen to death. OIL RIG IS DESTROYED BY OVERHEATED STOVE HARLOWTON.—The Big Elk Oil rig southwest of here burned to the ground, the crew having just finished the night shift, and being at the bunk house at breakfast when the fire was discovered. The bunk house is situated about 150 yards from the rig and it could not have been more than 15 minutes after the departure of the crew, according to E. S. Churchwell, manager of the company, when the derrick house was discovered enveloped in flames. The origin of the blaze is thought to have been from an over-heated stove. The fire quickly spread to the huge 72-foot derrick, the supporting timbers of which were soon eaten through by the flames, and the superstructure toppled with a crash. CASH SHIPMENT DELAY CLOSED FERGUS BANK LEWISTOWN.—Delay of 24 hours at Great Falls in a shipment of currency dispatched from the reserve bank at Helena to the Empire bank at Lewistown forced the Fergus institution to close Saturday, officials of the bank announced. Arrangements had been made to meet the usual heavy payroll disbursement on Feb. 1, with a consignment of $200,000 in bank notes from the Helena bank. Depletion of the cash reserve necessitated payment of several checks in silver, caused rumors which resulted in a heavy run and the subsequent closing, officials stated. Officials stated Sunday night that the finances of the bank were sound and that plans were being made for a speedy settlement. BOY CAUGHT IN SPREADER CYLINDER SERIOUSLY HURT GREAT FALLS.—Carl Sanders, aged 7, is at the Deaconess hospital, suffering from severe injuries sustained Saturday when he was caught in the cylinder of a manure spreader driven by his father, John Sanders, a farmer near Belt. The boy was seriously cut and bruised about the head and body, but no bones were broken. He is expected to recover. According to the account of the accident received at the hospital, the father was unaware of the son's presence about the machine until after the lad had been entangled in the cylinder. When the machine was started the father noticed that the cylinder was not working properly, but he thought it was obstructed by a piece of ice. Continued efforts to make the machine work were without result and Mr. Sanders stopped the team and went back to examine the cylinder. He found the boy caught in the spikes of the cylinder, badly injured. TAX PAYMENT HALTED BY BANK FAILURE IN COURT FORSYTH.—A suit to enjoin Rosebud county from selling land belonging to the J. E. Choisser estate for delinquent taxes has presented a real problem of law. Mrs. Choisser, as executrix of the estate, had paid the taxes Nov. 30, and had also paid several other taxes on other lands on the same day. The taxes were divided into four payments, all being paid by checks on the Bank of Commerce. Three of the checks passed through the bank and were cleared, but the check on which suit was brought was deposited in the bank Dec. 11, two days prior to the closing of that institution. The check was written for the amount of $281.87. At the time the check was deposited by County Treasurer G. G. Davis, the Bank of Commerce had a trustee fund and checks were held in trust until Dec. 13, when the bank became insolvent and closed and the check was returned to the county treasurer.


Article from Great Falls Tribune, February 7, 1925

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NAMED BANK RECEIVER Special to The Tribune. Forsyth, Feb. 6.—Dan. J. Muri, clerk of the district court for Rosebud county, has been named by Judge G. J. Jeffries of the Fifteenth district to succeed Carl Calvin as receiver of the defunct bank of Commerce at Forsyth. Mr. Calvin recently resigned to go to Miles City and engage in the automobile business.


Article from Forsyth Times-Journal, April 2, 1925

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BANK OF COMMERCE TO ISSUE DIVIDENDS SOON Saturday G. J. Jeffries, district judge, signed an order authorizing D. J. Muri, receiver of the Bank of Commerce to pay a 5 per cent dividend. The order provides that the payment be held in abeyance until the com: plaints in intervention recently filed are disposed of.


Article from Belt Valley Times, April 9, 1925

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Foreyth Bank to Pay Dividend District Judge G. J. Jeffries has signed an order authorizing D. J. Muri, receiver of the Bank of Commerce at Forsyth to pay a 5 per cent dividend. The order provides that the payment be held in abeyance until the complaints in Intervention filed by Mrs. Margaret Young. a stockholder, are disposed of.


Article from Hysham Echo, July 12, 1928

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VERDICT AGAINST GROWERS (Continued from Page 10 marketing contract as to all of its terms, and offered to sanction the same if the sugar company would make another contract with it for three or for years on the defendent's own terms, and the sugar company refused to do so, and the association still refuses to release, the plaintiff was released from his obligations for the year 1928." The court immediately after rendering its decision went into its summer recess so that an application for a rehearing on either side coula not be considered until September when the tribunal again convenes. Turn to page 8 and read what the depositors of the defunct Bank of Commerce at Forsyth, Montana, have to say about the settlements of the bank receiver, agreed to and O'Kd by district judge, G.J. Jeffries. Paid ad


Article from Hysham Echo, July 12, 1928

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Two masked men held up and robbed a street car motorman of $36.60 and approximately 300 street car tickets in Butte Saturday morning. Turn to page 8 and read what the depositors of the defunct Bank of Commerce at Forsyth, Montana, have to say about the settlemnts of the bank receiver, agreed to and O'Kd by district judge, G. J. Jeffries. Paid ad


Article from Eastern Montana Clarion, July 12, 1928

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THURSDAY, JULY 12. 1928. Personal Hon. Geo. A. Horkan, Republican candidate for District Judge, accompanied by his two sons, stopped over in Ryegate Wednesday night. The former Judge is making a hard campaign over the district. Mr. and Mrs. Henry Bartz and family and Mr. and Mrs. A. Hall and family, of Barber, attended the services at the M. E. church Sunday evening. Mr. John Quam is enjoying a visit from his aged mother and a sister and neice from Hitterdahl, Minnesota. Mrs. Emily Gates received a message last week telling of the serious illness of her brother in Missoula but later reports are that he is improving. The three members of the State Tax Commission, of Helena, passed through Ryegate on Monday making a pleasant call at the Reporter office to pay their respects to the editor with whom they have some acquaintence. Mrs. Fred Parker's sister from Paynesville, Minnesota, is visiting at the parker home east of town. Miss Myrtle Marie Rediske is visiting with he uncle and aunt at Yakima, Washington. Mr. and Mrs. Wm. Northey and daughter Lorine attended the circus in Roundup, Saturday. CARD OF THANKS We desire to thank our friends for their kindness end sympathy during our breavement in the death of our beloved father. Also for the beautiful floral offerings. Mrs. Madge Stanley. Alice Coleman, Bernard Coleman. James Coleman, William Coleman. Don't forget to attend the Civic Clubs dance and supper on Election night in the Currie Hall and get the election returns. Tickets $1.00; Spectators 25 cents. See what the late Associate Justice Halloway of the Montana Supreme Court says about George A. Horkan, Candidate for Judge of District Court, on page 5 of this paper. Pid Adv. Turn to page 5 and read what the depositors of the defunct Bank of Commerce at Forsyth, Montana, have to say about the settlement of the bank receiver, agreed to and O'Kd by the district judge, G. J. Jefferies Paid Adv.


Article from Eastern Montana Clarion, July 12, 1928

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Turn to page 5 and read what the depositors of the defunct Bank of Commerce at Forsyth, Montana, have to say about the settlement of the bank receiver, agreed to and O'Kd by the district judge, G. J. Jefferies. Paid Adv.


Article from The Melstone Messenger, July 12, 1928

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The R. H. Toombs family has moved into the F. V. Watts cozy home. Mrs. C. M. Bartlett, for so many years a successful business woman of Sumatra, conducting the Sumatra Shop and Garage, is temporarily located at Friend, Nebr. Instructions from there have placed the Messenger at her weekly disposal. Turn to page eight and read what the depositors of the defunct Bank of Commerce at Forsyth, Montana, have to say about the settlements of the bank receiver, agreed to and o'k'd by the district judge, G. J. Jeffries.-(Paid Adv.)


Article from The Melstone Messenger, July 12, 1928

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Turn to page eight and read what the depositors of the defunct Bank of Commerce at-Forsyth, Montana, have to say about the settlements of the bank receiver, agreed to and o'k'd by the district POTATOES-Goo sound eating potatoes at $1 per cwt. W. J. Wilson, Melstone. JEWELRY REPAIRING For dependable service send it to Dean & Skeie, Roundup.