gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
72a3dc51d7fdca63
Response Measures
None
Receivership Details
Depositor recovery rate
54.3%
Date receivership started
1896-04-28
Date receivership terminated
1903-03-31
OCC cause of failure
Fraud
Share of assets assessed as good
22.7%
Share of assets assessed as doubtful
55.2%
Share of assets assessed as worthless
22.2%
Events (5)
1.February 6, 1885Chartered
Source
historical_nic
2.April 24, 1896Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bad/old paper taken in boom days under prior management made it impossible to realize assets, prompting suspension
Newspaper Excerpt
The suspension of the Grand Forks National bank has had absolutely no effect on the other banking institutions of the city
Source
newspapers
3.April 28, 1896Receivership
Source
historical_nic
4.April 28, 1896Receivership
Newspaper Excerpt
Comptroller Eckels says he thinks it will be necessary to put the recently failed ... Grand Fork National Bank of Grand Forks, N. D., into the hands of receivers. (Known receivership date used as authoritative.)
Source
newspapers
5.August 3, 1896Other
Newspaper Excerpt
Mr. Coffin ... appointed E. C. Tourtelot, receiver of the Grand Forks National Bank of Grand Forks, N. D., in place of C. S. Anheier, who has been in temporary charge of the affairs of the bank since its suspension.
Source
newspapers
Newspaper Articles (20)
1.April 25, 1896St. Paul Daily GlobeSaint Paul, MN
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Article Text
Grand Forks Bank Failure. Special to the Globe. GRAND FORKS, N. D., April 24.-The suspension of the Grand Forks National bank has had absolutely no effect on the other banking institutions of the city so far as causing depositors any uneasiness. Examiner Anheier and John D. Banton, his attorney, had a conference with the bank officials and a schedule is being prepared. What the future of the bank will be is yet a matter of doubt, but the assertion has been made by the officials that every depositor and stockholder would receive his money, dollar for dollar. A receiver will hardly be asked for. The bank will probably go into liquidation and retire from business.
In the failure of the Grand Forks National bank the liabilities are said to be $319,000. Among the business houses said to be affected are that of Iddings & Co., booksellers, and the Woolen mills, involved on account of Geo. Chfford's connection, but not BO as to interfere with business. The government had little or no money on deposit and the state but little, which is secured by bonds. It is reported that Mrs. McCormick and Burke Corbett had $10,000 in stock each, L. E. Booker $40,000, Maurice Williams and Wm. Foran, Fargo, $2,000 each. Bank Examiner Anheier is in charge. The assets are said to be plenty to pay all depositors. Old paper taken in boom days under another management, on which it has been impossible to realize, is given as the primary reason for the suspension.
3.May 3, 1896The Morning TimesWashington, DC
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Article Text
Receivers for Western Banks. Comptroller Eckels says he thinks it will be necessary to put the recently failed American National Bank of Denver, Col., and the Grand Fork National Bank of Grand Forks, N. D., lato the hands of receivers.
4.May 3, 1896The San Francisco CallSan Francisco, CA
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Article Text
Receivers for Two National Banks. WASHINGTON, D. C., May 2.-Comptroller Eckels says he thinks it will be necessary to put the recently failed Amercan National Bank of Denver, Colo., and the Grand Forks National Bank of Grand Forks, N. D., into the hands of receivers.
5.August 3, 1896Evening StarWashington, DC
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Article Text
Bank Receiver Appointed. Mr. Coffin, acting controller of the currency, today appointed E. C. Tourtelot, receiver of the Grand Forks National Bank of Grand Forks, N. D., in place of C. S. Anheier, who has been in temporary charge of the affairs of the bank since its suspension.
6.August 4, 1896The Saint Paul GlobeSaint Paul, MN
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Article Text
Deadwood Divided. WASHINGTON, Aug. 3.-Acting Controller Coffin today declared the first dividend of 25 per cent in favor of the creditors of the Black Hills National Bank of Rapid City, S. D., on claims proved, amounting to $42,949. Acting Controller Coffin today appointed E. C. Tourtellotte, of Grand Forks, N. D., receiver of the Grand Forks National bank In place of Examiner Anheier, who has been acting as receiver since the failure of the bank. Mr. Anheier will resume his regular duties as bank examiner for North and South Dakota.
7.January 7, 1897The Saint Paul GlobeSaint Paul, MN
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Article Text
Receiver for Two Banks. Special to the Globe. GRAND FORKS, N. D.,Jan. 6.-E. C. Tourtelot, receiver of the Grand Forks National bank, has been apointed receiver of the Second National bank.
8.January 8, 1897Little Falls Weekly TranscriptLittle Falls, MN
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Article Text
Receiver for Two Banks. GRAND FORKS, N. D., Jan. 7.-E. C Tourtelot, receiver of the Grand Forks National bank, has been appointed receiver of the Second National bank.
9.January 9, 1897The Madison Daily LeaderMadison, SD
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Article Text
Lynched an Incendiary. ORANGEBURG, S. C., Jan. 8.-Lawrence Brown, the negro who is generally believed to have been connected with the burning of Robert Wanamaker's barns and stables at Stiliton last week, was lynched during the might. Receiver for Two Banks. GRAND FORKS. N. D., Jan. 8.-E. C. Tourtelot. receiver of the Grand Forks National bank, has been appointed receiver of the Second National bank
10.March 25, 1897San Antonio Daily LightSan Antonio, TX
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Article Text
BANK INVESTIGATION. St. Paul, March 25.-A Bismarck, N. D., special to the Pioneeer Press, says: The banking methods of some of the suspended National banks of the state are being investigated by the grand jury now in session. Two indictments have already been found, one against Lee Booker, exstate treasurer and president of Grand Fork's National bank and the other against H. F. Salyards, president of the First National bank, of Minot. Booker is charged with making false returns to the comptroller of the currency. He was arraigned and pleaded not guilty and was held for trial in $5,000 bond. Salyards is charged with aiding and abetting in making false entries in the bank books. He pleaded not guilty and was held in $6,000 bond for trial. The indictment of Booker came as a great surprise to his friends throughout the state. He was state treasurer for three years, entering office in 1894 and has always taken an active part in state politics.
11.March 25, 1897Evening StarWashington, DC
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Article Text
INVESTIGATING BANK METHODS. The Grand Jury at Bismarck Considering Suspended Institutions. ST. PAUL, Minn., March 25.-A Bismarck, N. D., special to the Pioneer Press says: The banking methods of some of the suspended national banks of the state are being investigated by the United States grand jury, now in session. Two indictments have already been found, one against L. E. Booker, ex-state treasurer and president of Grand Forks National Bank, and the other against H. F. Salyards, president of the First National Bank of Minot. Booker is charged with making false returns to the controller of the currency. He was arraigned, pleaded not guilty, and was held for trial in $5,000 bonds. Salyards is charged with aiding and abetting in making false entries in the bank's books. He pleaded not guilty, and was held in $6,000 bonds for trial. The indictment of Booker came as a great surprise to his friends throughout the state. He was state treasurer for three years, entering office in 1893, and has always taken an active part in state politics.
12.March 25, 1897The Topeka State JournalTopeka, KS
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Article Text
TAKEN BY SURPRISE. Government Officials are LookingInto Banking Methods in Dakota. St. Paul, Minn., March 25.-A Bismarck, N. D., special to the PioneerPress says: The banking methods of some of the suspended national banks of the state are being investigated by the United States grand jury now in session. Two indictments have already been found, one against L. E. Booker, ex-treasurer, and president of Grand Forks National bank, and the other against H. F. Salyards, president of the National bank of Minot. Booker is charged with making false returns to the comptroller of the currency. He was arraigned today, pleaded not guilty and was held for trial in $5,000 bonds.Salyards is charged with aiding and abetting in making false entries in the bank's books. He pleaded not guilty and was held in $6,000 bonds for trial. The indictment of Booker came as a great surprise to his friends throughout the state. He was state treasurer for three years, entering office in 1893, and has always taken an active part in state politics.
13.March 25, 1897The Providence NewsProvidence, RI
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Article Text
AFTER BANK OFFICERS. North Dakota Grand Jury Finds Indictments. Bank Presidents are Alleged to Have Made False Returns. St. Paul, Minn., March 25.-A Bismarek special says the banking methods of some of the suspended national banks of the state are being investigated by the United States Grand Jury now in session. Two indictments have already been found, one against L. R. Booker, ex-state treasurer and president of the Grand Forks National bank and the other against H. Luther, president of the National bank of Minot. He is charged with making false returns to the comptroller of currency. He was arraigned, pleaded not guilty and was held for trial in $5,000 bonds. Booker was state treasurer for three years and has always taken an active part in state politics.
14.March 26, 1897The Wilmington Daily RepublicanWilmington, DE
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Article Text
North Dakota's Crooked Bankers. Bismarck, N. D., March 26.-The banking methods of some of the suspended national banks of the state are being investigated by the United States grand jury now in session. Two indictments have already been found, one against L. E. Booker, ex-state treasurer and president of the Grand Forks National bank, and the other against H. F. Salyards, president of the First National bank, of Minot. Booker is charged with making false returns to the comptroller of the currency. He was arraigned, pleaded not guilty and was held for trial in $5,000 bonds. Salyards is charged with aiding and abetting in making false entries in the bank's books. He pleaded not guilty and was held in $6,000 bonds for trial.
BANKERS INDICTED. Prominent North Dakota Men Arrested for Making False Returns. BISMARCK, N. D., March 25.-The banking methods of some of the suspended national banks of the state are being investigated by the United States grand jury now in session. Two indictments have already been found, one against L. E. Booker, ex-state treasurer and president of Grand Forks national band, and the other against H. F. Salyards, president of the First national bank of Minot. Booker is charged with making false returns to the comptroller of the currency. Booker is one of the most popular men in the state and his arrest caused a decided sensation.
16.February 6, 1898The Saint Paul GlobeSaint Paul, MN
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Article Text
Bought the Entire Stock. GRAND FORKS, N. D., Feb. 5.-Yesterday, R. B. Griffith, proprietor of the largest department store in Grand Forks, purchased the entire stock of the Grand Forks Dry Goods company from the trustees, E. C. Tourtelot, receiver of the Grand Forks National bank, and A. J. Powers, of the Powers Dry Goods company, of St. Paul. The company was organified several years ago to do a wholesale dry goods business, and prospered for a time, but its affairs were Involved with those of the Grand Forks National bank, and when the latter suspended,
County Sues to Recov $3,000. Suit has been commenced by Grand Forks county against D. M. Holmes, former county treasurer, and his bondsmen, for the recovery of about $8,000 of the county's funds which were on deposit in the Grand Forks National bank at the time of its suspension in April, 1896. Holmes had been instructed by the county commissioners to compel the bank to furnish bonds, but failed to comply with instructions.
Bank Receiver Resigns. E. C. Tourtelot, receiver of the Grand Forks National bank, has tendered his resignation to take effect as soon as his successor is appointed. Mr. Tourtelot goes to Chicago to take charge of the office work of the new Featherstone Foundry and Machine company, organized by former Comptroller Eckles.
DEFUNCT BANK PAYS DIVIDEND Creditors of Old Grand Forks National Receive Payment from Comptroller of Currency, A second supplementary dividend of 2 1-6 per cent was received Friday from the comptroller of the currency by the creditors of the defunct Grand Forks National bank which suspended in 1896. Approximately 51 1-2 per cent of the obligations at the time the bank suspended payments, have now been paid. The receiver was dismissed several years ago, the affairs of the institution now being in the hands of the comptroller of the currency.
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.
