Citizens National Bank (Fargo, ND)

View Charter #3602 on SPMC View balance sheet

Episode Information

Episode UID
360201165
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
36020 national
Charter Number
3602
Start Date
January 2, 1897
Location
Fargo, North Dakota (46.877, -96.790)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8c6a5fac741d7e1e

Response Measures

None

Receivership Details

Depositor recovery rate
71.2%
Date receivership started
1897-01-07
Date receivership terminated
1903-06-15
OCC cause of failure
Losses
Share of assets assessed as good
17.2%
Share of assets assessed as doubtful
66.3%
Share of assets assessed as worthless
16.5%

Description

Examiner took possession Jan. 2 and a receiver was appointed Jan. 7; later findings state the bank was insolvent prior to closing.

Events (4)
1. December 14, 1886 Chartered
Source
historical_nic
2. January 2, 1897 Suspension
Cause
Government Action
Cause Details
National bank examiner took possession and suspended operations after discovering the bank's embarrassment/insolvency.
Newspaper Excerpt
National Bank Examiner Anheir took possession of the Citizens' National bank this afternoon.
Source
newspapers
3. January 7, 1897 Receivership
Source
historical_nic
4. January 7, 1897 Receivership
Newspaper Excerpt
Examiner Anheir receiver of the Citizens' National bank of Fargo, N. D.
Source
newspapers

Newspaper Articles (20)
1. January 2, 1897 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, January 2, 1897

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Article Text

Failures of the Day. aha, Jan. 2.-The Omaha Sav1.60 bank failed to open this morning. The liabilities are $850,000, the assets $200,000 in excess of this. Cleveland, Jan. -Thirty judgments aggregating $85,000 were filed against the Dorner & Dutton Man facturing company and Derner Foundry company, among the largest car wheel manufacturers in the country. A receiver is applied for. Batavia, Ill., Jan. 2.-The Western Paper Bag company, one of von Norwick's plants, was placed in the hands of a receiver by the United States courts. Whitehall, Mich., Jan. 2. -The bank examiner took possession of the Whitehall savings bank today. Fargo, N. D., Jan. 2.-The Citizens' National bank failed this afternoon.

2. January 3, 1897 The Herald Los Angeles, CA
Article from The Herald, January 3, 1897

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THE BEST PRESCRIPTION he receivers acting "The Omaha Savings bank was organ3 to realize all they ized fifteen years ago," said Gen. Manbefore looking into derson, its president. "The bank today $ of the law. owes $750,000 to its depositors and $140,000 to the Commercial bank, making the to) was one of Mr. tal liabilities $890,000. Taking our real timate friends and estate at cost and other securities simply was the last man at their face value, we have nearly $200,nond. Mr. Palmer 000 of assets beyond liabilities. While Hammond' called at the bank is unable at this time to pay Evanston, which is depositors on demand, it is amply solalk from the house vent, and while it will take some time to ammonds, about 8 realize, not a dollar will be lost by any He remained there creditor or depositor. In addition to versation with Mr. the assets, there is also the double lia1 of the future, and bility of the stockholders, which swells to place Mr. Hamthe amount to at least $1,200,000." eet. Mr. Palmer IN NORTH DAKOTA. mmond frequently MINNEAPOLIS, Minn., Jan. 2.-A the general theme, special to the Journal from Fargo, N.D., ) to be entirely obsays the Citizens' national bank failed ce of any one. He this afternoon. an effort to underIN MICHIGAN. g said to him, but WHITEHALL, Mich., Jan. 2.-Bank aw plainly that Mr. Examiner Angell took possession and vas weakened and closed the Whitehall State Savings bank ere weighing more today. No statement is made. The last n had been noticed report showed deposits of $80,000; loans and discounts, $92,000. arrival home he PAID ALL COMERS. s room, and Mrs. CRIPPLE CREEK, Col., Jan. 2.-A run lmost Immediately was precipitated at the First National mbers Mr. Hambank today by a man to whom was rethe room about 2 fused: a small loop, saying the bank eir baby. The supwould not open today. Small depositors ammond left the formed in a line and were paid. No big fter this with only deposits were touched. A special train d a dressing gown was run from Colorado Springs with r his apparel was $50,000 belonging to President J. M. Parapparently as he ker. Parker said: "We have on hand ught by Mr. Palmer a deposit more than enough to pay every went directly to the d'ollar should it be demanded, but only lung himself in the small depositors seem anxious, and busi: said it was his ness men, mining men and personal ond had carried in friends are depositing more than is be: $60,000 of life ining drawn out." er said that ever BETTER FEELING PREVAILS. I of the articles reMINNEAPOLIS, Minn., Jan. 2.-The It he had not been Farmers and Mechanics' Savings bank : he worried about has decided to waive its privilege of des certain. manding sixty days' notice before withHammond is situdrawal of deposits. This is taken to d) boulevard, in indicate a much better feeling in local erected five years banking circles. 55 than $30,000. and

3. January 3, 1897 The Morning News Savannah, GA
Article from The Morning News, January 3, 1897

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FARGO BANK FAILS. All the Other Banks in the City in Good Condition. Fargo, N. D., Jan. 2.-National Bank Examiner Anheir took possession of the Citizens National Bank this afternoon. Little excitement was created, as the general opinion is that the embarrassment is only temporary. The statements of all the other banks published within the last two weeks are remarkably strong, and there was no run on any other institution.

4. January 3, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, January 3, 1897

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Fargo Bank Suspends. FARGO, N. D., Jan. 2.-National Bank Examiner Anheier took possession of the Citizens' National bank at 2 o'clock this afternoon. The officers of the bank are H. F. Miller, president; C.C. Schuyler, cashier. The last statement published at the close of business Dec. 17, shows bills payable and notes and bills rediscounted $55,000, with a capital of $100,000. Cash items were strong, about 50 per cent. but only little of it available. Little excitement was created, as it is the general opinion the embarrassment is only temporary. Statements of all other banks published within the last two weeks are remarkably strong, and there was no run on other institutions. The bank examiner and bank officials will make no statement until the examination is completed.

5. January 6, 1897 The Enterprise Wellington, OH
Article from The Enterprise, January 6, 1897

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WEST AND SOUTH. A receiver has been appointed for the Farmers' Trust Co., of Sioux City, Ia., who estimates the assets of the institution at $238,000; the liabilities are said to be $185,000. The State of Tennessee has raised the $500,000 for the centennial celebration necessary to make the governmental appropriation recently passed by congress available. By the manipulation of sale slips five employes of William Barr & Co.'s department store at St. Louis, Mo., are said to have robbed the company of thousands of dollars. A cashier, three clerks and a bundle man have been arrested. Tom Flanagan, a carpenter, while drunk at Decatur, Ga., on the 30th ult. shot and killed G. W. Allen and his wife, an old couple who kept a boarding house. He also fatally wounded Miss Ruth Slack, a boarder. The whole affair was over in less than a minute. Flanagan is in jail. The major portion of the zinc works at Collinsville, Ill., was destroyed by fire on the 1st. The loss is estimated at $50,000; partly insured. A receiver took charge of the Western Paper Bag Co., of Batavia, Ill., one of the Van Nortwick plants, on the 2d. In Nebraska, on account of continued wet weather, the farmers are util. izing part of their immense corn crop for fuel, for fear itmay spoil. The market price is only nine cents a bushel. The Citizens' national bank of Fargo, N. D., has been taken possession of by a national bank examiner. In a decision rendered on the 2d Judge Gibbons, of Chicago, held that the section of the Illinois statutes of 1895 relating to indeterminate sentences to the penitentiaries and reformatories of the state was unconstitutional and therefore void. Almost without exception the oat. meal mills in the United States have entered into an agreement to regulate the output and prices of oatmeal. rolled oats and other breakfast cereals. A freight train on the Missouri Pacific railroad ran into a landslide near Holden, Mo., on the 3d. The locomotive tumbled over an embankment and three of the crew were killed. The most extensive fire, both in area and financial loss,® that Nashville, Tenn., ever experienced occurred in the public square on the night of the 2d. The public market and 16 business houses were burned. The market covers a block and a half of ground. Loss $600,000; insurance $300,000. Henry Husted, cashier of the Union County national bank, committed suicide at Liberty, Ind., on the 2d by hanging. Mr. Husted was 67 years of age. No motive can be assigned for self-destruction.

6. January 7, 1897 Jamestown Weekly Alert Jamestown, ND
Article from Jamestown Weekly Alert, January 7, 1897

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Chizen's National Bank. The Citizens National bank at Fargo eed down Saturday afternoon and nk Examiner Anheir took charge. ere was no run and no embarraesment the other Fargo banks. It 18 said suspension will be but temporary. esident H. F. Miller is in the east. cashier is C. C. Schuyler. Martin ector is vice president. Directors are P. Lough, Max Stern, W. B. Doug38, Geo. V. Smith, J. F. Schoeninger Hector. Capital paid in $100,000, rplus $35,000. The bank had a hard to pull through several years ago. be other banks organized a clearing use and to protect themselves and hers ecided to pay no time certificates itil they matured. a wise precaution. The directore of the Union National ak at Grand Forksamong them Judge o:liee, have publicly assured depositore the bank has su fficient t cash resources pay alliite deposits due on demand. action was taken since the closing the Second National bank of that ts.

7. January 7, 1897 The Butler Weekly Times Butler, MO
Article from The Butler Weekly Times, January 7, 1897

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The Citizens National Bank of Fargo, North Dakota, and the White Hall Savings bank of White Hill, Mich., suspended Saturday.

8. January 8, 1897 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, January 8, 1897

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Receivers for National Banks. WASHINGTON, Jan. 7.-The comptroller of the currency has appointed Bank Examiner Blancing temporary receiver of the First National bank of Sioux City and Examiner Anheir receiver of the Citizens' National bank of Fargo, N. D. Bank Examiner Turilot has been appointed receiver of the Second National bank of Grand Forks, N. D.

9. February 11, 1897 Jamestown Weekly Alert Jamestown, ND
Article from Jamestown Weekly Alert, February 11, 1897

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$258,883 02 In the various suspended banks of the state the treasurer has $65,772.91, as followe: Citizens National bank, Fargo, 847,801 93 30 Grand Forke National bank 9,712 Second National bank, Grand 3,124 95 Forks 2,866 64 First National bank, Minot First National bank, Minot, draft deposited, payment stopped and now in litiga2,267 09 tion Treasurer Nichols says: Each of the above depositories have given bonds to the state of North Dakota for double the amount of deposit, which, in every case is ample security for the amount asked for. I have carefully investigated the bonds of the suspended banks, and am satiefied that the state is well secured and will receive every dollar that is due. SENATE. Among the new bills introduced in the senate yesterday was by Greene: Prescribing duties and obligation of herders. Marshall, providing that pledgee can sell collateral in default. Enger, giving three representatives to sixteenth district, consisting of Steele and Grigge counties. Dunlop, repealing the office of oil inspector. Strom, requiring one-third the available school funds to be invested in farm mortgages. Dunlap, 120 oil test. Haggart, $2,000 for advertising school land leases. House bille passed: Amending the good time law of convicte; allowing witnesses awaiting trials 50 cents 8 day; Twitchel's bail on appeal; Francis' challenges of jurore rec. ommended by judiciary. Little's, counties to pay for transporting conviots and ineane, WAS lost. The one hundrad thousand dollar irrigation memorial was lost. Senate refused to concur in Creel's armory bill. HOUSE. The resolution to investigate the gambling and liquor selling at Bismarck created a good hot debate in the house yesterday. There was bitter opposition to the report, Cole and Hankinson leading. It was alleged by several that there are open violations of the law in Case Richland Weleh and Footer conn.

10. February 19, 1897 Griggs Courier Cooperstown, ND
Article from Griggs Courier, February 19, 1897

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Griggs Co., N. D. Board met pursuant to call this 15th day of January, A. D. 1897. Full board present. The call was read stating the purpose of the meeting. On motion made and unanimously carried the following resolution adopted by the board at the regular meeting Jan. 6th, A. D. 1897, that the Citizens National and the Red liver Valley National Banks of Fargo, Le designated as county depositories and the county treasurer required to divide deposits equally between the banks, be re-considered. Moved and seconded that the Red River Valley National Bank of Fargo be the sole county depository for the county at the present time. Carried. Moved and seconded that the states attorney be directed to go to Fargo to inquire into the sufficiency of all bonds and all other matters learing on interests of the county of Gliggs in the suspension of the Citizens National Bank of Fargo, and also to ask the Red River Valley National Bank to give a new bond in the sum of $30,000, and to be ready to report to this board Feb. 13th, 1897. Carried. On motion the bond of Andrew Sinclair as superintendent of schools was approved. On motion board adjourned special session till February 13th, A. D. 1397. P. A. MELGARD, County Auditor.

11. June 8, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, June 8, 1897

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Stockholders Assessed. WASHINGTON, June 7.-Comptroller Eckels has ordered an assessment on the stockholders of the Citizens' National Bank of Fargo. N. D., of 100 per cent. This will enable Receiver Anbeier to pay all approved claims and also other expenses incidental to winding up the affairs of the bank.

12. June 10, 1897 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, June 10, 1897

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Assessed the Stockholders. W ASHINGTON. June 9. -Comptroller Eckels has ordered an assessment on the stockholders of the Citizens' National bank of Fargo, N. D., of 100 per cent. This will enable Receiver Anheier to pay all approved claims and also other expenses incidental to winding up the affairs of the bank.

13. October 30, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, October 30, 1897

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Cash for Bank Creditors. Special to the Globe. FARGO, N. D., Oct. 29.-Checks were received this morning from the comptroller of the currency for payment of the 20 per cent dividend recently declared in favor of creditors of the Citizens' National bank. Receiver Anheiner will distribute the funds at once.

14. November 1, 1897 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, November 1, 1897

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Cash for Bank Creditors. FARGO, N. D., Nov. 1.-Checks were received during the morning from the comptroller of the currency for payment of the 20 per cent dividend recently declared in favor of creditors of the Citizens National bank. Receiver Anheiner will distribute the funds at once.

15. December 25, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, December 25, 1897

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Verdict for Sabin. FARGO, N. D., Dec. 24.-In the case of Sabin vs. C. H. Anheler, receiver of the Citizens' National bank, the jury was directed last night on special findings and this morning brought in a verdict that the bank was insolvent prior to closing by the examiner Jan. 2, and that the officers knew of its insolvency. Suit was brought to recover $800, and, of course, the court will order a verdict for Sabin. Othe suits are likely to be instituted.

16. November 4, 1899 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, November 4, 1899

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Fourth Dividend for Creditors. Receiver Anheier of the Citizens' National bank of Fargo has received checks for a 15 per cent dividend. This is the fourth and makes a total of 55 per cent.

17. November 4, 1899 The Washburn Leader Washburn, ND
Article from The Washburn Leader, November 4, 1899

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One More Dividend. Fargo, N. D.. Oct. 31.-Receiver Anheier, of the Citizens' National bank, has received checks for a 15 per cent dividend. This is the fourth and makes a total of 55 per cent.

18. January 28, 1904 Courier Democrat Langdon, ND
Article from Courier Democrat, January 28, 1904

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Bondsmen of Bank Are Protected. In a suit by the state against the bondsmen of the Citizens' National bank of Fargo to recover for state funds deposited there, the defendants set up the statute of limitations, as the bank failed six years ago. The state claimed that the statute did not apply as the last payment was made just prior to the discharge of the receiver about a year ago. It was claimed suit could not be brought prior to that time. as it could not be known how much was still due. The receivership paid about 50 cents on the dollar. Judge Pollock held that the statute applied and dismissed the action. An appeal will be taken.

19. January 30, 1904 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, January 30, 1904

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Bondsmen of Bank Are Protected. In a suit by the state against the bondsmen of the Citizens' National bank of Fargo to recover for state funds deposited there, the defendants set up the statute of limitations, as the bank failed six years ago. The state claimed that the statute did not apply as the last payment was made just prior to the discharge of the receiver about a year ago. It was claimed suit could not be brought prior to that time. as it could not be known how much was still due. The receivership paid about 50 cents on the dollar. Judge Pollock held that the statute ap. plied and dismissed the action. An appeal will be taken.

20. July 23, 1904 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, July 23, 1904

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# NORTH DAKOTA FARGO, N. D.-Some years ago the Citizens' National bank of this city failed. and, after the discharge of the receiver, there was still $7,000 due the county, which had deposited funds in the bank. Martin Hector, now president of a bank in this city, was among the bondsmen, and he has sent to the commissioners his share of the amount due the county, stating that he recognized his moral responsibility in the premises and wanted to have a clear record.