First State Bank (Killdeer, ND)

Episode Information

Episode UID
3877511891451
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
387751189 hash
Start Date
November 22, 1920
Location
Killdeer, North Dakota (47.372, -102.754)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e5ab24868a3f163a

Response Measures

None

Description

Bank suspended in Nov 1920 due to low reserves from poor crops and reopened in Dec 1920; later receivership actions appear in 1922.

Events (3)
1. November 22, 1920 Suspension
Cause
Local Shock
Cause Details
Low reserves driven by failed crops, depreciated collateral and farmers withholding grain sales.
Newspaper Excerpt
They are the First State bank of Killdeer, Dunn county...closed because the reserves were below the required amount.
Source
newspapers
2. December 13, 1920 Reopening
Newspaper Excerpt
KILLDEER STATE BANK TO REOPEN...Present officers of the bank are said to be pledging sufficient funds to enable the bank to reopen.
Source
newspapers
3. November 17, 1922 Receivership
Newspaper Excerpt
C. J. Kunz, receiver of the First State Bank of Killdeer, vs. Farmers' and Merchants State Bank of New Salem...
Source
newspapers

Newspaper Articles (8)
1. November 22, 1920 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, November 22, 1920

Click image to open full size in new tab

Article Text

LOCAL FAILURES OF CROPS CAUSE BANK CLOSINGS No Cause For Alarm, Initiated Laws Not to Blame, Says Cathro (Special to The Herald) Bismarck, N. D., Nov. 22.-If North Dakota could sell all her grain at 1919 prices she could pay all mortgages in the state five and one-half times over, declared F. W. Cathro. director General of the Bank of North Dakota, today in commenting on the situation which has resulted in the closing of some banks m the state. The state as a whole is in excellent condition and the closing of banks in isolated communities where the crops have failed and the farmers have not sold their wheat does not affect the general situation, he said. Two more banks closed their doors today the examiner was advised by telephone, making a total of eight. They are the First State bank of Killdeer, Dunn county, of which Robert Willon is president, and the Security State bank of Columbus, Burke county, in the northwestern part of the state. No details were transmitted in the message, While none of the banks which have closed have re-opened as yet, the examiner says there is a strong probability that some will. The two banks which closed today were closed because the reserves were below the required amount. the examiner said. An examination is being made. Conditions which have caused the closing of some banks has nothing to do with the initiated law regarding the withdrawal of public deposits from the Bank of North Dakota after December 2. according to Mr. Cathro, although he says if the deposits are withdrawn some banks will be affected. Taking an optimistic view of the situation as a whole Mr. Cathro asserted that the resources of the state as a whole are so great that isolated failures cannot affect the general situation. He condemned all panic talk.

2. November 23, 1920 The New York Herald New York, NY
Article from The New York Herald, November 23, 1920

Click image to open full size in new tab

Article Text

GOLDFIELD. 2 1 2 Great Bend.. Atlanta .... 1 * 5 Jumbo Ext.. 5 Booth 4 1 Kewanas 1 3 C o D IS 3 3 Lone Star... Comb Frac. 2 3 3 Red Hills F. 2 Cracker Jack 2 5 7 12 Silver Pick.. Flor Gold... 10 9 4 Spearhead 2 Gold Cons... 7 MISCELLANEOUS. 1.50 12 Roch Mines 1.40 Amparo 7 16 San Toy 5 Ariz United. 14 30 12 ..... 20 14 Tecopa Eden 2 1 Unit Amalg Mayflower... 1 2 9 White Caps. 7 Nov Hills... 1 17 2 W Caps Ext. 1 Nev Wonder 15 4 17 Yerington ... 3 Round Mt.. 15 2 NORTH DAKOTA BANKS CLOSE Low Reserve Causes Eight Institutions to Suspend in Week. BISMARCK, N. D., Nov. 22. - Two more North Dakota banks closed today. O. E. Lofthus, State Bank Examiner, announced to-day. They are the First State Bank of Kildeer and the Securities State Bank of Columbus. Mr. Lofthus said his advices indicated that the banks closed because their reserves were below the required amount. This makes eight banks that have closed in this State in the last week for the same reason.

3. November 24, 1920 Every Evening, Wilmington Daily Commercial Wilmington, DE
Article from Every Evening, Wilmington Daily Commercial, November 24, 1920

Click image to open full size in new tab

Article Text

NORTH DAKOTA BANKS CLOSE. Depreciated Collateral and Wheat Situmtion Given AH Reasons. Fargo, N. D. Nov. 24. - Nine banks have been closed in North Dakota during the last ten days as R esult of the "whent strike," three of the group of banks affected being closed yesterday. Depreciated collateral values, coupled with the refusal of the farmers to sell their grain or stock at existing prices, are the elements that have combined to force the suspension of business on the part of the banks. The three that closed their doore today are the First State Bank of Kill Deer, the Security State Bank of Columbus and the Farmers' State Bank of Bolfield. Prior to today the following banks had been closed: Bantry Bank at Bantry, Beach State at Bech, Security State Bank at New England, Farmers' State Bank at Havelock, the Tolley State Bank at Tolley and the First State Bank at Greene.

4. December 11, 1920 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, December 11, 1920

Click image to open full size in new tab

Article Text

PLANS UNDER WAY FOR REOPENING OF BANK OF KILLDEER Bismarck. N. D., Dec. 11.-Plans are under way that will insure the reopening of the First State bank of Killdeer, N. D., according to a statement today by O. E. Lofthus, state examiner. He says stockholders of the bank are pledging sufficient funds to accomplish this object. Mr. Lofthus said today that it was likely that the affairs of the Security State bank of New England would be liquidated. Arthur L. Young, deputy state treasurer, was today announced as receiver for the bank,

5. December 13, 1920 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, December 13, 1920

Click image to open full size in new tab

Article Text

KILLDEER STATE BANK TO REOPEN Bismarck. N. D.. Dec. 13.-Plans are under way which will assure, the reopening of the First State bank of Killdeer, according to word received from that city today. Present officers of the bank are said to be pledging sufficient funds to enable the bank to reopen. The Security State bank of New England will be liquidated. it is expected. Arthur Young, deputy state treasurer, has been named receiver of the institution and has taken charge. Several men from middle western states with banking experience have been here in the last few days, announcing their intention of purchasing banking interests. They were attracted in the belief that with a few thousand dollars of cash they could find attractive banking propositions. Herald Want Ads Bring Results.

6. September 26, 1922 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, September 26, 1922

Click image to open full size in new tab

Article Text

# SUPREME COURT # SCHEDULE HEAVY Most Cases to be Heard in October of Commercial Nature. Bismarck, N. D., Sept. 26.--Thirty-one cases for hearing will face the North Dakota supreme court when it opens its October term one week hence. Beginning October 3 hearings will include October 6 with one day's hearings on October 10. The docket has practically none of North Dakota's political cases, being initiated by cases of the Central Metropoplitan bank against the American State bank of Burlington and Jourgen Olson and against the Farmers' State bank of Sanish and Olson. A large number of commercial cases are listed. The October docket follows: Tuesday, October 3. No. 4385- Central Metropolitan bank vs. the American State bank of Burlington and Jourgen Olson. From Ward county. No. 4384- Central Metropolitan bank vs. Farmers' State bank of Sanish and Jourgen Olson. From Ward county. No. 4378-Ole Nesvold and Hulda Nesvold vs. W. J. Gording. From Ward county. No. 4377-Allen W. Odell vs. Henry Hiney. From Ward county. No. 4351- The State of North Dakota vs. Arthur G. Weber. From Bottineau county. Wednesday, October 4. No. 4394-State of North Dakota vs. Ira Kelsey. From Sargent county. No. 4392-Katherine Mason vs. Fred Underwood. From Ransom county. No. 4390-Rudolph Rohlik vs. Farmers' Insurance company. From Stark county. No. 4391-E. R. Sinkler vs. Gurly Sinkler. From Ward county. Thursday, October 5. No. 4390-W. G. Mead vs. Herman Bockorny and Mike Kukk. From Adams county. No. 4382-A. Stonehouse and E. Stonehouse vs. George Smith. From Grand Forks county. No. 4383.-Fred W. Sheffield vs. Stone-Ordean-Wells company. From Cass county. No. 4386-P. B. Neff and Edward Bailey vs. William H. Schrader. From Dickey county. Friday, October 6. No. 4379 Grandin Investment company vs. Nicholas Hartung and T. N. Hartung. From Stark county. No. 4347- The State of North Dakota vs. J. W. Pauley and Pearlie Pauley. From Burleigh county. No. 4388-Emil Harth vs. St. Paul Cattle Loan company. From Logan county. No. 4389-Martin Paulson vs. S. E. Hammond. From Richland county. Tuesday, October 10. No. 4395- William J. Carroll vs. New York Life Insurance Co. From Ward county. No. 4393-Frank O. Hellstrom and Clifford R. Norton vs. J. L. Price and E. D. Smith. No. 4376-Ben Bleeker vs. G. J. Johnson and P. Z. Mowry. From Burleigh county. No. 4355-C. J. Kunz, receiver of the First State bank of Killdeer vs. Farmers' and Merchants' State bank of New Salem and H. H. Ellsworth. From Dunn county.

7. November 2, 1922 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, November 2, 1922

Click image to open full size in new tab

Article Text

pany, a corporation. Morton county. No. 4426-A. E. Anderson vs. S. J. Weber company, a partnership. Cass county. No. 4406-The Dakota Live Stock and Investment company, a corporation, vs. K. C. Bishop, E. M. Bishop and C. B. Palmer. Sioux county. No. 4380-W. G. Mead vs. Herman Bockorny and Mike Kukk. Adams county. Wednesday, November 18. No. 4419-Anneta I. E. Erickson vs. Elna Tepp, nee Larson, et al. Burleigh county. No. 4404-Company A, First Regiment North Dakota National Guard Training School, a corporation, vs. Edmund A. Hughes. Burleigh county. No. 4425-Dixon Reo company, a corporation, vs. Horton Motor company, a corporation, Grand Forks county. 4434-First National Bank of Turtle Lake vs. Bovey, Shute & Jackson, Inc., a corporation. McLean county. Tuesday, November 16. No. 4410-The State of North Dakota vs. Ed. E. Dufek and James R. Smith, and Harry B. Dunbar. (Re: Contempt of Harry B. Dunbar). No. 4899-State of North Dakota vs. John Bloom, George M. Hogue, and Lee C. Pettibone. Cass county. No. 4413-Nick Stoffel and Peter Stoffel vs. J. S. Sullivan and J. W. Johnson. Ransom county. No. 4417-Peter Ohlquist vs. A. F. Turner, sheriff of Grand Forks county, North Dakota. Grand Forks county. Friday, November 17. No. 4355-C. J. Kunz, receiver of the First State Bank of Killdeer, vs. Farmers' and Merchants State Bank of New Salem and H. H. Ellsworth and Farmers' and Merchants' State Bank of New Salem. Dunn county. No. 4427-C. J. Kunz, receiver of the First State Bank of Killdeer, vs. Gunder Olson and Fred Oberg, defendants, and Gunder Olson, appellant.

8. November 14, 1922 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, November 14, 1922

Click image to open full size in new tab

Article Text

DEFENDS SALE OF BANK ASSETS Examiner Thinks New Plan of Handling Closed Bank Business Is Good. Bismarck, N. D., Nov. 14.-Defense of the policy now being pursued by the state banking board of selling the assets of closed banks in the state en bloc if good bids are received, was made today by Gilbert Semingson, state examiner. Asserting that Governor Nestos had nothing to do with the proposal of the board to sell the assets of 19 closed banks here Wednesday, Mr. Semingson said the action was taken upon the recommendation of those who are liable for payment of the ank deposits under the guaranty und law. Receiverships: cannot be continued with profit indefinitely, he asserted. Explaining the action ,he said that the guaranty fund commission, of which the appointive members are M. R. Porter of Minot, S. G. Severtson of Bismarck and C. B. McMillan of Hannah, all bankers, had recommended that the sale of assets be made. The action, he said, also was approved by a committee of the state bankers' association. Since the bankers must bear the brunt of any losses incurred it is not probable that they would have embarked on a policy to injure themselves, he asserted. Wish to Complete Work. It is the plan of the guaranty fund commission to clean up the affairs. of closed banks as quickly as possible, the state examiner declared, in order that money may be realized with which to reimburse depositors. He declares that sales of closed bank assets previously made had been approved by the bankers' committee. The commission has endeavored to secure the reopening of banks and where they fail they will close up the affairs of the banks, he said. The First State Bank of Killdeer, which reopened last week, is the 24th North Dakota bank to reopen after having been closed. Bids will be received and considered Wednesday for the purchase of assets of 19 closed banks.