National Bank of North Dakota (Fargo, ND)

Episode Information

Episode UID
425601121
Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
42560 national
Charter Number
4256
Start Date
May 29, 1893
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
fc467308c2c5d4af

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1893-06-06
Date receivership terminated
1895-09-16
OCC cause of failure
Fraud
Share of assets assessed as good
6.2%
Share of assets assessed as doubtful
92.8%
Share of assets assessed as worthless
1.0%

Description

Closure ordered by the Comptroller; receiver appointed June 6, 1893. Some articles show minor date/OCR variations (May 9 vs. May 29).

Events (4)

1. March 12, 1890 Chartered
Source
historical_nic
2. May 29, 1893 Suspension
Cause
Government Action
Cause Details
Closed by order of the Comptroller of the Currency/National Bank Examiner due to repeated violations of law, insolvency and inability to realize on securities.
Newspaper Excerpt
the National Bank of North Dakota, of which E. A. Mears is President, was closed to-day by the National Bank Examiner, under orders from the Comptroller of Currency.
Source
newspapers
3. June 6, 1893 Receivership
Source
historical_nic
4. June 6, 1893 Receivership
Newspaper Excerpt
John D. Benton, of Fargo, was today appointed receiver of the National Bank of North Dakota, at Fargo.
Source
newspapers

Newspaper Articles (20)

Article from The Record-Union, May 30, 1893

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BUSINESS SUSPENDED. Two Banks at Fargo, North Dakota, Closed. FARGO (N. D.), May 9.-The National Bank of North Dakota, of which E. A. Mears is President, was closed to-day by the National Bank Examiner, under orders from the Comptroller of Currency. The First National Bank of Lakota was also closed. The examiner will give out no statement of the assets or liabilities. Cashier Mears announces that the total indebtedness does not exceed $60,000, with assets of five times the amount. The bank officers state that the cause of the trouble is the large loan business and the fact that it is impossible at present to realize upon the securities. Individual deposits at the time of the last statement, May 4th, were only $3,243; demand certiticates, $4,452; time certificates, $14,229; national bank notes outstanding, $45,000; notes and bills rediscounted, $22,114, and bills payable, $16,000. At that time the bank only had as cash on hand $440 in legal tender notes and $49 in fractional currency. The statement was not published in any of the daily papers, but in the Weekly Republican, so few people saw it. Among the resources given were loans and discounts, $184,373; United States bonds, $30,000; stock and securities, $46,769; banking house and furniture, $5,451; real estate and mortgages owned, $34,999. The closing of the bank will have no effect upon the business of the city or county. It was merely a clearing house for a system of loan agencies. It had no depositors to speak of in this city or State, and what little money was there will undoubtedly be paid in full.


Article from The Helena Independent, May 30, 1893

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IN THE FAMILY. The Way in Which the Mears Family Or. gauised Banka WASHINGTON, May 29.-The National Bank of North Dakote, as Fargo. N. D., and the First National band of Lakota, as Lakota. N. D., were closed to-day on orders issued by the comptroller of the currency. Both were organized by E. Ashley Mears, who was also organizer of other national banks and many state banks and other institutions. His plan. sayn the comptroller, appears to have been to make loans to various institutions subscribing to the stock of the two national banks in amounts which, in some cases, exceeded the amount of stock subscribed to by them. The management of Faigo bank was ostensibly conducted by n board of five directors, consisting most of the time of E. Ashley Mears, Mrs. W. B. Mears, Mrs. D. C. Meais and Miss L. D. Mears, respectively wife, mother and sister of the president, and one other director who was not a member of the Mears family. This bank owes the treasurer of she United States about $14,000 for moneys expended br the treasurer in the redemption of circuiating notes of the bank coming into the treasury for redemption, and for which the bank has failed to reimburse the treasurer. The comptroller says he ordered Examiners Brush and Diamond to close these banks because of reveated violations of law on the part of the management and refusal of assossments, thereby producing a condition rendering them insolvent and dangerous as banks of deposit. OTTUMWA. Iowa, May 29. Wells & Garretson, private bankers at Fairfield. suspended payment to await the result of collection. Their total liabilities are about $50,000 and $80,000. The senior member of the firm is C. A. Garretson, a millionaire, formerly of Musoatine and Bioux City. and now of San Diego, Cal. He has no immediate part in the management. Wells saye they will probably resume payment as soon as reply can be had from Garretson, or sooner. if collections can be made on matured paper in the bank. CHICAGO, May 29.-An assignment was filed in the cours this morning by Weaver, Gaetso & Co., one of the largest coal dealing firms in the city. The liabilities are scheduled at $250,000. and the assets $200,000.


Article from The Portland Daily Press, May 31, 1893

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We observe that the National Bank of North Dakota, located at Fargo, and the First National Bank of Lakota, of Lakota, N. D., have both been closed by the Comptroller of the Currency. These banks were both run by E. A. Mears. For some years past Mears has sent circulars east giving a very roseate view of his institutions and soliciting investments. Mears seems to have been the Dwiggins of North Dakota. A lot of little bank were established by him in various parts of that state, Eastern men having been induced to take stock in them by the promise of 12 per cent interest. Since 1891, however, no dividend has been paid. None of these banks had over $30,000 or $40,000 on deposit, and the most of them not so much.


Article from The Irish Standard, June 3, 1893

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MINOR NEWS ITEMS. For the Week Ending May 31. The cholera has again appeared in Hamburg. The business portions of Standish, Mich., and Newton, Miss., were burned. Mrs. Jane Baumgardner died at West Bridgewater, Pa., aged 107 years. Ex-Congressman Logan H. Roots, of Arkansas, died from congestion of the brain. Floods in the northwestern parishes of Louisiana have made 10,000 persons homeless. A decree expelling the Chinese has been issued by the government of San Salvador. The Bank of Puyallup, at Puyallup, Wash., closed its doors, with liabilities of $80,000. Three children were burned to death at the home of Samuel Skiles near Pittsburgh, Pa. A permanent bureau is to be opened in New York city by the national republican committee. Large numbers of Mohammedans are said to be preparing to emigrate from India to America. postmaster Hope, Corrial Kniffin. who of shot Ark., was slain by tramps him from ambush. Cililio Lucero was lynched at Las Vegas, N. M., for the murder of a sheepowner and his herder. Scrip to the value of $107,000 was found in an unclaimed valise which had been sold in Montreal. A. B. Moore, who killed his wife's paramour, Henry Reynolds, was acquitted at Grand Rapids, Mich. The St. Paul road is reducing its forces, 4,000 men having been discharged within a few days. in the levee north sas Ark. put a large A City, break of portion Arkan- of Desha county under water. A. Beck's planing box C. mill damaged and to factory at Milwaukee was the extent of $90,000 by fire. The Big Stone Gap Land company of Tennessee, capitalized at $2,000,000, has been forced into liquidation. Members of the Presbyterian assemare bly indignant because yacht. President Cleveland spent Sunday on a Chauncey M. Depew was reelected president of the New York society of the Sons of the American Revolution. It was announced that China would terminate all relations with the United States if the Geary law was enforced. The tug John A. MacDonald, which left Kingston, Ont., with a raft for Quebec, was given up as lost with her crew of eight men. The national bank of North Dakota at Fargo was closed by the examiner, and the bank at Beresford, S. D., closed its doors. It was reported that 5,000 residents of Pasto, Ecuador, were suffering from influenza and that fully one-fourth of the cases proved fatal. southwestern Arkansas a In of cyclone houses blew down a large number and at Hope seven persons were injured, two fatally. Milburn, aged 30, son of the blind of the F. H. chaplain with United States in senate, cut his throat a razor Chicago while despondent. Jacob Sleeper, of Massachusetts, has been appointed consul general to Colombia, and Dr. W. A. Anderson, of La Crosse, Wis, to Montreal. Purcell Thomas, an aeronaut, attempt to descend from the Parade house roof at Buffalo with the aid of an umbrella and was instantly killed. Warrants have been issued for several dishonest world's fair gate keepers. to 10,000 souvenir From 5,000 purloined daily. tickets are said to have been Blanche Weber, of the $1,000 piano in won Miss the Wyaconda, annaal piano contest at Hardin college, Mexico, Mo. There were fifteen contestants. The blooming mill. engine room and boiler house of the Lackawanna steel decompany at Scranton, Pa.. were stroyed by fire, the loss being $125,000. Curtis Purdue, treasurer of the East Liverpool (O.) lodge of the Knights of Maccabees, has disappeared, together with all the funds of the order, amounting to several hundred doilars. A panic in a crowded church at Garmersheim, Bavaria, was caused by a cry of fire and four children were trampled to death and twenty-seven women received fatal injuries. The heaviest rainfall in years occurred throughout Tennessee. Missis Arkansas and Louisiana and the was flooded sippi, whole country and incalculable damage was done to planters. A Private Bank Fails. BLOOMINGTON, Ind., May 30.-The litof Ellettsville was Monday by the tle town morning failure surprised of the Worley bank at Ellettsville, a private


Article from Evening Journal, June 7, 1893

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RECEIVER FOR FARGO BANK. John D. Benton, of Fargo, Appointed This Morning. WASHINGTON, June 7.-John D. Benton, of Fargo, has been appointed receiver of the failed National Bank of North Dakota, at Fargo, N. D.


Article from Evening Star, June 7, 1893

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Bank Receiver in Dakota. John D. Benton of Fargo has been appointed receiver of the failed National Bank of North Dakota at Fargo, N. D.


Article from St. Paul Daily Globe, June 7, 1893

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Benton as Receiver. WASHINGTON, June 6.-John D. Benton, of Fargo, was today appointed receiver of the National Bank of North Dakota, at Fargo.


Article from The Advocate and Topeka Tribune, June 7, 1893

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OUR PROSPERITY COLUMN. FOSTORIA, O., May 29.-Saturday night the N. Ports Hardware Company, in which ex-Governor Foster is interested, made an assignment and Port's farm in the oil region was attached. BROWNWOOD, TEX., May 27.-The First National bank of this city has suspended and 8 receiver will be appointed. The amount of assets and liabilities is not given. It is said by the directors that the depositors will be paid in full, but the stockholders will lose all. KANSAS CITY, May 29.-The Farmers' & "Merchants' Lumber Company yards at Kansas City, Kas., was seized to-day by George L. Chapman, 8 capitalist of Pittsburg, Pa., under a chattel mortgage. The mortgage under which the seizure was made was executed several months since, when S. B. Baker, a wealthy lumber dealer of Chicago, who owns the yards, borrowed $100,000 from Chapman, executed his note for the amount secured by the yards here and also some valuable realty in Chicago. The seizure was prefaced on Sunday morning, when S. Baker executed a mortgage on property in Kansas City, Kas., and in various other parts of the state in favor of the National bank of Chicago, to secure the payment of certain obligations due and soon to be due the bank. OTTUMWA, IA., May 29.-Wells & Garretson, private bankers at Fairfield, have suspended payment to await the result of collections. The deposits are small and the suspension was not unexpected. The liabilities are $50,000; assets over $80,000. CINCINNATI, May 29,-A. Steinon, a prominent jeweler, has assigned to Albert Mac. Assets, $65,000; liabilities, $72,000. MACON, Mo., May 29.-The Loomis Coal Company, of Bevier, Mo., went into the hands of a receiver this afternoon. A correct statement of the affairs of the concern have not been given out, but it is known the assets will amount to $300,000, and that the liabilities will exceed that amount. CHICAGO,May -Unable to get financia 1 help from local banks, Weaver, Getz & Co., coal dealers, with headquarters at 217 and 219 Dearborn street, have been driven to a temporary suspension, Their liabilities, consisting principally of indebtedness for coal throughout Ohio, Indiana and Illinois, will reach $300,000 it is said. WASHINGTON, May 29.-The National bank of North Dakota, Fargo, N. D, and the First National bank of Lacota, at Lacota, N. D., were closed to-day by orders issued by Mr. Eckels, comptroller of currency. Both these banks were organized by E. A. Ashley Mears, who is also the organizer of other national banks and of many state banks and other institutions. His plan, says the comptroller, appears to have been to make loans to various institutions, subscribing to the stocks of the two national banks in amounts which in some cases exceeded the amount of the stock sub. scribed to by them. The management of the Fargo bank was ostensibly conducted by 8 board of five directors, consisting most of the time of E. Ashley Mears and wife, mother and sister of


Article from The Worthington Advance, June 8, 1893

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WEST AND SOUTH. WEAVER, GETZ & Co., one of the largest and most important firms in the coal business in Chicago, suspended with liabilities of $500,000. AT Roanoke, Ind., Christian Haberkus, ag41 72, while temporarily insane killed his wife, aged 70, and then took his own life. WHILE walking on the Central railroad near Milner, Ga., Rev. William Graham and wife were struck by an engine and both were killed. ON the Lake Shore and New York Central roads the fast train service was successfully inaugurated. The "exposition flyer," west bound, reached Chicago in 19 hours and 57 minutes, three minutes ahead of time, while that going east arrived in New York thirty seconds in advance. LOGAN H. ROOTS, a member of the Fortieth and Forty-first congresses, died from congestion of the brain at his home in Little Rock, Ark., aged 52 years. FLAMES destroyed the business por tions of Standish, Mich., and Newton, Miss. A CYCLONE in southwestern Arkansas destroyed a large number of houses and at Hope seven persons were injured, two fatally. IN Tennessee the Big Stone Gap Land company, capitalized at $2,000,000, has been forced into liquidation. THE creditors of ex-Gov. Foster in Cincinnati have ageed to accept fifty cents on the dollar. THE national bank of North Dakota at Fargo and the bank at Beresford, S. D., closed their doors. IN a collision between suburban trains at Austin, Tex., two persons were killed and ten injured. ON the world's fair grounds Montana's statue of Justice, made of silver worth $75,000, and standing on a gold pedestal valued at $200,000, was unveiled. AT South Upatoc, Ga., a cyclone wrecked several houses, destroyed plantations and killed Mrs. George Parker and her daughter. THE Capital national bank at Indianapolis has been given permission to resume business, but the request of the Chemical bank of Chicago to resume has been refused. JAKE GAUDAUR, of Canada, and James Stansbury, of Australia, will row for the championship of the world August 17 at Pullman, Ill. THE men discharged at Davenport, Ia., from the Rock Island & Pacific railroad for visiting saloons while on duty will not be reinstated. MUTHLEISEN & Co., wholesale lumber dealers at St. Joseph, Mo., failed for $150,000. THE town of Rosedale, Miss., was destroyed by a cyclone and five persons were killed and many hurt. AT Jefferson Springs, Ark., John Wallace (colored) was lynched by a mob of his own race. He had assaulted Ida Warren, a 9-year-old colored girl. A LARGE colony of Mohammedans will settle in Georgia. They have, through an agent, secured 25,000 acres of land in that state and the option upon as much more.


Article from Warren Sheaf, June 8, 1893

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WEST AND SOUTH. WEAVER, GETZ & Co., one of the largest and most important firms in the coal business in Chicago, suspended with liabilities of $500,000. AT Roanoke, Ind., Christian Haberkus, ag41 72, while temporarily insane killed his wife, aged 70, and then took his own life. WHILE walking on the Central railroad near Milner, Ga., Rev. William Graham and wife were struck by an engine and both were killed. ON the Lake Shore and New York Central roads the fast train service was successfully inaugurated. The "exposition flyer," west bound, reached Chicago in 19 hours and 57 minutes, three minutes ahead of time, while that going east arrived in New York thirty seconds in advance. LOGAN H. ROOTS, a member of the Fortieth and Forty-first congresses, died from congestion of the brain at his home in Little Rock, Ark., aged 52 years. FLAMES destroyed the business por tions of Standish, Mich., and Newton, Miss. A CYCLONE in southwestern Arkansas destroyed a large number of houses and at Hope seven persons were injured, two fatally. IN Tennessee the Big Stone Gap Land company, capitalized at $2,000,000, has been forced into liquidation. THE creditors of ex-Gov. Foster in Cincinnati have ageed to accept fifty cents on the dollar. THE national bank of North Dakota at Fargo and the bank at Beresford, S. D., closed their doors, IN a collision between suburban trains at Austin, Tex., two persons were killed and ten injured. ON the world's fair grounds Montana's statue of Justice, made of silver worth $75,000, and standing on a gold pedestal valued at $200,000, was unveiled. AT South Upatoc, Ga., a cyclone wrecked several houses, destroyed plantations and killed Mrs. George Parker and her daughter. THE Capital national bank at Indianapolis has been given permission to resume business, but the request of the Chemical bank of Chicago to resume has been refused. JAKE GAUDAUR, of Canada, and James Stansbury, of Australia, will row for the championship of the world August 17 at Pullman, III. THE men discharged at Davenport, Ia., from the Rock Island & Pacific railroad for visiting saloons while on duty will not be reinstated. MUTHLEISEN & Co., wholesale lumber dealers at St. Joseph, Mo., failed for $150,000. THE town of Rosedale, Miss., was destroyed by a cyclone and five persons were killed and many hurt. AT Jefferson Springs, Ark., John Wallace (colored) was lynched by a mob of his own race. He had assaulted Ida Warren, a 9-year-old colored girl. A LARGE colony of Mohammedans will settle in Georgia. They have, through an agent, secured 25,000 acres of land in that state and the option upon as much more.


Article from Bismarck Weekly Tribune, June 23, 1893

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As a blood purifier, the most eminent physicians prescribe Ayer's Sarsaparilla. It is the most powerful combination of vegetable alteratives ever offered to the public. As a spring and family medicine, it may be freely used by old and young alike. THERE have been four escapes from Sing Sing within the past two months, and at latest reports prisoners were still busily getting away. Wauted A capable woman to cook, wash and keep house on a ranch. Wages, $20 per month. Address, A. B. Tribue Office. JOHN D. BENTON has filed his bond for $50,000 as receiver for the National Bank of North Dakota, at Fargo, and assumed possession.


Article from The Madison Daily Leader, November 15, 1893

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Mears Can Not Resume. W ASHINGTON, Nov, 15.-The fact that the citizens of Fargo, N. D., are about to petition Controller Eckels to allow that Napoleon of finance, E. Ashley Mears, to reopen the National Bank of North Dakota does not produce the shadow of relenting on the part of that official. He adheres rigidly to his previous and oft-expressed determination that E. Ashley Mears can not run a national bank at Fargo or anywhere else as long as James H. Eckels is controller of the currency.


Article from The Sauk Centre Herald, November 16, 1893

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Mears Can Not Resume. WASHINGTON, Nov. 15.-The fact that the citizens of Fargo, N. D., are about to petition Controller Eckels to allow that Napoleon of finance, E. Ashley Mears, to reopen the National Bank of North Dakota does not produce the shadow of relenting on the part of that official. He adheres rigidly to his previous and oft-expressed determination that E. Ashley Mears can not run a national bank at Fargo or anywhere else as long as James H. Eckels is controller of the currency.


Article from The Washburn Leader, November 25, 1893

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Mears Barred Out. Devils Lake News: The fact that the citizens of Fargo are about to petition Controller Eckels to allow that Napoleon of finance, E. Ashley Mears, to reopen the National Bank of North Dakota. does not produce the shadow of relenting on the part of that official. He adheres rigidly to his previous and oft-expressed determination that E. Ashley Mears cannot run a national bank at Fargo or anywhere else 80 long as James H. Eckles is controllor of the currency. Mr. Eckles said to the Pioneer Press correspondent at Washington, last week : "I have not yet received the petition which I understand has been circulated at Fargo,but I have received a letter from Mr. Mears. He asks me to revoke my former decisston and says that he is afraid that I have been prejudiced against him by ex.parte evidence. I replied that I was most decidedly prejudiced against his business methods and that my opinion was formed by the examination of letters, reports.and other papers which are a part of the official records of my office. No petition can change the facts which these documents present, and I shall not consent to the reopening of this bank if Mr. Mears is to be connected with it in any capacity."


Article from St. Paul Daily Globe, July 6, 1895

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ONE OF MEARS' BANKS. National Bank of North Dakota Reorganizing. Special to the Globe. FARGO, N. D., July 5.-At a meeting of the stockholders of the National Bank of North Dakota, held in Receiver Beaton's office, it was voted to end the receivership and J. A. Hanway, of New York city, was elected agent to hold the assets while the reorganization is perfected. This is one of the E. Ashley Mears concerns, and William B. Mears is mostly instrumental in the reorganization. The gentlemen from New York in the city representing the stockholders of the bank are J. A. Hanway, E. Plummer and George Kitman.


Article from St. Paul Daily Globe, August 28, 1895

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Will Be Reorganized. Special to the Globe. FARGO, N. D., Aug. 27.-Receiver Benton tonight turned over the assets of the National Bank of North Dakota to J. A. Hanway, of New York city, who was appointed agent for the stockholders some months ago. W. B. Mears, son of E. S. Mears, has been in the city some time and had been in constant consultation with Hanway, and it is thought the bank will be reorganized at once. Hanway has rented office rooms and will at once begin proceedings in the reorganization scheme.


Article from The Indianapolis Journal, December 21, 1897

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Bank Shortage of $10,000. FARGO. N. D., Dec. 20.-The final report of J. A. Hanway, stockholders' agent for the National Bank of North Dakota, which was headquarters for the many institutions run in this State by Banker E. Ashley Mears, which has been under consideration before Judge Amidon, of the United States Court, was to-day declared by the court to show a shortage of $10,000. Judge Amidon ordered that this sum. be repaid at once, and appointed D. B. Holt, United States commissioner. as receiver to turn over the assets- to the stockholders. Hanway was later taken in custody on a criminal charge and placed under $5,000 bond. Hanway was formerly a wholesale manufacturer of dry goods in New York.


Article from The Kimball Graphic, December 25, 1897

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HANWAY IS SHORT OVER $10,000 Stockholders' Agent for the National Bank of North Dakota Arrested. Fargo, N. D., Dec. 22.-The final report of J. A. Hanway, stockholders' agent for the National Bank of North Dakota, which was headquarters for the many institutions run in this state by Banker E. Ashley Mears, was submitted yesterday to Judge Amidon of the United States court, who said It showed a shortage of $10,000. He ordered this sum repaid at once, and appointed D .B. Holt, United States commissioner, as receiver to turn over the assets to the stockholders. Mr. Hanway later was taken in custody on a criminal charge and placed under $5,000 bail. Hanway at one time was a wholesale manufacturer of dental goods in New York city.


Article from The Irish Standard, December 25, 1897

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Said to Be Short. Fargo, N. D., Dec. 21.-J. A. Hanway, receiver for the defunet National Bank of North Dakota, was arrested in Fargo on a charge of being short $10,000 in his accounts.


Article from Willmar Tribune, December 28, 1897

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Said to Be Short. Fargo, N. D., Dec. 21.-J. A. Hanway, receiver for the defunct National Bank of North Dakota, was arrested in Fargo on a charge of being short $10,000 in his accounts.