gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
891c333c5ee284aa
Response Measures
Capital injected, Full suspension
Other: Bank was placed in receivership and later reorganized/reopened plans pursued (receiver appointed and dividends paid to creditors).
Receivership Details
Depositor recovery rate
57.9%
Date receivership started
1924-02-15
Date receivership terminated
1933-09-21
OCC cause of failure
Economic conditions
Share of assets assessed as good
33.2%
Share of assets assessed as doubtful
39.0%
Share of assets assessed as worthless
27.9%
Description
Receivership established soon after suspension; later receiver dividends and litigation documented.
Events (5)
1.August 24, 1895Chartered
Source
historical_nic
2.February 9, 1924Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals by depositors triggered by large overdue land and cattle loans and the bank's impaired condition
Newspaper Excerpt
Due to constant withdrawal of funds by depositors ... the Commercial National Bank ... was unable to open for business
Source
newspapers
3.February 9, 1924Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed after constant withdrawals and substantial overdue loans rendered it unable to continue operations
Newspaper Excerpt
was unable to open for business Saturday morning
Source
newspapers
4.February 15, 1924Receivership
Source
historical_nic
5.February 15, 1924Receivership
Newspaper Excerpt
closed its doors in February, 1924 ... W. M. Turner, receiver, who says that the checks are in his hands and ready for payment
Source
newspapers
Newspaper Articles (16)
1.February 11, 1924The Daily IndependentMaysville, KY
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RUN ON LARGE BANK DOORS KEPT CLOSED
Reported To Have Footings of $2,000,000βMember of Federal Reserve.
Helena, Mont., February 10.βDue to constant withdrawal of funds by depositors, and because of heavy land and cattle loans, overdue, the Commercial National Bank, in Miles City, was unable to open for business according to reports confirmed by the Federal Reserve Bank in Helena.
The Commercial National was reported to have had footings of approximately $2,000,000. It was a member of the Federal Reserve banking system, and 90 days ago absorbed the Miles City National Bank.
SITUATION HAS BECOME NORMAL
MILES CITY BUSINESS MEN TAKE SANGUINE VIEW REGARDING FAILURE OF BANK.
Special to The Record-Herald.
MILES CITY, Feb. 13.βFirst flush of the excitement which followed the closing of the Commercial National bank last Saturday morning virtually had been dispelled on Monday morning when local business was found to be going forward as usual, and there is a strong feeling apparent that the Commercial bank is in good condition, and the belief is rapidly extending that the Commercial National will be able to pay out 100 cents on the dollar.
At the First National bank last Monday morning there was the usual Monday morning business, augmented to a considerable extent by new accounts which were opened immediately after the closing of the other bank, while large signs were placed over the various tellers' windows for the information of new patrons who kept coming in during the course of the day.
Confidence in the remaining banking institution, the First National, was freely expressed, and whilst many persons, attracted by hearing of the closing of the Commercial, appeared during the forenoon, there were fewer during the remainder of the day as the first excitement wore off, and in the afternoon another telegram of assurance of support, if needed, was received here from the East by the First National, which denotes a spirit of confidence and willingness to assist, in event such assistance is needed. The First National bank officials expressed pleasure, but said no assistance is being asked of anyone.
The telegram was to George M. Miles, president of the First National bank, and reads as follows:
"Understand Commercial National bank is closed. If we can co-operate in meeting any unusual conditions that may arise, please command us. J. R. Washburn, vice president, Continental and Commercial bank, Chicago." This is one of the largest banking institutions in New York City.
3.February 15, 1924The Glasgow CourierGlasgow, MT
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CONSTANT RUN FATAL TO MILES CITY BANK
Helena.βDue to constant withdrawal of funds by depositors, and because of heavy land and cattle loans overdue, the Commercial National bank in Miles City was unable to open for business Saturday morning, according to report confirmed by the federal reserve bank in Helena.
The Commercial National was reported to have had footings of approximately $2,000,000. It was a member of the federal reserve banking system, and about 90 days ago absorbed the Miles City National bank.
The First National is the only bank now remaining in Miles City, according to report in banking circles here.
4.July 25, 1924The Glasgow CourierGlasgow, MT
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BANKS REOPEN AS BUSINESS REVIVES AND CROPS LOOM
With a bounteous crop in prospect, a business revival in sight and confidence returning to panicky depositors since the epidemic of bank suspensions has past, bankers and business men throughout the state are at work with renewed energy in the reorganization and reopening of many of the unfortunate institutions, says the Montana Banker.
At Havre, the reorganized Security State Bank is to open for business the latter part of July under the name of the Hill County State Bank. The Farmers and Merchants Bank of Winnett has just begun business, succeeding the Winnett State Bank. The committee working on the reorganization of the Commercial National Bank of Miles City announces positively that the program will proceed and that the bank will open in the coming fall. The reorganization of the American Bank and Trust Company of Missoula is proceeding rapidly. A committee has been named to carry on the work and frequent meetings of depositors are being held. Efforts are being made to secure sufficient agreements to enable the First National Bank of Polson to reopen by September 1. A plan for the reopening of the State Bank of Culbertson, whereby the new bank will begin without a penny of borrowed money, has been presented to depositors.
5.September 11, 1925The Terry TribuneTerry, MT
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NOTICE OF SHERIFF'S SALE
In the District Court of the Sixteenth Judicial District of the State Montana, in and for the County of Prairie. Alfred P. Engebretson, Plaintiff, versus Anna Kingsley Murray, CommerNational Bank of Miles City, corporation, and M. Turner, receiver of the Commercial National Bank Miles City, corporation, Defendants. To be sold at Sheriff's sale, on the 25th day of September, 1925, at o'clock of said day the front door of the County Courthouse of Prairie County, Montana, the Town of in Prairie county. Montana, the following scribed property, to-wit: North half Southwest quarter and North half Southeast quarter and North half (NΒ½) of Section One (1) township twelve (12) North of Range (52) East M., in Prairie County Montana, Dated Terry, Montana, this 20th of August, BRAGG.
Sheriff. By Wm. Howard, Undersheriff. Attorney for Glendive,
6.December 1, 1925Great Falls TribuneGreat Falls, MT
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DIVIDEND GOES TO DEPOSITORS AT MILES CITY
Commercial National Bank Receiver Pays Another 10 Per Cent
Special to The Tribune.
Miles City, Nov. 30.βA second dividend of 10 per cent amounting to about $149,000 will be distributed to the creditors of the defunct Commercial National bank of this city, which closed its doors in February, 1924, according to the announcement made by W. M. Turner, receiver, who says that the checks are in his hands and ready for payment upon the presentation of certificates that were issued at the time the claims were approved. In excess of $100,000 were distributed as the first 10 per cent dividend last May, since which time additional claims have been proved to raise the present 10 per cent total to the amount stated.
7.December 1, 1925Miles City StarMiles City, MT
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ANOTHER DIVIDEND PAYMENT ANNOUNC'D
CUSTER COUNTY BANK RECEIVER H. E. HARD ANNOUNCES SECOND DIVIDEND PAYMENT OF TEN PER CENT TO DEPOSITORS AND REDITORS.
Checks for second ten per cent distribution from the assets of the Custer County bank are ready to be delivered at the office of The Bank of Miles City, according to the announcement made here on Monday by H E. Richrad, receiver for the defunct institution The amount involved in the distribution is in the Richard Depositors and creditof the are required to present their claims at This makes the second dividend declared by the bank, the last dividend been distributed something like a year ago. This present announcement together with that made by the receiver of the Commercial National bank on Saturday is taken to indicate that a more optimistic feeling prevails in local financial circles.
8.January 14, 1926Miles City StarMiles City, MT
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DE CARLE FILES RECOVERY SUIT CUSTER COUNTY DISTRICT COURT
COUNTY TREASURER ACTING FOR COUNTY SEEKS JUDG MENT AGAINST LOC BANK AND RECEIVER AND INDIVID
NEARLY $140,000 INVOICED IN ACTION BROUGHT IN CONNECTION WITH DEPOSITS MADE IN LOCAL BANK BEFORE DOORS CLOSED
In his official capacity as Tuesday January court of Custer county and seeks judgment of against the defendants whom he names Commercial tional bank W M Turner receiver Howe George K Foster Dan Levalley Percy Williamson F R Savage Jensen W E Holt Oscar Helgerson and W Butler In his complaint Mr DeCarle county treasurer, alleges that on De comber 1923 the defendants executed each surety bond in the total of 300 000 guaran tee to the county for the of the funds deposited by the county in the defendant National bank and of the individual defendants named quali fied on the bond in its amount the sums How Jensen Holt contained and credit of Custer in defendant National bank from January February 11 was est and the total this Custer county the and for the and that judgment rendered against the mdividual named for which the qualified the bond to = from the made in Mr return at of in the upon attorne for have of heard
9.February 4, 1926Belt Valley TimesBelt, Armington, MT
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# Surety Company Settles
Full settlement with interest from Feb. 11, 1924, has been made by the American Surety company of New York, on its bond of $75,000 given to secure Custer county deposits in the Commercial National bank at Miles City.
Litigation on this bond has been pending in the federal court since last May. The surety company offered a settlement last October for the amount of the bond with interest but demanded that the county upon receiving payment make an assignment to the surety company of its claim against the bank to the extent of $75,000. The county refused to accept the money under those conditions, contending that until the county has been paid the full amount of its claim the bank either by sureties or by dividends from the receiver of the bank, no assignment should be made. By an assignment it is pointed out, the surety company would have participated in each 10 per cent dividend paid to date by the receiver.
The settlement was made without such assignment.
10.December 12, 1926Miles City StarMiles City, MT
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ISMAY DRILLER TO DIG WATER WELLS IN CITY
George Askins of Ismay who spent Saturday in the city announeHere's Princess Alexis Obelenski. ed that upon his return to his home. he will arrange to haul OVof Russia, as she reached New York er his well drilling outfit to Miles on the S. S. Olympic to tour the United States for the benefit of City He has arranged for the Muscovite kids. drilling of a number soft water wells here. Having ordered a new truck. he will await its arrival in King the crook who steals the jew. Ismay when he will load up his maels and then returns them to their chinery and move to this point. He owner for reward; Sherman expects to remain here for some Cobb as Ned Pembroke who resolves time. he says. at the last curtain that it doesn't pay omake by correspond NEWLY APPOINTED BANK ence: R. Phillip George as George RECEIVER AT WORK HERE mer Lilliskov. R. A. Heren and H. John A. Sanderson who was reE. Herrick as three policemen: cently appointed receiver of the Mrs. J. J. Trzeinski as the dignified Commercial National bank and also
11.April 27, 1927Miles City StarMiles City, MT
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COURT RULE IN FAVOR OF THE COUNTY
JUDGE PRAY IN THE FEDERAL COURT AT HANDS DOWN DECISION IN SURETY COMPANY AGAINST CUSTER.
HELD THAT UNTIL COUNTY PAID IN FULL CLAIM AGAINST COMMERCIAL SURETY COMPANY MAY NOT PARTICIPATE IN DIVIDENDS.
Judge Charles N. Pray in federal court at Great Falls has just rendered a decision In a suit brought by the American Surety company of New York against Custer county and the receiver of the Commercial National bank. involving the payment of dividends by the bank according to information received here by County Attorney R. Nelstead The court ruled in favor of the county and of the bank holding that nutil the county had been paid in full its claim against the Commercial National bank, for money on deposit at the time the Lank closed. the Surety company may not participate in any of the vidends Mr. Nelstead explains and further: In January. 1926. the American Surety company paid the full amount of its bond to Custer county covering deposits in the bank amounting to $75,000 principal and $3.651 interest. Upon the payment of this money. the surety company claimed the right to an assignment of the county's claim against the bank to the extent of Its payment The county contested the surety company's position and
Judge Pray in federal court finally ruled in favor of the county. The creditor's claim of Custer county against the Commercial National bank was allowed by the receiver shortly after the bank closed. for the stim of On this amount there has been paid to date, including the dividends held up in litigation in federal court the sum of $113.968 71 This latter sum consists of $75,000 from the American Surety company and three 10 per cent dividends from the Com mercial National bank. each in the sum of $12,989.57 or total dividends of $38,968 There still remains due from the bank to Custer county on the creditor's claim which has been allowed. $15.926.95 Since Custer county will receive all dividends until It is paid in full reduce the county's claim ap proved by the receiver 38 The above figures do not take into consideration the Interest paid 1v the American Surety company amounting to $3.65 In addition to the claim of $129. 895 66 which was approved by the receiver of the Commercial National bank. Custer county contends it is entitled In $35,000 for deposits and Interest which the receiver acting un for instructions from the comp troller of the currency at Washing ton, D. C., has refused to allow This action on the part of the recelver and the comptroller was the result of litigation pending at the time the Commercial National bank suspended business involving the validity of the Montana tax laws on shares of stock in national banks In 1922 and 1923, the Commercial National bank as well as the Miles City National bank. Pad paid their taxes under protest and commenced suits to recove the greater portion of the amount 80 paid contending that the present Montana tax laws discriminate gainst shares of stock in national b: nks in favor of other moneyed capital and moneys and credits in the hands of individual National bank shares are taxed on the basis of 40 per cent of their true value while moneys and credits ΡΡΠ΅ taxed on the basis of per cent The district court of Custer having rendered decision in the cases favorable to the county 10 banks appealed to the supreme court of Montana The decision of the district court holding the tax laws valid. was affirmed by the Montana supreme court in March. 1926 Thereupon the banks appealed to the supreme court of the
United States. It was expected that the arguments on the appeal before the supreme court of the United States. would be had during the first week of May. but recent information is to the effect that the cases will not be argued until October The comptroller of the currency has instructed the receiver of the Commercial bank to withhold ill dividends on this $35.000 Hom until this l'tigation is settled and these funds are now held in trust. pending the decision of the supreme court of the United States. Decidons rendered by the latter court on March 21. 1927. declaring the laws of Minnesota and Wisconsin as discriminatory against na ioral banks are generally considered as having bearing upon the Montana case If the supreme court of the United States reverses the Montana supreme court this $35,000 Item will set off against the total amount on deposit with interest. in the Commercial National bank at the time it suspended business. SO that Custer county will not be entitled to collect from the bank anv more than the sum of $129 895.66 already approved by the receiver On the ther hand if the county is again successful on the final appeal by the bank to the supreme court of United States. then the dividends held in trust by the re. celver pursuant to instructions from the impiro'ler of the currency will be paid to Custer county The litigation involving the American Surety company finally settled by the decree of Judge Pray recently rendered was commenced over two years 850 in federal court Sterling M Wood of Billings has represented the Surety company as Its attorney while Messrs. Loud and Leavitt of Miles City have been attorneys for the receiver of the Commercial National bank, and County Attorney Rudolph Nelstead has represented the interests of the county
12.March 30, 1928Plevna HeraldPlevna, MT
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Judgment of the Court Is Affirmed
On March 26th, the United States Circuit Court of Appeals for the Ninth Circuit, sitting at San Francisco, handed down decision affirming judgment by Judge Charles Pray of the Federal Dstrict Court of Montana in an action brought by the American Surety Company against Custer County and the Receiver of the Commercial National Bank. When the Commercial National Bank suspended business in March, 1924, on the ground of insolvency, the American Surety Company surety for the bank on county deposits. Custer County's claim was allowed for practically The bond of the Surety Company was $75,000.00. Having paid its bond to county, with interest, the Surety Company demanded an assignment of the county's claim against the bank to the extent of their payment. This the county refused, contending that until the county was paid in full through dividends declared by the receiver, the Surety Company could not be permitted to participate in the ividends. The result of an assignment would have been that the Surety Company would have participated each ten per cent dividend to the extent $7,500.00. Fifty per cent having been paid to date, the amount nvolved in suit Judge Pray held in favor of the county's contention, and the American Surety Company appealed. The United States Circuit Court of Appeals indicates that the receiver correct his position in paying the dividends to Custer County. MRS. CREMER In addition to its claim on the RECOVERING IN CITIES dividends payable to Custer County. the American Surety Company preLetters from Chas. A. Cremer have ented to the receiver of the Commerbeen received here reporting the cial National Bank, an indemnity physical condition of Mrs. Cremer who greement signed by officers of the suffered an operation in Minneapolis ank the bank agreed to hospital month ago. In communindemnify the Surety Company from cation sent to friends last week Mr. any loss it might sustain by signing Cremer wrote that his wife's condition he bond. The Surety Company was very grave and that the prospects attempted, by the litigation. to compel for her recovery were exceedingly dim. he receiver to allow claim in the However, later in the same week um of $75,000.00 and to pay thereon missive arrived bearing the joyful he particular dividends allowed to tidings that the doctors had declared Custer County. The Circuit Court of Mrs. Cremer out of danger and on the Appeals sustains the position of the road to recovery. receiver in rejecting the claim. The latter communication brought The argued orally before relief to the numerous friends of Mr. Circuit Court Judges Gilbert of Oregon, and Mrs. Cremer and these friends Rudkin of Washington and Deidrich of now unite in extending their wishes Idaho. Wood Cook of Billings and hopes for short period of conpresented argument in behalf of the valescence and an entire recovery for American Surety Company. Judge Mrs. Cremer. H. Loud of the firm of Loud & Leavitt of Miles City, represented the receivHELEN WEINSCHROTT IS APPENer of the Commercial National Bank, DICITIS VICTIM and County Attorney Rudolph Nelstead Helen Weinschrott. 10 year old Miles City, argued the case in behalf daughter of Mr. and Mrs. John Weinthe County. schrott, was taken to Baker Tuesday morning as the result of an attack of PRAIRIE FIRE THREATENS appendicitis. At noon the same DWELLING day she submitted to the operating On Thursday evening prairie fire, knife of Dr. Blakemore at the Elizaignited by escaping sparks from Hospital. According to the last report passing locomotive endangered the beth hospital. According to the last farm buildings Crowe whose report the young victim is progressing buildings are situated approximately quite favorably. mile west of town. The grass cover-
13.April 15, 1928Great Falls TribuneGreat Falls, MT
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3 Bank Receivers Are Authorized to Compromise Debts
Three petitions for compromise settlements between receivers of insolvent banks and debtors and a petition to sell the assets of another were authorized by Judge Charles N. Pray in the federal court Saturday. China R. Clarke, receiver of the First National bank of Fairview. was authorized to sell at auction the assets of the insolvent bank. consisting of bills. promissory notes, overdrafts. warrants and real estate, for not less than $7,000. subject to the approval of court. R. Miller, receiver of the First National bank of Moore, was authorized to accept $1,000 and certain realty from J. H. Morrow to compromise a debt of $11,803.31 The court empowered John A. Sanderson, receiver of the First National bank of Forsyth to accept 8600 in compromise settlement the First Presbyterian church of Forsyth and to deliver its notes of indebtedness. Sanderson. as receiver for the Commercial National bank of Miles City, was also authorized to accept in full settlement $900 from Roy Gibbs of Van Norman on an indebtedness of approximately $10,000. Earl V. Cline of Billings was appointed United States for the district of Montana and James M. Kerr of Los Angeles was admitted to practice as an attorney in the federal court.
14.February 10, 1932Laurel OutlookLaurel, MT
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Appoint Bank Receiver. Columbus.-J. H. Gentry, national bank examiner, completing his investigation, turned the First National bank of Columbus over to J. A. Robinson, appointed receiver by the treasury department. Robinson had previously been receiver for the Commercial National bank of Miles City and the First National bank of Forsyth and previous to that carried on similar duties in Great Falls and Fort Benton.
Heavy Snowfall on Rock Creek. Anaconda.-Martin Johnson, whose mountain home is on Moose lake, recently returned from a snowshoe trip around Moose lake and reports eight to ten inches of snow, while four miles above the summit on the main range and extending down to the foot of the range the snow measured four feet in depth.
15.January 31, 1933Miles City StarMiles City, MT
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Former Resident Pays Brief Visit To City
John A. bank receiver now stationed at Columbus, and formerly located at Miles City arrived here Sunday with intent to pay call of several days on business with the receivership of the old Commercial National. Mr. Robinson reports he likes his new environment at Columbus, where he says the winters. contrary to expectation, are milder than here. Business conditions throughout that portion are naturally in the slump at present is his comment, and therefore is impossible to judge whether there hope of an increase next spring for some time. He spent Monday renewing old acquaintances in the city.
In new book titled "Dangerous Corner" one of the characters made to say "Telling the truth about as healthy skidding around the corner at
16.March 30, 1933Miles City StarMiles City, MT
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Bank Receiver Files Petition At Billings
J. A. Robinson, receiver of the Commercial National bank here has filed in the Billings division of the U. S. federal court petition for an order ratifying and approving the sale of the remaining assets of the bank and for an order authorizing the destruction of all books and records other than the books of the receivership. The petition also requests that items in the possession of the receiver be turned over to the Bank of Miles City for safe keeping The matter set for hearing at Billings April 3.
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.
