gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c83fba7ffaa4226a
Response Measures
None
Description
Bank was placed in receivership a few months after suspension and later paid dividends under state receiver.
Events (3)
1.June 3, 1924Suspension
Cause
Bank Specific Adverse Info
Cause Details
Depletion of reserves leading to suspension of payments.
Newspaper Excerpt
The First Savings Bank of Grand Forks suspended payments today and will be placed on the special deposit list Tuesday.
Source
newspapers
2.September 1, 1924*Receivership
Newspaper Excerpt
The First Savings Bank of Grand Forks suspended payments on June 2, 1924, and was placed for several months on the special deposits list. It was placed in the hands of a receiver a few months later.
Source
newspapers
3.November 11, 1925Other
Newspaper Excerpt
W. V. O'Connor, treasurer of the defunct First Savings Bank of Grand Forks, was placed under arrest ... on charges of embezzlement, making of false entries and receiving deposits when the bank was insolvent.
Source
newspapers
Newspaper Articles (10)
1.June 3, 1924Evening StarWashington, DC
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Article Text
BANK STOPS PAYMENTS. First Savings Institution of Grand Forks, N. D., on Special Deposit. GRAND FORKS, N. D., June 3.The First Savings Bank of Grand Forks suspended payments today and will be placed on. the special deposit list Tuesday, it was decided at a meeting of representatives of this bank with those of three other banks here and a representative of the state depositors' guaranty fund commission. The bankers authorized the statement that negotiations are under way, which, it is believed, will insure payment of depositors in the near future. Depletion of reserve was the chief cause of the suspension of payments. The bank is capitalized at $50,000 and its deposits amount to $296,273.27. Loans and discounts total $375,633.62.
GRAND JURY TO PROBE CLOSING OF GRAND FORKS SAVINGS BANK
Will Also Investigate Publication of "Harpoon"
Grand N. Oct. request of General State's Attorney Judge M. Cooley today issued order calling grand assemble Grand Forks county Nov. According General Shafer will be asked to the leadthe closing the First Savbank of Grand Forks June and also in probability the the out June, 1925 culty members and students at the state university Attorney General Shafer was here last and that time conferred State's Wineman on the question of grand jury. request then sented to Judge Cooley who filed order today. The grand will No nature of the evidence to placed grand jury with authorities. bank closing has been given by the The First Savings bank suspended payments on Several meetings of local ere and depositors the bank and others were held with view to its prompt but definite sult obtained. The after bank, being for the list banks on under under the 1923 placed the authority of R. state receiver closed banks. 10 percent was paid to the few weeks The made appearclosed ance just before state university The ulty and others have been facon an investigation the during sumresponsible for publication distribution. understood which has been collected placed before the grand jury by Wineman.
TWENTY-THREE GRAND JURORS ARE SUMMONED
Judge Cooley Issues Call on Request of Shafer and Wineman.
SESSION TO OPEN HERE NOVEMBER 3
First Savings Bank Closing And "Harpoon" to Be Investigated.
BANK DIVIDENDS ARE EXPLAINED
An explanation of the dividend paid to depositors in the First Savings bank of Grand Forks is contained in a statement by C. W. Conroy of Devils Lake, district manager of closed banks. In some cases the depositor did not receive an even 10 percent of the amount of his deposit. Mr. Conroy's statement follows:
"The first dividend which we paid to those depositors holding Receiver's Certificates, represented a 10 per cent dividend, although by our method of figuring the same did not figure exactly 10 per cent in each case.
"From experience we have found
6.November 14, 1925The Bismarck TribuneBismarck, Mandan, ND
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Article Text
GRAND FORKS BANK OFFICIAL IS ARRESTED Grand Forks, N. D., Nov. 11. (AP) W.V. O'Connor. treasurer of the defunct First Savings Bank of Grand Forks, was placed under arrest this afternoon on charges of embezziement, making of false entries and receiving deposits when the bank WPS insolvent, contained in 12 indictments returned by the grand jury which ended its session Friday. O'Connor will be arraigned this afternoon before Judge C. M. Cooley. of the 12 indictments returned against him four charge embezzlement, the total of the amount alleged to have been embezzled being $7,624.40; three charge false entries on the books of the bank and five charge receiving 01 deposits when the bank was insolvent. The First Savings Bank of Grand Forks suspended payments on June 2, 1924, and was placed for several months on the special deposits list. It was placed in the hands of a receiver a few months later.
7.January 30, 1926The Bismarck TribuneBismarck, Mandan, ND
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Article Text
Fargo-The Great Northern Railway started suit in Grand Forks county asking judgments of $52,099.80 against L. E. Baird, receiver for the First Savings Bank, Grand Forks, and $4,944,05 against Baird as receiver for the People's State Bank, Grand Forks, growing out of alleged thefts of A. A. Aumen, former clerk of the railway.
8.July 11, 1927Morning PioneerMandan, ND
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Article Text
DEPOSITORS OF FORKS BANK TO GET DIVIDEND
(By The Association Press) Payment thirty per idend to creditors of the First Savings Bank of Grand Forks now being made by Conroy, Devils Lake district manager for the state bank receiver. This the second dividend paid creditors of the payment of 10 been made
9.July 11, 1927Morning PioneerMandan, ND
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Article Text
DEPOSITORS OF FORKS BANK TO
The Association Press) Payment thirty idend creditors of the First Savings Bank Grand Forks being made by Conroy, Devils district manager for the state bank This the second dividend of the institution, payment of per cent having been made
10.July 13, 1927Great Falls TribuneGreat Falls, MT
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Article Text
North Dakota News in Brief hundred ninetypupils schools liams county graduate from the eighth grade
Liberty bonds from office Minot, remains unsolved
BISMARCK per year had been collected the state July the state unusually open little corn in North Dakota of the variAmerican North Dakota resulted than policies the potenwealth of the state
Preparations to ask for bids the state mill and elevator Drake have been pleted state Industrial mission bids the property be published soon. the late associated Gustav Lake attorney liams county. practice law Williston He married and has daughter year
Proof that takes much interest business intended help him develop conducting contained figures throughout North Dakota this year.
30 cent dividend to creditors of First Savings bank Grand Forks being Conrol. Lake, district the state bank This the second dividend paid to creditors the institution, ment 10 per cent having been made previously. will be opened Aug of high school building Crosby cost tween $150,000 The will with three floors the rooms will take up most of first floor. of persons from parts North here Simcoe Norway lodge Senator Gerald Nye will discuss "Missouri River Diversion and Flood Control.
Stray. former sheriff Mountrall county, today stands criminal charge having flase claim for mileconnection with duties performed murder was indicted county grand freed result Judge John
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.
