Scandinavian American Bank

Episode Information

Episode UID: 77002471438
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 7700247 routing
Routing Number: 77-0024
Start Date: October 22, 1919
Location: Minot, North Dakota (48.233, -101.296)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 556e435804a43fad

Response Measures

None

Description

Article states a receiver was placed and refers to the bank as 'defunct'; local fundraising to reopen was reported but no reopening is described.

Events (2)

1. October 22, 1919 Receivership

Newspaper Excerpt: he declared he voted for a receiver and for placing such officer under $100,000 bonds. ... farmers there had raised $25,000 toward financing the reopening of the defunct bank. (Oct. 22 report cited in Oct. 30 paper.)
Source: newspapers

2. October 22, 1919 Suspension

Cause: Government Action
Cause Details: A receiver was voted for and placed over the institution (state action leading to closure).
Newspaper Excerpt: there was an understanding all over the state that the Scandinavian-American bang would be closed,
Source: newspapers

Newspaper Articles (1)

1. October 30, 1919 The Weekly Times-Record Valley City, ND

Article from The Weekly Times-Record, October 30, 1919

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Article Text

SCENTS PLOT AGAINST BONDS Fargo, N. D., Oct. 22.-Governor Lynn J. Frazier addressing a mass gathering of four thousand persons in the auditorium Tuesday night, charged there was an "understanding all over the state that the Scandinavian-American bang would be closed," and that it was "to hurt the sale of our state bonds.' He declared he voted against the closing of the institution, knowing well the credti o the bank and the calibre of the directors and that they would clean up any loaded paper. He said he voted for a receiver and for placing such officer under $100,000 bonds. "And it was well that such receiver was placed under such bond" he added. Governor Frazier intimated that State Auditor Kositzky had juggled his books, in explaining statements emanating from the Capitol that the state was bankrupt. "I don't men to say that there was anything criminally wrong, but nevertheless he keeps books differently this year than he did last year," said the Governor. He declared that if the State Auditor had kept books this year the same as last there would have been a balance of $206,159.42 on Aug. 1, instead of $8,024.11. "It seems strange to me that a particular corporation attorney, representing United States Railroad Administration, should volunteer his $1,000 advice for nothing that the state sale of bonds was illegel and unconstitutional," said the Governor in touching on this phase of state matters. "He lauded the work of Attorney William Lemke to whom this matter was referred after being taken away from Attorney General Langer. He decried the "tremendous expense" to which the state had been put in the matter of the referendum petitions, the case of the 42 taxpayers and the referendum campaign. At the evening meeting Grant Youmans and Anthony Walton of Minot wired that the farmers there had raised $25,000 toward financing the reopening of the defunct bank. Telegrams were read from some who offered to "toss in" their liberty bonds and a telegram from some nonpartisan league organization in Idaho was to the effect that "not all crooks live in North Dakota for we have a few in Idaho." Telegrams from " a farmer organization in Burleigh County asked the removal of Langer, Hall and Kositzky. When this message was read, a loud voice in the auditorium yelled out "darn right." A second or more passed and then another voice cried out "damn right." That the administration is after Langer, Hall and Kositzky was indicated by a banner in the parade which read "Fargo, N. D., Oct. 21-On or about January 1, 1920, we promise to pay to Langer, Hall and Kositzky the sum of their just deserts with interest at the rate of one hundred percent in their office at Bismarck. Hiram Rube."