Scandinavian American Bank (Minot, ND)

Episode Information

Episode UID
77002471490
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
7700247 routing
Routing Number
77-0024
Start Date
February 13, 1924
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
184546f147b9121f

Response Measures

None

Description

Bank was placed on special deposits plan Feb 13, 1924 and later turned over to a receiver in Jan 1925.

Events (4)
1. February 13, 1924 Run
Cause
Bank Specific Adverse Info
Cause Details
Continuous withdrawals depleted reserves, precipitating a run on the bank.
Measures
Bank placed under operation of the special deposits act (special deposit plan).
Newspaper Excerpt
RUN ON N. D. BANK ... The Scandinavian-American bank of Minot ... was placed under operation of the special deposits act. Continuous withdrawals of deposits resulting in depleted reserves was given as the reason.
Source
newspapers
2. February 13, 1924 Suspension
Cause
Government Action
Cause Details
State guaranty fund commission ordered bank placed on special deposits plan due to continuous withdrawals.
Newspaper Excerpt
The Scandinavian-American bank of Minot ... was placed under operation of the special deposits act upon orders of the state guaranty fund commission.
Source
newspapers
3. January 9, 1925 Receivership
Newspaper Excerpt
The assets of the Scandinavian American bank of Minot ... have been turned over to J. R. Reeve ... district receiver of closed banks, and the institution is no longer accepting special deposits ... the bank has been under the supervision of the state guaranty fund commission since last February 13.
Source
newspapers
4. February 20, 1925 Other
Newspaper Excerpt
Investigation of the accounts of the Scandinavian. American bank of Minot, which was voluntarily closed on February 13, 1924, is demanded in petitions ... the bank at the present time is in the hands of J. P. Reeve ... district receiver of closed banks.
Source
newspapers

Newspaper Articles (3)
1. February 14, 1924 Herald and Review Decatur, IL
Article from Herald and Review, February 14, 1924

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Article Text

RUN ON N. D. BANK MINOT, N. D., Feb. 13.—The Scandinavian-American bank of Minot with deposits of approximately $330,000 today was placed under operation of the special deposits act upon orders of the state guaranty fund commission. Continuous withdrawals of deposits resulting in depleted reserves was given as the reason.

2. January 9, 1925 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, January 9, 1925

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Article Text

Receiver Given Bank in Minot Minot, N. D., Jan. 9.-The assets of the Scandinavian American bank of Minot, which began operating on a special deposits plan last February 13, have been turned over to J. R. Reeve of Burlington, district receiver of closed banks, and the institution is no longer accepting special deposits, according to announcement made today by M. R. Porter, vicepresident of the institution. This move, according to Mr. Porter, will in no way interfere with the plans of some of the large depositors in the bank for the formation of a holding company to take over the assets of the institution, and is declared to be a necessary formality in the formation of such a holding company. Since last February 13, the bank has been under the supervision of the state guaranty fund commission. The furniture, equipment and other property of the bank will be moved to Burlington shortly.

3. February 20, 1925 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, February 20, 1925

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Article Text

ASK PROBE OF BANK ACCOUNTS Minot, N. D., Feb. 20.-Investigation of the accounts of the Scandinavian. American bank of Minot, which was voluntarily closed on February 13, 1924, is demanded in petitions bearing approximately 150 signatures of alleged depositors, which have been presented to States Attorney H. E. Johnson. The petitions cite no allegations of irregularities in connection with the bank, but make demand upon the county prosecutor that he ascertain the condition of the bank's affairs, according to Mr. Johnson. Mr. Johnson said recently that it is his plan to employ competent accountants to inspect the records of the bank, who will make a report to him concerning the institution's condition. The bank at the present time is in the hands of J. P. Reeve of Burlington, district receiver of closed banks, having been transferred to him a few weeks ago, after operating since its closing on a special deposit plan. Mr. Reeve, according to the state's attorney, has signified his willingness to allow authorized representatives of the states attorney's office to investigate the records of the bank.