gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c05d8c7f5e02b383
Response Measures
None
Description
Bank closed voluntarily for lack of cash reserve Dec 27, 1920; later placed in receivership in April 1921.
Events (2)
1.December 27, 1920Suspension
Cause
Local Shock
Cause Details
Farmers refused to sell grain and pay debts, producing depleted cash reserves and forcing a voluntary closure.
Newspaper Excerpt
The First Farmers Bank of Minot ... closed voluntarily today. ... the bank closed voluntarily because of a shortage of cash reserve which condition is traceable to the refusal of farmers to sell their grain and pay indebtedness to the bank.
Source
newspapers
2.April 7, 1921Receivership
Newspaper Excerpt
Van Sickle Receiver of First Farmers Bank G. R. Van Sickle has been appointed receiver of the First Farmers Bank of Minot, the appointment being made by O. E. Lofthus, State Bank Examiner. Mr. Van Sickle began his duties at the bank today.
TWO MOREN.D. BANKS CLOSED Institutions at Minot and Carpio Report Insufficient Cash Reserve. Minot. Dec. 27.-The First Farmers Bank of Minot. capitalized at $50.000 with $5,000 surplus. owned by the Savings Loan and Trust company of which Anthony Walton is president, and G. A. Ebbert, general manager, closed voluntarily today. The First Security Bank of Carpio, owned by the same trust company, also closed and G. A. Ebbert instructed the American Exchange Bank of Watford City, also owned by the-Savings Loan and Trust company to remain. open unless depositors institute a run on the institution. Up to a late hour this afternoon no information has been received as to whether Watford City Bank had closed or not. According to a statement made by Mr. Ebbert the bank closed voluntarity because of a shortage of cash reserve which condition is traceable to the refusal of farmers to sell their grain and pay indebtedness. to the bank. O. E. Lofthus, state bank examiner, is in this section of the state and is expected to arrive in Minot tonight and take charge of the bank. The annual meeting of the Savings Loan and Trust company will be held January 4 and at that time the matter of the farmers' liquidating their paper with the bank will be considered and an ample cash reserve created to enable the bank to reopen in the very near future, Mr. Ebbert states. The other banks of the trust company will reopen when the Minot bank secures a sufficient cash reserve. The banks were organized by Grant C. Youmans, former Minot banker and now of Minneapolis. He resigned as president of the trust company and banks more than a year ago.
2.December 28, 1920New-York TribuneNew York, NY
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Chicago Bank Wrecked By Losses in Hold-Ups Special Dispatch to The Tribune CHICAGO, Dec. 27.-The Dressel Commercial and Savings Bank, 2322 West Roosevelt Road, the scene of three holdups in the last two years, was placed in the hands of a receiver to-day by Federal Judge Carpenter. It is believed that the raids of the robbers, which netted them $7,250, placed the bank in an embarrassing position. Special Dispatch to The Tribune FARGO, N. D., Dec. 37.-Three more Non-partisan League banks closed their doors to-day. They were the First Farmers' Bank of Minot, the Security State Bank of Carpio and the Peoples' State Bank at Hatton. In the last two months twenty-seven state banks in North Dakota have closed. The Minot and Carpio banks had aggregate deposits of about $400,000 and capital of $65.000. The Hatton bank had deposits of $100,000 and capital of $50,000. Officials said the institutions were solvent and would open. PRIMEVILLE. Ore., Dec. 27.-The Crook County state bank of this place failed to open its doors to-day. Shrinkage of values of cattle and sheep on which the institution had made loans was said to have been responsible.
3.December 28, 1920Alexandria GazetteAlexandria, VA
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CHICAGO BANK CLOSED; PRESIDENT IS MISSING Chicago, Dec. 28.-Depositors of the Dressel Commercial and Savings Bank waited in vain for its doors to open vesterday and when the president Andrew Dressel, could not be found, creditors petitioned Judge Carpenter in Federal District Court to adjudge the bank bankrupt. The Chicago Tile and Trust Company was appointed receiver, Other bank officials said the Dressel bank's funds had been depleted through the operations of hold un men and burglars during the past two years. Minot. N. D., Dec. 28.-The First Farmers' Bank of Minot was closed yesterday. Depleted reserve was given as the reason. The First Security Bank of Carpio, N. D., associated with the First Farmers of Minot, was closed yesterday afternoon. The closing of the People's State Bank at Hatton, N. D., was announced in Fargo. Princeville, Ore., Dec. 28.-The Crook County State Bank. of this place. failed to open its doors yesterday Shrinkage of values of cattle and sheep on which the institution had made loans was said to have been responsible.
Receiver Named For Minot Bank; Probably Will Open In January Minot, N. D., Dec. 29.-O. E. Lofthus, state bank examiner, arrived in Minot Monday night and placed Ole Lovik of the state bank examiner's office in charge of the First Farmers Bank of Minòt which closed yesterday. Mr. Lovik is checking up the institution. Mr. Lofthus remained in Minot until early Tuesday morning, going from here to Mohall. He expects to return to Bismarck Tuesday night. G. A. Ebbert, general manager of the Savings Loan and Trust Co., which owns the First Farmers Bank of Minot, the First Security Bank of-Carpio, which also closed and the American Exchange bank at Watford City, stated today that the Watford City institution has not closed and will remain open. The opinion is generally expressed by those connected with the trust company that the Minot and Carpio banks will re-open the fore part of January. The shareholders of the company hold their annual meeting in Minot January 4.
5.December 29, 1920Every Evening, Wilmington Daily CommercialWilmington, DE
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CHICAGO BANK CLOSED. Three in North Daketa Also Forced to Shut Doors. Chicago, Dec. 29.-Depositors of the Dressel Commercial and Savings Bank waited in vain for its doors to open Monday and when the president. Andrew Dressel. could not be found. creditors petitioned Judge Carpenter in Federal District Court to adjudge the bank bank rupt. The Chicago Title and Trust Company was appointed receiver Other bank officials said the Dressel bank's funds had been depleted through the operations of hold-up men and burglars during the past two years. Minot. N D. Dec. 29.-The First Farmers Bank of Minot was closed Monday Depleted reserve was given as the reason The first Security Bank of Carpio, \ D., associated with the First Farmers of Minot. was closed Monday afternoon. The closing of the People's State Bank of Hatton. N. D., was announced in Fargo.
6.December 30, 1920The Ward County IndependentMinot, ND
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Institution Owned by Savings Loan and Trust Co. Expects to Reopen Soon-Security Bank at Carpio Also Closed. The First Farmers Bank of Minot, capitalized at $50,000 with $5,000 surplus, owned by the Savings Loan and Trust Co., of which Anthony Walton is president and G. A. Ebert general manager, closed voluntarily Monday. The First Security Bank of Carpio owned by the Savings Loan and Trust Co., also closed, but Manager Ebert stated that the American Exchange Bank at Watford City, N. D., a kindred institution, would remain open unless the depositors made a run on the bank. Mr. Lovik, a state bank examiner, who resides in this city, is now in charge of the affairs of the bank. Altho there is a sign on the front of the bank notifying the public that the institution has been temporarily closed, the Savings Loan and Trust Co. is still doing business in the building occupied jointly with the bank. A representative of the Independent interviewed Mr. Walton Tuesday. He stated that the reopening of the bank would depend largely upon the decision of the stockholders who will hold their annual meeting Jan. 4. Mr. Walton explained that poor collections during the fall made it necessary to close the bank temporarily at least. While there are over $300,000 bills receivable, very little money has been paid in during the fall, he said. Money kept going out, and little came in, consequently it was decided to close until conditions could be re-adjusted. The checking account was very light at the time the bank closed, something like $20,000. There were 171 depositors with an average checking account of less than $5.00, Mr. Walton stated. Since the bank closed many of the stockholders have asked Mr. Walton if $100 each from them would be of any assistance in re-opening the institution and he states that an attempt will probably be made at the annual meeting to raise enough money so the affairs of the institution may be carried on. Mr. Walton stated that since closing the bank, he has been figuring up the bills receivable and finds there is over $300,000 of this kind of paper. "Our bills are considered good, only we cannot realize on them at this time," he said. The Trust Co. has an equal amount of assets. The Trust Co. has thirty houses all bringing in rent and will keep on doing business just the same." The following statement was given out by Mr. Ebbert: "The closing of the First Farmers Bank of Minot was due to the simple
7.January 6, 1921The Ward County IndependentMinot, ND
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The annual meeting of the stockholders of the Savings Loan and Trust Co. was held at the hall in the Farmers store building on the afternoon of Tuesday, Jan. 4, and the question of re-opening the First Farmers Bank of Minot and the First Security Bank of Carpio, closed voluntarily on Dec. 27, for lack of sufficient cash reserve, was taken up. The meeting was at tended by fully 200 shareholders and after the matter had been thoroly discussed by G. A. Ebert, general manager, and Anthony Walton, president of the Savings Loan and Trust Co., the shareholders were unanimously in favor of proceeding with the re-opening of the two banks and pledged their combined resources, if necessary, in order that the institutions may be reopened. An Independent representative who called at the bank the following day and interviewed Messrs. Walton and Ebert, was informed by those gentle> men that they were very hopeful of reopening the two banks about January 15. At Tuesday's meeting, the shareholders pledged $10,000, raising more than half of that amount that day. Committees were appointed to work in the various townships in Northwestern North Dakota and assistance is even forthcoming from sections of eastern North Dakota. Among some of the items offered Tuesday's meetings was a $600 hail insurance warrant, railroad pay checks, Liberty Loan bonds, Thrift Stamps, and cash running in amounts
8.February 10, 1921Emmons County RecordLinton, Williamsport, ND
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nybrook State Bank is listed as under obligations to the Bank of North Dakota to the extent of $93,534.31. It is the home of the famous Del. Patterson. No wonder that bank decided to close its doors, when it owed one bank alone such an amount. The First Farmers' Bank of Minot is another institution run until recently by Grant Youmans, former socialist treasurer of the state organization, and a friend of Townley. On Dec. 3d, last, it had a total obligation to the Bank of North Dakota of $65,966.52. The above figures are taken from the Bridgeman-Brissman audit as of Dec. 3d. Undoubtedly, still more startling conditions would be developed if the house investigating committee could get access to all records of the bank, and would know where to go to find the suspicious details. But Manager and Director General Cathro has indicated that he would ratner go to jail than let the committee have access to the records of even the Scandinavian-American Bank deals only. The people of North Dakota builded better than they knew when they vot ed in favor of the initiated law calling for the examination of the Bank of North Dakota.
9.April 7, 1921The Ward County IndependentMinot, ND
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Van Sickle Receiver of First Farmers Bank G. R. Van Sickle has been appointed receiver of the First Farmers Bank of Minot, the appointment being made by O. E. Lofthus, State Bank Examiner. Mr. Van Sickle began his duties at the bank today. He has just started checking the business of the bank and is in no position to make public any figures at this time. He firmly believes that everything will be found in first class condition, with the exception of the low cash reserve, which caused the bank to close some months ago, and he informs the Independent that he hopes to have the business in such shape within a few weeks so that the bank will be in a position to re-open. Anthony Walton, president of the Savings Loan & Trust Co., is attending to the usual business of the Trust Co., which is located in the same room as the bank. The appointment of Mr. Van Sickle is regarded as a very wise selection as he has gained the reputation of being one of the very best accountants as well as one of the most competent credit men in the state.
Severs Connection With Closed Bank At Minot Minot, N. D., April 18.--G. A. Ebbert. who has been connected with the Savings, Loan and Trust company, and affiliated institutions, including the First Farmers' Bank of Minot, in the capacity of general manager, severed relations with that concern Saturday. A receiver was appointed for the bank ten days ago. Mr. Ebbert plans on taking a rest for a few months and will spend the time at some health resort. When his health will permit it he contemplates entering business for himself in Minot. He has had wide experience in banking and in the farm loan and real estate business and will probably follow that line.
NAMED RECEIVER OF SECOND BANK Minot, N.ID., April 19.-G. R. Van Sickle, appointed receiver for the First Farmers' Bank of Minot two weeks ago, today was notified by Bank Examiner O. E. Lofthus that he has been appointed receiver for the First Security Bank of Carpio. The Carpio institution: is owned by the Savings Loan &Trust Co. of Minot which also owns the First Farmers' Bank.
12.April 21, 1921The Ward County IndependentMinot, ND
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NOTICE TO CREDITORS In the matter of the insolvency of First Farmers Bank of Minot, Minot, N. Dak.: To the creditors of the First Farmers Bank of Minot: Notice is hereby given to the creditors of the above named insolvent bank that the time for presenting claims against said bank will expire on October 22nd, 1921, and you are hereby notified that any claim against said insolvent bank must be filed with the Receiver before that date. Dated at Minot, North Dakota, April 22, 1921. G. R. VAN SICKLE, 4/21-2t Receiver.
13.April 21, 1921The Ward County IndependentMinot, ND
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G. R. Van Sickle Receiver of Security Bank of Carpio G. R. Van Sickle, who was appointed receiver of the First Farmers Bank of Minot recently, returned from Bismarck Saturday night where he conferred with the state banking department. Mr. Van Sickle has been appointed receiver of the First Security Bank of Carpio, a bank allied with the First Farmers Bank of Minot, which closed at about the same time as the Minot institution closed. Mr. Van Sickle found the roads ideal for motoring, making the return trip in 4 1/2 hours.
14.April 28, 1921The Ward County IndependentMinot, ND
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LEGAL NOTICES b............ NOTICE TO CREDITORS In the matter of the insolvency of First Farmers Bank of Minot, Minot, N. Dak.: To the creditors of the First Farmers Bank of Minot: Notice is hereby given to the creditora of the above named insolvent bank that the time for presenting claims against said bank will expire on October 22nd, 1921, and you are hereby notified that any claim against said insolvent bank must be filed with the Receiver before that date. Dated at Minot, North Dakota, April 22, 1921. G. R. VAN SICKLE, Receiver. 4/21-2t
15.December 27, 1922The Devils Lake WorldDevils Lake, ND
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JUDGE C. W. BUTTZ WILL TRY BANK CASES AT MINOT Judge C. W. Buttz and Court Steno. grapher Lloyd B. Stevens leaves next Tuesday for Minot to try about 20 civil cases in district court wherein the judges in that district are disqualified. The cases to be tried are practically all brought by the receiver of the First Farmers Bank of Minot, which was organized by Grant S. Youmans a number of years ago, and which was closed in the fall of 1920, against farmers who gave notes in payment of bank stock. Judges John C. Lowe of Minot and Geo. H. Moellr_ ing of Williston both owned stock in the defunct bank, and were therefore disqualified to act. A large per cent of the farmers in Ward, Williams, Burke, Divide, Mountrail and other counties in the vicinity of Minot signed notes for stock in the bank which was organized by Mr. Yeomans, and in which the Savings Loan & Trust Co. of the same city owned the majority of the stock. The bank was organized after another bank in which Yeomans held a heavy stock was closed by the state banking department. At the time the first bank was closed Mr. Yeomans brought a damage suit against L. B. Hanna, who was then governor, and the state banking department, for putting him out of business, but the case was dismissed after the evidence was heard by the court. The new bank was in business for several years, and during the time of tight money in 1921 received several quite large deposits from the Bank of North Dakota. In spite of this it was unable to hold out and closed its doors in the fall of 1920, and a receiver was appointed to liquidate it. Many farmers paid their notes a short time after they were given, but many resisted payment on various grounds. The notes are now in possession of- the receiver, and he is bringing action to enforce collection. Among the farmers who are resisting payment are those who claim that Mr. Youmans did not keep his part of the agreement, that no stock was ever issued to them, and that no value was given for the notes. In the vicinity of Bowbells, in Burke county, the stock salesman told the farmers that Mr. Yeomans was planning on starting a bank in Bowbells and stock being sold in the new bank to be established: Farmers signed notes with the idea of getting stock in a Bowbells bank, but such bank was S never established, and the notes were S never returned to the signers. These notes are now in the possession of the 1 receiver of the Minot bank, and action is being brought to compel the farmy ers to pay them. The cases will involve many new points to be decided by the court, and outcome will be watched with considerable interest by people all over the state.
16.June 19, 1924The Bismarck TribuneBismarck, Mandan, ND
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SUMMONS STATE OF NORTH DAKOTA, County of Burleigh. In District Court, Fourth Judicial District. L. R. Baird, as Receiver of the First Farmers\ Bank of Minot, a corporation, Plaintiff, vs. National Nonpartisan League, a corporation, Defendant. The State of North Dakota to the above named defendant: You are hereby summoned and required to answer the Complaint in this action which is now on file in the office of the Clerk of the District Court of Burleigh County and to serve a copy of your said Answer upon the subscriber, at his office, mentioned below, within
17.October 28, 1925The Bismarck TribuneBismarck, Mandan, ND
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Note Is Not Held Payment For Stock Upholding a decision of the Ward county district court, the supreme court held that a promissory note given by a prospective stockholder in a bank in payment of stock could not be considered as a payment for any part of the stock. The decision was made in the case of L. R. Baird as receiver of the First Farmers Bank of Minot vs. Torger Kilene.
18.March 17, 1926The Bismarck TribuneBismarck, Mandan, ND
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Minot Bank Will Pay a Dividend A 10 per cent dividend to creditors of the First Farmers Bank of Minot was announced today by L. R. Baird, receiver of state banks. It will be paid through G. R. Van Sickle, district manager for the receiver, Minot. A previous dividend of 10 per cent already has been paid. Depositors whose claims have been approved by the state guaranty fund commission will receive their dividend as a special payment by that body.
19.April 1, 1927The Bismarck TribuneBismarck, Mandan, ND
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# Supreme Court
# Reverses One of
# Its Own Members
The supreme court today was placed in the position of having reversed one of its own members in the case of Alle Fleckten, R. M. Rose and Lee Brundage vs. the Ward County Farmers Press, and W. A. Beardsley as trustee and L. R. Baird as receiver for the First Farmers Bank of Minot, appealed from the Ward county district court.
While sitting as judge of the Ward county district court, A. G. Burr, now
20.April 28, 1927The Bismarck TribuneBismarck, Mandan, ND
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# Judgment of Lower
# Court Is Unchanged
Where a case triable to a jury is tried only to a judge, the supreme court will not upset the judgment unless it is clearly shown that the judgment is contrary to the evidence, the court held today in the case of L. E. Baird, as receiver for the First Farmers Bank of Minot, vs. Albert Abraham.
In the case before the court it was held that a promissory note given by Abraham to the bank was without consideration. The case was appealed by Baird.
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.
