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LIEUT GOV. IS RECEIVER FOR PROSPER BANK 1119270 Receivers for four closed banks have been named by the banking board, O. E. Lofthus, state examiner, announced today. Those named are: Bank, of New Rockford-A. J. Nathan, of Bismarck. Scandinavian-American Bank of Fargo-L. C. Reed, of Fargo. Security State Bank of Columbus-Geo. Witty, of Columbus. Prosper State Bank of ProsperLieutenant-Governor Howard Wood.
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Receivers Are Named For Four Closed Banks Bismarck, N. D., March 10.-Receivers for four closed banks have been named by the banking board, O. E. Lofthus, state examiner. announced today. Those named are: Bank of New Rockford-A. J. Nathan of Bismarck. of Scandinavian-American Bank Fargo-L. C. Reed of Fargo. Security State Bank of ColumbusGeo. Witty of Columbus. Prosper State Bank of ProsperLieutenant-Governor Howard Wood.
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Howard Wood Bank Receiver. FARGO, N. D.-Lieutenant Governor Howard Wood has been named as receiver for the Prosper State bank at Prosper, Cass county, which was recently closed, according to announcement made today by O. E. Lofthus.
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LEGAL NOTICES BANK ASSETS FOR SALE Sealed bids for the purchase of all the assets of the closed banks listed below will be received up to November 15, 1922: Farmers. State Bank, Greene, North Dakota. W. E. Burgett, receiver, Flaxton. Citizens' State Bank, Edgeley. North Dakota, O. L. Engen, receiver, Fargo. State Bank of Milton. Milton, North Dakota. John Vallely, receiver, Grand Forks. First State Bank, Crystal Springs, North Dakota. H. B. Hanson, receiver, Crystal Springs. Bank of New Rockford. New Rockford, North Dakota. C. H. Reimers, receiver, Carrington. Peoples' State Bank; Leith. North Dakota. C.F. Kellogs, receiver, Bismarck. Peoples State Bank, Grand Forks, North Dakota. John Vallely, receiver, Grand Forks. CrocumState Bank, Crocus, North Dakota. Fred F Walz, receiver, Egeland. Security State Bank, Courtenay, North Dakota. C. H. Reimers, receiver, Carrington. Prosper State Bank, Prosper. North Dakota. O. L. Engen, receiver, Fargo. Timmer State Bank, Timmer, North Dakota. C. F. Kelfogg, receiver, Bismarck. Williston State Bank, Williston, North Dakota. G. R. Van Sickle, receiver, Minot. Citizens' State Bank, Pingree, North Dakota. C. H. Reimers, receiver, Carrington. Citizens' State Bank, Hazen. North Dakota. C. F. Kellogs. receiver, Bismarck. Security State, Bank, Brantford, North Dakota. C. H. Reimers, receiver, Carrington. / Bank of Leal, Leal, North Dakota. C. I. Buslee, special deputy examiner, Leal.
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ENGEN SUED AS BANK RECEIVER Echo of Scandinavian Bank Deal Heard Today in District Court Suit for $22,250 against O. L. Engen, as receiver for the Prosper State bank of Prosper, N. D., was started today in Cass county district court by the State of North Dakota, doing business through the Bank of North Dakota. Alleged transactions between the Scandinavian American bank and the Bank of North Dakota under the former state administration, were brought into the case by the defense. The Bank of North Dakota alleges that $22,250 was redeposited with the Prosper State bank. The defense denies that the bank ever actually deposited this sum with the Prosper State bank.
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ENGEN SUED AS BANK RECEIVER—PROSPER STATE ECHO OF SCANDINAVIAN BANK DEAL HEARD TODAY IN DISTRICT COURT Fargo, N. D., Jan. 18—Suit for $22,250 against O. L. Engen, as receiver for the Prosper State bank of Prosper, N. D., was started today in Cass county district court by the State of North Dakota, doing business through the Bank of North Dakota. Alleged transactions between the Scandinavian-American bank and the Bank of North Dakota under the former state administration, were brought into the case by the defense. The Bank of North Dakota alleges that $22,250 was redeposited with the Prosper State bank. The defense denies that the bank ever actually deposited this sum with the Prosper State bank. It is claimed by the defense that when the attempt was made to save the Scandinavian-American bank, deals were made with a number of league banks to take up farmers' notes given to the Scandinavian bank. The Bank of North Dakota, it was said, was supposed to have deposited cash with these local banks to protect them, making them merely clearing houses for the notes. It is held by the defense that a draft for $22,250 given to the Scandinavian-American bank by the cashier of the Prosper State bank, without authority of the board of directors, was forwarded to the Bank of North Dakota. Mr. Engen maintains that the Prosper State bank never received the cash from the Bank of North Dakota to reimburse the bank for this draft and that the bank never received notes or any other compensation for this draft.
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SUIT STARTED Fargo, N. D., Jan. 18.-Suit for $22,250 against O. L. Engen. as receiver for the Prosper State bank of Prosper, N. D., was started today , in Cass county district Court by the State of North Dakota, doing business through the Bank of North Dakota. Alleged transactions between the Scandinavian American bank and the Bank of North Dakota under the former state administration, were brought into the case by the defense. The Bank of North Dakota alleges that $22,250 was redeposited with the Prosper State bank. The defense denies that the bank ever actually deposited this sum with the Prosper State bank.
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depositors of the first 58 banks which closed has been increased in several instances by dividends of the receiver of closed banks. Depositors of the People's State bank of Hatton received 100 percention the dollar of their deposits, and depositors of the People's State bank of Leith have received 60 percent in dividends from the receiver and 10 percent from the depositors guaranty fund commission. Other banks on which dividends have been paid by the receiver, in addition to the 10 percent of the depositors guaranty fund commission, are: Security State bank of Columbus, 10 percent; Fortuna State bank, 30 percent; Prosper State bank, 10 percent; Citizens State bank of Hazen, 10 percent; First Farmers of Minot, 10 percent. The first 58 banks which closed. on which the guaranty fund dividend was paid, included several of the largest banks which closed, among them the Scandinavian-American bank of Fargo, the Williams County State bank of Williston and the First Farmers of Minot.
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RECEIVER REALIZES CONSIDERABLE The 10 per cent dividend paid to depositors of the first 58 banks which closed has been increased in several instances by dividends of the receivers of closed banks. Depositors of the People's State bank of Hatton received 100 per cent on the dellar of their deposits and depositors of the People's State bank of Leith have received 60 per cent in dividends from the depositors guaranty fund commission. Other banks on which dividends have been paid by the receiver in addition to the 10 per cent of the depositars guarantee fund commission, are: Security State Bank of Columbus, 10 per cent; Fortuna State bank, 30 per cent; Prosper State Bank, 30 per cent; Prosper State bank, 10 per cent; Citizens State bank of Hazen, 10 per cent; First Farmers of Minot, 10 per cent.