Scandinavian American Bank (Grafton, ND)

Episode Information

Episode UID
77083171554
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
7708317 routing
Routing Number
77-0831
Start Date
June 1, 1929
Location
Grafton, North Dakota (48.412, -97.411)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9342acce7d91bd55

Response Measures

None

Events (4)
1. June 1, 1929 Run
Cause Details
Rapid withdrawals over 25 minutes; article does not attribute to a specific rumor or other bank failures.
Measures
Bank closed after withdrawals; suspended operations
Newspaper Excerpt
GRAFTON BANK SHUT AFTER STEADY 'RUN' Grafton, June 1.-(AP)-The Scandinavian American bank closed here, today. The institution closed after 25 minutes of operation this morning, during which $3,400 in deposits was withdrawn.
Source
newspapers
2. June 1, 1929 Suspension
Cause Details
Suspension followed the brief but heavy withdrawals (run) that forced the bank to close.
Newspaper Excerpt
The Scandinavian American bank closed here, today.
Source
newspapers
3. February 16, 1931 Receivership
Newspaper Excerpt
A 10 per cent dividend is being paid depositors of the Scandinavian American Bank, Grafton, N. D., according to L. R. Baird, receiver.
Source
newspapers
4. October 21, 1931 Other
Newspaper Excerpt
L. R. Baird, state bank receiver, sought recover $1,000 from Stephen Lykken, former cashier of the closed ScandinavianAmerican bank here.
Source
newspapers

Newspaper Articles (3)
1. June 1, 1929 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, June 1, 1929

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Article Text

GRAFTON BANK SHUT AFTER STEADY 'RUN' Grafton, June 1.-(AP)-The Scandinavian American bank closed here, today. The institution closed after 25 minutes of operation this morning, during which $3,400 in deposits was withdrawn. G. W. Foogman is president of the bank; A. Midgarden, vice president, and A. G. Tverberg, cashier. The closing leaves Grafton with only one bank, the First National having closed in 1927.

2. February 16, 1931 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, February 16, 1931

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Article Text

Grafton Bank to Pay 10 Per Cent Dividend A 10 per cent dividend is being paid depositors of the Scandinavian American Bank, Grafton, N. D., according to L. R. Baird, receiver. Payment is being made through the office of C. W. Conroy, district manager at Devils Lake. The payment represents a total dividend of 20 per cent that the depositors have received.

3. October 22, 1931 Grand Forks Herald Grand Forks, ND

Article Text

Adjourned Court Term Opens in Walsh County Grafton. N. D., Oct. 21.-(Speadjourned of district court was opened here today by Judge C. W. Buttz of Devils Lake and only court cases are being tried, no jury having been called. The first was an action in which L. R. Baird, state bank receiver, sought recover $1,000 from Stephen Lykken. former cashier of the closed ScandinavianAmerican bank here. The court decided in favor the bank receiver but Lykken filed counter suit for $2,000 in stock certificates which he claimed were missing from the bank after being placed there for safekeeping No action has been taken in the matter.