American State Bank (Burke, SD)

Episode Information

Episode UID
78038771493
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
7803877 routing
Routing Number
78-0387
Start Date
May 23, 1924
Location
Burke, South Dakota (43.182, -99.292)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c9c4123f049d4a3a

Response Measures

None

Description

Bank voluntarily closed due to depleted reserves/frozen assets; state inspectors involved.

Events (2)
1. May 23, 1924 Suspension
Cause Details
Voluntary closure because of depleted reserves and frozen assets; inspectors took charge.
Newspaper Excerpt
The American State bank here voluntarily closed its doors yesterday. Depleted reserves and frozen assets were given as the reason. State inspectors arrived last night to take charge.
Source
newspapers
2. September 10, 1924 Reopening
Newspaper Excerpt
The American State bank at Burke in Gregory county, also reopened today, the stockholders having subscribed a new capital to replace that which was wiped out by bad assets.
Source
newspapers

Newspaper Articles (3)
1. May 24, 1924 Norfolk Daily News Norfolk, NE
Article from Norfolk Daily News, May 24, 1924

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Article Text

AMERICAN STATE BANK AT BURKE IS CLOSED ACTION IS TAKEN VOLUNTARILY AND REOPENING IS EXPECTED SOON. Burke, S. D., May 24.—Special to The News: The American State bank here voluntarily closed its doors yesterday. Depleted reserves and frozen assets were given as the reason. However, there had been no run on the bank. State inspectors arrived last night to take charge. The bank was capitalized for $50,000 and William Kerville was president and Dan Schultz was vice president. Although no statement has been made public by the officers, it is understood that a new organization will be effected and the institution reopened within a short time.

2. September 11, 1924 The Daily Deadwood Pioneer-Times Deadwood, SD
Article from The Daily Deadwood Pioneer-Times, September 11, 1924

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Article Text

State Banks Have Reopened to Business PIERRE, Sept. 10.—Two banks in the state which have been suspended opened for business today with an entire reorganization and a newly subscribed capital stock; and one new bank opened to replace a bank which had previously suspended, it is announced by the state banking department. The Bank of Piedmont, which was suspended when it was discovered that the cashier of the bank had embezzled approximately $18,500 from the bank, has reopened, the stockholders of the bank having made good the entire loss. This bank was in first class shape when it was closed, with the exception of the embezzled funds, as the bank had very little borrowed money and practically no bad paper. The American State bank at Burke in Gregory county, also reopened today, the stockholders having subscribed a new capital to replace that which was wiped out by bad assets. At Kaylor in Hutchinson county, a new bank has been organized to be called the Farmers State bank, which will replace the state bank which suspended there last summer. The new bank has taken over all the good assets of the old bank and a dividend to the creditors of the old bank will be declared.

3. September 11, 1924 The Weekly Pioneer-Times Deadwood, SD
Article from The Weekly Pioneer-Times, September 11, 1924

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Article Text

State Banks Have Reopened to Business PIERRE, Sept. 10.—Two banks in the state which have been suspended opened for business today with an entire reorganization and a newly subscribed capital stock; and one new bank opened to replace a bank which had previously suspended, it is announced by the state banking department. The Bank of Piedmont, which was suspended when it was discovered that the cashier of the bank had embezzled approximately $18,500 from the bank, has reopened, the stockholders of the bank having made good the entire loss. This bank was in first class shape when it was closed, with the exception of the embezzled funds, as the bank had very little borrowed money and practically no bad paper. The American State bank at Burke in Gregory county, also reopened today, the stockholders having subscribed a new capital to replace that which was wiped out by bad assets. At Kaylor in Hutchinson county, a new bank has been organized to be called the Farmers State bank, which will replace the state bank which suspended there last summer. The new bank has taken over all the good assets of the old bank and a dividend to the creditors of the old bank will be declared.