Bennett County Bank (Martin, SD)

Episode Information

Episode UID
78076071489
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7807607 routing
Routing Number
78-0760
Start Date
January 5, 1924
Location
Martin, South Dakota (43.172, -101.733)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
27e29d220f56c9f6

Response Measures

None

Description

The bank was a state bank as it was under the supervision of the South Dakota banking department and the state guaranty fund.

Events (2)
1. January 5, 1924 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Excessive loans, mismanagement, and large deposits by the state treasurer under questionable conditions.
Newspaper Excerpt
the Bennett County bank of Martin, which closed Jan. 5, 1924
Source
newspapers
2. March 13, 1934 Other
Newspaper Excerpt
Another final dividend, amounting to 1.6 per cent or $1,240.75, paid depositors of the Bennett County bank of Martin
Source
newspapers

Newspaper Articles (4)
1. January 10, 1924 Thomas County Clipper Seneca, NE
Article from Thomas County Clipper, January 10, 1924

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Article Text

Run On Iowa Bank By a decision of its board of directors, the Iowa State Bank at Atlantic failed to open its doors Wednesday morning. The action followed recent withdrawals of deposits occasioned by rumors that the bank was not in the most solid condition, and to the poor showing made in the last statement of condition published last Friday. It had a capital stock of $50,000 and deposits of more than $300,000. The Sioux Falls National Bank, organized May 1, 1882, one of the oldest banks in South Dakota, closed its doors this week. It was capitalized for $150,000 and the statement of December 31 shows it had deposits of $2,500,000. The Bennett County Bank at Martin, South Dakota, failed to open its doors last Monday morning. This is in the Pine Ridge Indian reservation, about thirteen miles north of the Nebraska state line. The bank will be reopened soon under new management. A similar bank swindling case like they had in Halsey came to light with the closing of the Citizens' State Bank at Parker, in south-east part of South Dakota, where fifty thousand dollars' worth of worthless notes had been taken in exchange for certificates of deposit by men connected with the bank. B. F. Swan, the cashier, Frank R. Beddow, H. J. Caulsfield and a dozen other men, formerly residents of Sioux City, Iowa, are being arrested as fast as they can be located by Deputy State Sheriff N. J. Folsom. They used the money in some colonization scheme. In North Platte valley two banks in Garden county were consolidated this week when Nebraska State Bank had taken over the Oshkosh State Bank as a precautionary measure. Oshkosh is a county seat town. Among the numerous failures down in North Platte valley the latest to close its doors is the old First National Bank at Gering, county seat of Scotts Bluff county, which was organized back in 1897. It had a capital stock of $25,000, surplus $8,000, and deposits that formerly were $700,000 have declined to less than $500,000. Gering has yet another national bank and one state bank. Across the Platte river the city of Scottsbluff has about six banks.

2. February 19, 1925 Argus-Leader Sioux Falls, SD
Article from Argus-Leader, February 19, 1925

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Article Text

REPORTS ON O'BRIEN Committee Finds State Lost Money Because of Former Treasurer's Acts BY STAFF CORRESPONDENT Pierre, Feb. and diligent of persons guilty of violations of the banking of these many urged by the legislative banking completed today and filed the leg. loans to loans authority the directors and substituof by bankers in the and in forgery alteration ords and the report There were few presfar made, because sympathy the jury, tactless sympathy the prosecuting attorney, because the states young and Inexthe skilled counsel the banking department falled to supply data. Encouraged Violations result and prosecution has encouraged the violators of these banking laws to stand trial," report sembled regard the future use general and bank and cases state's have failed and those in office and punishment of those whose terms expired recom- Books Never Audited The fund, started had audited, An audit and shows that the Stock Growers Bank of Fort allowed banking department declare an eight per cent in 1918, when the debad shape in and not materially the committee found that the Bennett bank Martin failed early 1924, that an examiners report "In the spring 1923" showed that nothing done by the was by of of high the bank, of exdeposits the state treasurer, W. Brien, and causes. the commission this bank. an unsecured excess loan therein." Small for the department and difficulty capable employes crippled the superintendent, and follow on examiner's reports was because of the report with the dling of the bank problem by John ning and guaranty "These performed great work, Speculations Are Cited Speculation of the principal failure of banks, There condemnation of the practice of examiners banks free hand in ministration without approval depositors selected, employes Widely fees for attorneys torney spent "some seven office and little time the office some amounting and charged He obtained circuit at the pay all from the the Branson bank Mitchell might say therewith that from this bank will pay all depositors Take Rap at Hoese William ident the and Sloux Falls, now under grand jury Sloux Falls Trust and Savings bank" an which "savors looks bad. and It not inclined to find the Ings bank of Sioux and that his shipping to sight upon the practice the for the firm of the that bill value lading attached to their drafts but deposited the the Frank commission that check the money he that would divert the shipment to sight would be dishonored the The would be out charging to the money and his account carried cash this practice continued for Frank indebted the bank for like the that of the bank worthless officers that would appear as that said could easily been by examiner examsaid bank while was In (Continued on page two. column six)

3. March 13, 1934 The Daily Plainsman Huron, SD

Article Text

Dividends PIERRE, March taling nearly $13,500 are being paid three closed banks, the creditors Dakota banking department ported. Creditors of the Altamont State bank Altamont, Deuel county, will $2,152.79. This makes total of cent of paid since the bank closed March Another final amounting per cent being depositors the Bennett bank Martin, which closed 1924. This will make total 31.6 per cent since fourth of per cent, ounting to goes creditors the Farmers State bank makes per cent, since the bank suspended October 1931.

4. March 13, 1934 Rapid City Journal Rapid City, SD

Article Text

THREE BANKS PAY MORE DIVIDENDS Pierre, March 13 totaling nearly $13,500 are being paid to creditors or three closed state banks, the South Dakota banking department reported day Creditors of the Altamont State bank of Altamont, Deuel county, will get a final dividedd of 2.3 per cent amount to $2,152.79 This makes total of 42.3 per cent or $40,813.5 paid since the bank closed March 28, 1929 Another final dividend. amounting to 1.6 per cent or $1,240.75, paid depositors of the Bennett County bank of Martin, which closed Jan. 5, 1924 This will make total of 31.6 per cent or $24,411.21 paid since suspension A fourth dividend of per cent, amounting to $10,099.60 goes to ditors of the Farmers State bank of Pukwana. This makes 50 per cent, or paid since the bank