gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6a78928e0173ac47
Response Measures
None
Description
Bank closed December 1921 and remained in receivership; multiple articles document failed reopening efforts and litigation.
Events (2)
1.December 1, 1921*Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank became insolvent and closed its doors in December 1921; eastern creditors foreclosed on collateral and assets were realized.
Newspaper Excerpt
the bank, capitalized at $225,000, closed its doors in December, 1921.
Source
newspapers
2.January 12, 1922Receivership
Newspaper Excerpt
A. W. Springhorn, was recommended as receiver of the American Bank & Trust company of Great Falls ... and Mr. Springhorn was duly appointed by the court.
Source
newspapers
Newspaper Articles (21)
1.January 12, 1922Belt Valley TimesBelt, Armington, MT
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Article Text
Henter Works on Opening A. B.&T The plans for reopening the Americon Bank & Trust company at Great Falls are of local interest from the fact that Leo A. Henter, formerly cashier of the First National Bank of Belt. is active in the matter and has already submitted several propositions to the stockholders and directors. A meeting was held Monday evening at holders and depositors are requested which Mr. Henter submitted a plan to the stockholders present and which will be submitted again tonight at a meeting called at which all stockHenter is to form a holding corporto be present. According to the statement of one of the directors present at Monday night's meeting, the plan of Mr. Henter is to form a holding corporation in which depositors of the bank will take stock to the amount of their deposits, the corporatio n to secure funds by subscription to the treasury stock of the holding corporotion, necessary for reopening the bank. The details have not been fully worked out but the plan appeared feasible to those who heard Mr. Henter explain it. sufficiently so at least that the meeting has been called for this evening. Albert W. Springhorn, chief deputy in the office of State Superintendent of Banks L. Q. Skelton, was recommended as receiver of the Ameriran Bank & Trust company of Great Falls to Judge J. B. Leslie in the district court Friday morning by Mr. Skelton and Mr. Springhorn was duly appointed by the court.
2.January 19, 1922Great Falls TribuneGreat Falls, MT
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COUNTY GETS LAST PAYMENT ON DEPOSITS Remittance From Surety County Repays Money Carried in American Bank. A certified check for $34,000. representing part of the funds deposited by the county in the American Bank and Trust company, was paid to County Treasurer Fred C. Andretta Wednesday by H. L. Hart, representative of the National Surety company, under the terms of a surety bond for that amount. Winds Up Account The payment of this amount with the check for $26,000 that was paid to the county treasurer several weeks ago, reimburses the county for all the money that was on deposit in the American bank when it failed. The first payment was made soon after it was announced that a receiver was to be appointed to take over the assets of the bank. Treasurer Andretta said that with Wednesday's remittance from the surety company, the county's account with the American bank is wound up, with the exception of $7.71. A check for this amount was given by the treasurer before the bank closed and had not been cashed. The county will file a claim for the amount against the bank and assign it to the holder of the check. $40,000 for City Mr. Hart stated that while he is in Great Falls his company expects to deliver to City Treasurer W. P. Wren a draft for $40,000, the amount of the bond carried with this concern by the municipality. This payment will cover the city's deposit with the exception of $300, which is covered by a personal bond.
3.January 21, 1922Great Falls TribuneGreat Falls, MT
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Article Text
American Bank and Trust Co. Reorganization To Our Fellow Depositors: The undersigned Committee of Depositors are cooperating with the regular reorganization committee of stockholders. We are none of us identified with the bank as stockholders, but all have substantial deposits therein. We are convinced that the plan of reorganization adopted by the stockholders is feasible, fair to depositors, and the only means by which the interests of depositors will be preserved. We can readily see that under liquidation by Receiver the depositors stand to lose the greater portion or all they have in the bank, but under the proposed plan of reorganization we believe they will have a chance to save their entire deposit. We have signed up all our own deposits, and strongly urge our fellow depositors to do likewise. It is of grave importance to us all that this be done speedily. Sign today and thus hasten the reopening of the bank and the saving of our deposits therein. D. J. M'INTOSH HOWARD G. BENNET R. J. BARBER J. A. BLESSING H. R. WAHOSKE
4.February 24, 1922Great Falls TribuneGreat Falls, MT
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# Final Date Fixed
# for Claims on Bank
All claims of creditors against the American Bank & Trust company must be presented on or before May 31, if they are to be allowed, according to an order signed Thursday by District Judge J. B. Leslie. The order was signed in response to a petition from A. W. Springhorn, receiver of the bank.
5.April 1, 1922Great Falls TribuneGreat Falls, MT
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City Receives Check for $40,250 to Cover Bank Failure Loss City Treasurer W. P. Wren Friday received a check for $40,250 from the National Surety company, covering its liability for the amount of city funds on deposit in the American Bank and Trust company. With the exception of a personal bond covering a small amount, the city is now entirely reimbursed for its funds lost by the closing of the bank. Payment of the check has been delayed because of the demand of Mayor R. M. Armour and City Attorney Charles Davidson that the surety company pay interest on the amount from the time the bank went into a receivership. After several conferences, counsel for the surety company agreed to pay an additional $250 as interest.
6.June 2, 1922The Glasgow CourierGlasgow, MT
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GREAT FALLS BANK MAY LOSE OVER $500,000.00 Failure of the depositors to agree upon arrangements for reopening the institution threatens a loss of $80,000 in assets of the American Bank and Trust company of Great Falls, according to A. H. Gray, chairman of the reorganization committee. "A letter recently received from one of the eastern creditors of the American Bank and Trust company which had a claim against the bank for about $70,000 secured by collateral notes to the amount of about $150,000" said Mr. Gray, "advises that they have foreclosed and sold this collateral. Whether the collateral brought sufficient in the sale to pay off this creditor or whether there will be a deficiency which may be filed as an unsecured claim with the receiver, the same as other depositors, the letter did not state. But this is certain, that unless some arrangement can be made to redeem this collateral the depositors have lost $80,000 on this one transaction. "The letter stated that if the bank reorganized and reopened that it is possible that an arrangement may be made with the purchaser by which a redemption may be made, but there is nothing certain about this. It is only a question of time until all the eastern creditors will do likewise and, when they do, all hope of reorganization will be past and our depositors will be obliged to take the loss of more than $500,000."
7.September 10, 1922Great Falls TribuneGreat Falls, MT
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HEAR SKELTON ON PLANS FOR CLOSED BANK Superintendent Must Approve Before American Can Be Reorganized. L. Q. Skelton. state superintendent of banks, will be in Great Falls Tuesday to confer with the depositors' reorganization committee on matters affecting the proposed reorganization of the American Bank & Trust company, according to an announcement made Saturday by Hugh M. Jones, chairman of the committee. Approval of Skelton of the reorganization work is necessary before its plans can be carried out. He will address a meeting of the depositors who have not signed the extension agreements for reorganization Tuesday evening at 8 o'clock at Carpenters' hall, 716 First avenue south. The committee has asked that none but those who have not yet signed up be present at the meeting. Jones urges that all of those who have not signed the agreement be present to hear Skelton, as he will outline the attitude of his department and something of the plans for the bank. Jones said that the work of signing up the depositors is progressing well but slowly, and he asked that all who care to sign call at his office at 121 Central avenue. Some $110,000 of deposits have not yet been signed up, it is said, and of this all, with the exception of a few thousand dollars, are live accounts that must be signed before there is a possibility of opening the bank again. A small part of these accounts are of persons who cannot be reached and those whose addresses are unknown. All those whose principals are known must be signed up, it was announced, before the bank can be opened. Eastern banks have realized on some $230,000 of the assets of the bank, clearing about half of the obligations to the eastern banks, according to members of the depositors' committee. A few collections have been made through the office of the receiver.
8.November 2, 1922Great Falls TribuneGreat Falls, MT
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AMERICAN BANK CHIEFS EXPECT SPEEDY ACTION Court Order Grants Committee Use of Present Offices Until Nov. 15. Another month of effort on the part of the depositors' committee. which is endeavoring to reorganize and reopen the American Bank and Trust company, has advanced the work until the committee Wednesday expressed confidence that the plan can be successfully matured within a short time. About 80 depositors have not signed the reorganization agreêment, but the committee feels that the success or failure of the work rests with six or eight owners of larger accounts who still are withholding their signatures. Time Extended Upon the solicitation of Hugh Jones, chairman of the committee, District -Judge J. B. Leslie Wednesday extended for 15 days the period during which the receiver may retain the quarters formerly occupied by the bank. A short time ago Judge Leslie issued an order in which he said he would require the receiver to occupy less expensive offices if the reorganization plan was not completed by November 1, but with the showing made by the committee during the last month the court extended the time to November 15. The chairman was given to understand that observation of good business methods would compel the court to definitely order the removal of the offices on that date if the reorganization then is not perfected. The bank's furniture and fixtures will be sold under a court order if the receiver's offices are moved and the committee has stated that once this is done and the banking rooms vacated, it will be useless to attempt to continue the reorganization work. With this situation obtaining, Jones said Wednesday evening that the next 15 days will mark the final effort to reopen the bank. With Jones on the committee are J. E. Healey, Bernard Duffy, John Knutson and Charles Hanson. The committee has requested depositors who have not signed to call at 121 Central to procure information on the plan under consideration. Favors Denied Some of the depositors who have not signed have told the committee that they will enter into an agreement that would give them special privileges if the reorganization were effected, but all such proffers have been and will be rejected, Jones stated. Jones asserted that the committee never will consider giving a special advantage to any depositor and that rather than consent to such an arrangement the receivership will be continued until the banks' affairs are wound up.
9.July 5, 1923Belt Valley TimesBelt, Armington, MT
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AMERICAN BANK DIRECTORS ASK FOR COURT ORDER TO OPEN UP Chairman Claims Institution Solvent. Would Overrule Skelton Decree. Declare Depositors Satisfied Petition for an order decreeing the to order the bank superintendent to American Bank & Trust to be solvent, reopen the bank, also failed, and for an order terminating the reMr. Gray declined to state Friday ceivership of the banking institution when the bank would be reopened in was filed in distret court Frday by the event that favorable action was A. H. Gray, chairman of the board of given in district court on the petition directors of the bank and acting for filed asking that the receiver be rethe board of directors. This is the moved and the bank declared solvent. first step on the part of the directors Ten days or more will probably be to go over the head of L. Q. Skelton, given the receiver in which to appear state superintendent of banks, in an and show cause why the petition of effort to reopen the institution. the bank's directors should not be The bank superintendent refused a granted. month ago to authorize the reopening "We have gone carefully into the of the bank, which closed December, matter," said Mr. Gray Friday, "and 1921. Efforts of Great Falls residents we believe the bank should be rewho appealed to Governor J. M. Dixon opened. We see no good reason why it
10.July 27, 1923Great Falls TribuneGreat Falls, MT
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AMERICAN RECEIVER SUES ON BANK STOCK LIABILITY
Initiates Action While $150,000 in Hands of Committee Awaiting Court Decision on Reopening Litigation.
Eighty-one stockholders of the American Bank & Trust company of Great Falls are named defendants in a suit filed Thursday afternoon in district court by A. W. Springhorn, receiver of the institution, in which payment under stockholders' statutory liability is sought. The bank, capitalized at $225,000, closed its doors in December, 1921.
Action was brought by Receiver Springhorn, following an order made by Judge Jere B. Leslie in district court, dated June 7, 1923, whereby it was held that in order to pay the debts and liabilities of the bank, it was necessary that the full amount of the statutory liability of stockholders be collected.
Receiver Springhorn filed his suit during the pendency of an action in which the stockholders' and depositors' committee is demanding of the court that the concern be found solvent and ordered reopened. The case was heard last week before Judge J. B. Leslie and the court's decision is expected within the next few days.
According to A. H. Gray, chairman
STOCKHOLDERS OF BANK SUED
RECEIVER OF CLOSED INSTITUTION WOULD FORCE PAYMENT STATUTORY LIABILITY.
Special to The Record-Herald.
GREAT FALLS, July 28.—Eighty-one stockholders of the American Bank and Trust company of Great Falls are named as defendants in a suit filed in district court by A. W. Springhorn, receiver, in which payment under stockholders' statutory liability is sought. The bank, capitalized at $225,000, closed its doors in December, 1921.
Action was brought by Receiver Springhorn, following an order made by Judge Jere B. Leslie in district court, dated June 7, 1923, whereby it was held that in order to pay the debts and liabilities of the bank, it was necessary that the full amount of the statutory liability of stockholders be collected.
Receiver Springhorn filed his suit during the pendency of an action in which the stockholders' and depositors' committee is demanding of the court that the concern be found solvent and ordered reopened. The case was heard last week before Judge J. B. Leslie and the court's decision is expected within the next few days.
According to A. H. Gray, chairman of the committee, there is now in his possession approximately $150,000 in checks, given him by stockholders in payment of their liability. This money is in addition to cash paid direct to the receiver and was placed with
Special to The Record-Herald.
GREAT FALLS, July 28.—Eighty-one stockholders of the American Bank and Trust company of Great Falls are named as defendants in a suit filed in district court by A. W. Springhorn, receiver, in which payment under stockholders' statutory liability is sought. The bank, capitalized at $225,000, closed its doors in December, 1921.
Action was brought by Receiver Springhorn, following an order made by Judge Jere B. Leslie in district court, dated June 7, 1923, whereby it was held that in order to pay the debts and liabilities of the bank, it was necessary that the full amount of the statutory liability of stockholders be collected.
Receiver Springhorn filed his suit during the pendency of an action in which the stockholders' and depositors' committee is demanding of the court that the concern be found solvent and ordered reopened. The case was heard last week before Judge J. B. Leslie and the court's decision is expected within the next few days.
According to A. H. Gray, chairman of the committee, there is now in his possession approximately $150,000 in checks, given him by stockholders in payment of their liability. This money is in addition to cash paid direct to the receiver, and was placed with Chairman Gray for use by the bank in the event of reopening was ordered by the court, or consented to by L. Q. Skelton, state superintendent of banks.
Case Argued Here Has Bearing on Suits in Great Falls Court
Special to The Record-Herald.
GREAT FALLS, March 11.—Should the state supreme court uphold the contention raised in Helena that the new state banking law repealed that portion of the criminal code holding bankers liable to prosecution for receiving deposits in an insolvent bank, the decision will have an important bearing on three of the bank cases scheduled for trial here during the coming term of district court.
This question, which was argued Monday before the state tribunal, was raised by Fred Naegele, a former director of the Banking corporation, who was indicted on a charge of receiving a deposit when he and other officers knew the institution was insolvent.
Former bankers under indictment here on similar charges include R. P. Reckards, Forrest Nelson, formerly president and cashier respectively of the American Bank and Trust company; Elmer Dawson and H. E. Musselt, officials of the State bank of Belt at the time of its closing. Reckards and Nelson were named in the first true bills returned by the county grand jury and the other two on March 1, when the jury returned nine indictments.
14.May 8, 1924Belt Valley TimesBelt, Armington, MT
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Plaintiff,
-VS-
Alexander H. Yule, and Helen Yule, his wife, A. W. Springhorn, as Receiv-
er of the American Bank and Trust Company of Great Falls, Montana, a corporation, Defendants.
15.May 30, 1924The Great Falls LeaderGreat Falls, MT
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Phoenix Mutual Life Insurance Company, a corporation, Plaintiffs, vs. Emma Dix Petersen and Christian Charles Petersen, her husband; the Benton Lake Oil and Gas Company, Inc., a corporation; George A. Mann, American Bank & Trust Company of Great Falls, Montana, a corporation; A. W. Springhorn, as Receiver of the American Bank & Trust Company of Great Falls, Montana, a corporation, Defendants.
16.March 18, 1926Belt Valley TimesBelt, Armington, MT
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EDWARD W. ELLIS, Plaintiff.
GLENN NORMAN PARKER and
ALDA H. PARKER, his wife, LIBERTY INDUSTRIAL CORPORA-
TION, a corporation, THE FIRST
NATIONAL BANK OF GREAT
FALLS, a corporation, WALTER
KENNEDY, and A. W. SPRING-
HORN, as Receiver of the American
Bank & Trust Company of Great
Falls, a corporation, Defendants.
17.March 25, 1926Belt Valley TimesBelt, Armington, MT
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GLENN NORMAN PARKER and ALDA H. PARKER, his wife, LIBERTY INDUSTRIAL CORPORATION, a corporation, THE FIRST NATIONAL BANK OF GREAT FALLS, a corporation, WALTER KENNEDY, and A. W. SPRING. HORN, as Receiver of the American Bank & Trust Company of Great Falls, a corporation, Defendants.
18.April 1, 1926Belt Valley TimesBelt, Armington, MT
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GLENN NORMAN PARKER and ALDA H. PARKER, his wife, LIBERTY INDUSTRIAL CORPORATION, a corporation, THE FIRST NATIONAL BANK OF GREAT FALLS, a corporation, WALTER KENNEDY, and A. W. SPRING HORN, as Receiver of the American Bank & Trust Company of Great Falls, a corporation, Defendants.
19.May 13, 1926Belt Valley TimesBelt, Armington, MT
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ANN PEARSON, Plaintiff
NORMAN PARKER and ALDA H. PARKER, his wife, THE FIRST NATIONAL BANK of GREAT FALLS, a corporation, WALTER KENNEDY, and A. W. SPRING-HORN, Receiver of the American Bank and Trust Company of Great Falls, Montana, Defendants,
20.June 3, 1926Belt Valley TimesBelt, Armington, MT
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ANN PEARSON, Plaintiff -vs.NORMAN PARKER and ALDA H. PARKER, his wife, THE FIRST NATIONAL BANK of GREAT FALLS, a corporation, WALTER KENNEDY, and A. W. SPRINGHORN, Receiver of the American Bank and Trust Company of Great Falls, Montana, Defendants,
21.June 16, 1926The Independent-RecordHelena, MT
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BANK CREDITOR IS AGAINST BY SUPREME COURT
Montana's supreme court yesterday affirmed a judgment of the district court of Cascade county relative to a bank case dating back to 1921, in which Wellington Rankin, then attorney general, intervened in the action between the American Bank and Trust company, of Great Falls, through S. E. Jensen, against Receiver A. W. Springhorn. Jensen asked an order the court allowing his claim as creditor of the insolvent bank in process of liquidation. He presented his claims at Great Falls after May 31, 1922, the date set by the court as limit for filing claims. The bank closed December 1921, and the district court issued an order appointing receiver and providing that no claims should be allowed by him after May 31, 1922. In February 1923, Jensen filed his claim and it was by the receiver. He petitioned the court for its settlement refused. From this decision he appealed. The Great Falls bank had deposited certain notes with the New York Trust company tas security for loan. When it defaulted in its payment, the security was sold. The purchaser collected some of these notes and presented its claim to the bank's receiver for the balance. Jensen declared that there was nothing to prevent the court from doing so. He argued that, while the New York bank could not have collected more than the amount of the lotan, the purchaser had a right to rely on the endorsement of the Grea: Falls bank for the entire face value of the notes.
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.
