gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c7d7a58ced3e17c5
Response Measures
None
Description
Reserve was depleted after the Federal Reserve charged off paper; receivership followed and the bank did not reopen.
Events (3)
1.December 7, 1923Suspension
Cause
Correspondent
Cause Details
Federal Reserve charged off several thousand dollars of the bank's paper and debited the bank's cash reserve, causing the reserve to fall below requirement; directors voluntarily closed.
Newspaper Excerpt
This bank closed. Depleted reserve.
Source
newspapers
2.January 10, 1924Receivership
Newspaper Excerpt
SWITZER IS RECEIVER SECURITY STATE BANK The appointment of a receiver for the Security State Bank ... this week. Information is received this afternoon that the court has named J. B. Switzer, former president of the bank, for the receivership. (Wolf Point Herald, 1924-01-10) (Other notices in Jan 12 and Jan 11 papers confirm appointment.)
Source
newspapers
3.April 10, 1924Other
Newspaper Excerpt
NOTICE OF SHERIFF'S SALE ... The Security State Bank of Wolf Point, a Corporation, J. B. Switzer, Receiver of the Security State Bank of Wolf Point, (Wolf Point Herald, 1924-04-10).
Source
newspapers
Newspaper Articles (13)
1.December 13, 1923The Wolf Point HeraldWolf Point, MT
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Article Text
e. SECURITY STATE S. t, 1, BANK SUSPENDS S y y CAUSE, DEPLETED RESERVEOFFICIALS DECLARE ALL DEPOSITS SAFE 1 Friday morning, Dec. 7, the Secura ity State Bank did not open its doors I for business, A notice posted on the 1 door said "This bank closed. DeS pleted reserve." The closing was through the voluntary action of the board of directors and the State banking department was notified. Deputy M. T. Masselt, from the state examiner's office, is now in charge. Switzer's Statement Vice-president J. B. Sitzwer, the officer in direct charge of the bank, was interviewed concerning the condition of the bank and the plans for handling its affairs in the present emergency. He stated emphatically that the affairs of the bank were in good shape and that the assets could easily take care of the deposits. He stated that the bank owes the Federal Reserve about $10,000 and that half of the amount is in sight and he did not contemplate much difficulty in raising the other $5,000. The bank's trouble came about through the Federad Reserve, when the Reserve bank charged off several thousand dollars of the Security State's paper and took the amount out of the bank's cash reserve, which W put the reserve below the requirement. Depositors Not to Lose p Mr. Switzer stated that after the tl Federal Reserve bank's account had C bee nbalanced the future of the Security Bank would be largely in the of hands of the depositors. He was re anxious, he said, for the adoption of th the plan that would cause the least ag expense. Whether the bank resumes or goes into liquidation will be largely determined by the wish of the depositors. He wishes to give assurance that the bank's assets are in such shape that depositors can be raid in full. and that no one will lose except through the inconvenience of the suspension. At the time of the suspension the bank's loans N were $143,000 and its deposits $127,000. County Funds Safe The funds of Roosevelt County, deposited in the bank, are absolutely th safe. They are fully protected by sp personal bonds and County Treas- ea urer Kellogg is holding warrants for of ve almost the amount on deposit as adtal ditional collateral. Cd
2 BANKS GO FLOOEY IN ROOSEVELT COUNTY LAST WEEK
The Security State Bank of Wolf Point and the First National Bank of Poplar were two Roosevelt county banks which closed their doors during the last two weeks. The cause is attributed to the impending financial debacle brought on by the deflation policy of the Federal Reserve Bank.
3.January 10, 1924The Wolf Point HeraldWolf Point, MT
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Article Text
SWITZER IS RECEIVER SECURITY STATE BANK The appointment of a receiver for the Security State Bank of this city which suspended business December 7, 1923, through action of the directors, was before Judge Comer of the district court this week. Information is received this afternoon that the court has named J. B. Switzer, former president of the bank, for the receivership. A large majority of the depositors had signed a petition asking the appointment of Mr. Switzer, and the court. it is stated, took the position that he could not refuse their request in the case of a bank in the good condition of this one. J. H. Coffey and a Glasgow man were also considered for the position. A number of those interested in the bank, or the appointment, and several attorneys were present at the very interesting hearing.
4.January 13, 1924Great Falls TribuneGreat Falls, MT
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Article Text
NAMED BANK RECEIVER
Special to The Tribune.
Poplar, Jan. 12.—J. B. Switzer was appointed receiver of the Security State Bank of Wolf Point, which closed its doors in December.
5.January 18, 1924The SearchlightCulbertson, MT
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Article Text
Poplar, Jan. 11.—Judge C. E. Comer while here this week holding law and motion court, appointed J. B. Switzer receiver of the Security State Bank of Wolf Point, which closed its doors recently. Mr. Switzer was formerly cashier of the bank and in presenting his application depositors and others asked Judge Comer to consider the fact that he is familiar with the affairs of the bank and was therefore in a better position to handle the receivership than an outsider might be.
The name of John Coffey was also presented as an applicant for the receivership.
6.April 10, 1924The Wolf Point HeraldWolf Point, MT
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Article Text
NOTICE OF SHERIFF'S SALE In the District Court for the Twentieth Judicial District for the State of Montana, in and for the County of Roosevelt. Security Loan & Trust Company, a Plaintiff. Corporation, Vs. Clyde R. Brookman, and Wavie Brookman, his wife, The Security State Bank of Wolf Point, a Corporation, J. B. Switzer, Receiver of the Security State Bank of Wolf Point,
7.March 26, 1925The Wolf Point HeraldWolf Point, MT
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Article Text
Public Hearing Set For Bank Receivers' Report
Judge S. E. Paul announces that a public hearing will be held in the court room on April 16th for the purpose of receiving the report of J. B. Switzer on his receivership of the Security State bank. The hearing was originally set for the 8th but was continued until the 16th because Judge Paul was unable to be here on the 8th.
8.June 10, 1926The Wolf Point HeraldWolf Point, MT
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Article Text
# NOTICE OF SHERIFF SALE
In the District Court of the Twen-
tieth Judicial District of the
State of Montana, in and for
the County of Roosevelt.
H. C. Skarie, as Receiver of the
Security State Bank of Wolf
Point, Montana, a corporation,
Plaintiff,
9.June 17, 1926The Wolf Point HeraldWolf Point, MT
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Article Text
NOTICE OF SHERIFF SALE In the District Court of the Twentieth Judicial District of the State of Montana, in and for the County of Roosevelt. H. C. Skarie, as Receiver of the Security State Bank of Wolf Point, Montana, a corporation, Plaintiff,
10.July 8, 1926The Wolf Point HeraldWolf Point, MT
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Article Text
NOTICE FOR PUBLICATION Department of the Interior U. S. Land Office at Great Falls, Montana, July 1, 1926. NOTICE is hereby given that H. C. Skarie, Receiver for Security State Bank, for Frank F. Brockway, entryman, of Wolf Point, Montana, who, on December 4th, 1922, made enlarged
11.November 25, 1926The Wolf Point HeraldWolf Point, MT
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Article Text
tlin was called up. There being no appearance by either side, default was entered and the case continued until further notice. Judge Paul signed orders authorizing receivers of the Security State bank at Wolf Point, the Citizens' bank of Culbertson and the State Bank to pay the taxes on the property owned by these banks. In the afternoon the judge presided over naturalization day of court. District Director of Naturalization Del L. Sullivan of Denver, appeared for the department of labor. The following petitioners were heard, their witnesses examined, and they were admitted to citizenship: Lazaris Serapin Mamanas, Glasgow; Neils Pederson, Scobey; John O. Bakken, Glasgow; Oliver L. Nordwich, Dowd, who came in under the act of 1926 extending citizenship to honorably discharged soldiers and sailors.
12.May 6, 1927The Wolf Point HeraldWolf Point, MT
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Article Text
NOTICE
The last dividend, of October 28th, 1926 is still uncalled for by many claim holders and I kindly ask such claim holders to present or mail receivers certificates to the undersigned so the dividend checks may be properly disposed of.
H. C. SKARIE, Receiver.
Security State Bank, Wolf Point.
12-2t
13.May 13, 1927The Wolf Point HeraldWolf Point, MT
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Article Text
NOTICE
The last dividend of October 28th, 1926 is still uncalled for by many claim holders and I kindly ask such claim holders to present or mail receivers certificates to the undersigned so the dividend checks may be properly disposed of.
H. C. SKARIE, Receiver.
Security State Bank, Wolf Point.
12-2t
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.
