10117. First National Bank (Lewiston, MT)

View Charter #7274 on SPMC

Bank Information

Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
7274
Charter Number
7274
Start Date
December 10, 1923
Location
Lewiston, Montana (46.464, -111.986)

Metadata

Model
gpt-5-mini
Short Digest
0636102e469f3df3

Response Measures

None

Receivership Details

Depositor recovery rate
50.1%
Date receivership started
1924-04-12
Date receivership terminated
1936-05-27
OCC cause of failure
Governance
Share of assets assessed as good
31.9%
Share of assets assessed as doubtful
50.0%
Share of assets assessed as worthless
18.1%

Description

The supplied articles clearly refer to the First National Bank of Lewistown (Fergus County), not Lewiston. Because the bank in the sources is a different city than the provided bank (Lewiston), I set success=false. From the articles: the bank suspended (cited as December 10, 1923), never reopened, a receiver (F. D. Williams, later C. C. Sill) was appointed and suits and dividend distributions followed. The bank remained closed and was in receivership; large dividends were ordered/paid 1925–1927. Cause of suspension appears to be bank-specific insolvency/unsound condition (failed finances, inadequate capital, withdrawals to protect certain depositors).

Events (8)
1. May 27, 1904 Chartered
Source
historical_nic
2. December 10, 1923 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Comptroller had found the bank in an unsound condition; capital assessments unpaid; directors withdrew securities to protect certain depositors; insolvency/unsafe condition led to suspension.
Newspaper Excerpt
It is cited in the complaint that the bank suspended December 10, 1923
Source
newspapers
3. April 12, 1924 Receivership
Source
historical_nic
4. December 4, 1925 Other
Newspaper Excerpt
Federal Judge Charles N. Pray today authorized F. D. Williams, receiver of the First National bank, of Fergus county, Lewistown, to distribute a dividend to the bank's creditors that will approximate $1,000,000. Plans have been under way with the receiver for several months to pay a 30 per cent dividend ... At the time of its closing two years ago, the bank's liabilities exceeded $3,000,000.
Source
newspapers
5. January 7, 1926 Other
Newspaper Excerpt
Receiver F. D. Williams of the First National bank of Lewistown is now sending out checks to the 3,200 depositors of the Institution. The checks represent a dividend of 30 per cent upon the deposits and the total is nearly $1,000,000.
Source
newspapers
6. April 7, 1927 Other
Newspaper Excerpt
Receiver Sill has just paid a dividend of $300,090 to the depositors of the failed First National Bank. of Lewistown.
Source
newspapers
7. April 15, 1927 Other
Newspaper Excerpt
Lewistown Receiver Pays $300,000 To Depositors ... this payment will make a total of 40 per cent so far disbursed.
Source
newspapers
8. * Receivership
Newspaper Excerpt
F. D. Williams, receiver of the First National bank, of Fergus county, Lewistown ... Receiver F. D. Williams of the First National bank of Lewistown is now sending out checks ... Receiver C. C. Sill has just paid a dividend ... of the failed First National Bank of Lewistown.
Source
newspapers

Newspaper Articles (12)
1. December 14, 1923 The Producers News Plentywood, MT
Article from The Producers News, December 14, 1923

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Article Text

(Continued from page 1) banks in Fergus county are now closed. EMPIRE BANK STANDS UP The Empire & State Bank was able to stand the run Monday. A long line of depositors withdrew their money and another line was depositing. This depositing line was a stage play line thought to have been arranged for by the bank to inspire confidence in the panic strickened depositors-depositors withdrew about $15,000. Monday the withdrawal continued but so far the bank has been able to weather the storm BANK LONG A "LAME DUCK" The First National Bank of Lewistown has been known as a "lame duck" for several months. In the middle of the summer the bank had a desperate time to keep open and at one time several National Bank Examiners were there at once, but the bank was able to ride until after the harvest mcney had been deposited. The bank had been the bank of deposit of the Montana Wheat Growers Association up until very recently. PEDDLE "OLD BUNK." The officers of the defunct bank and the "copper paper" are peddling the usual bunk about reorganization and new money available soon. And that all deposits will be paid in full, etc.

2. March 12, 1925 Roundup Record-Tribune Roundup, MT
Article from Roundup Record-Tribune, March 12, 1925

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Article Text

SUES BANK RECEIVER Lewistown, March Law has brought suit against Williams, receiver of the First National bank, to have deposit of $8,000 declared claim and ordered applied to the plaintiff's note for $8,000. Mr. Law alleges that when he deposited the sum, just before the bank closed, it was for purpose having applied to the note and that should have been put in trust fund.

3. August 6, 1925 The Great Falls Leader Great Falls, MT
Article from The Great Falls Leader, August 6, 1925

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SUIT AGAINST BANK RECEIVER IS DISMISSED Decree of dismissal in the sult of William Gockstetter against Fred D. Williams as receiver of the First National bank of Lewistown was entered in United States district court here late yesterday afternoon by Judge Charles N. Pray The suit was filed June 18 of this year. Wellington D. Rankin, Frank Woody and S. C. Ford were attorneys for the plaintiff and E. K Cheadle and T. B. Weir for the defendant. Costs of action are ordered paid by the defendant In the suit Gockstetter alleged that the order by which the court authorized the sale, disposal or transfer of property and assets of the First National bank was "made by said court without and in excess of its jurisdiction.'

4. December 4, 1925 The Producers News Plentywood, MT
Article from The Producers News, December 4, 1925

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Article Text

CLOSED BANK IS TO PAY FAT DIVIDEND MILLION DOLLARS WILL GO TO DEPOSITORS. Falls.-Federal Great Judge Charles N. Pray today authorized F. D. Williams, receiver of the First National bank, of Fergus county, Lewistown, to distribute a dividend to the bank's creditors that will approximate $1,000,000. Final authority to pay the dividend and the exact amount will be announced by the comptroller of the currency, the court's order issued today being a necessary preliminary to action by that official. Plans have been under way with the receiver for several months to pay a 30 per cent dividend but approval of that figure by the comptroller will be necessary before official announcement can be made. At the time of its closing two years ago, the bank's liabilities exceeded $3,000,000. To Transfer Realty. Judge Pray's order provides for transfer by the bank to Fergus county and the municipality of Lewistown certain real estate in lieu of their share of the cash dividend. A. similar arrangement between the bank and the city of Lewistown also is authorized.

5. December 11, 1925 The Daily Worker New York, Chicago, NY
Article from The Daily Worker, December 11, 1925

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Depositors to Get Only One-Third from Bank That Failed GREAT FALLS, Montana, Dec. 9. -Federal Judge Charles N. Pray, authorized F. D. Williams, receiver of the First National Bank of Lewistown in Fergus county to pay a dividend to the depositors that will reach $1,000,000. Plans have been under way for several months to pay a 30 per cent dividend to the creditors. Final authority to pay the dividend and the exact amount will be announced by the comptroller of the currency. At the time this bank closed its doors two years ago its liabilities amounted to over $3,000,000.

6. January 7, 1926 Belt Valley Times Belt, Armington, MT
Article from Belt Valley Times, January 7, 1926

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Article Text

Bank Pays Dividends Receiver F. D. Williams of the First National bank of Lewistown is now sending out checks to the 3,200 depositors of the Institution. The checks represent a dividend of 30 per cent upon the deposits and the total is nearly $1,000,000. The bank closed two years ago and the payment of this Mividend made Christmas one of the brightest Lewistown has known In some years,

7. July 2, 1926 Winnett Times Winnett, MT
Article from Winnett Times, July 2, 1926

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FERGUS BOARD $200,000 Falls, that of the First National Fergus county resolufrom the general bank securillegally and their personal sureties Fergus county city Lewistown against deposits, and for the further reason that the had been informed the comptroller of curbank Williams sound receiver the bank has filed suit federal here against the stockholders directors. The receiver asks for return $200,000 Fergus Securities capital the equivalent pany and for injunction restraining the bank directors from disposing the stock any other way. cited in the complaint that the bank suspended December 1923; that February 1923. indemnity bond for $700,000 executed Fergus county's deposits bank, the directors sureties themselves liable personally for amounts ranging from $10,000 that June 1923. bond $75,000 executed in behalf the that October 13, the directors adopted from the general the bank $755,000 these deposits. The plaintiff alleges that at the time adopted on the capital stock of the bank, made currency pair capital of institution, had not and that plans for the finances of the bank personal contributions pay ments by the stockholders had failed. The asks the court this resolution null and void. contending that protected the ties and that the withdrawal securities gave the county and city accounts unwarranted preference other accounts. Folowing are the defendants in the action: Johnson, Jeter Osweller, George James Hott, Waite, Andrew WoodDavid Hilger, Austin Otten George Woodard, McClave, Peter Osweller, Donald Taylor Steinbrenner directors: Peter Osweller George Wiedman depositories, and Matson estate coased, who stockholder alleged that the securities, withdrawn by order the resclution came into the hands of Johnson, Wiedeman and Osweiler, who turned the receiver but $200,000 stock which the suit seeks recover. that they fuse to turn over this Flatwillow Quite number the Flatwillow people Monday celebration Some to Flatwillow have carbide lighting plant. The workmen installing the present time. John Davis helping Ed Lambert

8. July 14, 1926 The River Press Fort Benton, MT
Article from The River Press, July 14, 1926

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Receiver Files Suit Great that the rectors of the First National bank of in resolution withFergus county general assets of drawing from the the bank $755,000 in securities acted illegally and fraudulently in protecting their personal securities given to idemnify Fergus county and the city of Lewistown against loss of deposits, and for the further reason that the rectors had been informed by the comptroller of currency that the bank in an unsound condition, Williams receiver of the bank has filed suit in federal court here against bank's stockholders and directors. The receiver asks for the return of of Fergus Securities company the equivalent, and capital stock, for an injunction restraining the bank from disposing of the stock in any other way. cited in the complaint that the bank suspended December 10, that February 28, 1923, an idemnity bond for was executed to insure Fergus county's deposits the the directors securities makbank, ing themselves liable personally for amounts ranging from $10,000 to $80.that June 15. bond $75,000 executed behalf of the city of Lewistown. Further, that on October 13, 1923. the directors adopted a resolution withdrawing from the general assets the bank securities to protect these deposits. Sedgwick Girl Drowned Kalispell, July Sedgwick, 15, daughter of Mr. and Cortez Sedgwick of drowned while wading in Flathead Lake near Big Fork Sunday afternoon, when she stepped into deep hole. Her father and brother, George, who were with her, each tried res cue her but also went uunder. The screams the family were heard the tourist park, where family Northern Pacific surveyors were working. to the spot and while Carl Carlson of Helena out, bringing the boy to safety and dived for the father in feet of the other young men dived for the body of the girl. She, however,

9. July 15, 1926 Judith Basin Press Stanford, MT
Article from Judith Basin Press, July 15, 1926

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Demands Made On Fergus Bank Board For Return Of Securities Alleging that the directors of the First National bank in a resolution withdrawing from the general assets of the bank $755,000 in securities acted illegally and fraudulently in protecting their personal sureΕ£ies given to indemnify Fergus county and the city of Lewistown against loss of deposits, and for the further reason that the directors had been informed by the comptroller of currency that the bank was in an unsound condition; F. D. Williams as receiver of the bank has filed suit in federal court here against the bank's stockholders and directors, says the Great Falls Tribune. The receiver asks for the return of $200,000 of Fergus Securities company capital stock, or the equivalent, and for an injunction restraining the bank directors from disposing of the stock in any other way. It is cited in the complaint that the bank suspended December 10, 1923, that February 28. 1923, an indemnity bond for $700,000 was executed'to insure Fergus county deposits in the bank, the directors as sureties making themselves liable personally for amounts ranging from $10,000 to $80,000; that June 15, 1923 a bond for $75,000 was executed in behalf of the city of Lewistown. Further, it is cited that on October 13, 1923, the directors adopted a resolution withdrawing from the general assets of the bank $755,000 in securities to protect these deposits. The plaintiff alleges that at the time this resolution was adopted an assessment of 78 per cent on the capital stock of the bank, made by the comptroller of currency to repair the capital of the institution, had not been met, and that plans for reorganizing the finances of the bank by personal contributions or payments the stockholders had failed. The receiver asks the court to declare this resolution null and void, contending that it protected the sureties and that the withdrawal of the securities gave the county and city accounts unwarranted preference over other accounts. Following are the defendants in the action: W. J. Johnson, Peter J. Osweiler, George J. Wiedeman, James, B. Elliott, Martha S. Waite, Andrew Fergus, H. C. Brown, T. C. Sherman, J. E. Lane, E. C. Sweitzer, J. E. Woodard, David Hilger, Austin R. Warr and H. C. Otten as sureties; W.J Johnson, George J. Wiedeman, James B. Elliott, Andrew Fergus, H. C, Brown, T. C. Sherman, J. E. Lane, E. C. Sweitzer, J. E. Woodard, C. R. McClave, Peter J. Oswelder, O. W. Belden, Donald S. Waite, David Hilger, Austin R. Warr, T. F. Taylor and J. L. Steinbreriner as directors: W. J. Johnson, Peter J. Osweiler and George J. Wiedeman as depositories, and E. K. Matson as administrator of the estate of George M. Stone. deceased, a stockholder. It is alleged that the securities, after withdrawn by order of the resolution, came into the hand of Johnson, Wiedeman and Osweiler, who have turned over to the receiver all but the $200,000 in stock which the suit seeks to recover, and that they refuse to turn over this stock.

10. March 25, 1927 Plentywood Herald Plentywood, MT
Article from Plentywood Herald, March 25, 1927

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STATE BRIEFS Deer Lodge-Four carloads of cattle left Deer Lodge recently for Seattle. Havre-Montana Eagles will hold their 1927 convention at Havre July 4, 5 and 6. n Cut Bank-Martin J. Halvorson, mayor of Cut Bank, died suddenly a few days ago. Lewistown-This city is consummating plans for an elaborate Fourth of July celebration. Arlee-John S. Innes has sold a herd of fine Holstein cows to Los Angeles, Calif., buyers. Whitefish-Beginning April 1. the city water department will reduce charges for service another 5 per cent. Sidney-Richland county's new court house will be built during the summer, at an estimated cost of $85,000. Helena-The 1927 convention of the Montana Laundry Owners' association will be held in Helena May 20 and 21. Butte-Percy Weingartner, 23, a native of this city, was killed recently in an automobile accident in Arizona. Great Falls-A total of 1,250 acres of sugar beets has been signed up in the Sun River district west of this city. Kallspell-September 28 to 30, inclusive, are the dates set by the Flathead County Fair commission for the 1927 fair. Lewistown--Recelver C. C. Still of the First National Bank will shortly disburse a ten per cent dividend to depositors. Deer Lodge-Work is soon to start on the erection of a mill which will be used to crush ore from the Bonanza mine. Kalispell-E. M. Child has been appointed county attorney to fill the vacancy caused by the death of F. D. Lingenfelter. Poplar-An Indian payment of $50 per capita, totaling about $116,000, will be made on the Fort Peck reservation about April 1. Glasgow-The local chapter of the American Legion is conducting a marble tournament among the boys at the grades schools here. Lewistown-The institution of the Julia Hancock chapter of the D. A. R. here completes a full round dozen chapters in the state. Malta-Plans for a mosquito extermination campaign to be waged this summer in the vicinity of this city were recently made public. Glasgow-The Glasgow flour mill shipped a total of 109 carloads of flour to New York state and different Montana points n during 1926. Miles City-Narrowly missing the jugular vein in his neck, an angry bull gored Thomas Dudley, a cowhand, on a ranch e near Coalwood. Lewistown-The officers and directors of the old Montana Wheat Growers association met here recently and wound up the affairs of the organization. r Fort Benton-J. A. Robinson, receiver of the Stockman's National bank, recently announced the payment of a 20 per cent dividend, totalling $84,943.20. Lewistown-The local post of the Amerie can Legion is arranging for a conference of representatives of all posts in central Monh tana to be held here April 8. a Great Falls-Isaac Massard lighted match to see how much gasoline he had in the tank of his automobile. The local fire department put out the blaze. White Sulphur Springs-R. T. Ringling, y who with Mr. Kealey operates a poultry farm at Holt, Fla., reports that the venture is proving a wonderful success. n Glendive-Reports from all parts of DawSON County indicate that the winter wheat crop is in excellent condition. Farmers in this section are very optimistic. a Superior-The Iron Mountain Mining company has decided to pump out the shaft to the 2,300 foot level, and it is believed that operations will start shortly. ir Poplar-The Poplar Commercial club, at IS a recent meeting decided to expend a large e, sum of money in the improvement of the road leading into the north country. n Baker-The farm residences of Anthony J. Schorsch. 28 miles south of Baker and n Newt McCullom, five miles south of Webe. ster were recently destroyed by fire. Great Falls-A campaign for $5,000 with d which to complete the Paris Gibson Memo1e rial fund has been launched by a special at committee of the local Commercial club. 10 Great Falls-The Anaconda Copper Mining company has taken an option on the slag dump of the East Helena plant of the American Smelting & Refining company. Billings-The Kyote, Billings high school weekly newspaper, received honorable mention in the Columbia Scholastic Press association contest conducted in New York Havre-Peddling bills against the wishes of property owners, or so that they may fly on the street or on the yards is made a nuisance in an order passed by the local council. Lewistown-In a very short time Lewistown will have another industry, this being an up-to-date cheese factory, to be operated in connection with the Fergus County creamery. Chinook-The sugar beet growers of Blaine county formed an organization here recently. W. D. Smotherman was elected president and Hugh Murphy secretarytreasurer. Sidney-Surveying crews working under the orders of the state highway commission have started work of surveying the intended road to be built south of here toward Glendive. Harlem-The city council has ordered

11. April 7, 1927 The Denton Recorder Denton, MT
Article from The Denton Recorder, April 7, 1927

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Second Bank Dividend. Receiver Sill has just paid a dividend of $300,090 to the depositors of the failed First National Bank. of Lewistown.

12. April 15, 1927 The Producers News Plentywood, MT
Article from The Producers News, April 15, 1927

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Lewistown Receiver Pays $300,000 To Depositors Lewistown.--Of the $300,000 to be disbursed this week by Receiver C. C. Sill of the defunct First National bank, it is found that 70 per cent of the total or about $210,000 will be paid to depositors in the Lewistown district. There are 3,00 checks to be paid out, and this payment will make a total of 40 per cent so far disbursed.