10121. First National Bank (Libby, MT)

View Charter #9594 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
9594
Charter Number
9594
Start Date
October 21, 1925
Location
Libby, Montana (48.388, -115.556)

Metadata

Model
gpt-5-mini
Short Digest
09e02f377d0498db

Response Measures

None

Receivership Details

Date receivership started
1925-10-06
Date receivership terminated
1926-03-06
OCC cause of failure
Economic conditions

Description

Articles report the First National Bank of Libby closed and the comptroller appointed W. M. Wayman receiver in late 1925; permission to resume was granted and the receiver announced reopening about March 9, 1926. No newspaper text describes a depositor run prior to the suspension.

Events (6)
1. November 30, 1909 Chartered
Source
historical_nic
2. October 6, 1925 Receivership
Source
historical_nic
3. October 21, 1925 Suspension
Cause
Government Action
Cause Details
Comptroller of the Currency appointed a receiver after the bank closed its doors; depositors signed waivers to permit reorganization.
Newspaper Excerpt
W M Wayman ... has been appointed by the comptroller currency receiver of the First National bank of Libby which recently closed its doors.
Source
newspapers
4. March 6, 1926 Restored To Solvency
Source
historical_nic
5. March 9, 1926 Reopening
Newspaper Excerpt
The First National bank of Libby, Mont., which recently went into receivership, will reopen about March 9, according to W. M. Wayman of Libby, the bank's receiver.
Source
newspapers
6. July 1, 1929 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (9)
1. October 21, 1925 The Great Falls Leader Great Falls, MT
Article from The Great Falls Leader, October 21, 1925

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Article Text

WAYMAN WILL BE RECEIVER OF LIBBY BANK Shelbyite Who Already Has Four North State Banks in His Hands, Receives Fifth to Liquidate. Depositors Sign Waivers. W M Wayman, receiver for the past two years of First National banks at Shelby, Cut Bank Joplin and Galata, was notified late yesterday while in Great Falls that he has been appointed by the comptroller currency receiver of the First National bank of Libby which recently closed its doors. Mr. Wayman departed immediate ly for Libby to establish temporary and perhaps permanent headquart. ers there More than 75 per cent of the depositors in the Libby bank have signed deposit waivers which permit the reorganization of the institution. Under this plan. depositors agree to leave their money with the bank for period of three years, 25 per to be paid in one year. 25 per cent more in two years and the remaining 50 per cent in three years. Mr Wayman formerly was locat. ed at Valier. where for several years he was manager of the Valier Irrigation project. His headquarters as bank receiver have been in Shelby the past two years. He was visiting his daughter, Marian Wayman. student in the Creat Falls Commercial college. when news of the appointment came

2. November 13, 1925 The Bozeman Courier Bozeman, MT
Article from The Bozeman Courier, November 13, 1925

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Article Text

STATE BRIEFS Albert M. Easterday, foreman of the park roads in Glacier National park, has resigned to accept a position with the state irrigation department of New Mexico. Judith Gap business men are co-operating with the Central Montana Chauber of Commerce at Lewistown in placing good grade milch cows on the farms in that vicinity. An expenditure of $500,000 on the Custer Battlefield highway in Montana next year is announced by W. D. Fisher, Mitchell, S. D., secretary of the association backing that national route. Lewis and Clark county's potato crop is worth a quarter million, according to estimates of L. G. DeVore, county agent and Tom Herrin, president of the Montana Potato Growers association. . Two hundred and seventy-five carloads of "wine" grapes, representing 3,510 tons, have been shipped into Montana during the later part of the summer and fall to date, according to shippers' figures from all over the state, compiled at Butte. + © © The Missoula Public Service company is spending $250,000 this season to add to the efficiency of its plant through improvements starting 20 miles up the Rattlesnake valley and continuing into the water main system in the city itself. © W. M. Wayman, receiver for the last two years of the First National bank at Shelby, Cut Bank, Joplin and Galata, has been appointed by the comptroller of the currency as receiver of the First National bank of Libby, which recently closed its doors. ... Production of wheat, oats and hay in Meagher county during the crop year of 1924 practically doubled that of the crop year of 1919, with which comparisons are made by the U. S. department of commerce inits afrm census of htat county for January 1, 1925. . Enrollment at Intermountain Union collego at Helena shows an increase of 22 per cent over last year. There are 25 seniors, 93 freshmen, and a total of 189 college students this year as compared to 16 seniors, 74 freshmen and a total of 158 college students last year. According to the report of C. A. Arnett, who has just completed his first month of testing for the Lake County Cow Testing association, the herd of six Holsteins owned by Lars Beck of Round Butte, had the highest butter fat production for September, with record of 38 pounds of fat. % @ After being lost for two days and nights in the mountains of the upper Bitter Root valley. Roscoe Hamm of Darby, was found about seven miles up the East Fork of the Bitter Root river. He had been without food or shelter and his feet were badly frosted, but this is thought not serious. Vernon G. Mays, principal of the Great Falls high school was reelected president of the north central division of the Montana Education association at the Great Falls meeting. J. R. Culver of Belt. reiring secretary, was chosen vice president and Miss Elizabeth Ireland of Havre, was made secretary-treasurer. Mrs. Jennie T. Duglas, at one time a teacher in the Great Falls high school, and later in Gallatin county high school, has left for a trip to Adgar, Madras, India, to attend the 50th anniversary of the founding of hte Theosop socelty, where it is expected there will be delegates from every part of the World. © Announcement has been made by Judson Bibb, manager of the Libby Water & Electric company, that his company's interests in Libby have been purchased by the Mountain States Power company, a subsidiary of the H. M. Byllesby company of Chicage. Possession of the Libby property was taken as of October 1. . Officers elected for district No. 1 of the Montana Federation of Women's clubs are Mrs. Henry Good, Whitefish, president Mrs. A. N. Tobie, Kalispell. first vice president; Mrs. C. B. Hamilton, Eureka, seTroy, recording secretary; Mrs. W. J Powers, Whitefish, corresponding secretary; Mrs. Ethel Long, Eureka, treasurer J. L. Baltazar, Great Falls policeman was named defendant in a $5,000 slander suit filed in the district court by Isabell Chumi, recently dismissed on an insanity charge brought by Patrolman Baltazar and a half a dozen neighbors. The slander ac e to tion is based on statements alleged have been publicly made by the patrolman reflecting character. on her mentality, honesty and Suit has been filed in the district court at Forsyth by Mrs. Mae Costello against No. 33 of Rosebud county to recover the sum of $668.88 with interest at 8 per cent from January 19, 1925, claimed as back salary due her as teacher in the Ingomar c public schools, together with $200 for at torney fees. Henry Youngblood, a rancher on the East Boulder, is in the Big Timber hospi tal with a holt through the bridge of his nose an dother severe injuries about his head and body as the result of a peculia P accident. Leaving his farm work he wen out to the road to help a passing friend re Lair a flat tire. Just as the repairs were made and the tire inflated, It "blew out, literally shooting the old-fashioned inne Try the New

3. November 13, 1925 The Bozeman Courier Bozeman, MT
Article from The Bozeman Courier, November 13, 1925

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Article Text

W. M. Wayman, receiver for the last two years of the First National bank at Shelby, Cut Bank, Joplin and Galata, has been appointed by the comptroller of the currency as receiver of the First National bank of Libby, which recently closed its doors.

4. March 4, 1926 The Spokane Press Spokane, WA
Article from The Spokane Press, March 4, 1926

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Article Text

Libby Bank Reopens The First National bank of Libby, Mont., which recently went into receivership, will reopen about March 9. according to W. M. Wayman of Libby, the bank's receiver.

5. March 4, 1926 The Spokane Press Spokane, WA
Article from The Spokane Press, March 4, 1926

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Article Text

COOLIDGE WON'T SAVE MURDERER Refuses to Stay Death Sen tence of Officer. WASHINGTON March Ident Coolidge today rejected the appeal of Rev Milton tion Thompson Thompson's to save from execuson. John S Thompson, under Lieutenant sentence Philippine courtmartial for shooting Audrey Burleigh, society girl, because she spurned his mar- The First National bank of Libby. Mont., ceivership, which recently went into will man March of 9. according reopen to M. about Way the bank's receiver

6. March 11, 1926 The Shelby Promoter Shelby, MT
Article from The Shelby Promoter, March 11, 1926

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Article Text

SHELBY BRIEFS Sam Krause transacted business Great Falls, Monday. Ford, prominent Helena torney, transacted professional busiTuesday. Born: To Mr. and Mrs. Laurich Wednesday, March baby Peter Jacquemarte was visitor Great Falls the week end, ceiving Mr. and Mrs. K. Talbot and daughter Genevieve were visitors the home of Oakes, north Devon, last Sunday departed Sunday for Pulaski, Iowa, upon receipt the sad her mothdied at that place. The Altar meets with Mrs. Society Fred Lewis Jan. o'clock. erybody welcome and all members requested to present. Roseth of Great Falls, reprethe Texas company, and interested north field operations, business Shelby. Mrs. Anderud Maddock, Dak., visiting this week and Mrs. Jack Heickson. home Anderud is Heickson. Clifford Coover is in Libby this week with the the First National bank that place. Wayman has bank's receiver. given the Catholic Ladies March very well patthe proceeds netting about ronized, The Ladies continue these the first Saturday each month. Miss Miriam Wayman has returnfrom Great Falls, where attending business college, accepted position the law offices of Louis Shelby Donovan. Newendorf, 53, of KalisHenry Minnie Getchell, also were united marriage March Judge John Bett. The groom in the Kalispell. The this week printed bills for the personal his farm property Conrad, March All farm machinery, livestock and personal effects are The next regular meeting of the be held Community high school auditorium on Tuesday, March starting particularly good program worked for this meeting. Try and be there.

7. March 19, 1926 The Bozeman Courier Bozeman, MT
Article from The Bozeman Courier, March 19, 1926

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Article Text

Libby Bank To Re-Open A message has been received from the comptroller of currencey at Washington, D. C., by Receiver W. M. Wayman granting permission for the First, National Bank of Libby to resume business.

8. April 25, 1929 Western News and the Libby Times Libby, MT
Article from Western News and the Libby Times, April 25, 1929

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Article Text

# GREAT NORTHERN MAN # BOOSTS SHEEP INDUSTRY Eureka Journal: W. M. Wayman, agricultural development agent for the Great Northern, who makes his home at Valier, where he is engaged in farming and sheep growing, was a visitor here last week. Mr. Wayman came at the request of General Immigration Agent Leedy to make a study of our valley and conditions in order to help with the colonization program the Great Northern has under way here. Mr. Wayman is remembered by some of our people as having been reciever of the First National bank at Libby, when it closed several years ago. He is a successful sheep grower and is much impressed with the possibilities for expansion of that industry in the Tobacco valley. The following clipping, which he had in his possession, although published last fall, may be of interest to some of our readers who are interested in the sheep game or who contemplate entering it: "Helena, Oct. 25. -The Cooperative Sheep company which was organized some two years ago to put sheep out on shares in southwestern Montana has just completed distribution of earnings amounting to $165,000. One-half of this went to ranchers who had sheep on shares, and the other half to the company. All of this was new money, proceeds from wool and lambs for the year. The company has out in the neighborhood of 17,000 sheep, mostly in bunches from 100 to 500. "The plan is for the company to furnish the ewes and necessary number of bucks, pay the taxes, one-half of expenses of supervision. The ranchers pay the balance of the expenses, and the proceeds are divided equally between the ranchers and the company. The company during the two years of its existence, paid the stockholdeers 34 percent in cash dividends and has reduced its indebtedness in the past year some 40 per cent. "The company was incorporated a short time ago by Senator T. J. Walsh, Governor J. E. Erickson and Lewis Penwell. The directors for the first three months were Ben Cardwell and Joseph H. Hanlon of Billings, P. H. Hawkins, Absarokee, and W. T. Pigott and Lewis Penwell of Helena. This new company has purchased about 6,000 head of breeding ewes, which are now being delivered to the lessees in the neighborhood of Columbus, Red Lodge, Absarokee, Laurel and Billings."

9. October 3, 1935 The Western News Libby, MT
Article from The Western News, October 3, 1935

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Article Text

Turner. A. N. Richard and H. W. Miller were witnesses for the applicant. Bartholomew Sullivan is also a new citizen, his witnesses being James Mahoney and George E. Hennessy. The third new citizen was Duncan John McDonald, his witnesses being Sam G. Ratekin and Michael A. Shanahan. The seven children of Romeo Garrison were declared neglected and dependent children and all were committed to the orphan's home with the exception of Evaline Lorraine Garrison who was committed to the care and custody of the child protection bureau. J. Alford Peltier of Eureka was granted a divorce from Juanita Peltier, he to have the children for 11 months of the year, she for one month. George McGlenn and wife of Eureka were given an order of adoption for Shirley Jean Loftsgaarden. # Important Case Argued. The case of James M. Blackford vs. the City of Libby was argued before the court and the matter taken under advisement. In this case all the facts were agreed upon by the parties thereto and no testimony was taken, the determination of the case being wholly a matter of law. The case involves the collection of a $500 warrant held by Blackford against Improvement District No. 15 of the City of Libby, the improvement district having been organized for the construction of a sewer in west Libby. This district was unable to pay all the warrants issued against it because certain of the property in the district defaulted the payment of the improvement taxes. Therefore there was no money to pay four or five of the last warrants. That condition, however, does not cover all of the present controversy. It turns out that one of the district's warrants in the sum of $500 was paid by a former city treasurer twice through an error, and therefore, as Blackford contends, the city had no money with which to pay his warrant because of a mistake by the city treasurer. It is alleged that a certain warrant was paid by the then city treasurer, John Johanson, who was at the same time cashier of the then First National Bank. It is further alleged that Johanson failed to cancel the warrant when paid and retained it in the files of the bank as an asset of the bank. When the bank went into the hands of a receiver, this uncancelled warrant for $500 was found in the file as an asset. It was thereupon presented by the receiver of the bank to the acting city treasurer, who was at that time W. S. Spencer, cashier of the First State Bank. The warrant, not being cancelled on its face, was paid by Spencer, which was in effect paying it the second time. Soon thereafter it was discovered that the warrant had been paid twice and demand was made on the received of the First National Bank to return the money. This he refused to do. It is further alleged that the city officials took no action to recover the money either from Johanson, from the receiver of the First National Bank or from Spencer, or their bondsmen, until too late, such action being outlawed by the statute of limitations. Blackford therefore contends that it was through negligent action of the city's officials, or agents, that there was not enough money in the improvement district's fund to pay the warrant held by him. Therefore he is suing to recover. The city contends that there are certain stipulations in the law covering such cases that relieves the city of any liability in the matter. Mr. Blackford and E. M. Child of Kalispell appeared as attorneys in behalf of Mr. Blackford and Hans Walchli of Kalispell as the attorney for the city.