10137. Farmers State Bank (Medicine Lake, MT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 1, 1924*
Location
Medicine Lake, Montana (48.501, -104.505)

Metadata

Model
gpt-5-mini
Short Digest
e72a65ae7dd30bb7

Response Measures

None

Description

Newspaper items consistently describe the Farmers State Bank of Medicine Lake as insolvent and having a receiver appointed (Mark Olson in 1924; later Fred Ibsen). There is no mention of a depositor run or heavy withdrawals in the articles provided. The bank was placed in receivership (government action) and subsequently involved in foreclosure and sheriff-sale/legal proceedings, consistent with permanent closure.

Events (5)
1. October 1, 1924* Suspension
Cause
Government Action
Cause Details
Bank declared insolvent and a receiver appointed (Mark Olson cited as receiver in Oct 1924).
Newspaper Excerpt
Farmers State Bank of Medicine Lake, Montana, an insolvent banking corporation
Source
newspapers
2. October 24, 1924 Receivership
Newspaper Excerpt
he being the receiver of the Farmers State Bank at Medicine Lake.
Source
newspapers
3. February 4, 1927 Receivership
Newspaper Excerpt
Farmers State Bank of Medicine Lake. Montana, an insolvent banking corporation, formerly Farmers State Bank of Valley County, Medicine Lake, Montana, and Fred Ibs n receiver thereof
Source
newspapers
4. August 8, 1929 Receivership
Newspaper Excerpt
FARMERS STATE BANK OF MEDICINE LAKE, an insolvent bank ing corporation, and FRED IBSEN, the receiver thereof;
Source
newspapers
5. April 10, 1930 Other
Newspaper Excerpt
Farmers State Bank of Medicine Lake, Montana, a corporation, and Fred Ibsen, Receiver of the Farmers State of Medicine Lake, Montana, Defendants
Source
newspapers

Newspaper Articles (10)
1. October 24, 1924 The Producers News Plentywood, MT
Article from The Producers News, October 24, 1924

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Article Text

# OLSON REFUSES TO SIGN AN AFFIDAVIT By His Action Admits He is Bankers' Candidate and Not for Law Enforcement—W. C. T. U. Will Not Be Able to Support Olson After His Stand Taken Tuesday Night. Tuesday evening of this week a hibition and Law Enforcement ques- meeting was held under the auspices tion. of the W. C. T. U. at the Frank Mark Olson refused point blank to Murray school house in the McNulty sign the affidavit, and amid the jeers precinct. A large audience was and laughters and calls of "Come on, present and listened attentively. be a sport and sign the affidavit," by County Attorney Erickson and the large audience, Olson left the James Wagner spoke first on the Pro- hall. hibition question and law enforce- ment, and Marcus Olson made a few remarks in behalf of his own candi- dacy for Sheriff on the Republican ticket. Sheriff Salisbury, who was present for the first time, on account of being engaged in official duties the previous meetings, was called upon to address the crowd. Mr. Salisbury gave a short talk, telling the history of his life in a short sketch and among other things mentioned the fact that since he was ten years old, he has through force of circumstances, been compelled to make his own living and support his younger brothers and sisters: that he had been up against hard knocks and naturally had the working man's viewpoint of life. Marcus Olson in his statement of why he was running for Sheriff stat- ed that the pool halls were running blind pigs and selling liquor freely in Medicine Lake and for that reason he was running for Sheriff. Mr. Olson dwells on this statement quite em- phatically and at the meetings at Raymond and Redstone made the same statement. In answer to the statement made by Mr. Olson that he positively knew booze was being sold, Mr. Salisbury asked him if he would swear to the fact that booze was being sold. Ol- son stated that he would swear that booze was being sold at certain pool halls in Medicine Lake. MARK OLSON SHOWS COLORS Whereupon Sheriff Salisbury said: "I have here an affidavit; I am a Notary public. You sign this affida- vit swearing that you know booze is being sold in the pool halls at Medi- cine Lake and I will leave here to- night and arrest the men. OLSON REFUSES TO SIGN Put right here is where Olson showed where he stood on the Pro- # MEDICINE LAKE POOL HALL MAN HAS BEEN ARRESTED To show that Rodney Salisbury is enforcing the law at Medicine Lake to a high degree, Andy Holm, notori- ous bootlegger of that town, has been arrested on six charges since last August. Four of these cases were on charges of selling booze and are now pending in district court. Two charges are for gambling, to which Holm plead guilty and paid a fine of $100 at one time, and $200 the other. KNOCKS WAGNER'S ARGUMENT Mr. Wagner in his tour through the county, has been dwelling a good deal on the manner in which to get the booze vendors and in his addresses to the public has endeavored to show how it can be done with small ex- pense, by subpoenaeing a witness and forcing him to tell what he knows about the selling of booze, but when Marcus Olson, the man running for Sheriff on the old gang ticket along with Wagner, was asked to sign such and affidavit swearing that he knew certain parties were selling intoxicat- ing liquors at Medicine Lake, he re- fused to do so, after telling all over the county that he positively knew that such was the case. FOUR-FLUSHING EXPOSED The public now knows just what kind of a four-flusher Mark Olson is, and that he does not stand for law enforcement at all, and Wagner will now have to make up another brand of dope to feed to the public. OLSON WILL NOW STAND ON BANK RECORD Most people think that Olson now has had enough of the prohibition and law enforcement question and will stand on his record hereafter as a banker, he being the receiver of the Farmers State Bank at Medicine Lake.

2. February 27, 1925 The Producers News Plentywood, MT
Article from The Producers News, February 27, 1925

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E. J. LANDER & CO., a corporation, Plaintiff, VS. HUBERT L. WILLETT, F. D. MORCK, THE FARMERS STATE BANK, Medicine Lake, Montana, a corporation, S. O. SWENSON, STATE DEPOSIT BANK, Minneapolis, Minnesota, a corporation, THE MIDLAND NATIONAL BANK OF MINNEAPOLIS, a corporation, MRS S. O. SWENSON, MARK OLSON, Receiver of the Farmers State Bank, Medicine Lake, Montana, a corporation, Defendants. THE STATE OF MONTANA TO THE ABOVE NAMED DEFENDANTS: You are hereby summoned to answer the complaint in this action which is filed in the office of the Clerk of this Court, a copy of which is herewith served upon you, and to file your answer and serve a copy thereof upon the plaintiff's attorneys within twenty days after the service of this summons, exclusive of the day of service; and in case of your failure to appear or answer, judgment will be taken against you by default for the relief demanded in the complaint. This is an action to foreclose a mortgage of: east half of the southeast quarter of section twenty-three and the northwest quarter of the northwest quarter and the east half of the northwest quarter and the west half of the northeast quarter of section twenty-five, and the northeast quarter of the northeast quarter of section twenty-six in township thirty-four north of range fifty-seven east of the Montana Meridian, containing 320 acres, more or less, according to the United States government survey thereof, together with all hereditaments and appurtenances thereunto belonging or in anywise appertaining; given by the defendant Hubert L. Willett to plaintiff on November 14, 1916, and recorded in the office of the County Clerk of Sheridan County, Montana, in Book 126 of Mortgages, on pages 415-416. Judgment is asked against the defendant Hubert L. Willett for $894.78, with interest at twelve per cent per annum on $522.21 thereof from October 30, 1924, and on $372.57 thereof from December 1, 1924; $75.00 attorneys fees, $4.00 paid for abstract and the plaintiff's costs; against all the defendants foreclosing the mortgage and declaring the rights, titles claims, interests or liens of the defendants or any of them in, to upon the premises subject to the mortgage and to any decree herein and barring and foreclosing the defendants thereof, including equity of redemption; against the defendant.

3. February 4, 1927 Plentywood Herald Plentywood, MT
Article from Plentywood Herald, February 4, 1927

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Article Text

# LEGAL NOTICES Alias Summons IN THE DISTRICT COURT OF THE TWENTIETH JUDICIAL DISTRICT OF THE STATE OF MONTANA, IN AND FOR THE COUNTY OF SHERIDAN. Flora Von Coelln, Plaintiff, versus George H. Long; Stork O. Swenson and Verda L. Swenson, his wife; Farmers State Bank of Medicine Lake. Montana, an insolvent banking corporation, formerly Farmers State Bank of Valley County, Medicine Lake, Montana, and Fred Ibs n receiver thereof; LaCrosse Trust Company, a corporation, and Christina Von Coelln, executors of the estate of Frederick Von Coelln, deceased; Northland Securities Company, a corporation, Ben N. Benson; State Board of Hail Insurance one of the branches of the Goverment of the State of Montana, and E. K. Bowman, Chairman. A. H. Bowman Secretary, W. E. Harmon, and. P. J. Anderson, members thereof, Defendants THE STATE OF MONTANA Sends greetings to the above named defendants and to each of them. You are hereby summoned to answer the complaint in this action which is filed in the office of the Clerk of this Court, a copy of which is herewith served upon one of you in each county wherein any of you reside, and to file your answer and serve a copy thereof upon the plaintiff's Attorney within twenty days after service of this summons, exclusive of the day of service, and in case of your failure to appear or answer, judgment will be taken against you by default for the relief demanded in the complaint. Action to foreclose mortgage given by George H. Long, single, to Farmers State Bank, Medicine Lake, Montana on August 17, 1917, to secure the payment of his note, bearing said date, in the sum of $1500, due December 1, 1921, and thereafter extended by the defendants, Stork O. Swenson and Verda L. Swenson, his wife, to the first day of Deeember, 1925, by their extension agreement and three extension interest coupon notes, each in the sum of $105, due December 1, 1923, 1924, and 1925, and which said mortgage, and its extension, is in default, in the payment of the principal and interest provided for in said promissory notes (six per cent in the in the $1500 note and seven per cent in each of the $105 notes); said mortgage applying to the northeast quarter (NE¼) of of Section 34. Township 38 North, Range 56 East M. M., containing 160 acres, according to the Government survey thereof; and said makers of said original note and of said extension notes being indebted to the plaintiff in the principal amount therof, with interest, cost of abstract of title, taxes, and attorney's fees, all as are more fully set forth in the plaintiff's complaint, to which reference is hereby made for further particulars. Said plaintiff asks for the foreclosure of said mortgage, for thx full amount due, with all expenses and costs, as hereinbefore meetioned, for immediate possession, and for all proper relief. Witness my hand and the seal of said Conrt this 29th day January A. D. 1927. D. J. Olson, Clerk By A. M. Hansen, Deputy Clerk. (eal of the District Court) Howard M. Lewis, Esquire. Plentywood. Montana, Attorney for Plaintiff. Feb. 4 -Feb. 25

4. October 28, 1927 The Producers News Plentywood, MT
Article from The Producers News, October 28, 1927

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GEORGE FORTUNE, Plaintiff, versus FERDINAND HUETH and AUG- USTE HUETH, his wife; FARM- ERS STATE BANK, MEDICINE LAKE, MONTANA, a corporation; and Fred Ibsen, receiver thereof; MIDLAND NATIONAL BANK, MINNEAPOLIS, a corporation, and W. S DAVIDSON, Defendants. TO BE SOLD AT SHERIFF'S SALE on the 12th day of November,

5. August 8, 1929 Plentywood Herald Plentywood, MT
Article from Plentywood Herald, August 8, 1929

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NORTHWESTERN STATE BANK, GRENORA, NORTH DAKOTA, A Banking Corporation, Plaintiff, Verses CHRIST IBSEN and SEVERINE IB- SEN, his wife; MRS. OSCAR BER- GAN; HAROLD BORG; FARM- ERS STATE BANK OF MED- ICINE LAKE, an insolvent bank- ing corporation, and FRED IB- SEN, the receiver thereof; PATH- MAN-SCHREIBER MERCANTILE COMPANY, a corporation, and H. G. SCHREIBER, agent thereof; STATE BANK OF GRENORA

6. April 10, 1930 Plentywood Herald Plentywood, MT
Article from Plentywood Herald, April 10, 1930

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TWENTIETH JUDICIAL DISTRICT OF THE STATE OF MONTANA, IN AND FOR THE COUNTY OF SHERIDAN George Fortune, Plaintiff -VS- Hejmdal Madsen and Mina Madsen, his wife; Laura Larsen, and Farmers State Bank of Medicine Lake, Montana, a corporation, and Fred Ibsen, Receiver of the Farmers State of Medicine Lake, Montana, Defendants THE STATE OF MONTANA SENDS GREETINGS TO THE ABOVE NAMED DEFENDANTS: You are hereby summoned to answer the complaint in this action which is filed in the office of the Clerk of this court, a copy of which is herewith served upon one of you in each County wherein any of you reside, and file your answer and serve a copy thereof upon the plaintiff's attorney within twenty days after service of this summons, exclusive of the day of service; and in case of your failure to appear or answer, judgment will be taken against you, by default for the relief demanded in the complaint. This action is brought by the plaintiff to foreclose a certain real estate mortgage made, excuted and delivered by the above named defendants, Hejmdal Madsen and Mina Madsen, his wife, to the Farmers State Bank of Medicine Lake, Montana, a corporation, on the 24th day of November 1919, to secure the payment of Twenty-five Hundred ($2500) Dollars, represented by a promissory note in said sum, of even date, due and payable on the 1st day of December 1924, which real estate mortgage was duly filed for record and recorded in the office of the County Clerk and Recorder of Sheridan County, Montana, on the 29th day of November 1919, at three (3) o'clock P. M. of said day, in Book 211 of Mortgages, on Pages 308, 309 and 310, of the records of January 1920, duly sold and assigned to the plaintiff's herein; that the real estate covered by the said mortgage is situated in the County of Sheridan, State of Montana, and described as follows, to-wit The South half of the Southeast Quarter (S½SE½), and the Northeast Quarter of the Southeast Quarter (NE¼SE¼) of Section twenty-five (25), in Township thirty-three (33) North Range Fifty-seven (57) East of the Montana Meridian, Montana, and the Northwest Quarter of the Northwest Quarter (NW¼NW¼) of Section thirty-one (31), in Township thirty-three (33) North, Range fifty-eight (58) East of the Montana Meridian, Montana. That the said defendants, Hemjdal Madsen and Mina Madsen, his wife, made default in the payment of the indebtedness, secured by said mortgage, by neglecting and refusing to pay the principal note when the same became due, on the 1st day of December 1924, and the said defendants thereby made default action, the plaintiff seeks judgment against the above named defendants, Hejmdal Madsen and Mina Madsen, his wife, for the sum of Twenty-five Hundred ($2500.00) Dollars, together with interest upon said sum at the rate of ten (10) per cent per annum, from

7. April 17, 1930 Plentywood Herald Plentywood, MT
Article from Plentywood Herald, April 17, 1930

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IN THE DISTRICT COURT OF THE TWENTIETH JUDICIAL DIS- TRICT OF THE STATE OF MON- TANA, IN AND FOR THE COUN- TY OF SHERIDAN George Fortune, Plaintiff -VS- Hejmdal Madsen and Mina Madsen, his wife; Laura Larsen, and Far- mers State Bank of Medicine Lake, Montana, a corporation, and Fred Ib- sen, Receiver of the Farmers State of Medicine Lake, Montana, Defendants THE STATE OF MONTANA SENDS GREETINGS TO THE ABOVE NAMED DEFENDANTS: You are hereby summoned to answer the complaint in this action which is filed in the office of the Clerk of this court, a copy of which is herewith served upon one of you in each County wherein any of you reside, and file your answer and serve a copy thereof upon the plaintiff's attorney within twenty days after service of this summons, exclusive of the day of service; and in case of your failure to appear or answer, judgment will be taken against you, by default for the relief demanded in the complaint. This action is brought by the plaintiff to foreclose a certain real estate mortgage made, excuted and delivered by the above named defendants, Hejmdal Madsen and Mina Madsen, his wife, to the Farmers State Bank of Medicine Lake, Montana, a corporation, on the 24th day of November 1919, to secure the payment of Twenty-five Hundred ($2500) Dollars, represented by a promissory note in said sum, of even date, due and payable on the 1st day of December 1924, which real estate mortgage was duly filed for record and recorded in the office of the County Clerk and Recorder of Sheridan County, Montana, on the 29th day of November 1919, at three (3) o'clock P. M. of said day, in Book 211 of Mortgages, on Pages 308, 309 and 310, of the records of January 1920, duly sold and assigned to the plaintiff's herein; that the real estate covered by the said mortgage is situated in the County of Sheridan, State of Montana, and described as follows, to-wit The South half of the South-east Quarter (S½SE½), and the Northeast Quarter of the Southeast Quarter (NE¼SE¼) of Section twenty-five (25), in Township thirty-three (33) North Range Fifty-seven (57) East of the Montana Meridian, Montana, and the Northwest Quarter of the Northwest Quarter (NW¼NW¼) of Section thirty-one (31), in Township thirty-three (33) North, Range fifty-eight (58) East of the Montana Meridian, Montana. That the said defendants, Hemjdal Madsen and Mina Madsen, his wife, made default in the payment of the indebtedness, secured by said mortgage, by neglecting and refusing to

8. April 24, 1930 Plentywood Herald Plentywood, MT
Article from Plentywood Herald, April 24, 1930

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# ALIAS SUMMONS IN THE DISTRICT COURT OF THE TWENTIETH JUDICIAL DISTRICT OF THE STATE OF MONTANA, IN AND FOR THE COUNTY OF SHERIDAN George Fortune, Plaintiff -VS- Hejmdal Madsen and Mina Madsen, his wife; Laura Larsen, and Farmers State Bank of Medicine Lake, Montana, a corporation, and Fred Ibsen, Receiver of the Farmers State of Medicine Lake, Montana, Defendants # THE STATE OF MONTANA SENDS GREETINGS TO THE ABOVE NAMED DEFENDANTS: You are hereby summoned to answer the complaint in this action which is filed in the office of the Clerk of this court, a copy of which is herewith served upon one of you in each County wherein any of you reside, and file your answer and serve a copy thereof upon the plaintiff's attorney, within twenty days after service of this summons, exclusive of the day of service; and in case of your failure to appear or answer, judgment will be taken against you, by default for the relief demanded in the complaint. This action is brought by the plaintiff to foreclose a certain real estate mortgage made, executed and delivered by the above named defendants, Hejmdal Madsen and Mina Madsen, his wife, to the Farmers State Bank of Medicine Lake, Montana, a corporation, on the 24th day of November 1919, to secure the payment of Twenty-five Hundred ($2500) Dollars, represented by a promissory note in said sum, of even date, due and payable on the 1st day of December 1924, which real estate mortgage was duly filed for record and recorded in the office of the County Clerk and Recorder of Sheridan County, Montana, on the 29th day of November 1919, at three (3) o'clock P. M. of said day, in Book 211 of Mortgages, on Pages 308, 309 and 310, of the records of January 1920, duly sold and assigned to the plaintiff's herein; that the real estate covered by the said mortgage is situated in the County of Sheridan, State of Montana, and described as follows, to-wit The South half of the Southeast Quarter (S½SE¼), and the Northeast Quarter of the Southeast Quarter (NE¼SE¼) of Section twenty-five (25), in Township thirty-three (33) North Range Fifty-seven (57) East of the Montana Meridian, Montana, and the Northwest Quarter of the Northwest Quarter (NW¼ NW¼) of Section thirty-one (31), in Township thirty-three (33) North, Range fifty-eight (58) East of the Montana Meridian, Montana. That the said defendants, Hemjdal Madsen and Mina Madsen, his wife, made default in the payment of the indebtedness, secured by said mortgage, by neglecting and refusing to pay the principal note when the same became due, on the 1st day of De-

9. May 1, 1930 Plentywood Herald Plentywood, MT
Article from Plentywood Herald, May 1, 1930

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# ALIAS SUMMONS IN THE DISTRICT COURT OF THE TWENTIETH JUDICIAL DISTRICT OF THE STATE OF MONTANA, IN AND FOR THE COUNTY OF SHERIDAN George Fortune, Plaintiff -vs- Hejmdal Madsen and Mina Madsen, his wife; Laura Larsen, and Farmers State Bank of Medicine Lake, Montana, a corporation, and Fred Ibsen, Receiver of the Farmers State of Medicine Lake, Montana, Defendants THE STATE OF MONTANA SENDS GREETINGS TO THE ABOVE NAMED DEFENDANTS: You are hereby summoned to answer the complaint in this action which is filed in the office of the Clerk of this court, a copy of which is herewith served upon one of you in each County wherein any of you reside, and file your answer and serve a copy thereof upon the plaintiff's attorney within twenty days after service of this summons, exclusive of the day of service; and in case of your failure to appear or answer, judgment will be taken against you, by default for the relief demanded in the complaint. This action is brought by the plaintiff to foreclose a certain real

10. May 8, 1930 Plentywood Herald Plentywood, MT
Article from Plentywood Herald, May 8, 1930

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Register. First Pub. April 10th, 1930. Last Pub. May 8th, 1980. # ALIAS SUMMONS IN THE DISTRICT COURT OF THE TWENTIETH JUDICIAL DIS- TRICT OF THE STATE OF MON- TANA, IN AND FOR THE COUN- TY OF SHERIDAN George Fortune, Plaintiff -VS- Hejmdal Madsen and Mina Madsen, his wife; Laura Larsen, and Far- mers State Bank of Medicine Lake, Montana, a corporation, nad Fred Ib- sen, Receiver of the Farmers State Bank of Medicine Lake, Montana Defendants THE STATE OF MONTANA SENDS GREETINGS TO THE ABOVE NAMED DEFENDANTS: You are hereby summoned to an- swer the complaint in this action which is filed in the office of the Clerk of this court, a copy of which is here- with served upon one of you in each County wherein any of you reside, and file your answer and serve a copy thereof upon the plaintiff's at- torney within twenty days after ser- vice of this summons, exclusive of the day of service; and in case of your failure to appear or answer, judgment will be taken against you, by default for the relief demanded in the complaint. This action is brought by the plaintiff to foreclose a certain real estate mortgage made, executed and delivered by the above named de- fendants, Hejmdal Madsen and Mina Madsen, his wife, to the Farmers State Bank of Medicine Lake, Mon- tana, a corporation, on the 24th day of November 1919, to secure the pay- ment of Twenty-five Hundred ($2500) Dollars, represented by a promissory note in said sum, of even date, due and payable on the 1st day of De- cember 1924, which real estate mort- gage was duly filed for record and recorded in the office of the County Clerk and Recorder of Sheridan Coun- ty, Montana, on the 29th day of No- vember 1919, at three (3) o'clock P. M. of said day, in Book 211 of Mort- gages, on Pages 308, 309 and 310, of the records of Sheridan County, Mon- tana and therafter, on the 2nd day of January 1920, duly sold and assigned to the plaintiff's herein; that the real estate covered by the said mortgage is situated in the Coun- ty of Sheridan, State of Montana, and described as follows, to-wit: The South half of the South- east Quarter (S½SE½), and the Northeast Quarter of the South- east Quarter (NE¼SE¼) of Sec- tion twenty-five (25), in Town- ship thirty-three (33) North Range Fifty-seven (57) East of the Montana Meridian, Montana, and the Northwest Quarter of the Northwest Quarter (NW¼NW- ¼) of Section thirty-one (31), in Township thirty-three (33) North, Range fifty-eight (58) East of the Montana Meridian, Montana. That the said defendants, Hemjdal Madsen and Mina Madsen, his wife, made default in the payment of the indebtedness, secured by said mort- gage, by neglecting and refusing to pay the principal note when the same became due, on the 1st day of De- cember 1924, and the said defendants thereby made default in the terms and conditions of said mortgage, and by this action, the plaintiff seeks judgment against the above named defendants, Hejmdal Madsen and Mina Madsen, his wife, for the sum of Twenty-five Hundred ($2500.00) Dollars, together with in- terest upon said sum at the rate of ten (10) per cent per annum, from and after the 1st day of Decem- ber 1926, together with an abstract fee of Eleven ($11.00) Dollars, and attorney fees in the sum of One Hun- dred ($100.00) Dollars, and for the costs and disbursements of this ac- tion; for the sale of said real estate, as more fully appears by the com- plaint filed in this action, to which reference in hereby made. WITNESS MY HAND and the Seal of this Court, this 15th day of April A. D. 1930. C. B. Peterson Clerk of Said District Court By D. C. Peterson (District Court Seal) Deputy Clerk. Bakewell and Wagner, Plentywood, Montans, Attorneys for the Plaintiff. First Pub. April 10 1930