10278. Security State Bank (Wolf Point, MT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 7, 1923
Location
Wolf Point, Montana (48.091, -105.641)

Metadata

Model
gpt-5-mini
Short Digest
98e52a75fc0bb640

Response Measures

None

Description

The Security State Bank of Wolf Point voluntarily suspended on Dec 7, 1923 due to a 'depleted reserve' after the Federal Reserve charged off several thousand dollars of the bank's paper and removed funds from its cash reserve. A receiver (J. B. Switzer) was appointed in January 1924; later H. C. Skarie became receiver and receivership actions and sheriff sales continued through 1926–1927. No article describes the bank reopening, so the suspension led to receivership and effective closure.

Events (5)
1. December 7, 1923 Suspension
Cause
Correspondent
Cause Details
Federal Reserve charged off several thousand dollars of the bank's paper and removed the amount from the bank's cash reserve, leaving reserves below requirement.
Newspaper Excerpt
This bank closed. Depleted reserve. The closing was through the voluntary action of the board of directors and the State banking department was notified.
Source
newspapers
2. January 10, 1924 Receivership
Newspaper Excerpt
The appointment of a receiver for the Security State Bank of this city which suspended business December 7, 1923 ... the court has named J. B. Switzer ... for the receivership.
Source
newspapers
3. December 16, 1925 Receivership
Newspaper Excerpt
H. C. Skarie of Culbertson was appointed receiver of the Security State Bank of this city in lieu of J. B. Switzer. The purpose of this change is to consolidate the receivership ... thereby reducing expenses.
Source
newspapers
4. June 10, 1926 Other
Newspaper Excerpt
H. C. Skarie, as Receiver of the Security State Bank of Wolf Point, Montana, a corporation, Plaintiff, NOTICE OF SHERIFF SALE
Source
newspapers
5. October 28, 1927 Other
Newspaper Excerpt
The last dividend, of October 28th, 1926 is still uncalled for by many claim holders ... H. C. SKARIE, Receiver. Security State Bank, Wolf Point.
Source
newspapers

Newspaper Articles (13)
1. December 13, 1923 The Wolf Point Herald Wolf Point, MT
Article from The Wolf Point Herald, December 13, 1923

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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. December 20, 1923 The Wolf Point Herald Wolf Point, MT
Article from The Wolf Point Herald, December 20, 1923

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Article Text

PETITION FOR SWITZER AS BANK RECEIVER A step in connection with the affairs of the Security Bank, which suspended December 7, is the cireulation of two petitions ,one among depositors and one among other people of the community, asking the District Court to name J. B. Switzer as receiver. Both petitions have been freely signed. So far no depositors have declined. The petitions set forth as reasons for the request that it would be a move in the interest of economy and to the beefit of the depositors through placing the bank's affairsin the hands of a receiver who has the broadest possible interests of the bank at heart, and who is thoroughly familiar with all its business.

3. January 10, 1924 The Wolf Point Herald Wolf Point, MT
Article from The Wolf Point Herald, January 10, 1924

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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. March 28, 1924 The Circle Banner Circle, MT
Article from The Circle Banner, March 28, 1924

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IN THE DISTRICT COURT OF THE SEVENTH JUDICIAL DISTRICT, OF THE STATE OF MONTANA, IN AND FOR THE COUNTY OF MCCONE. PRISCILLA RAND HOWE, Plaintiff. vs. STEVE J. McALEER, AND MARIE MCALEER, husband and wife, ENGEL J. TWETE, a single man, W. E. McGARRY, C. D. ALDERMAN AND J. B. SWITZER, Receiver of THE SECURITY STATE BANK OF WOLF POINT, a corporation, Defendants THE STATE OF MONTANA SENDS GREETINGS TO THE ABOVE NAM- ED 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 attorney 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 action is brought to obtain a decree of this court for the foreclosure of that certain mortgage made, executed and delivered by the defendants, Steve J. McAleer and Marie McAleer, on the 2nd day of August 1920 to The Security State Bank of Wolf Point, and later assigned to the above named plaintiff, upon the following described land: North Half of the Northeast Quarter, the North Half of the Northwest Quarter of Section Twenty-six; East Half of the Northeast Quarter and the East Half of the Southeast Quarter of Section Twenty-seven in Township Twenty-four North of Range Fortysix East, McCone County, Montana, to secure the payment of a certain promissory note of even date therewith in the sum of $1000.00 with interest and which note and mortgage by assignment and endorsement, are now owned and held by the plaintiff; and to recover by said decree the amount due the plaintiff under said mortgage together with the taxes, costs and disbursements incurred herein, including a reasonable attorney fee, and to foreclose all right, title, estate

5. April 4, 1924 The Circle Banner Circle, MT
Article from The Circle Banner, April 4, 1924

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Article Text

OF THE STATE OF MONTANA, IN AND FOR THE COUNTY OF MCCONE. PRISCILLA RAND HOWE, Plaintiff. vs. STEVE J. McALEER, AND MARIE MCALEER, husband and wife, ENGEL J. TWETE, a single man, W. E. McGARRY, C. D. ALDERMAN AND J. B. SWITZER, Receiver of THE SECURITY STATE BANK OF WOLF POINT, a corporation, 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 you. and to file your answer and serve a copy thereof upon the plaintiff's attorney 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 action is brought to obtain a decree of this court for the foreclosure of that certain mortgage made, executed and delivered by the defendants, Steve J. McAleer and Marie McAleer, on the 2nd day of August 1920 to The Security State Bank of Wolf Point, and later assigned to the above named plaintiff, upon the following described land: North Half of the Northeast Quarter, the North Half of the Northwest Quarter of Section Twenty-six; East Half of the Northeast Quarter and the East Half of the Southeast Quarter of Section Twenty-seven in Township Twenty-four North of Range Fortysix East, McCone County, Montana, to secure the payment of a certain promissory note of even date therewith in the sum of $1000.00 with interest and which note and mortgage by assignment and endorsement, are now owned and held by the plaintiff; and to recover by said decree the amount due the plaintiff under said mortgage together with the taxes, costs and disbursements incurred herein, including a reasonable attorney fee, and to foreclose all right, title, estate

6. November 19, 1925 The Wolf Point Herald Wolf Point, MT
Article from The Wolf Point Herald, November 19, 1925

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PLEADS GUILTY TO STATUTORY CHARGE ARTHUR CALDER SENTENCED TWO TO FOUR YEARS AT HARD LABOR At law and motion day session Wednesday Arthur Calder of this city plead guilty to a charge of aiding, assisting and transporting a female for immoral purposes, within the State of Montana. He was sentenced to from two to four years at hard labor at Deer Lodge. Undersheriff Council will take him there Saturday. In addition to the one criminal case a large amount of routine business matters were heard by Judge S. E. Paul who presided over the sessions. Judge John Hogan was the court bailiff for the day. In the alienation suit of Alert B. Fladland VS. Chris Neilson the demurrer was overruled and the defendant was given 20 days in which to answer. A divorce decree was granted in the case of William Matson vs. Evlyn Matson. Due to the absence of the county attorney the liquor case from the east end of the county was continued until December 16. The case of the Sebin Live Stock Company vs. Rose was also continued until December 16. Security Claim In regard to the Security State Bank a number of claims were allowed. A court order was issued ordering the receiver of the bank to pay the claim of the National Security Company for a sum amounting to over $14,000. This sum was declared by the state supreme court to be a preferred claim.

7. December 17, 1925 The Wolf Point Herald Wolf Point, MT
Article from The Wolf Point Herald, December 17, 1925

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LAW AND MOTION DAY WEDNESDAY TWO DIVORCES ARE GRANTED RECEIVER FOR SECURITY BANK IS APPOINTED At the law and motion day proceedings presided over by Judge S. E. Paul of Plentywood, Wednesday, a divorce was granted in the case of Jesse Laroque vs. Albert Laroque, on the grounds of cruelty. The couple had one child which was given to the custody of its father. In the case of William Matson VS. Evlyn Matson a divorce was granted on the grounds of desertion. The court approved the findings of the county board of examiners in the insanity hearings of Mrs. Oscar Haugen and Robert Bawden. i Judge Borton was called in and asked to hear the cases of the Sebein Livestock Company vs. Rose and the Sebein Livestock Company vs. the Midwest Development Company. John Hatfield of Bainville was art o raigned for a misdemeanor. The al1 leged offense was a violation of the Volstead act. He was released on i o $500 bail furnished by friends. 1 Burglary At Froid e Art Zick of near McCabe was arI raigned on a larceny charge and rer leased on a bond of $1,000. The i complaint resulted from the theft of T harness and collars from the farm t of Edward Gobbs last Friday/ S ing. The Gobbs place is near Mcd Cabe. Elmer Zick, a brother of Art, e was arraigned before the justice of d the peace at Froid and plead guilty. r New Receiver For Security Bank n H. C. Skarie of Culbertson was apV pointed receiver of the Security t State Bank of this city in lieu of J. e B. Switzer. The purpose of this r change is to consolidate the receivership of the State Bank, Citizens State t Bank of Culbertson and the SeenrF ity Bank of this city, thereby reducC ing expenses considerably. t Facts In City-County Case a F In the case of the City of Wolf S Point vs. Roosevelt county an agreed g statement of facts was presented by S the plaintiff and defendant and the st matter is being held under advisea ment pending a filing of briefs. Both sides requested that the matter be continued until January 27, 1926, in the case of John Anderson P et al vs. Creighton and Phillips. In the matter of the adoption of Irene First Eagle briefs have been ordered to be filed in 15 days. A recess was declared until DeP cember 30. W

8. December 24, 1925 The Wolf Point Herald Wolf Point, MT
Article from The Wolf Point Herald, December 24, 1925

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Mrs. O. T. Stennes left Monday for Seattle where she will spend the winter months. Make bread that tastes better, looks better and is better. Occident Flour. 11tf John Wiebe is suffering with an infected finger. Bernice Vaughn of Bainville returned to her home there this week. She has been in Wolf Point receiving medical attention for a broken arm. Mrs. D. L. Carpenter has returned to her home in Poplar. She has been at the E. M. Tone home nursing for the last two weeks. C. M. Cleaveland returned Wednesday from a business trip to Scobey, Poplar and other points in the vicinity, where he had been in the interests of the Montana Dakota Company. Come and enjoy the carnival dance New Years Eve. Trainmen's dance. Good music. 44-2 H. C. Skarie of Culbertson was here Tuesday, checking at the Security bank preparatory to assuming the receivership. C. C. Janzen and Henry Fast of Todd Lake, north of Frazer were business visitors here Wednesday. Sylvester Smith arrived home Wednesday from Missoula where he I has been attending the University of t Montana. < Christmas frolic at the Glacier Theatre, Saturday, December 26. r First class music by the Orchestral f Club. 45-1 W J Miss Frances McCoy who has been s teaching the Boyd school in district No. 3 will take Miss Ernestine Warmbrod's place in the Trenne school ca when it reopens January 4. The ru Boyd school closed Dec. 4. Miss Lillian Larson, deputy school uperintendent, left Wednesday afernon on the skidoo for her home P Poplar. Miss Larson has been vorking at the court house since arly last summer but because of the a ighter duties in the office during an he winter months she resigned. an Why pay twice what a radio is orth? Buy a Chelsea and save the alance. The Hamblin Electric 45-1t. hop. Bess Ralston of Brockton is regisred at the Sherman this week. She me here with her brother William ho is a patient in the Wolf Point ospital. G. A. Lundeen of Poplar was a olf Point visitor Monday. Dan Masters of Homestead was in olf Point this week conferring with county attorney regarding a hool bond issue. An epic of the frontier days enled "Over the Great Divide" with 45-1 great cast. James Cole of Poplar was a busiSS visitor here Wednesday. A marriage license was issued to Ei vid Means and Lillian Necklace, h of Drew, Monday. M. Dance the Charleston to the tune high grade music by the OrchesClub, at the Christmas frolic in Glacier Theatre, Saturday night, cember 26. 45-1 ohn McFarlan of Bainville is in If Point spending the Christmas idays with his parents, Mr. and Neil McFarlan. Elizabeth Becker and LeRoy Kelleft Wednesday for Bainville re they will spend the Christmas days. Miss Becker at her home LeRoy with friends. Villiam Rhea, deputy county treasis spending the Christmas holS with his parents, Mr. and Mrs. H. Rhea. Chelsea will do all you ask any 0 to do and the price is right. 45-1 ablin Electric Shop. be Callahan of the First State k force, left Tuesday for Foley, n., where he will spend the holiwith relatives. illiam Rableton patient in

9. June 10, 1926 The Wolf Point Herald Wolf Point, MT
Article from The Wolf Point Herald, June 10, 1926

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# 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,

10. June 17, 1926 The Wolf Point Herald Wolf Point, MT
Article from The Wolf Point Herald, June 17, 1926

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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,

11. May 6, 1927 The Wolf Point Herald Wolf Point, MT
Article from The Wolf Point Herald, May 6, 1927

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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

12. November 18, 1927 The Wolf Point Herald Wolf Point, MT
Article from The Wolf Point Herald, November 18, 1927

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# NOTICE OF APPLICATION FOR TAX DEED To Ida Muller, The Security State Bank of Wolf Point, a corporation, H. C. Skarie, Receiver of the Security State Bank of Wolf Point, a corporation, Bankers Mortgage and Cattle Loan Co., a corporation, Union Mortgage Loan Co., a corporation, Federal Reserve Bank of Minneapolis, a corporation, Edgar Erickson: You and each of you will please take notice that on the 21st day of January, 1922, the following described premises, to-wit: SE¼, S½ SW¼ Section 33, Twp. 29 N.R. 47 E.M.M., were sold to Roosevelt County, Montana, for the 1921 taxes, levied and assessed against the said land, amounting to the sum of $174.67, on the day of sale; and on the 12th day of September, 1924, the undersigned, of Wilmington, Deleware paid the said taxes for the year 1921, on said premises, and received from Roosevelt County, Montana, an assignment of tax sale certificate; that subsequent to said 12th day of September, 1924, to wit, on the 14th day of September, 1927, said undersigned, this applicant, paid the taxes on said land for the years 1922, 1923, 1924, 1925, 1926, and 1927, amounting to the sum of $526.77; and that on the 26th day of December, 1927, the undersigned will apply to the county treasurer of Roosevelt county, Montana, for a tax deed to the said premises. Dated November 9, 1927. ANNA ALMARAS, Applicant J. K. BRAMBLE, Attorney for Applicant Havre, Montana 40-2t

13. November 25, 1927 The Wolf Point Herald Wolf Point, MT
Article from The Wolf Point Herald, November 25, 1927

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# NOTICE OF APPLICATION FOR TAX DEED To Ida Muller, The Security State Bank of Wolf Point, a corporation, H. C. Skarie, Receiver of the Security State Bank of Wolf Point, a corporation, Bankers Mortgage and Cattle Loan Co., a corporation, Union Mortgage Loan Co., a corporation, Federal Reserve Bank of Minneapolis, a corporation, Edgar Erickson: You and each of you will please take notice that on the 21st day of January, 1922, the following described premises, to-wit: SE¼, S½ SW¼ Section 33, Twp. 29 N.R. 47 E.M.M., were sold to Roosevelt County, Montana, for the 1921 taxes, levied and assessed against the said land, amounting to the sum of $174.67, on the day of sale; and on the 12th day of September, 1924, the undersigned, of Wilmington, Deleware paid the said taxes for the year 1921, on said premises, and received from Roosevelt County, Montana, an assignment of tax sale certificate; that subsequent to said 12th day of September, 1924, to wit, on the 14th day of September, 1927, said undersigned, this applicant, paid the taxes on said land for the years 1922, 1923, 1924, 1925, 1926, and 1927, amounting to the sum of $526.77; and that on the 26th day of December, 1927, the undersigned will apply to the county treasurer of Roosevelt county, Montana, for a tax deed to the said premises. Dated November 9, 1927. ANNA ALMARAS, Applicant J. K. BRAMBLE, Attorney for Applicant Havre, Montana 40-2t