10673. First National Bank (Abercrombie, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
8419
Charter Number
8419
Start Date
October 31, 1929
Location
Abercrombie, North Dakota (46.448, -96.730)

Metadata

Model
gpt-5-mini
Short Digest
d920263dab9be1f7

Response Measures

None

Receivership Details

Depositor recovery rate
65.2%
Date receivership started
1925-06-30
Date receivership terminated
1932-06-15
OCC cause of failure
Economic conditions
Share of assets assessed as good
41.9%
Share of assets assessed as doubtful
35.2%
Share of assets assessed as worthless
23.0%

Description

Articles (Oct–Nov 1929) refer to the First National Bank of Abercrombie as closed and mention a former receiver (George H. Rieland) indicted for violations and alleged embezzlement and sale of the bank's assets. No mention of a depositor run is present. OCR: 'Abercromble' corrected to Abercrombie. Events indicate prior suspension/closure and receivership prior to Oct 31, 1929.

Events (4)

1. October 31, 1906 Chartered
Source
historical_nic
2. June 30, 1925 Receivership
Source
historical_nic
3. October 31, 1929 Receivership
Newspaper Excerpt
George H. Rieland, former receiver of the closed First National bank of Abercromble, N. D., was among those indicted on charges of violating the national banking act.
Source
newspapers
4. November 20, 1929 Other
Newspaper Excerpt
I. E. Lillegarde, indicted with George H. Rieland, former receiver of the closed First National bank of Abercrombie, was arrested ... charged with selling $24,315.81 of the bank's assets to Lillegarde.
Source
newspapers

Newspaper Articles (2)

Article from The Bismarck Tribune, October 31, 1929

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Article Text

GRAND JURY INDICTS 10 SLOPE RESIDENTS Three Bismarck Persons Are Charged Under Jones Act at Federal Fargo Session Fargo, N. D., Oct. 31.-(n-The federal grand jury has concluded its deliberations by returning 84 indictments, 26 of which charge violations of the Jones act. Those indicted under the Jones act are: Nora Widdell, Minot; John Thielen, Bismarck: Floyd Trapp, Dorothy Boyd, Minot; Joe Stutsman Minot: Scysseweski, county: and Martha Glenn Casner, Esther Smith John Carson; Foster, Al Finlayson. Minot: Fleck, John Mandan; Kroll, Gackle: will Leighton, Minot; Julius Mix, Dickinson: Ruby McCaully. Minot; Frank Dinius, Dickinson; Henry Reuss, Bismarck: Howard McMaster and Rex Wayne, Rolla: Joe Schmidt. Minot: Emanuel Wetstein, Bismarck: Elizabeth Kelley. Minot; Tom Asbridge, Grant county: George Johnson, Valley City: J. M. Masseth, Strasburg: Raymond Sager, Rolla; and Leone Watson, Minot. George H. Rieland. former receiver of the closed First National bank of Abercromble, N. D., was among those indicted on charges of violating the national banking act. Two persons were indicted on charges of violating the postal regulations. They are Nobel A. Demaray, near Jamestown and M. C. Robinson, traveling salesman. James Eller, held here, was indicted under the motor vehicle theft act. Four persons were indicted on charges of violating the national immigration laws. Thomas Halagarda, Emil Hohertz, David Sawatsky and John Senior. Henry Goodwater, Minneapolis, was indicted in two counts under the Mann act. John Delorme and Harry Bercier were charged with violating the liquor law on an Indian reservation.


Article from The Bismarck Tribune, November 20, 1929

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Article Text

Lillegarde Arrested For Abercrombie Deal Fargo. N. D., Nov. 20.-(P)-I. E. Lillegarde, indicted with George H. Rieland. former receiver of the closed First National bank of Abercrombie, was arrested in Wahpeton Tuesday by a United States marshal. He was released on $5,000 bond to await trial. Reiland. also at liberty under bond. is charged with selling $24,315.81 of the bank's assets to Lillegarde. Among the assets. the complaint states. were eight notes aggregating $3,747.79. endorsed or guaranteed by Lillegarde. Reiland also is under other federal charges in connection with his receivership of the Abercrombic bank. He is alleged to have embezzled $580 of the bank's assets in 1928.