10709. Farmers State Bank (Belfield, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 22, 1920
Location
Belfield, North Dakota (46.885, -103.200)

Metadata

Model
gpt-5-mini
Short Digest
de48b33247e59cb2

Response Measures

None

Description

Contemporary articles (Nov 1920) report the Farmers State Bank of Belfield closed/suspended in the wave of North Dakota bank closures tied to depreciated collateral and the wheat situation. A receiver was later appointed (bank closed Feb 1, 1921), indicating permanent closure/receivership.

Events (3)
1. November 22, 1920 Suspension
Cause
Local Shock
Cause Details
Depreciated collateral and refusal of farmers to sell grain amid the 'wheat situation' undermined reserves and forced suspension.
Newspaper Excerpt
The Farmers' State bank of Belfield ... closed today, making nine since the ... first of the week.
Source
newspapers
2. November 24, 1920 Other
Newspaper Excerpt
The Farmers' State Bank of Bolfield (Belfield) listed among nine North Dakota banks closed during the last ten days as result of the 'wheat strike.' Depreciated collateral values ... forced the suspension of business on the part of the banks.
Source
newspapers
3. February 1, 1921 Receivership
Newspaper Excerpt
appointed receiver of the Farmers' State Bank of Belfield ... shortly after the institution closed its doors on February 1, 1921.
Source
newspapers

Newspaper Articles (3)
1. November 23, 1920 The Bennington Evening Banner Bennington, VT
Article from The Bennington Evening Banner, November 23, 1920

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Article Text

SAVINGS BANK IS CLOSED BECAUSE RESERVE TOO LOW Barre Savings Bank Closed by Commissioner OF DEPOSITS $1,536,000 Details Unknown but Probable That Overdue Notes to Granite Men Crippled Bank. Barre, Nov. 22. George B. Carpenter, bank commissioner at 2 o'clock this afternoon closed the Barre Savings Bank and Trust company, following a partial examination of the bank's financial standing Mr. Carpenter took over the bank's management as provided by the general laws. Early last week unauthenticated rumors were spread in Barre and vicinity concerning the condition of the bank and on Friday a small run occurred. Saturday the run continued until 10 o'clock when the demand was SO great that the bank officials invoked the 60-day clause of the state bank ing law requiring that a notice be given before a deposit could be withdrawn. Bank Commissioner Carpenter was notified and this morning commenced the investigation of the bank's finances. As soon as that is completed, a public statement will be made. While no figures were given out, it is rumored that the run amounted to $150, 003 The total resources of the bank are $2,223,582.82 as shown by the bank's report to Mr. Carpenter on September 8. The liabilities are: Capital paid in, $50,000; surplus from reserve, $67,000; savings deposits, $1,536,910.43 certificate of deposit, $96,781.37; commercial deposits, $295,324.37: treasurer's checks, $65,066 65; bills payable $112,500. Bismark, N. D. Nov. 22.-Three more banks were added today to the string of North Dakota financial institutions that have closed their doors in the past six day due to depletion of their reserves which officials say is due to failure of farmers to meet notes held by the banks. The Farmers' State bank of Belfield, the State Bank of Killdeer and the Security State bank at Columbus closed today, making nine since the tain first of the week.

2. November 24, 1920 Every Evening, Wilmington Daily Commercial Wilmington, DE
Article from Every Evening, Wilmington Daily Commercial, November 24, 1920

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Article Text

NORTH DAKOTA BANKS CLOSE. Depreciated Collateral and Wheat Situmtion Given AH Reasons. Fargo, N. D. Nov. 24. - Nine banks have been closed in North Dakota during the last ten days as R esult of the "whent strike," three of the group of banks affected being closed yesterday. Depreciated collateral values, coupled with the refusal of the farmers to sell their grain or stock at existing prices, are the elements that have combined to force the suspension of business on the part of the banks. The three that closed their doore today are the First State Bank of Kill Deer, the Security State Bank of Columbus and the Farmers' State Bank of Bolfield. Prior to today the following banks had been closed: Bantry Bank at Bantry, Beach State at Bech, Security State Bank at New England, Farmers' State Bank at Havelock, the Tolley State Bank at Tolley and the First State Bank at Greene.

3. August 25, 1922 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, August 25, 1922

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Article Text

LEAGUE BANKER CHARGED WITH WASTING FUNDS Adam Lefor, Receiver of Belfield Institution, is Plaintiff. Dickinson, N. D., Aug. 25.-Charging that Adam A. Lefor, while acting as receiver of the Farmers' State Bank of Belfield, violated his trust. juggled thousands of dollars in securities and has negligently, willfully. knowingly and fraudulently dissipated and squandered the assets of the blosed institution for the purpose of favoring himself and his friends, George Laney, present receiver of the bank. has brought ouit against Lefor in district court asking judgment for the whole amount dissipated or squandered by Lefor and that the latter be required to make full restitution for his unlawful acts." Lefor. ardent leaguer. alleged membed of the "inner circle" and whip for the organization leaders in Stark county on the west Slope, was appointed receiver of the bank by Bank Examiner O. E. Lofthus shortly after the institution closed its doors on February 1. 1921. He continued in that capacity until April 1: 1922. when his removal was ordered and Laney was appointed in his stead. About three weeks ago Lefor left Dickinson for an extended visit in Germany and Jugo-Slavia. Service of the complaint was made just as he stepped aboard the train. Included in the allegations made by Laney in the complaint is the charge that Lefor, who is also president of the Citizens' State Bank of Belfield. a competing institution. in