10767. First National Bank (Carrington, ND)

View Charter #5551 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5551
Charter Number
5551
Start Date
March 26, 1928
Location
Carrington, North Dakota (47.450, -99.126)

Metadata

Model
gpt-5-mini
Short Digest
1548b96e8655b75f

Response Measures

None

Receivership Details

Depositor recovery rate
50.5%
Date receivership started
1928-03-26
Date receivership terminated
1935-08-29
OCC cause of failure
Economic conditions
Share of assets assessed as good
18.4%
Share of assets assessed as doubtful
67.6%
Share of assets assessed as worthless
14.0%

Description

Articles (Mar 28 and Apr 2, 1928) report the First National Bank of Carrington closed by the board and a receiver (J. S. Odland) appointed. Closure attributed to depleted reserves caused largely by continuous malicious propaganda (and an OCR'd phrase suggesting extended dry conditions). No reopening is reported.

Events (4)
1. August 24, 1900 Chartered
Source
historical_nic
2. March 26, 1928 Receivership
Source
historical_nic
3. March 26, 1928 Suspension
Cause
Rumor Or Misinformation
Cause Details
Closed by board due to depleted reserves, attributed largely to continuous malicious propaganda (reports that spurred withdrawals); OCR also mentions reduced reserves from an extended dry (drought) contributing to strain.
Newspaper Excerpt
Steps already are under way for the organization of stockholders to assets of the First National bank of which closed Monday by order of the board of directors.
Source
newspapers
4. April 2, 1928 Receivership
Newspaper Excerpt
The First National bank of Carrington has been closed, due, it is announced, to depleted reserve ... brought about largely by continuous malicious propaganda. J. S. Odland of Mohall has been appointed receiver.
Source
newspapers

Newspaper Articles (2)
1. March 28, 1928 The Forum Fargo, ND
Article from The Forum, March 28, 1928

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Article Text

Big Parade to Climax Minot Automobile Show Minot, N. D., March 27.-Climaxing the three day Minot Auto show to be held next Thursday, Friday and Saturday will be parade all models of makes retailed and distributed in Minot. The parade, which start will have 100 200 cars the procession, to H. H. Fisher, chairman the commit in charge of this particular feature the show. The Soo and Great Northern railroads are offering reduced fares for round trips Minot during the three day exposition. BANK CLOSES Carrington, N. D., March Steps already are under way for the organization of stockholders to assets of the First National bank of which closed Monday by order of the board of directors. The bank closed of depleted reserve due an extended dry The bank was capitalized at $50,000 and had deposits in the of Newberry president: vicepresi-

2. April 2, 1928 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, April 2, 1928

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Article Text

CARRINGTON BANK CLOSES Carrington, N. D., April 2.-The First National bank of Carrington has been closed, due, it is announced, "to depleted reserve 17:ought about largely by continuous malicious propaganda." J. S. Odland of Mohall has been appointed receiver. A movement has been started to organize a depositors' holding company. Negotiations are also under way for the reorganization of the bank here. The last statement on February 28 showed the bank to have time deposits of $180,020.59 and checking accounts amounting to $169,180.26.