10908. Scandinavian American Bank (Grafton, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 16, 1931
Location
Grafton, North Dakota (48.412, -97.411)

Metadata

Model
gpt-5-mini
Short Digest
c0b54061d7fdd36f

Response Measures

None

Description

Articles indicate the Scandinavian American Bank in Grafton was closed and in receivership (L. R. Baird, receiver). No mention of a depositor run; articles describe dividend payments to depositors by the receiver and legal action by the receiver against a former cashier. Therefore this is a suspension leading to permanent closure with a receiver.

Events (3)
1. February 16, 1931 Other
Newspaper Excerpt
Payment is being made through the office of C. W. Conroy, district manager at Devils Lake. The payment represents a total dividend of 20 per cent that the depositors have received. (dividend payment under receivership)
Source
newspapers
2. February 16, 1931 Receivership
Newspaper Excerpt
A 10 per cent dividend is being paid depositors ... according to L. R. Baird, receiver. (Bismarck Tribune, 1931-02-16) and Oct. 21 article: L. R. Baird, state bank receiver, sought recover... of the closed Scandinavian American bank here. (Grand Forks Herald, 1931-10-22).
Source
newspapers
3. February 16, 1931 Suspension
Cause
Government Action
Cause Details
Bank placed in receivership (L. R. Baird named receiver); payments being made through receiver.
Newspaper Excerpt
A 10 per cent dividend is being paid depositors of the Scandinavian American Bank, Grafton, N. D., according to L. R. Baird, receiver.
Source
newspapers

Newspaper Articles (2)
1. February 16, 1931 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, February 16, 1931

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Article Text

Grafton Bank to Pay 10 Per Cent Dividend A 10 per cent dividend is being paid depositors of the Scandinavian American Bank, Grafton, N. D., according to L. R. Baird, receiver. Payment is being made through the office of C. W. Conroy, district manager at Devils Lake. The payment represents a total dividend of 20 per cent that the depositors have received.

2. October 22, 1931 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, October 22, 1931

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Article Text

Adjourned Court Term Opens in Walsh County Grafton. N. D., Oct. 21.-(Speadjourned of district court was opened here today by Judge C. W. Buttz of Devils Lake and only court cases are being tried, no jury having been called. The first was an action in which L. R. Baird, state bank receiver, sought recover $1,000 from Stephen Lykken. former cashier of the closed ScandinavianAmerican bank here. The court decided in favor the bank receiver but Lykken filed counter suit for $2,000 in stock certificates which he claimed were missing from the bank after being placed there for safekeeping No action has been taken in the matter.