10982. Karnak State Bank (Karnak, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 9, 1926
Location
Karnak, North Dakota (47.281, -98.064)

Metadata

Model
gpt-5-mini
Short Digest
78b01c458ddc4318

Response Measures

None

Description

The articles refer to Karnak State Bank as one of several 'closed banks' under the state receiver, with dividends being paid to creditors in 1926–1927. There is no mention of a depositor run; the bank was closed and placed in receivership by the state receiver and remained closed (dividends paid).

Events (3)
1. March 9, 1926 Receivership
Newspaper Excerpt
Baird also announced payment of 15 per cent dividend to creditors of the Karnak State bank. Karnak. to be made by W. Conroy. district manager at Devils Lake
Source
newspapers
2. January 17, 1927 Other
Newspaper Excerpt
Karnak State Bank, second dividend of 20 per cent; (listed among dividends to be paid by closed banks through district offices)
Source
newspapers
3. * Suspension
Cause
Government Action
Cause Details
Bank was closed and placed in receivership by the state receiver (L. R. Baird); closure is government/receiver action.
Newspaper Excerpt
Dividends to be paid to the depositors in 10 closed banks were announced here today by L. R. Baird, state receiver of closed banks.... Karnak State Bank, second dividend of 20 per cent;
Source
newspapers

Newspaper Articles (2)
1. March 9, 1926 The Bismarck Tribune Bismarck, ND
Article from The Bismarck Tribune, March 9, 1926

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Article Text

Watford City and Karnak Banks Are to Pay Dividends Payment of a 20 per cent dividend to creditors of the American Exchange Bank of Watford City was announced here today by L. R. Baird, state bank receiver. The payment will be made through J. P. Reeve, district manager for the receiver at Burlington. A previous dividend of 10 per cent already has been paid to the bank's creditors. Baird also announced payment of 15 per cent dividend to creditors of the Karnak State bank. Karnak. to be made by W. Conroy. district manager at Devils Lake

2. January 17, 1927 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, January 17, 1927

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Article Text

DIVIDENDS TO BE PAID BY 10 CLOSED BANKS State Receiver Baird Announces Payments Through District Offices Dividends to be paid to the depositors in 10 closed banks were announced here today by L. R. Baird, state receiver of closed banks. Five dividends to be paid through the office of C. W. Conroy, district manager at Devils Lake, are: Security Bank of Oberon, a second dividend of 10 per cent; Security State Bank, Kensal, second dividend of 10 per cent; Farmers State Bank, Hesper, second dividend of 15 per cent; Karnak State Bank, second dividend of 20 per cent; Security State Bank, Brantford, a dividend of 10 per cent. Two dividends will be paid through the office of G. R. Van Sickle, district manager at Minot, as follows: Farmers and Merchants State Bank, Barton, 20 per cent; Towner State Bank, Towner, a second dividend of 30 per cent. Three dividends will be paid through the office of J. P. Reeve, district manager at Burlington, as follows: Farmers State Bank, Noonan, a second dividend of 20 per cent; Citizens State Bank, Flaxton, second dividend of 10 per cent; First State Bank, Lansford, second dividend of 10 per cent.