11148. Portal State Bank (Portal, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 13, 1924
Location
Portal, North Dakota (48.996, -102.550)

Metadata

Model
gpt-5-mini
Short Digest
998154ccd071cdae

Response Measures

None

Description

Article (1924-05-16) reports the Portal State Bank failed to open its doors (suspension). A later article (1926-01-19) describes formation of a new Union Bank following the closing of the Portal State and refers to dealings with the state bank receiver, indicating the Portal State Bank did not resume and entered receivership/permanent closure. No explicit run is described and the immediate cause of the suspension is not specified in the articles (classified as 'other/unknown').

Events (2)
1. May 13, 1924 Suspension
Cause Details
Bank failed to open its doors on Tuesday morning; articles give no specific cause (business at a standstill; second bank closing in area).
Newspaper Excerpt
The doors of the Portal State bank failed to open its doors Tuesday morning.
Source
newspapers
2. * Receivership
Newspaper Excerpt
The Union bank of Portal was organized ... following the closing of the Portal State and the First International banks ... meeting of the depositors ... appointed to take up with the state bank receiver the matter of further protecting the interests of the depositors.
Source
newspapers

Newspaper Articles (2)
1. May 16, 1924 The Producers News Plentywood, MT
Article from The Producers News, May 16, 1924

Click image to open full size in new tab

Article Text

TWO BURKE COUNTY BANKS CLOSE DOORS The business men and many farmers of Portal, N. D., North Portal and surrounding districts received their second financial shock within the past six months when the doors of the Portal State bank failed to apen its doors Tuesday morning. This has created a financial crisis, as with the closing of the First International bank of Portal last November more than $200,000 is now tied up in the only two banks at the border here. Business is almost at a standstill and no one appears to be in a position to say as to what the ultimate solution of the crisis will be. The Burke County State bank of Bowbells ceased to function last week. Monday morning the information was given out that operations had suspended. This is the second bank to close in the Burke county capital and one bank still remains open.

2. January 19, 1926 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, January 19, 1926

Click image to open full size in new tab

Article Text

BANK AT PORTAL COMPLETES YEAR Portal N. D., Jan. Daley was e-elected president: F. M Ingle. vice president and C. H Mar shall. manager, of the Union bank of Portal the annual meeting of the shareholders which held Thursday night More than 90 per cent of the shareholders were present person or by proxy The financial statement showed a successful year's operations. $175.000 resources and total deposits of $150,621 The undivided profits for the year were $4,319.80 The advisory will consist of Joseph Hill and L. Grant, North Portal and Ballantyne, H. Kraand Halderson of Portal. A of thanks was tendered the 1925 board of directors and advisory The Union bank of Portal was organized more than year ago, following the closing of the Portal State and the First International banks There meeting of the depositors of the Portal State and the First banks, following the other bank meeting, and appointed to take up with the state bank receiver the matter of further protecting the interests of the depositors. Corporal Fryett, who has been in charge North Portal detachment the Royal Canadian Mounted Police the last 4½ years, leaves on Sunday for Shaunevon, Sask. to which town he has been transferred. Sergeant Camm of Shaunevon will take charge of the North Portal detachment. CANDO LODGES INSTALL Cando, Jan. Cando lodges installed officers during the week Among those installing were the Modern Neighbors, the Oddfellows and the Rebek