11172. First National Bank (Rolette, ND)

View Charter #7866 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7866
Charter Number
7866
Start Date
April 1, 1930*
Location
Rolette, North Dakota (48.661, -99.842)

Metadata

Model
gpt-5-mini
Short Digest
1e77eabe6be63003

Response Measures

None

Receivership Details

Depositor recovery rate
24.5%
Date receivership started
1927-02-19
Date receivership terminated
1931-05-11
OCC cause of failure
Economic conditions
Share of assets assessed as good
17.9%
Share of assets assessed as doubtful
48.0%
Share of assets assessed as worthless
34.1%

Description

Articles (Oct 1930) refer to the First National Bank of Rolette as a 'closed' bank and identify C. M. Gilbertson as receiver; the bank was closed in April (year implied 1930). There is no mention of a depositor run in these pieces—rather litigation by the receiver to recover bad/unpaid loans—so this is a suspension (closure) with a receiver assigned.

Events (4)
1. August 10, 1905 Chartered
Source
historical_nic
2. February 19, 1927 Receivership
Source
historical_nic
3. April 1, 1930* Suspension
Cause
Government Action
Cause Details
Bank was closed and a receiver (C. M. Gilbertson) appointed; suits reference comptroller of the currency and receiver actions to recover unpaid loans and uncollected assessments.
Newspaper Excerpt
the bank was closed in April
Source
newspapers
4. October 7, 1930 Receivership
Newspaper Excerpt
C. M. Gilbertson, receiver for the First National bank of Rolette, against Linus Johnson and J. T. Tweton, former directors of the bank, for the alleged liability ... loans which remained in the bank when it was closed in April, ... (Bismarck Tribune 1930-10-07). A follow-up Oct. 9 article also calls it the closed First National bank of Rollette and refers to the receiver's suit being dismissed (1930-10-09).
Source
newspapers

Newspaper Articles (2)
1. October 7, 1930 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, October 7, 1930

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Article Text

Receiver of Bank Is Suing Directors Grand Forks, N. D., Oct. 7.-(P)Suit to recover $90,000 was started in United States district court here today by C. M. Gilbertson, receiver for the First National bank of Rolette, against Linus Johnson and J. T. Tweton, former directors of the bank, for the alleged liability of directors for uncollected loans and failure to collect certain assessments on stockholders. Liability of the directors is based on alleged loans which remained in the bank when it was closed in April, on stockholders which the receiver claims were made by the comptroller of currency and directors of the bank in 1926.

2. October 9, 1930 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, October 9, 1930

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Article Text

Closed Bank Suit Dismissed by Court Grand Forks, N. D., Oct. 9.-(P)Judge Andrew Miller in federal court here has dismissed the action of C. M. Gilbertson, receiver for the closed First National bank of Rollette, to recover $90,000 in unpaid notes and $16,000 uncollected assessments from Linus Johnson and J. W. Tweton, directors of the bank. The consolidated action of T. O. Holt, Clifford Tuft and W. J. McCabe of Grafton to recover $5,000 in Liberty Bonds from R. W. Bucklin, receiver for the First National bank of Grafton, was started yesterday. The plaintiffs claim the bonds were in the closed bank for safe keeping.