11202. Rolette County Bank (St John, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 17, 1918
Location
St John, North Dakota (48.944, -99.711)

Metadata

Model
gpt-5-mini
Short Digest
14ee01b295dd5b6b

Response Measures

None

Description

Articles (Aug–Oct 1918) report the Rolette County Bank at St. John was closed by the State Examiner under the depositors' guaranty act and placed in the hands of temporary receivers; later a receiver was appointed by a judge. No bank run is mentioned. OCR variants show St. Johns in some articles; corrected to St John as given. Dates are taken from article publication dates when specific days of action are not explicitly stated.

Events (3)
1. August 17, 1918 Suspension
Cause
Government Action
Cause Details
Closed by the State Examiner under the depositors' guaranty act after examination revealed deficiencies.
Newspaper Excerpt
On account of the work of the commission, the Rolette county bank at St. John ... had to be closed and their affairs will be liquidated.
Source
newspapers
2. September 12, 1918 Receivership
Newspaper Excerpt
M. E. Howland, a deputy examiner, has been appointed temporary receiver of the Rolette county bank at St. Johns, which State Examiner J. R Waters has closed for investigation.
Source
newspapers
3. October 16, 1918 Receivership
Newspaper Excerpt
Attorney Fred E. Harris has been appointed by Judge Buttz receiver for the Rolette County Bank of St. John.
Source
newspapers

Newspaper Articles (4)
1. August 17, 1918 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, August 17, 1918

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Article Text

STATE BANKS SHOW INCREASE During the Year Resources Have Increased Over $7,000,000. Bismarck, N. D., Aug. 17.-The state examiner's department has just issued an abstract, of comparative statement of the financial condition of state banks and trust companies in North Dakota reporting for calls at the close of business on June 20, 1917, and May 10, 1918, with the call of June 29, 1918. The figures for the call for report of condition of banks and trust companies as of June 29, 1918, just compiled, show that the resources of the state banks of North Dakota have maintained their usual steady forward growth despite the withdrawing strain on reserves by reason of the concurrence in government issues of Liberty Loans, War Savings Stamps, Thrift stamps, certificates of indebtedness, Red Cross, etc., and the tax paying period at the end of the fiscal year. During the past year the resources have made a steady growth of $7,073,378.50. The financial condition of North 19 Dakota state banks is the best in the history of the state. On account of the very careful and rigid business supervision and the careful and thorough investigation of each individual bank by the state depositors' guaranty fund commission preliminary to issuing certificates of admittance under this guaranty for bank deposits, each bank admitted has undergone a thorough scrutiny and has been forced to make a complete financial and business house-cleaning of all undesirable assets, business deals and practices. This action has placed the banks in better condition than 'they have been in their history. This will be thoroughly understood when you learn that over $2,000,0001 of assets which\ were considered undesirable and questionable by the depositors' guaranty fund commission, was ordered charged out of the banks. This has been a heavy strain on the assets and profits of the banks in a new and growing state like North Dakota. The banks now fully understand the wisdom of the men who are supervising the work under this act, and the great value of the act itself to the depositor, the banks and the state, and are helping to put their whole united force for the forward drive for its success. On account of the work of the commission, the Rolette county bank at St. John and the Security bank at Knox, N. D., had to be closed and their affairs will be liquidated. In a grain growing state like North Dakota, deposits show a decline at this time of the year, but in spite of this expectation and the unsettled business condition, the examiner's report shows an increase over the call of June 20. 1917, of $3,000,000. The total cash reserve at the low period has maintained its usual high level and has fluctuated very little. Bills payable have increased $2,000.000 over the last call but we find that the larger portion of this is high class securities discounted with the Federal Reserve bank.

2. September 12, 1918 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, September 12, 1918

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Article Text

GUARANTY ACT WEEDING OUT WEAK SISTERS State Examiner Explains Reason for Numerous Recent Bank Failures / M. E. Howland, a deputy examiner, has been appointed temporary receiver of the Rolette county bank at St. Johns, which State Examiner J. R Waters has closed-for investigation. It is probable that the St. Johns state, a new institution, may take over the Rolette county bany building, fixtures and its good paper at face value and accrued interest, and that much of the slow assets of the suspended bank may be taken over at an agreed price by the new concern. Mr Waters now is conducting negotiations to this effect which, if successful, will, he believes, result in closing up the affairs of the Rolette bank in short order. R. M. Stangler, a former well known deputy examiner kho has been discharged because of physical disability after a year's service in national army, has been appointed temporary receiver for the Knox state bank, recently closed by the state examiner. The new crop of bank failres is attributed by State Examiner Waters to the operation of the bank deposits guaranty act, which became operative J 1. The institutions which have been closed. says Mr. Waters, altho in an unsatisfactory condition, had managed to exist under former banking laws, but the provisions of the guatanty act required a probing into the arrairs of all state banks which rcvealed defects demanding immediate action on the part of the state examiner. In one instance, at least, says Mr. Waters. a bank which he has closed should have been proceeded against ten years ago but it had been nursed along in the hope that it might solve its difficulties.

3. September 19, 1918 The Ward County Independent Minot, ND
Article from The Ward County Independent, September 19, 1918

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Article Text

BRIEF STATE NEWS Editor Workman sold his Bowman Pioneer to Paul L. Samuelson. The severe frosts have caught some late corn and flax in North Dakota. Editor Kendall of Granville, pays a fine tribute to Editor Chas. Lano, of Mohall, who has entered the service. The Rolette County bank of St. John was placed in the hands of a temporary receiver Monday. A real rattlesnake was killed within the Mandan city limits, the first seen in that section for years. Tuesday the nine year old son of Chester Smith of Haynes accidentally shot and killed his little sister. Frank Wilson, of Towner, died Sept. 1, from typhoid fever. His wife and child are ill with the same disease. Dan McDonell, of Velva, received word that his son, Augus, had been killed in action in France Aug. 10. "Purty nigh time to dig them potoes." Be sure you get them into the basement before the frost gets them. Some of the southern counties in North Dakota have practically completed threshing and the farmers have already started fall plowing. The new United States mileage books are out costing $30 with $2.40 for war tax. They are good on any railroad. Miss Mary Taylor, formerly an Anamoose teacher, has left for China under the auspices of the Presbyterian church. A homesteader near Bowman was called into service before his grain was harvested. Kindly neighbors assisted his wife to gather the crop. The Hayes potato field at Upham has been a busy place while the potatoes were dug and shipped. The yield was about 140 bushels per acre. U. S. Marshal Doyle, democratic candidate for governor in North Dakota, has challenged Frazier, the league candidate, to a series of debates. It must have been bad news for those Huns who thonght the Allies would starve to death, when they heard of the sixty-four bushel per acre wheat yield on the J. Sabourin farm, near East Grand Forks. In round numbers North Dakota now has in the national guard, the national army, the marine corps and the United States navy, 25,000 men, the adjutant general's office has announced. The authorities turned down Bernt Wick, a Fargo baker, giving him the option of subscribing $500 for the Red Cross or closing his bakery for violating flour regulations. He subscribed. North Dakota city folks, who have gone into the grain fields of the state this year as shockers and threshers, have accomplished the work that at least 3,000 additional full time farm laborers would have been required to handle, according to Lindley H. Patten, director in charge of North Dakota for the United States employment service.

4. October 16, 1918 The Devils Lake World and Inter-Ocean Devils Lake, ND
Article from The Devils Lake World and Inter-Ocean, October 16, 1918

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Article Text

Attorney Fred E. Harris has been appointed by Judge Buttz receiver for the Rolette County Bank of St. John. The appointment, which was entirely unsolicited, is a good one from every point of view. Moreover, it was endorsed by the attorney general of North Dakota, the legal representative of the bank, Fred J. Traynor, of Devils Lake, and by the creditors of the institution.-Rolla Star.