11209. First National Bank (Steele, ND)

View Charter #8997 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
8997
Charter Number
8997
Start Date
November 23, 1926
Location
Steele, North Dakota (46.855, -99.916)

Metadata

Model
gpt-5-mini
Short Digest
7b3cf44ea7f32686

Response Measures

None

Receivership Details

Date receivership started
1926-11-23
OCC cause of failure
Economic conditions

Description

The Nov. 23, 1926 article reports the First National Bank of Steele was closed by its board because of excessive withdrawal of deposits and states the action was to protect depositors from a possible run. The press piece does not mention a receiver or permanent failure nor a reopening; the closure appears to be a precautionary suspension. No explicit reopening is documented in the provided articles; I classify as suspension_reopening as the board-closure appears precautionary/temporary rather than a final receivership. The 1929 obituary mentions historical reorganization into First National but adds no information about the 1926 outcome.

Events (6)
1. January 22, 1908 Chartered
Source
historical_nic
2. November 23, 1926 Receivership
Source
historical_nic
3. November 23, 1926 Suspension
Cause Details
Board of directors closed the bank because of excessive withdrawals; closure described as protective measure against a possible run.
Newspaper Excerpt
STEEL E BANK CLOSES Steele, N. D., Nov. 23.-The First National bank, the only one here, was closed by the board of directors because of excessive withdrawal of deposits Friday. ... the closing of the bank was a step to protect depositors from a possible run.
Source
newspapers
4. August 17, 1927 Restored To Solvency
Source
historical_nic
5. December 23, 1929 Other
Newspaper Excerpt
He was one the staff of the Kildeer County State bank, which closed and subsequently was reorganized as the First National bank of Steele. At that time he entered the insurance business, in which he was engaged at the time of death.
Source
newspapers
6. December 28, 1932 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)
1. November 23, 1926 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, November 23, 1926

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Article Text

STEELE BANK CLOSES Steele, N. D., Nov. 23.-The First National bank, the only one here, was closed by the board of directors because of "excessive withdrawal of deposits" Friday. The officials explained that the bank is in good on hand and that the closing of the bank was a step to protect depositors from a possible run. There is no great excitement here, depositors having full confidence in the institution's management.

2. December 23, 1929 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, December 23, 1929

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Article Text

FRANK D. JONES, 68, DIES AT TELEPHONE Former Steele Banker Victim of Heart Attack After Overexertion Death struck down Frank D. Jones. 68, a resident of Steele, as he stood at the telephone at 4:30 Saturday afternoon, trying to call a garage about his car. Apparently it was a heart attack by which he was stricken. Unable to start his car. after considerable exertion, he went to the telephone. The receiver dangled as he slumped to the floor. Funeral arrangements are for services at the Steele Presbyterian church, Thursday afternoon, with interment in the Steele cemetery. Mr. Jones was a native of Elmira, New York who came to the Steele community in 1882 and homesteaded. Later he was one the staff of the Kildeer County State bank, which closed and subsequently was reorganized as the First National bank of Steele. At that time he entered the insurance business, in which he was engaged at the time of death. He was a member of the Steele Knights of Pythias lodge. Mr. Jones leaves a widow, three daughters and one son. The daughters are Mrs. Allen Taylor, Steele; Mrs. Orrin Baertsch, New England; Mrs. Ray Michels, Long Beach, Calif.; and the son is Dwight Jones, of Devils Lake.