Gallatin Valley National Bank

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 3075
Charter Number: 3075
Start Date: July 1, 1893*
Location: Bozeman, Montana (45.680, -111.039)

Metadata

Model: gpt-5-mini
Short Digest: dd716956

Response Measures

Full suspension

Other: Bank went into voluntary insolvency in July 1893 and later wound up business after repaying creditors by late 1895.

Description

Contemporaneous articles (Aug 1893) list the Gallatin Valley National among banks that 'temporarily closed' amid the statewide panic and runs; a later 1895 report states the bank went into voluntary insolvency in July, 1893 and by 1895 had paid outstanding accounts and was closing its business (liquidation completed). No evidence the bank reopened as a continuing bank after the 1893 suspension. Cause of run tied to the broader 1893 banking panic/systemic crisis; the suspension was a voluntary insolvency/liquidation by the directors.

Events (5)

1. November 14, 1883 Chartered

Source: historical_nic

2. July 1, 1893* Run

Cause: Macro News
Cause Details: Part of the statewide panic of summer 1893 — heavy withdrawals and runs across Montana banks
Newspaper Excerpt: The Closing of Banks... a day of gloom and excitement... the extent of the run and the result could not be determined... list of banks... Gallatin Valley National ... temporarily closed their doors
Source: newspapers

3. July 1, 1893* Suspension

Cause: Voluntary Liquidation
Cause Details: Directors closed the bank and it went into voluntary insolvency in July 1893
Newspaper Excerpt: the action taken by the directors of the Gallatin Valley National at Bozeman. The closing of that bank...
Source: newspapers

4. August 18, 1893 Voluntary Liquidation

Source: historical_nic

5. December 28, 1895 Other

Newspaper Excerpt: the Gallatin Valley National bank, which went into voluntary insolvency in July, 1893, with outstanding accounts aggregating half a million dollars and these accounts have now been met in full, and the bank will close its business in a few days with a clean record.
Source: newspapers

Newspaper Articles (3)

1. August 3, 1893 Fergus County Argus Lewistown, MT

Article from Fergus County Argus, August 3, 1893

Click image to open full size in new tab

Article Text

The Closing of Banks. Thursday of last week will be a memorable day in the history of Monrana, particularly of Helena. It was a day of gloom and excitement in the capital city. While trouble was anticipated in the banks, the extent of the run and the result could not be determined in advance. and when the erisis came there were many surprises to people in all parts of the state. The telephone messages came into the Lewistown office thick and fast Friday morning, bring ing news not only from Helena, but from other cities and towns in the state. Following is a list of banks, firms and individuals that have temporairily closed their doors or made assignments in the past week or ten days: First National and Montana National banks of Helena. First National and Merchants National banks of Great Falls, Gallatin Valley National and First National banks of Bozeman, First National and Park National banks of Livingston. First National bank of Red Lodge. Great Falls Iron Works Butte & Montana Mercantile Co. of Great Falls Paynter Drug Co., and Chas. W. Cannon, A. M. Holter, S. C. Ashby and The Electric Light & Power Co., of Helena; Stockgrowers Bank of Miles City.

2. August 21, 1893 The Anaconda Standard Anaconda, MT

Article from The Anaconda Standard, August 21, 1893

Click image to open full size in new tab

Article Text

Net indebtedness $126,734 88 IN PARK COUNTY. Livingston's Troubles Began With a Bank Cashier's Raseality Staff Correspondence of the Standard. LIVINGSTON, Aug. 18.-A serious finan. eial misfortune, not in any sense due to the effects of the general erisis, was suffered by Livingston some weeks ago through the defaleation of absconding Cashier George A. Carey of the Livingston National bank. by whose raseality the town suffered a loss of upwards of $100,000. The effect of this was widespread through the community, and was deeply depressing. Confidence in the other banks was not shaken by the occurrence, however, and it is believed that neither of the other two finanetal institutions would have suse pended except for the action taken by the directors of the Gallatin Valley National at Bozeman. The closing of that bank, which was looked upon as the strongest in the eastern part of the state, was a serious blow, and the adverse tide which at once set in could not be stemmed and the Merchants' National suspended. closely followed by the National Park. It is known that the latter will reopen by the 10th of September, and it is probable that the Merchants' will have its affairs adjusted so as to quickly follow. A considerable volume of business in Livingston has always been realized from [Continued on the Eighth Page].

3. December 30, 1895 The Anaconda Standard Anaconda, MT

Article from The Anaconda Standard, December 30, 1895

Click image to open full size in new tab

Article Text

IN THE YEAR OF 1895 How Bozeman and Gallatin County Receive the New. EVERYTHING IN GOOD SHAPE Many New Enterprises Have Entered the Field of CompetitionA Good Financial Record, 68 Marriage Licenses Issued. Special Correspondence of the Standard. Bozeman, Dec. 28.-The county seat of old Gallatin has shown progress during the year 1895. Trade, however, has not been as heavy as during the year 1894, owing to prices obtained for all ranch produce having been less than at any previous time in the history of Gallatin county. Business men report a notable decrease in their sales for the past year. In keeping. however, with the lower prices paid for grain and produce, as in comparison to former years, the price of nearly all of the necessities of life have been much lower. Many business houses have felt it wise to take up the cash system and although it might be expected that much trade would be lost to a firm maknig this move, after have run a credit system for years past, the public has met this move by paying cash and the venture seems to have been a good one for the merchant. The steady, solid growth which has characterized the progress of Bozeman since the days when this was a wild prairie has not been of the kind to be affected by every wind that blows, as was shown both during the days of the recent panic and the years that have since followed. Debts have been canceled with remarkable promptness, the showing in this respect being better than for years past. An instance of this and depicting the financial strength of this county was brought out by the Gallatin Valley National bank, which went into voluntary insolvency in July, 1893, with outstanding accounts aggregating half a million dollars and these accounts have now been met in full, and the bank will close its business in a few days with a clean record. The general clearing up of all outstanding indebtedness has not been followed by new debts. Gallatin county begins the new year freer from worry in money matters than has been the case since the days of the panic. Eastern money concerns report. many mortgages paid during the last 12 months with almost no demand for new ones, so that there are far less mortgages held against Gallatin county realty than for many years past. The delinquent-tax list is exceptionally