11226. Aetna Bank (Butte, MT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 1, 1907*
Location
Butte, Montana (46.004, -112.535)

Metadata

Model
gpt-5-mini
Short Digest
e52d2733

Response Measures

None

Description

Articles indicate the Aetna Bank in Butte had already failed by Dec 1907 (Article 1 calls it the failed Aetna bank) and later events in July 1908 describe criminal charges against the cashier and a suit by Receiver Robert Lyons to recover depositor losses (~$400,000). There is no description of a depositor run in the stories; the failure appears to be bank-specific (embezzlement/defalcation/wrecking) and the bank was placed in receivership. I infer the bank suspended and remained closed/permanently failed.

Events (2)

1. December 1, 1907* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank characterized as 'failed' and later described as a 'Heinze institution' whose cashier faced felony charges for receipt of deposits while bank was insolvent; bank wrecking and alleged defrauding of depositors (~$400,000).
Newspaper Excerpt
Judge Bourquin of the state distric court at Butte instructed the jury acquit A. B. Clements, cashier of failed Aetna bank, on a felony charg
Source
newspapers
2. July 29, 1908 Receivership
Newspaper Excerpt
Butte, Mont., July 29.-A. B. Clements, former cashier of the defunct Aetna Bank, a Heinze institution, is being sought by the sheriff.... a new suit has been filed against him by Receiver Robert Lyons, in which it is sought to hold him responsible for about $400,000, the amount the depositors are said to have been defrauded by the wrecking of the bank.
Source
newspapers

Newspaper Articles (3)

Article from The Spanish Fork Press, December 26, 1907

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Article Text

NORTHWEST After being closed for coinage poses for more than twelve years, United States mint at Carson Nevada, may be reopened within next few months. Negotiations between the unions of Butte and the Rocky tain Bell Telephone company are parently off, the situation indicating struggle to a finish. The break in the transmission wire of the Nevada Power company, whic threw Goldfield into darkness, which was charged to the strikin miners, it now develops was by a snowslide. General Funston has ordered a eral courtmartial to convene at field. This order would indicate, army men, that the troops now on at that place would be held there some time to come. Judge Bourquin of the state distric court at Butte instructed the jury acquit A. B. Clements, cashier of failed Aetna bank, on a felony charg growing out of the alleged receipt deposits when he knew the bank insolvent. A dispatch from Denver says tha James R. Barber and Summer Moon. the millionaire lumbermen Eau Claire, Wis., indicted with ator Borah for alleged conspiracy land frauds, may be taken to for trial. Colonel William Crooks, assistan to the general manager of the man lines in the Pacific northwes died in Portland on the 17th of plications growing out of a cold tracted about six weeks ago. He 76 years old. The supreme court of Montana granted a writ of habeas corpus the case of G. S. E. Wisner, an conda bank employee, who had convicted on the charge of receivin deposits when he knew his principa to be insolvent. The Smelter City bank of Durange Colo., a state institution, capital 000, has closed its doors. Lack of fidence, due, it is said, to the indic ments of prominent citizens on charges of land frauds under the eral laws, led to the suspension. O. C. Dallas, chief clerk, and J. McLeod, at the head of the survey partment in the office of United State surveyor general in Helena, have arrested. The indictment alleges fo gery and conspiracy to defraud government of the United States. The state board of pardons of tana has approved the action of ernor Tooele in granting a pardon Elizabeth Morrison, a Butte woman who, upon conviction on a slaughter charge for the killing Richard Finnegan, had been tenced to the penitentiary for thre years. The Hamilton Powder company works blew up Sunday morning at parture Bay, B. C. The loss is $40,00 No one was killed or injured. In couver, thirty-five miles away, house were shaken SO badly that it was lieved an earthquake had occurred many persons rushed to the street


Article from The Topeka State Journal, July 29, 1908

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Article Text

SOUGHT BY THE SHERIFF Banker Who Caused Depositors to Lose $400,000. Butte, Mont., July 29.-A. B. Clements, former cashier of the defunct Aetna bank, a Heinz institution, is being sought by the sheriff. Mr. Clements is now out on a bond aggregating $12,500 and his sureties today withdrew and instructed Sheriff Henderson to arrest Clements as soon as possible. Besides the two felony charges on which he is out on bonds, a new suit has been filed against him by Receiver Robert Lyons, in which it is sought to hold him responsible for about $400,000, the amount the depositors are said to have been defrauded by the wrecking of the bank.


Article from The Morning Astorian, July 30, 1908

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Article Text

OFFICERS AFTER CASHIER. BUTTE. Mont., July 29.-A. B. Clements, former cashier of the defunct Aetna Bank, a Heinze institution, is being sought by the sheriff. He is now out on a bond aggrevating $12,500, and his sureties today withdrew, and instructed Sheriff Henderson to arrest Clements as soon as possible. Besides the two felony charges on which he is out on bond, a new suit was filed against him late yesterday by Receiver Robert Lyons in which it is sought to hold him responsible for about $400,000, the amount the depositors are said to have been defrauded by the wrecking of the bank.