First National Bank - Carter, MT

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10995
Charter Number: 10995
Start Date: December 1, 1923*
Location: Carter, Montana (47.781, -110.956)

Metadata

Model: gpt-5-mini
Short Digest: 5aca67b7

Response Measures

None

Receivership Details

Depositor recovery rate: 36.5%
Date receivership started: 1923-11-09
Date receivership terminated: 1927-09-12
OCC cause of failure: Governance
Share of assets assessed as good: 17.8%
Share of assets assessed as doubtful: 63.6%
Share of assets assessed as worthless: 18.6%

Description

The First National Bank of Carter suspended/closed in December 1923 and was placed in receivership. Articles from 1925 report the receiver (J. P. Rigler) and a 20% dividend distribution from collections; there is no mention of a depositor run. Thus this is a suspension that resulted in permanent closure/receivership. Cause of suspension not specified in the articles.

Events (6)

1. May 18, 1917 Chartered

Source: historical_nic

2. November 9, 1923 Receivership

Source: historical_nic

3. December 1, 1923* Suspension

Cause Details: Article states the bank closed in December, 1923 but gives no reason or trigger for the suspension.
Newspaper Excerpt: The Carter First National closed in December, 1923 with deposits of approximately $75,000
Source: newspapers

4. July 10, 1925 Receivership

Newspaper Excerpt: J. P. Rigler ... has been appointed receiver ... He now is representative of the Hanover National bank of New York in Montana ... He also succeeds the receiverships of the First National bank of Highwood and First National bank of Carter.
Source: newspapers

5. August 14, 1925 Other

Newspaper Excerpt: Receiver J. P. Rigler of the First National Bank of Carter, has made announcement of the immediate distribution of 20 per cent dividend to depositors ... The Carter First National closed in December, 1923 ... The dividend to be paid now is the first distribution since the bank suspended business. The dividend checks will be paid from Receiver Rigler's Great Falls office.
Source: newspapers

6. August 19, 1925 Other

Newspaper Excerpt: Immediate distribution by the First National bank of Carter was announced Wednesday by Receiver J. P. Rigler ... The total distribution will approximate $15,000. Payment of the dividend now follows collections on the bank's paper, which have created a cash fund that makes the distribution possible.
Source: newspapers

Newspaper Articles (3)

1. July 10, 1925 The Great Falls Leader Great Falls, MT

Article from The Great Falls Leader, July 10, 1925

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Article Text

RIGLER SUCCEEDS T. E. McCLINTOCK AS BANK RECEIVER New Manager of Affairs of Defunct Institution Has Been in Montana 10 Years and Formerly Was Connected With War Finance Corp. J. P. Rigler. for the last two years associated with the receiver. ship of the Commercial National bank of Great Falls, has been appointed receiver take the place of T. E. McClintock whose resignation was given the comptroller of the treasury July He also sueceeds the receiverships of the First National bank of Highwood and First National bank of Carter Mr. McClintock still Is receiver of the Stockmen's National bank of Fort Benton and the First National and Citizens National banks of Wyo Mr. Rigler has resided in Montana 10 years and formerly was connected with the War Finance corporation He now is representa tive of the Hanover National bank of New York in Montana, Idaho and South Dakota. The Commercial bank which failed October 4. 1922 with deposits one 15 per cent dividend year ago The Highwood bank has paid 1-2 per cent to date

2. August 14, 1925 The Great Falls Leader Great Falls, MT

Article from The Great Falls Leader, August 14, 1925

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Article Text

RECEIVER GIVES NOTICE OF BIG BANK DIVIDEND Receiver J. P. Rigler of the First National Bank of Carter. has made announcement of the im. mediate distribution of 20 per cent dividend to depositors of that inamounting to about The Carter First National closed in December, 1923, with deposits of approximately $75,000 and capitalization of $50,000. The dividend to be paid now is the first distribution since the bank suspended business. The dividend checks will be paid from Receiver Rigler's Great Falls office.

3. August 19, 1925 The River Press Fort Benton, MT

Article from The River Press, August 19, 1925

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Article Text

Carter Bank To Pay Dividend Great Falls. Immediate distribution by the First National bank of Carter was announced Wednesday by Receiver J. P. Rigler, who recently was appointed to the receivership of that bank and of the Commercial National bank of Great Falls. The total distribution will approximate $15,000. Payment of the dividend now follows collections on the bank's paper, which have created a cash fund that makes the distribution possible Receiver Rigler said. The location of the bank is one of the principle farming areas of northern Montana. The Carter First National closed in December, 1923 with deposits of approximately $75,000 and capitalization