Articles identify B. O. Schram as receiver of the First National Bank of Willow City (Oct 1925) and discuss ongoing litigation into 1926 over bank assets. No articles describe a depositor run; the bank was in receivership (i.e., closed) and undergoing legal proceedings, so this matches a suspension leading to closure/receivership.
Events (5)
1.May 5, 1903Chartered
Source
historical_nic
2.July 12, 1923Receivership
Source
historical_nic
3.October 14, 1925Receivership
Newspaper Excerpt
Appeal has been taken ... B. O. Schram, receiver of the First National Bank, ... against William J. Armstrong ... The banks are appealing from a decision ... in which it was held that the defendants had prior rights in certain real estate claimed as assets of the First National Bank of Willow City.
Source
newspapers
4.October 14, 1925Suspension
Cause
Government Action
Cause Details
A receiver (B. O. Schram) had been appointed for the bank, indicating suspension/closure by receiver appointment.
Newspaper Excerpt
B. O. Schram as receiver of the First National Bank of Willow City vs. William J. Armstrong and others.
Source
newspapers
5.April 12, 1926Other
Newspaper Excerpt
The supreme court has reversed the decision ... in the case of the Merchants National Bank of Willow City and B. C. Schram as receiver of the First National Bank of Willow City vs. William J. Armstrong and others.
Source
newspapers
Newspaper Articles (2)
1.October 14, 1925The Bismarck TribuneBismarck, Mandan, ND
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Article Text
# WILLOW CITY
# BANKS APPEAL
# TO HIGH COURT
Appeal has been taken to the supreme court in the case of the Merchants National Bank of Willow City and First National Bank of Willow City, B. O. Schram, receiver of the First National Bank, and Axel Fred against William J. Armstrong, David I., James A. and Thomas A. Armstrong, Mary Ann Atkinson, Arabella Rands and "any other person claiming interest in or lien upon the property described in the plaintiff's complaint."
The banks are appealing from a decision in the fourth judicial district in which it was held that the defendants had prior rights in certain real estate claimed as assets of the First National Bank of Willow City.
2.April 12, 1926The Bismarck TribuneBismarck, Mandan, ND
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Article Text
Bottineau County Decision Reversed --The supreme cour has reversed the decision of the Bottineau county district court in the case of the Merchants National Bank of Willow City and B. C. Schram as receiver of the First National Bank of Willow City vs. William J. Armstrong and others. The case involved the right of Armstrong to give heavy mortgages on property owned by him to relatives in such a manner that the banks were prevented from collecting sums alleged to be due them. The district court held in favor of the defendants but the supreme court held that certain of the mortgages were fraudulent and void on the ground that they operated against collection by the banks of money justly due them.
