First National Bank - Columbus, MT

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 9396
Charter Number: 9396
Start Date: January 23, 1932
Location: Columbus, Montana (45.637, -109.252)

Metadata

Model: gpt-5-mini
Short Digest: 70e78b39

Response Measures

None

Receivership Details

Depositor recovery rate: 32.4%
Date receivership started: 1932-01-29
Date receivership terminated: 1936-02-14
Share of assets assessed as good: 34.1%
Share of assets assessed as doubtful: 52.3%
Share of assets assessed as worthless: 13.6%

Description

The First National Bank of Columbus suspended operations Jan 23, 1932 due to depletion of reserves and steady withdrawals tied to uneasiness after the earlier failure of the Columbus State Bank. A national bank examiner turned the institution over to a receiver in early February 1932. The bank did not reopen; it was in receivership and later paid dividends under the receiver in June 1933. No discrete run (panic/misinformation-triggered) is described — articles explicitly say withdrawals were steady rather than a run.

Events (5)

1. April 28, 1909 Chartered

Source: historical_nic

2. January 23, 1932 Suspension

Cause: Local Banks
Cause Details: Steady withdrawals (about $1,000 per day) and depletion of reserves; uneasiness traced to the failure of the Columbus State Bank in December 1930 led depositors to check out funds without usual return of deposits; bank suspended to protect depositors.
Newspaper Excerpt: Due to the depletion of reserve and continual withdrawal of deposits, the directors have deemed it advisable for the equal protection of all depositors to suspend operations, was the actual wording of the notice, posted on the bank door.
Source: newspapers

3. January 29, 1932 Receivership

Source: historical_nic

4. February 4, 1932 Receivership

Newspaper Excerpt: J. H. Gentry, national bank examiner for the state of Montana, completed his investigation of the First National bank of Columbus, and turned that financial institution over to A. Robinson, who has been appointed receiver by the treasury department.
Source: newspapers

5. June 29, 1933 Other

Newspaper Excerpt: John Robinson, receiver of the First National bank of Columbus, announces the payment of five per cent dividend ... This is the first dividend paid by the First National bank, which suspended operations in January, 1932.
Source: newspapers

Newspaper Articles (7)

1. January 28, 1932 The Columbus News Columbus, MT

Article from The Columbus News, January 28, 1932

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Article Text

BANK DEPOSITORS' PROTECTION The First National bank suspended Saturday morning. January operations the directors and officials of that 23, institution taking this step for the proof depositors. "Due to the tection of reserve and continual pletion drawal of deposits, the directors have deemed advisable for the equal tection of all depositors to suspend the actual wording of operations" was the notice, over the signatures of the directors. posted on the bank door. During the past month, particularly first of the steady withsince the year, drawals from the First National, on of $1000 day, weakened the average of that bank that officials the reserves deemed necessary to suspend operations in hope that some measure could be taken to reestablish on firmer foundation Officials of the bank state that these withdrawals were not in the form of on the bank but steady checking out of deposits without the usual return of funds in the way of additional deposits. The uneasiness which was responsible for this dates back to the failure the Columbus State bank in December, 1930. The deposits of the First National bank since that time have creased in excess of Due the conditions last fall the First National found it impossible to build the reserve that had heretofore been possible during that season of the year. The usual flow of money from farmers' produce that had made it possible for the First National to wipe out rediscounts during the fall season failed materialize this year, bank officials state. The First National bank had deposits of when suspended, operations Saturday morning, of which proximately $50,000 is public money cured by bonds. The loans the time of closing was approximately the bank having made liquidation during the past fall of $46,000 in loans, recognized an amazingly good liquid ation in face of economic conditions. Officers of the First National bank the time of its suspension were William Witt. president: H. Lee Combs, cashier: Haugan, vice president: and M. Diamond, assistant cashier. Directors included Mr. Witt, Mr. Combs, Mr. Haugan, M. L. Parcells, and man Weppler. The First National bank received its charter April 28. 1909. Fraser the first president: Grant Irwin. vice cashier, and its directorate also included then president of the National Park Bank of Livingston, and Irwin. The bank now in charge of Gentry. national bank examiner. Those in close touch with the situation are of the opinion that in the event reorganization is attempted will be essential that everyone in Columbus will have to do their share They point out the of concerted action and interest on the part of all persons who have the welfare the community at

2. January 30, 1932 The Independent-Record Helena, MT

Article from The Independent-Record, January 30, 1932

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Article Text

Columbus, First National bank suspended operations Jan. the Saturday rectors officials of that institution taking this step for the tection depositors. During past month. particularly since the first of the steady from the First National, the of the that bank that officials deemed necessary suspend operations that some measure could hope re-establish firmer taken to Officials of the bank foundation. that these withdrawals the form of the not bank but steady checking out deposits without usual return funds in the way of additional deposits. The First National bank had when suspendposits operations Saturday which approximately secured by bonds. The public money loans at the time of closing approximately the bank having made liquidation during the past fall $46,000 loans, recognized amazingly good liquidation in face of economic conditions. Officers of the First National bank the time of its suspension William Witt, H. Lee Combs, vice and Diamond. assistant cashier. Directors included Combs, Haugan, Mr. Parcells, and Herman Weppler.

3. February 4, 1932 The Columbus News Columbus, MT

Article from The Columbus News, February 4, 1932

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Article Text

ROBINSON WILL ACT AS BANK RECEIVER AT FIRST NATIONAL Saturday afternoon J. H. national bank examiner for the state of Montana, completed his investigation of the First National bank of Columbus. and turned that financial stitution over to A. Robinson. who has been appointed receiver by the treasury department. Mr. Robinson. who has resided in Montana for the 20 has had considerable past perience in the receivership of natioanl banks. having recently completed the receivership of the Commercial National bank of Miles City and the First National of Forsyth. Previous to that he carried on similiar duties in Great Falls and Fort Benton. Mr. Robinson has expressed his dework for the best interest of to the defunct bank and that he will be glad assures everyone to such depositors any information give that he might possibly be able to give. Necessarily it will take the receiver time to so familiarize himself some with the conditions of the local bank as to be able to give definite answers to many of the queries generally asked of receiver, it was said.

4. February 4, 1932 The Big Timber Pioneer Big Timber, MT

Article from The Big Timber Pioneer, February 4, 1932

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Article Text

DEPLETION OF RESERVE AND TELLS TALE Fall Loan Collections Considered Remarkable In Face of Conditions; Deposits Checked Out Failed to Return as Usual Columbus News: The First tional bank suspended operations Saturday morning, January 23, the directors and officials of that institution taking this step for the protection of depositors. "Due to the depletion of reserve and continual withdrawal of deposits, the directors have deemed it advisable for the equal protection of all depositors to suspend operations," was the actual wording of the tice, over the signatures of the directors, posted on the bank door. During the past month, particularly since the first of the year. steady withdrawals from the First National, on the average of $1,000 day, so weakened the of that bank that officials deemed it necessary to suspend operations in hope that some measure could be taken to reestablish on a firmer foundation. Officials of the bank state that these withdrawals were not in the form of a run on the bank but steady checking out of deposits without the usual return of funds in the way of additional deposits. The uneasiness which was responsible for this dates back to the failure of the Columbus State bank in December, 1930. The deposits of the First National bank since that time have decreased in excess of Due to the conditions last fall the First National found it impossible to build up the reserve that had heretofore been possible during that season of the year. The usual flow of money from farmers' produce that had made it possible for the First National to wipe out rediscounts during the fall season failed to materialize this year, bank officials state. The First National bank had deposits of $140,000 when it suspendoperations Saturday morning, of which approximately $50,000 public money secured by bonds. The loans at the time of closing was approximately $99,000. the bank having made liquidation during the past fall of $46,000 in loans, recognized as amazingly good liquidation in face of economic conditions. Officers of the First National bank at the time of its suspension were William Witt, president; H Lee Combs, cashier; K. Haugan. vice president: and M. P. Diamond. assistant cashier. Directors included Mr. Witt, Mr. Combs, Mr. Haugan, M. L. Parcells, and Herman Weppler. The First National bank received its charter April 1909. Fraser was the first president; Grant 8. Irwin, vice B. Dodds, cashier, and its directorate also included J. C. Vilas, then president of the National Park bank of Livingston, and Irwin. The bank is now in charge of H. Gentry, national bank examiner. Those in touch with the situation are of the opinion that in the event reorganization is attempted it will be essential that everyone in Columbus will have to do their share. They point out the necessity of concerted action and interest on the part of all persons who have the welfare of the community at heart.

5. February 10, 1932 Laurel Outlook Laurel, MT

Article from Laurel Outlook, February 10, 1932

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Article Text

Appoint Bank Receiver. Columbus.-J. H. Gentry, national bank examiner, completing his investigation, turned the First National bank of Columbus over to J. A. Robinson, appointed receiver by the treasury department. Robinson had previously been receiver for the Commercial National bank of Miles City and the First National bank of Forsyth and previous to that carried on similar duties in Great Falls and Fort Benton. Heavy Snowfall on Rock Creek. Anaconda.-Martin Johnson, whose mountain home is on Moose lake, recently returned from a snowshoe trip around Moose lake and reports eight to ten inches of snow, while four miles above the summit on the main range and extending down to the foot of the range the snow measured four feet in depth.

6. June 29, 1933 The Columbus News Columbus, MT

Article from The Columbus News, June 29, 1933

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Article Text

FIRST NATIONAL TO PAY FIRST DIVIDEND John Robinson, receiver of the First National bank of Columbus. announces the payment five per cent dividend, upon presentation of receivers certificates given at the time proof of claim was made. This is the first dividend paid by the First National bank. which suspended operations in January, 1932. Checks aggregating $6,618.98 will be issued by the receiver at this time. The receiver warns depositors of the defunct institution to be sure and bring with them receivers certificates when calling for dividend checks.

7. June 30, 1933 The Stillwater Enterprise Absarokee, MT

Article from The Stillwater Enterprise, June 30, 1933

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Article Text

First National Now Paying Dividend of Five Per Cent John Robinson, receiver of the First National bank of Columbus, the payment of five per cent dividend, upon presentation of receivers certificates given at the time proof of claim was made. This is the first dividend paid by the First National bank, which suspended operations in January, 1932. Checks aggregating $6,618.98 will be issued by the receiver at this time. The receiver warns depositors of the defunct institution to be sure and bring with them receivers certificates when calling for dividend checks.