Bank of Commerce - Forsyth, MT

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 14, 1923
Location: Forsyth, Montana (46.266, -106.678)

Metadata

Model: gpt-5-mini
Short Digest: 48d86f9a

Response Measures

None

Description

The Bank of Commerce in Forsyth voluntarily closed on Dec 14, 1923 and was taken in charge by state bank examiners/deputy examiner. Closure is described as voluntary and the bank did not remain open; therefore classified as a suspension leading to closure. Article 2 attributes the immediate trigger to inability of the president to meet a large obligation (~$118,000). OCR corrected spelling of 'Forsythe' to Forsyth where appropriate.

Events (2)

1. December 14, 1923 Receivership

Newspaper Excerpt: was taken in charge by a deputy examiner from the office of the state superintendent of banks.
Source: newspapers

2. December 14, 1923 Suspension

Cause: Voluntary Liquidation
Cause Details: Bank voluntarily closed its doors at noon Dec. 14, 1923; reportedly prompted by inability of president J. E. Edwards to meet an obligation of about $118,000.
Newspaper Excerpt: The Bank of commerce acted voluntarily and state bank examiners took charge.
Source: newspapers

Newspaper Articles (2)

1. December 14, 1923 The Seattle Star Seattle, WA

Article from The Seattle Star, December 14, 1923

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Article Text

Two Forsythe Banks Close Their Doors FORSYTHE, Mont., Dec. 14.-Two local banks, the Bank of Commerce and the First National bank, closed their doors here today. The Bank of commerce acted voluntarily and state bank examiners took charge. Liabilities are estimated at $775,000, while assets have not been computed. The First National was forced to close when a heavy run that threatened to be disastrous, began, officers stated.

2. January 4, 1924 The Producers News Plentywood, MT

Article from The Producers News, January 4, 1924

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Article Text

COPPER TOOL'S BANK GOES BROKE A. C.M. FAILS TO COME TO RESCUE OF FAITHFUL SERVITORJ. E. EDWARDS OF FORSYTH IS NOW BANKRUPT. Forsyth.-The Bank of Commerce of Forsyth voluntarily closed its doors at noon last Thursday and was taken in charge by a deputy examiner from the office of the state superintendent of banks. It is said the bank's liabilities are approximately $776,000 with assets unestimated as yet. J. E. Edwards, former state senator, is president of the institution and R. J. Cole is cashier. It is said that inability of Mr. Edwards to meet an obligation, reported to be $118,000, due at noon on Thursday was responsible for the action of the bank's management. The First National Bank of Forsyth also closed its doors at the same time. This action was taken when it appeared probable that a run on its resources would follow the closing of the Bank of Commerce. The First National's liabilities are said to be about the same as those of the Bank of Commerce.