11329. Milk River Valley Bank (Glasgow, MT)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
January 20, 1922
Location
Glasgow, Montana (48.197, -106.637)

Metadata

Model
gpt-5-mini
Short Digest
17c6d322

Response Measures

None

Description

The Milk River Valley Bank in Glasgow voluntarily closed its doors Jan 20, 1922 and the deputy state bank examiner was sent to take charge (receiver). Closure attributed to poor collections and low reserve (bank-specific weakness). Local reporting indicates the bank was later reopened in August 1922 after state banking department actions. No article describes a depositor run, so this is a suspension with reopening.

Events (3)
1. January 20, 1922 Receivership
Newspaper Excerpt
Name George K. Dick receiver of Glasgow bank ... George K. Dick, Deputy state bank examiner, has been sent to Glasgow to take charge of the Milk River Valley Bank, which closed its doors Wednesday. The bank was closed voluntarily by its officers, who then notified State Examiner L. Q. Skelton.
Source
newspapers
2. January 20, 1922 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Voluntary closing by officers due to poor collections and a low reserve; capital and deposits reported but inadequate reserves/loan collections prompted closure.
Newspaper Excerpt
George K. Dick, deputy state bank examiner, has been sent to Glasgow to take charge of the Milk River Valley bank, which closed its doors Wednesday. The bank was closed voluntarily by its officers, who then notified State Examiner L. Q. Skelton.
Source
newspapers
3. August 1, 1922* Reopening
Newspaper Excerpt
O. A. Bergeson, of the state banking department at Helena, left Wednesday for Helena after concluding affairs in connection with the reopening of the Milk River Valley bank here.
Source
newspapers

Newspaper Articles (4)
1. January 21, 1922 Great Falls Tribune Great Falls, MT
Article from Great Falls Tribune, January 21, 1922

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Article Text

Name Dick Receiver of Glasgow Bank Helena, Jan. 20.-George K. Dick, deputy state bank examiner, has been sent to Glasgow to take charge of the Milk River Valley bank. which closed its doors Wednesday. The bank was closed voluntarily by its officers who then notified State Examiner L. Q. Skelton. R. R. Selway was president and S. C. Small cashier. The institution was capitalized for $30,000, had a surplus of $14,500. and deposits of approximately $147,000. Poor collections and a low reserve are said to have caused the closing of the bank.

2. February 3, 1922 The Producers News Plentywood, MT
Article from The Producers News, February 3, 1922

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Article Text

NAME GEORGE K. DICK RECEIVER OP GLASGOW BANK HELENA Jan. 20-George K. Dick, Deputy state bank examiner, has been sent to Glasgow to take charge of the Milk River Valley Bank, which closed its doors Wednesday. The bank was closed voluntarily by ts officers, who then notified State Examiner L Q. Skelton. R. R. Selway was president and S. C. Small cashier. The instiuton wasi capitalized for $30 000, had a surplus of $14,500, and deposits of approximately $147,000. Poor collectons and a low reserve are said to have caused the closing of the bank.

3. August 4, 1922 The Glasgow Courier Glasgow, MT
Article from The Glasgow Courier, August 4, 1922

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Article Text

Attorney John M. Kline was a business visitor at Wolf Point Wednesday. John Survant, prominent merchant of Malta and Hinsdale, is a Glasgow visitor today. Editor Art VanWagenen of the Hinsdale Tribune was a business visitor in Glasgow Monday. H. A. Parker of the Reclamation Service at Malta wastransacting business here on Monday. C. M. Birver and R. C. Mything of the Billings Reclamation Service were business visitors here on Monday. Mr. and Mrs. Fred Amundson arrived in Glasgow Sunday morning from a two weeks' trip to the western coast. Mr. and Mrs. M. A. Walker and little daughter, Jane, left Friday for an extended visit with friends and relatives in North Dakota H. O. Morgan of Glentana, cashier of the Farmers State bank at that place, was a business visitor in Glasgow yesterday. Mrs. E. D. Button submitted to a minor operation at the Deaconess hospital Tuesday. Her condition is considered satisfactory. Rev. and Mrs. A. N. Livdahl left Monday morning by auto for a three weeks' vacation. They will spend most of the time visiting friends and relatives at Hickson, N. D. Mr. and Mrs. Edmonds, who are y touring through the country in their car, arrived here on Wednesday from al Miami, Fla., leaving the next day for points on the Pacific coast. as H. H. Thorsness, of Kildeer, Sask., who has been in this city for several weeks on account of the illness of his al little son, was operated on at the Deaconess hospital Tuesday for tonsil removal. tMatt Murray, candidate for the Republcan nomination for state senator, iis on an extended visit through the northwestern and western part of the couty in the interests of his candidacy. m Howard Isaacs, prominent merchant of Glentana, was a business visitor in el Glasgow over Thursday evening. Mr. Isaacs reports a splendid grain crop throughout the Glentana and Opheim territory. or O. A. Bergeson, of the state banking department at Helena, left Wedor nesday for Helena after concluding affairs in connection with the reopening of the Milk River Valley bank here. siMr. Bergeson made many friends during his stay in Glasgow. ty H. F. McConnel of Poplar, candidate for the Republican nomination for congress in the second district, is calling alon voters in this city today in the interests of his candidacy. Mr. McConnell is running on a platform declarlls ing for light wines and beer and is of the opinion that he will carry his district at the coming primaries. in

4. August 10, 1922 The Wolf Point Herald Wolf Point, MT
Article from The Wolf Point Herald, August 10, 1922

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Article Text

NATIONAL BANK IS OPEN FOR BUSINESS NEW OFFICERS AND NEW MONEY MAKES FUTURE LOOK BRIGHT The doors of the First National Bank of Wolf Point, which were closed by the board of directors on April 19th, were re-opened for business Monday, August 7. The affairs of the bank are in the hands of a complete new set of officials, who are optimistic about the outlook for the institution and Northeastern Montana in general. New Officers B. G. Egerton of Oconomowoc, Wisconsin, is the new president. Mr. Edgerton is connected with the Bank of Oconomowoc in an official capacity and is possessed of matured experience in the banking business, having 1 spent forty years in active and successful management of financial institutions. Besides ability, he has a decidedly pleasing personality. A. W. Huxsol of the Huxsol Drug Co., one of the city's leading business men, is vice president. The cashier will be G. T. Listug, who comes here from Fairview, where he has been with the Bank of Fairview for a number of years. His experience has been wide, having been connected with banks in Wisconsin, Minnesota and Montana. 1 Irving L. Jensen, formerly with the State Bank of Culbertson is asJ sistant cashier. Board of Directors The members of the board of dij rectors will be: B. G. Edgerton, A. W W. Huxsol, O. C. Johnson, G. T. LisI tug, I. L. Jensen of this city; K. c Everson of Dodson and L. C. Winb gate of Sidney. S Co-Operation Appreciated g o The officials are appreciative of p the cooperation extended by depositors in accepting time certificates of deposit and to these depositors is largely due the credit for the reb opening of the bank. F. D. Williams, f National Bank Examiner who has m been in charge during the suspension v of business, has been a tireless worka er for the good of the bank and the ou community and the results he obtained are gratifying indeed. vo Outlook Good de When the First National Bank th of Wolf Point opened its doors for m business Monday morning the offia cials had complied with every regulation of the banking department ti and started doing business on advice VO from the comptroller of the curto rency. op According to the president, $50,000 new cash capital has been added to the assets and the bank is now in a position to render better service to int ts patrons than ever. before. pos The re-opening of this bank differs cei from some over the state in that deositors here will receive one hunthe Ired cents on the dollar for every tio ollar deposited and interest on all pre nterest bearing contracts. the jec Northeastern Montana seems to Be ave gotten astride the wave of prosSte erity for with the simultaneous oth pening of the First National Bank 7 ere and the Milk River Valley Bank tion t Glasgow on Monday, so far as on nown there are but two suspended vot anks in this section of the state. ert 'hey are both located at Poplar.