11350. West Side State Bank (Great Falls, MT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 1, 1923*
Location
Great Falls, Montana (47.500, -111.301)

Metadata

Model
gpt-5-mini
Short Digest
9ecd6375

Response Measures

None

Description

The West Side State Bank suspended in 1923 and was placed in receivership; assets were sold in 1927 and the receiver was later discharged. No article describes a depositor run prior to suspension. Cause appears to be insolvency/bank-specific adverse information (hopelessly insolvent). Dates come from OCR'd newspaper articles (suspension year 1923 is given explicitly).

Events (5)
1. January 1, 1923* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended due to insolvency; later described as 'hopelessly insolvent' by the receiver and had significant liabilities (~$69,000).
Newspaper Excerpt
The West Side bank suspended 1923, and has since that time paid three dividends totalling 65 per cent.
Source
newspapers
2. April 23, 1924 Receivership
Newspaper Excerpt
The enforcement of payment of stockholders' statutory liability was the object of the The bank Receiver Doyle stated In the action. is 'hopelessly insolvent.' ... collection was authorized by the court on April 23, 1924, when an order was issued requiring the payments to be made on or before May 1926. (Great Falls Leader, 1926-08-14).
Source
newspapers
3. August 14, 1926 Other
Newspaper Excerpt
S. Doyle as receiver of the West Side State bank of Great Falls was yesterday granted default judgments against W Moses and L. H. Hamilton ... Receiver Doyle stated In the action. is 'hopelessly insolvent.' (The Great Falls Leader, 1926-08-14).
Source
newspapers
4. May 25, 1927 Other
Newspaper Excerpt
Remaining assets of the West Side State bank of Great Falls ... were sold in bulk Wednesday afternoon to Herman Ofstedahl for $2,400 by Doyle, receiver the bank. ... The West Side bank suspended 1923, and has since that time paid three dividends totalling 65 per cent. Total liabilities of the institution were $69,000. (Great Falls Tribune, 1927-05-26).
Source
newspapers
5. July 15, 1927 Other
Newspaper Excerpt
Doyle receiver the West Side ... has been discharged by Judge H. Ewing district ... The West Side bank suspended December paid 70.8 per on general ... When closed the bank had ... liabilities ... (The Great Falls Leader, 1927-07-15).
Source
newspapers

Newspaper Articles (4)
1. August 14, 1926 The Great Falls Leader Great Falls, MT
Article from The Great Falls Leader, August 14, 1926

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Article Text

STOCKHOLDERS OF WEST SIDE BANK DEFAULT Default Judgments Against W. W. Moses and L. H. Hamilton Granted by Judge H. H. Ewing to S. J. Doyle. Receiver S. Doyle as receiver of the West Side State bank of Great Falls was yesterday granted default judgments against W Moses and L. H. Hamilton for $605 65 and $1,205 65, respectively, In district court by Judge H. H. Ewing The enforcement of phyment of stockholders' statutory liability was the object of the The bank Receiver Doyle stated In the action. is "hopelessly insolvent. and in order to pay its debts and liabilities it was necessary to collect the full amount for which the stockholders were liable Such collection was authorized by the court on April 23. 1924. when an order was Issued requiring the payments to be made on or before May 1926. The other stockholders who are residents in the United States paid the full amount of their liability.

2. May 26, 1927 Great Falls Tribune Great Falls, MT
Article from Great Falls Tribune, May 26, 1927

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Article Text

BANK'S ASSETS SELL FOR $2,400 ON WEST SIDE Herman Ofstedahl Buys Remaining Property Subject to Court Order Remaining assets of the West Side State bank of Great Falls, which have an approximate face value of $35,000, were sold in bulk Wednesday afternoon to Herman Ofstedahl for $2,400 by Doyle, receiver the bank. The sale subject to confirmation by the district court. Sale of the assets of the insolvent bank attracted but little and the bidding quiet. held at the bank building at 501 First avenue and assets were offered for sale by individual items shortly after The only asset to bring fair price the south 40 feet the east half of lot block 594. Great Falls, which sold to D. Stevenson for $920. Lot 6. bleck 13. west Great Falls, was tentatively sold to H. Usher. The total of individual sales reached $2, 104. The property was then sold in bulk and bidding keen short between Mr. Ofstedahl. D. Crich ton. H. Corcoran, Frank Wallace and E. Murphy. The sale price was increased to by Mr. Ofstedabl and the property tentatively sold to him. Included among the assets sold were unsecured bills receivable of $23,463. secured bills receivable of $9.notes in judgment $1,354. real estate and the banking house furniture and fixtures. The West Side bank suspended 1923, and has since that time paid three dividends totalling 65 per cent. Total liabilities of the institution were $69,000. Following confirmation of Wednesday's sale, an additional dividend of five per cent expected. Receiver Doyle stated that the receivership would be terminated soon as possible after distribution of the dividend.

3. May 29, 1927 Great Falls Tribune Great Falls, MT
Article from Great Falls Tribune, May 29, 1927

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Article Text

DOYLE REPORTS ON WEST SIDE BANK'S ASSETS Only 12 Unsecured Notes of Total of 61, Bid Upon, Says Receiver A report on the sale of all assets of the West Side State bank and petition for confirmation of the sale were Saturday filed in district court by S. J. Doyle, receiver of the bank. A hearing to show cause why the sale should not be approved was set for June by Judge H. H. Ewing. The property of the bank. it is stated in the petition, was sold tentatively bulk to Herman Ofstedahl for $2,400. The face value of the accounts due, secured and unsecured. judgments, etc., was in excess of $35,000. The sale of the assets on May 25 was without material interest, it shown by the report, and of a total of 61 notes but 13 were bid upon. These were sold at the following prices: Walter Weller note, $314.41. sold to H S. Hansen. $4: T. Quady note, $169. sold to H. S. Hansen, $1; Julius Peters note for $500, sold to J. E. Peters for $10; Gordon Nelson note for $149. sold to H. S. Hansen for $1; A. Porter note for $99. sold to Frank Wallace for E. and William Mann note for $116. sold to H. S. Han sen for $5; H Mann notes. totaling $893. sold to H. S. Hansen, $10: C. Morin's notes of $150. sold to Frank Wallace, $2: John Dirschman note $182, sold to H. W. Usher, $1; J. F. note, $135. sold to A. Larson. $1, and Sarah and William Cline note of $135, sold to H. S. Hansen, $1. Practically all secured notes were sold individually, and were notes of Mann, $159. sold to H. S. Hansen, $5: E. Dykeman note for $1,340 sold to Frank Wallace. $850 Dahlin notes of $4,015. sold to Dahlin, $11 Martin Frey note of $559. sold to Frank Wallace. $10: Nellis note of $610. sold to Wallace, $15: R. B. Noble note of $2,000. sold to H. W. Usher. $40. and Wallace Sharp note for $104 sold to Wallace, $1. Other property sold individually includes partof lot 8, block 594. Great Falls, sold to D. Stevenson for $920: lot 6, block 13. West Great Falls, sold to W. Usher. $50; A judgment for $143, sold to J. H. Corcoran for $10.50, and office furniture and fixtures. The of the individual sales was but $2,103.

4. July 15, 1927 The Great Falls Leader Great Falls, MT
Article from The Great Falls Leader, July 15, 1927

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Article Text

Doyle Is Discharged From Receivership of West Side Bank Doyle receiver the West Side Great has been discharge by Judge H. Ewing district and all by checks not yet received dividend creditors of the bank be received Harper from clerk of the court George The West Side bank suspended December paid 70.8 per on general which the highest yet recordered for end the state in liquidated When closed the bank had of day $112.770 liabilities of individual deposits of public posits $24,950 and $17,720 paid up as $26.460 collected from bill receivable and $8,651 from sources