11358. First National Bank (Harlem, MT)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
7644
Charter Number
7644
Start Date
January 20, 1932
Location
Harlem, Montana (48.533, -108.784)

Metadata

Model
gpt-5-mini
Short Digest
e44f50fd

Response Measures

Full suspension

Other: Receiver appointed and foreclosure actions filed against mortgaged property.

Receivership Details

Depositor recovery rate
31.7%
Date receivership started
1932-01-21
Date receivership terminated
1935-08-16
Share of assets assessed as good
28.8%
Share of assets assessed as doubtful
41.9%
Share of assets assessed as worthless
29.2%

Description

Articles report consistent withdrawals leading the bank to fail to open (around Jan 20, 1932), state bank examiners compelled closure and the bank was placed in receivership; later court filings (July 1932) show a receiver and foreclosure actions, indicating permanent closure.

Events (5)

1. March 16, 1905 Chartered
Source
historical_nic
2. January 20, 1932 Run
Cause
Bank Specific Adverse Info
Cause Details
Consistent/extended withdrawals driven by depreciated securities, drought effects and shrinking cash position; directors felt assets must be conserved
Measures
Directors placed the institution in the hands of a receiver to conserve assets; depositors petition meeting to arrange receiver appointment
Newspaper Excerpt
The First National Bank of this city failed to open its doors for business ... brought about through consistent withdrawals, extended operation through borrowed money and rapidly shrinking cash position
Source
newspapers
3. January 20, 1932 Suspension
Cause
Government Action
Cause Details
State bank examiners compelled the bank to close and directors placed the bank in receivership to conserve assets
Newspaper Excerpt
BANK EXAMINERS COMPELLED TO CLOSE DOORS OF LOCAL ... The First National Bank of this city failed to open its doors for business ... directors felt demanded placing the institution in the hands of receiver in order to conserve the assets
Source
newspapers
4. January 21, 1932 Receivership
Source
historical_nic
5. July 6, 1932 Receivership
Newspaper Excerpt
In the District Court ... Browne, Receiver of The Frank First National Bank of Harlem, Plaintiff ... WITNESS and the Seal of said Court this 6th day of July, 1932.
Source
newspapers

Newspaper Articles (4)

Article from The Harlem News, January 22, 1932

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Article Text

HARLEM BANK WEATHER BANK EXAMINERS COMPELLED TO CLOSE DOORS OF LOCAL FOLLOWING WITHDRAW BANK VICTIM OF DROUTH AND ALS. GENERAL CONDITIONS The First National Bank of this city failed to open its doors for business top Wednesday morning. The action was brought about through consistent with extended operation through drawals, an and rapidly shrinkborrowed money ing cash position, condition resulting which directors felt demanded placing in the hands of receivthe institution order to conserve the assets and for the best interests of the Securities held by the bank have demuch during the past preciated that they have not proven worthy year re-discount, state the directors. Security values are based present values, regardless of future possibilihold, that all real esties they may this time is considered tate The stockholders were frozen assets. their real estate requested to take out salable at present, replacwhich not cash, which was an imposing it with sibility of depositors, held meeting afternoon Legion Hall, Wednesday at voted to the of the currency request of the appoint Nelson as their O. W. bank, naming local underhe being man, choice, standing local conditions, and being exin such work. perienced A petition is being drawn up by At Bottomly which torney R. all depositors sign, pledging lieved that should it be possible to reopen the bank, there will be run on withdrawn the bank, will be and deposits within the next years. Deposits in the bank to The First National about $175,000. Harlem, the old the only bank in Bank having been merged First State National several years with the First bank Thomas Officers the were Hart, vice Everett, president, president, cashier. Directors Gwaltney, assistant M. Everett, Chas. were Thomas Tubbs, R. L. Barton and Everett Kennedv. The closing of the bank came blow to the community which has seemthe times fairly well ingly weathered to now.


Article from Great Falls Tribune, January 23, 1932

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Article Text

DEPOSITORS MEET that here Nelson Harlem be appointed of the First National receiver suspended on which the state departorder Depositors agreed to leave ment. the bank for five years could be effected.


Article from The Independent-Record, January 27, 1932

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Article Text

THE WELL Harlem, First bank of this city failed tional open its doors for business Wednesmorning. The action day brought about through consistent withdrawals, extended operation through money idly shrinking cash position, dition resulting which directors felt demanded placing the institution hands of in order the the assets and for the best conserve interests the depositors. Securities held by the bank have much during the depreciated past year that they have not proven worthy of re-discount, state the values are based rectors. present day values, being drawn up by petition Bottomly which Attorney believed all depositors will sign, that should be possible pledging bank, there will to reopen and no deposrun withdrawn within the will be five years. Deposits the bank amounted to The First Naabout the only bank in Hartional old First State bank the with the First ing been merged tional several years ago. Officers the of the bank were Thomas W. Hart, vice erett, president; Rathbone, cashier, assistant cashier. Directors Thomas Tubbs, Barton and not Charles Everett Kennedy.


Article from The Harlem News, July 15, 1932

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Article Text

ALIAS SUMMONS In the District Court of the Eighteenth Judicial District of the State of Montana, in and for the County of Blaine Browne, Receiver of The Frank First National Bank of Harlem, Plaintiff, vs. Ross corporation, Churchill, widower, Ross Churchill, Administrator the Estate Edith Churchill, deceased; William Ross Churchill and Dorothy Churchill, wife; Rudolph Dunand; and The Federal Land Bank THE OF Sends Greetings to the named Defendeach of them: ants, You are hereby summoned to answer the complaint in action which filed the the Clerk of this of which herewith Court, copy served upon one of you in each County wherein any of you reside, and to file your and serve copy thereof upon plaintiff's attorney within twenty days after the service of this Summons, exclusive of the day of service; and in case your failure appear Judgment will be takagainst you, by default, for the redemanded in the complaint. This action brought for the foreclosure of certain real estate mortgage described said and made, and the defendant Ross Churchill, and one Edith Churchill, now deceased, to secure the payment to The First National Bank of Harlem, corporation, of the sum of $2,000.00 according to the terms of one certain promissory note, together with interest, which said was duly filed and recorded in the office the County Clerk and Recorder of Blaine County, Montana, April 1924, in Book 27 of Record of Real Estate Mortgages of said County at page 628 thereof, and for costs by reason of this action and for reasonable fee, and for reformation and correction of said mortgage 80 as to coyer the premises which were intended to be described therein, and for the sale of said premto-wit: All of Lots numbered One (1) and Two (2) Block lettered Alonzo Smith's Addition to the Townsite of Harlem, Blaine County, Montana, and the proceeds applied toward the payment of the debt, costs and attorney's fee, as aforesaid; and that all of the defendants above named, and all persons claiming by, through, or under them. or any of them. may be barred and of all right, title. claim, lien, equity of and interest in and to the said premises: and for such other and relief will more fully appear by reference to the Complaint of the plaintiff on file in the office of the Clerk of the above entitled Court. WITNESS and the Seal of said Court this 6th dav of Julv. 1932. Seal) ED FREDLUND, (Court Clerk of the District Court By Dorothy Myhrvold, Deputy Clerk Max Kuhr. Montana. Attorney for Plaintiff They are trying to revive interest in in one of New York's department stores. It must be all of years ago since you watched your big sister ply this decorative art on cigar boxes and leather sofa cushions. was rather dangerous business over an alcohol lamp in those days. But now is done with pyrolectric pen and very safe and rapid. New York requires daily supply of from 20 to 25 carloads of spinach. A certain steamship company here is giving discounts to honeymooners. NOTICE SPECIAL MEETING of the Board of A special meeting Commissioners be called to consider the abandonment of that part of the Creek Basin County Road extending through or between Sections 26 and 35 30 17 Any to the abandonment of this road should appear at the Court House, Montana, July 20th, 1932, at 2:00 o'clock and give reasons for not closing BOARD OF COUNTY HARRY E. By County Clerk Get Results. Try One Harlem News Ads NOTICE OF FILING OF PRELIMINARY SCHOOL BUDGETS AND MEETING OF BOARD OF SCHOOL BUDGET Notice hereby given that the preliminary budgets for the school year beginning July 1932, as adopted by the boards trustees of the several school districts in Blaine County, Montana, are on file in my office open to inspection of all taxpayers, and that the Board School Budget Supervisors of said Blaine County will meet at the office such board in the court house said county at 10 'clock m. on Monday, July 25. 1932. for the purpose of examining and finally adopting and budget. Such meetapproving may be adjourned from day to day, but not later than the second Monday August, 1932. All taxpayers interested therein, may appear such meetor at any adjournment thereof, and be heard for or against any part of the budget for their district. Dated July 5th, 1932. DAISY County of Schools and Clerk of Board of School Budget Supervisors of Blaine County, Montana