Security State Bank

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: January 22, 1924
Location: Havre, Montana (48.550, -109.684)

Metadata

Model: gpt-5-mini
Short Digest: 7e5c60ac

Response Measures

Full suspension, Books examined

Other: Agricultural Finance Corporation later discussed re-establishment; no confirmed reopening in articles.

Description

Articles report heavy withdrawals in mid-January 1924 leading the Security State Bank of Havre to close its doors (suspend) to protect the interests of the depositors. There is contemporaneous discussion of regional bank failures contributing to runs and later (March 1924) mention of efforts by the Agricultural Finance Corporation to rehabilitate suspended banks including Security State Bank, but no clear article confirming a reopening—hence 'unsure'.

Events (3)

1. January 22, 1924 Run

Cause: Local Banks
Cause Details: Heavy withdrawals (about $106,000) in the week prior to the bank's closing, occurring amid a string of regional bank failures and withdrawals in the Northwest that spurred depositor runs.
Measures: No specific liquidity measures described; deposits were being withdrawn heavily and many officers considered reorganization or liquidation; bank ultimately closed its doors to protect depositors.
Newspaper Excerpt: the action of the officials of the bank followed a series of heavy withdrawals, amounting to about $106,000 last week
Source: newspapers

2. January 24, 1924 Suspension

Cause: Local Banks
Cause Details: Closure/suspension was taken after a run of heavy withdrawals (c. $106,000) — described as forced closure resulting from depositor withdrawals in the regional banking unrest of January 1924.
Newspaper Excerpt: Security State Bank of Havre Closes Doors ... The action of the officials of the bank followed a series of heavy withdrawals ... and was taken to protect the interests of the depositors.
Source: newspapers

3. March 13, 1924 Other

Newspaper Excerpt: Re-establishment of suspended banks ... of the Security State bank of Havre ... will be the immediate objective of the Agricultural Finance Corporation in Montana ... assistance will be given forthwith to various solvent banks ... and the assistance of this corporation will be extended to the re-establishment of banking facilities ... at the Security State bank of Havre, as well as certain banks in eastern Montana.
Source: newspapers

Newspaper Articles (5)

1. January 25, 1924 The Producers News Plentywood, MT

Article from The Producers News, January 25, 1924

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Article Text

HAVRE MEN GET BEHIND LOCAL BANK Following a meeting of business and proffessional men at the Elks club yesterday afternoon, adopting a suggestion of F. A. Buttrey, most of those present went to the Montana National bank and if not depositors opened up an account. The meeting went an record as believing strongly in the stability of the only remaining bank in Havre and every member of the Kiwanis club, of the Rotary club and most of those present present pledged their support to the bank and agreed to open up an account. A committee was also appointed to visit the railroad yards and shops and local business houses and explain the strength of the institution, as well as the necessity of maintaining a bank in Havre. The meeting was called through the efforts of a committee headed by Mr. Buttrey and was a result of the closing of the Security State bank and the starting of a small run on the Montana National bank. However, this run did not amount to much as only 39 accounts were closed and many times that number were opened by new customers during the day.

2. January 25, 1924 The Producers News Plentywood, MT

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Article Text

Security State Bank of Havre Closes Doors (Continued from Page One) the directors of the bank to State Superintendent of Banks L. Q. Skelton. No statement of the financial condition of the bank was made yesterday by deputy examiner or by the officials and it will be several days before a complete examination of its affiars is finished. The action of the officials of the bank followed a series of heavy withdrawals, amounting to about $106,000 last week, and was taken to protect the interests of the depositors. The statement of the bank made at the time of the last call, December 31, 1923, showed footing of $952,995. 81, with deposits aggregating $753, 691.30. Officials of the bank and those who had looked into its paper yesterday were optimistic as to the condition of the bank and expressed the opion that the examination would disclose it was solvent. There was talk of an affort to reorganize and reopen it and also liquadating and the appointment of a receiver. It was said that the officers of the bank felt that the continual drain that is being madé through deposits placed with the government made it advisible to close. Attorney Arthur Le Sueur left for St. Paul Saturday.

3. January 26, 1924 St. Croix Avis Christiansted, Charlotte Amalie, VI

Article from St. Croix Avis, January 26, 1924

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Article Text

TELEGRAMS. ST. CROIX STATION. Chicago, Jany. 22nd -With the list of bank failures in the Northwest swelled during the last two days by forced closures, representatives of the financial powers of the United States Government named by President Coolidge, are holding conferences here designed to bolster the credit of the Northwest. Pwo Montana banks decided to close their doors today. At Havre, the security bank of Havre, with approximately $750, 000 in deposits, was forced to close because of heavy withdrawals, and the Stockmans National Bank of Fort Benton was placed in voluntary liquidation by the stockholders. The Fort Benton Bank had been in business forty-four years. Two banks in South Dakota closed yesterday due to withdrawals. They were the International State Bank of Sioux Falls, and the Western National Bank of Mitchell, the former having deposits of $1 300,000 and the latter $425,000. About twe ve banks have closed in South Dakota since January 1st, because of depleted reserves. The youngmens Booster Association, the largest businessmens organization in Sioux Falls. after a meeting last night, at which the banking situation was considered. passed resolutions declaring the complete financial ruin in South Dakota is likely, unless there is immediate relief from federal and other outside sources. Paris, Jan. 23rd. - The controversy between Great Britain and France, concerning the operation of the railways in the Rhindland appears to be reaching an acute stage. The British complain that the French and Belgians are operating

4. March 13, 1924 The Wolf Point Herald Wolf Point, MT

Article from The Wolf Point Herald, March 13, 1924

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Article Text

to TO REHABILITATE d SUSPENDED BANKS & Drg FIRST AID OF AGRICULTURAL le FINANCE CORPORATION TO n GO TO FAILED BANKS 1Where Institutions Are of Reasonr able Degree of Solvency; Assistance Said to be Forthcoming Im1e mediately. 1Re-establishment of suspended banks at Lewistown, of the Security d State bank of Havre, and of suspended solvent banks in other parts r of the state will be the immediate objective of the Agricultural Finance Corporation in Montana, with attention to be given in due season to the assistance of men engaged in various e lines of agriculture. e Announcement to that effect was made by Sam Stephenson, chairman 1 of the corporation's Montana committee, upon his return from Minneapolis, where he attended the conference called by C. T. Jaffray to formulate plans for applying the organizations program in the northwest. Mr. Stephenson's announcement was a confirmation of the report received last week that a major aim of the corporation would be to re-establish to suspended solvent banks where such action could be consistently taken. Immediate Action i Mr. Stephenson anticipates immeS diate action by the corporation and he finds encouragement in the fact V that Twin City men who compose the p central body of the organization are t determined to make of it an instrua ment of genuine relief. In a prepared statement, Mr. Stephenson T thus set out the aims of the corporaie tion: V "I have just returned from Minnto eapolis, where I attended a meeting I called by C. L. Jaffray, chairman of a the board of directors of the recently 1 organized Agricultural Finance cork poration. "I was greatly pleased to learn of m the progress that has been made in 0 perfecting a working organization. The executive committee, upon whom the work will largely fall, is made th up of executive heads of the various Twin City banks, all of whom I know 00 personally to be men who do not unsa dertake a job without intending to 0 do their work effectively. Plans Perfected po se "Plans have been perfected wherecc by assistance will be given forthwith to various solvent banks in the northsu west that find themselves in need of th assistance at the present time; and 27 within the very near future the ased of this cornoration will be

5. March 14, 1924 The Circle Banner Circle, MT

Article from The Circle Banner, March 14, 1924

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Article Text

# TO REHABILITATE SUSPENDED BANKS FIRST AID OF AGRICULTURAL FINANCE CORPORATION TO GO TO FAILED BANKS Where Institutions Are of Reasonable Degree of Solvency; Assistance Said to be Forthcoming Immediately. Re-establishment of suspended banks at Lewistown, of the Security State bank of Havre, and of suspended solvent banks in other parts of the state will be the immediate objective of the Agricultural Finance Corporation in Montana, with attention to be given in due season to the assistance of men engaged in various lines of agriculture. Announcement to that effect was made by Sam Stephenson, chairman of the corporation's Montana committee, upon his return from Minneapolis, where he attended the conference called by C. T. Jaffray to formulate plans for applying the organizations program in the northwest. Mr. Stephenson's announcement was a confirmation of the report received last week that a major aim of the corporation would be to re-establish suspended solvent banks where such action could be consistently taken. Immediate Action Mr. Stephenson anticipates immediate action by the corporation and he finds encouragement in the fact that Twin City men who compose the central body of the organization are determined to make of it an instrument of genuine relief. In a prepared statement, Mr. Stephenson thus set out the aims of the corporation: "I have just returned from Minneapolis, where I attended a meeting called by C. L. Jaffray, chairman of the board of directors of the recently organized Agricultural Finance corporation. "I was greatly pleased to learn of the progress that has been made in perfecting a working organization. The executive committee, upon whom the work will largely fall, is made up of executive heads of the various Twin City banks, all of whom I know personally to be men who do not undertake a job without intending to do their work effectively. Plans Perfected "Plans have been perfected whereby assistance will be given forthwith to various solvent banks in the northwest that find themselves in need of assistance at the present time; and within the very near future the assistance of this corporation will be extended to the re-establishment of banking facilities at various important points in the Dakotas and in Montana where solvent banks have been compelled to suspend. "I am quite certain that immediate attention will be given to the re-establishment of banks at Lewistown and of the Security State bank of Havre, as well as certain banks in eastern Montana. "While this $10,000,000 corporation is not to be looked upon in any sense as a charitable organization, it is quite apparent that the men who have taken the responsibility of its management intend to expend the $10,000,000 for the relief of the situation here in the northwest, and that if the $10,000,000 is not sufficient to do the work, that they intend to call upon the War Finance corporation for such further funds as shall be necessary and they have been assured that the War Finance corporation will have as much as $100,000,000 available for the work. Stop Suspension "There is an evident determination upon the part of the men in control of the management of this corporation to stop the suspension of solvent banks in Minnesota, North Dakota, South Dakota and Montana, and to forthwith undertake the work of re-establishing all worthy and necessary banks that have heretofore suspended. "There was a full attendance of the bank committeemen from the state of Montana, made up of H. C. Keith of Kalispell; H. G. Robinson, Malta; Sam McKennan, Helena; A. R. Jacobs, Missoula; W. E. Waldron, Billings. Also, O. S. Warden of this city, representing the business men, and W. L. Stockton of Gallatin county, representing the farmers. I am