11398. Homestead State Bank (Homestead, MT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 1, 1923
Location
Homestead, Montana (48.421, -104.539)

Metadata

Model
gpt-5-mini
Short Digest
6e2f02b4

Response Measures

None

Description

The articles show the Homestead State Bank became insolvent and a receiver was appointed (receivership and sale notices appear 1925–1926). There is explicit language that the bank became insolvent and this receivership was ordered (article describing claim) and multiple receiver notices and sale of bank property follow. No article describes a depositor run prior to suspension; therefore this is classified as a suspension that resulted in permanent closure (receivership). Dates: insolvency/receivership referenced around Sept 1923; receiver activity and asset sale notices occur 1925–1926.

Events (4)
1. September 1, 1923 Receivership
Newspaper Excerpt
thereafter ... said bank became insolvent and this receivership was ordered by this Court. (Articles later refer to M. M. Olson and Fred Ibsen as Receivers of the Homestead State Bank.)
Source
newspapers
2. September 1, 1923 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank became insolvent; improper handling/receipt of school bond coupons and other asset problems led to insolvency and receivership.
Newspaper Excerpt
Thereafter and on or about September 1, 1923, and prior to the discovery by the petitioner ... said bank became insolvent and this receivership was ordered by this Court.
Source
newspapers
3. September 23, 1925 Other
Newspaper Excerpt
NOTICE IS HEREBY GIVEN, That the undersigned, M. M. Olson, the Receiver of the Homestead State Bank, Homestead, Montana, will receive sealed bids up to and including the 8th day of October, A. D. 1925, for the sale of ... The Homestead State Bank building ... Dated this 23rd day of September, A. D. 1925. M. M. OLSON, Receiver of the Homestead State Bank, Hometead, Montana.
Source
newspapers
4. September 9, 1926 Other
Newspaper Excerpt
NOTICE IS HEREBY GIVEN by the undersigned, Fred Ibsen, Receiver of Homestead State Bank of Homestead, Montana, to the creditors ... to exhibit them ... Dated September 9th, 1926. FRED IBSEN, Receiver.
Source
newspapers

Newspaper Articles (11)
1. July 18, 1924 The Producers News Plentywood, MT
Article from The Producers News, July 18, 1924

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Article Text

# ATTEMPTS TO HOLD # TREASURER LIABLE FOR # ACTS OF BOARD OF # SCHOOL DISTRICTS. Referring to the examiners' report on page five of this issue, it will be found that besides the checks, most of which are on the State Bank of Plentywood, the examiner also attempts to make Treasurer Olsen liable for $1,320.00 paid out for coupons clipped from a $22,000 bond issue of School Dist. No. 20, at Plentywood. His argument in this connection is a monumental farce as the School Board made its own terms with the bonding company, and agreed to allow the amount in question as a discount according to later information. Mr. N. L. Nelson chairman of the school board of Dist. 20, personally made the settlement with the county treasurer in April, 1921, and specifically stated that the amount turned over to the county treasurer, including the coupons, was the agreed purchase price of the bonds between the bonding company and the school board. Of course the county treasurer had no alternative but to accept the amount and it was credited to the school district exactly in accordance with the school board's instructions. In the case of Dist. 41, the clerk of that district and who was then also cashier of the Homestead State Bank, had clipped the coupons from the bonds before they were presented for registration, and later presented those coupons for payment. The payment of these coupons was the direct cause of an error on the part of the school board more than on the part of the treasurer, and the coupons were not cancelled as indicated in the examiner's report before they were presented for payment. The statement in the report in that regard is maliciously libelous and the bank received the money to which they were not entitled and owe it to the school district. The item of $495.00 is therefore purely a matter between the school district and the receiver of the bank at Homestead. An item of $237.00 criticized in the report is purely and simply an attempt to discredit Sheriff Salisbury. Mr. Salisbury paid his fees in the form of checks for bookkeeping reasons and later cashed the checks at his office. In fact the examiner knew all of the time that checks were paid before he completed his examination, but evidently decided to make some political propaganda for Oscar Collins.

2. January 9, 1925 The Producers News Plentywood, MT
Article from The Producers News, January 9, 1925

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Article Text

# Jens Ibsen Resigns From # Board of County Commrs. (Continued from Page One) -hind Ibsen's resignation is that during the past two years Jens has spent twice his quota of road moneys, most of which went to build roads to his two or three farms in the Dooley country and that in order to avoid the increasing criticism of his neighbors for failing to help get some passable roads for them and for depleting the road fund for his own sole benefit, he decided to pass the buck to some one else. His advisors, it is said, prevailed upon Ibsen to resign before Judge Comer retired so as to give him the opportunity to make the appointment. # APPOINTMENT # IS A PUZZLE Just why Comer should appoint a commissioner from the extreme south end of the county to fill the vacancy of the commissioner from the northeast district is not known, but the people along the Soo line feel that it was a parting shot by the old gang through Comer at them for their staunch support of the Farmer-Labor candidates in the past and for the solid vote they rolled up against the old gang in the last election. # FRENCH BACKED # BY BANKERS The appointment of French, it is said, was made by Comer upon the solicitation of Banker Ed. Powers of Medicine Lake and Mark Olson, defeated candidate for Sheriff and now receiver of the defunct Farmers State Bank of Medicine Lake, and the other politicians from Comer's home town. It is true that they had some consideration coming when we look at the last election returns which reveal the fact that one precinct in Medicine Lake gave the old gang candidates a unanimous vote with the exception of one person. # FRENCH WILL LOOK # AFTER NORTHEAST AFFAIRS As matters now stand the commissioner from the extreme south end of the county will be required to look after the road and other matters in the northeast part, which will involve considerable trouble to the new commissioner and the people in the northeastern section and also considerable extra expense to the county. # FRENCH CLOSELY CON- # NECTED WITH BANKERS Mr. French is one of the old timers from the Homestead country and is a farmer on a lage scale. He is president of the French Farming Co., and principal owner of that concern under which title he is conducting his farming operations. Mr. French was also at one time president of the Homestead State Bank and was one of its principal stockholders when that institution closed about two years ago. # IBSEN'S TERM WAS # RANK FAILURE Jens Ibsen, the retiring member, was elected on the N. P. L. ticket in 1920, together with Tyler, both being unopposed in the general election. Ibsen was endorsed upon the recommendation of J. F. Murray and Niels Christensen, both of whom pretended to be radicals at that time. Mr. Ibsen, after his election, greatly disappointed the organization which was responsible for the high honor accorded him, by his collaborations with those who were opposed to the farmers and their program. # WILL MAKE TRIP # TO DENMARK It is reported at this time that Mr. Ibsen will leave in a short time for Denmark and that he will stay about a year, but Jens Ibsen's neighbors and the people who elected him to office will never forget the part he played in fighting their movement after they had given him their confidence and their support. Jens Ibsen goes out of the Commissioners' office a sorry figure, indeed. A traitor to those who were once his friends and a easy mark to those who used him to further their own ends.

3. February 13, 1925 The Producers News Plentywood, MT
Article from The Producers News, February 13, 1925

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Article Text

LOCAL NEWS Mr. Edward S. Powers of Medicine Lake was here Wednesday. Mr. Otness, receiver of Homestead State Bank, was in Plentywood Wednesday on business. JUST IN-The nicest line of curtain nets, cretonnes and silk draperies we've ever had. Come in and look them over. We are always glad to show them whether you buy or not. J. A. JOHNSON. Mr. Wm. Hass of the Outlook country was a county seat visitor Wednesday. Mr. Brown, representative of the Burroughs Adding Machine Company of Billings, called here Saturday. SAVE YOUR EYES See Dr. Lhamon, the exclusive eyesight specialist of Portland. 35 years experience assures you of right glasses at Leland Hotel, February 16-17. 44-t2 Deputy Examiner J. L Dwyer is here from Helena auditing the city's accounts in the county. Mrs. Jack Huggan of Antelope was here Tuesday evening to attend the dinner given by Mesdames C. L. Nelson and Geo. Koenig. The Food Sale and the coffee and doughnuts served by the Hospital club at Kavon's Garage Saturday netted the Hospital a neat little sum. Another shipment of good looking shoes. J. A. JOHNSON. Mrs. J. G Debing, who is teaching at Redstone, came down to attend a dinner given by Mesdames C. S. Nelson and Geo. Koenig, Tuesday, returning to her work Wednesday morning. Mesdames C. S. Nelson and Geo. Koenig entertained at a 6:30 o'clock dinner Tuesday evening at the Catholic church auditorium. 48 guests were present. After the dinner, bridge and whist was played until 11 o'clock when chocolate was served. Mrs A. F. Ziebarth, Sr., had high score for wrist and Mrs. H. M. Lewis for bridge. The Auditorium was decorated in red, white and blue, as were the place cards and tally cards. The place cards had the picture of Abraham Lincoln printed on them. At midnight the guests departed declaring Mesdames Koenig and Nelson the best kind of hostesses. Ship your Cream to the Froid Creamery. Highest price paid on day received. Try us. 21-tf FROID CREAMERY. Miss Ada Hanson, seventh and eighth grade teacher at the Plentywood schools, was called to her home at Flaxton, N D., the first of the week by the sudden death of a sister. Arthur Tobiason and Oswald Klofstad, of the Outlook country spent Sunday in the county capital, taking in the sights. August Golterman of Redstone transacted business in the county capital Monday. DR. KROMER eyesight specialist of Helena will be at the Plentywood Hotel, on Friday, all day and Saturday, A. M., Feb. 27-28. 45-t2 Wm. Leader of the Midby country was a busines caller in the metropolis last Wednesday. "Kennie" and "Dutch" Van and young Hoven of Antelope acted the show in this city last Saturday. Henry Stive of Archer was acting business in the county seat Tuesday. We do Kodak Finishing. L. STUDIO, Plentywood. Gunder Hovet of Anteope was a business caller here Saturday. Miss Gladys Bantz, who has been teaching the Nels Olson school southeast of Outlook, is spending the week in town due to the closing of her school to prevent diptheria spreading in that country. A nice Shipment of frozen Forman's Meat Market. Mr. and Mrs. Ray Lang returned from Fargo Saturday, after spending the past week there on business. John Grayson and Wm. E. of Antelope were Plentywood visitors Tuesday, taking home a supply of flour. Get your SNOW WHITE WASH POWDER at Alvin Aspelund's residence. Sold by CHAS. LANG, Gen. Agent, Dooley, Mont. A nice Shipment of frozen Forman's Meat Market. Oscar Benson, Sr. of the Outlook country transacted business in this city Tuesday. Edwin Nore of the Outlook country was hobnobbing with friends at the county seat Wednesday. Hugh Jones and Jim York of the reservation transacted business at the county seat Wednesday. Chas. A. Norton, prominent farmer from the Medicine Lake country, transacted business in Plentywood Monday of this week. Johan Smithmeyer and F. Newman from the Antelope country transacted business in, Plentywood Monday of this week. Don't forget the dance at the Saturday, February 7th. Given by OUTLOOK BOOSTER CLUB. Bring your harness for oiling and repairing to PLENTYWOOD HARNESS AND SHOE SHOP. H. H. Potter, prominent Plentywood citizen, transacted business at the county capital on Friday of this week. Little Lucile Edith, Albert and William Charles Smith of Plentywood are now members of the Woodbury Listeners Club and wear the badge of the order. The members of this novel organization are holding open evening at seven o'clock over the radio from the Sears-Roebuck broadcasting in Chicago with "Little" Glore, Jewell and "Big" Ford Rush in charge of the ceremonies. "Small duck and "Static" the parrots are also members and the Woodbury Theater has been organized for the entertainment of the club members. The Lutheran Ladies Aid will meet at the home of Mrs. L. S. Olson, next Friday, February 20th. All members are urged to be present. Complete line of Radio Sets at TIRE SHOP.

4. September 25, 1925 The Producers News Plentywood, MT
Article from The Producers News, September 25, 1925

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Article Text

NOTICE 02 SALE NOTICE IS HEREBY GIVEN, That the undersigned, M. M. Olson, the Receiver of the Homestead State Bank, Homestead, Montana, will receive sealed bids up to and including the 8th day of October, A. D. 1925, for the sale of the following described property, located in the town of Homestead, Montana, to-wit: The town hall or opera house, situated on Lot Thirteen (13) and the West half of Lot Fourteen (14), in Block Two (2) of the Original Townsite of Homestead. The Homestead State Bank building, located in the town of Homestead. The blacksmith shop building, now being operated by George Thompson, in the town of Homestead, together with the garage and small dwelling used in connection. Separate bids are desired on each of the pieces of property and the bids may include the building and lot or the buildings alone to be moved off. Dated this 23rd day of September, A. D. 1925. M. M. OLSON, Receiver of the Homestead State Bank, Hometead, Montana. 25-12

5. October 2, 1925 The Producers News Plentywood, MT
Article from The Producers News, October 2, 1925

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Article Text

NOTICE OF SALE NOTICE IS HEREBY GIVEN, That the undersigned, M. M. Olson, the Receiver of the Homestead State Bank, Homestead, Montana, will receive sealed bids up to and including the 8th day of October, A. D. 1925, for the sale of the following described property, located in the town of Homestead, Montana, to-wit: The town hall or opera house, situated on Lot Thirteen (13) and the West half of Lot Fourteen (14), in Block Two (2) of the Original Townsite of Homestead. The Homestead State Bank building, located in the town of Homestead. The blacksmith shop building, now being operated by George Thompson, in the town of Homestead, together with the garage and small dwelling used in connection. Separate bids are desired on each of the pieces of property and the bids may include the building and lot or the buildings alone to be moved off. Dated this 23rd day of September, A. D. 1925. M. M. OLSON, Receiver of the Homestead State Bank, Hometead, Montana. 25-t2

6. April 16, 1926 The Producers News Plentywood, MT
Article from The Producers News, April 16, 1926

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Article Text

# County Recovers $495 From # Receiver of Homestead Bank An Order Was Handed Down By Judge Paul This Week in in Which Fred Ibsen, Receiver of the Homestead State Bank, Was Directed to Pay the Sum of $495.00 to the Treasurer of Sheridan County in Settlement of a Claim Prosecuted By County Attorney Erickson, on Behalf of the County Commissioners in An Action Filed Recently.

7. April 16, 1926 The Producers News Plentywood, MT
Article from The Producers News, April 16, 1926

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Article Text

# CLAIM AGAINST BANK IS FILED The claim was allowed as a preferred claim against the bank. The order recited the fact that Sheridan County "wrongfully and unlawfully" paid the Homestead State Bank on the 23rd day of April, 1923, the sum mentioned, upon the presentation by the officers of the bank, of interest bearing coupons of School bonds of School District No. 41. The Complaint alleges: "That on or about February 2, 1920, School District No. 41, a regularly organized and existing school district of Sheridan County, Montana, took such proceedings that a bond issue was ordered as of said date in the amount of $16,500.00, and subsequently said bonds were sold and negotiated to purchasers; at the time of such sale of said bonds there were coupons printed and attached thereto which were payable on dates prior to the receipt of any moneys by said School District, and which were therefore unearned and without consideration, although fair on their faces. At the time of sale of said bonds said coupons, of which 16 were for $30.00 each and another for $15.00 or a total of $495.00, were detached and retained by the clerk of said School District. At some time prior to April 26, 1923, but at what particular time is not known to petitioners, said coupons were wrongfully and without consideration delivered to Homestead State Bank by the said clerk of said School District. On or about April 26, 1923, the said Homestead State Bank presented the said coupons for payment to the County Treasurer of Sheridan county, and the said County Treasurer, acting under mistake of fact and by reason of said coupons being fair on their face and of the representation made by said Homestead Bank and that it was the owner and holder for value of said coupons, paid to said bank the face amount of said coupons, viz., the sum of $495.00. Thereafter and on or about September 1, 1923, and prior to the discovery by the petitioner or any of its fiscal officers of the said payment of $495.00 by said County Treasurer to said bank having been without consideration and in discharge of invalid instrument, said bank became insolvent and this receivership was ordered by this Court." Petitioner further alleges that the said $495.00 remained in the possession of said bank until the failure thereof and receivership, and that the same thereupon came into the hands of the Receiver first appointed herein, and was in his possession at the time that said claim of petitioner was presented. IV. That said claim was disallowed by said Receiver, except as a general and nonpreferred claim, and upon demand made said Receiver has failed and refused to pay to petitioner any amount thereon. WHEREFORE, Petitioner prays that the Court adjudge said sum of $495.00, so paid to said bank, to be impressed with a trust in favor of petitioner, and to order the Receiver herein to pay over to petitioner the said amount less any previous payments out of the funds of said bank. ARTHUR C. ERICKSON, County Attorney of Sheridan County, Montana.

8. September 10, 1926 The Producers News Plentywood, MT
Article from The Producers News, September 10, 1926

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Article Text

NOTICE IS HEREBY GIVEN by the undersigned, Fred Ibsen, Receiver of Homestead State Bank of Homestead, Montana, to the creditors of and all persons having claims against said bank, to exhibit them with the necessary vouchers within sixty days after the first publication of this notice, to the said Receiver at his office in Plentywood, Montana, or said claims may be disallowed. Dated September 9th, 1926. FRED IBSEN,

9. September 17, 1926 The Producers News Plentywood, MT
Article from The Producers News, September 17, 1926

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NOTICE IS HEREBY GIVEN by the undersigned, Fred Ibsen, Receiver of Homestead State Bank of Homestead, Montana, to the creditors of and ali persons having claims against said bank, to exhibit them with the necessary vouchers within sixty days after the first publication of this notice, to the said Receiver at his office in Plentywood, Montana, or said claims may be disallowed. Dated September 9th, 1926. FRED IBSEN, Receiver. First publication, Sept. 10, 1926. Last publication, Oct. 1, 1926.

10. September 24, 1926 The Producers News Plentywood, MT
Article from The Producers News, September 24, 1926

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NOTICE IS HEREBY GIVEN by the undersigned, Fred Ibsen, Receiver of Homestead State Bank of Homestead, Montana, to the creditors of and all persons having claims against said bank, to exhibit them with the necessary vouchers within sixty days after the first publication of this notice, to the said Receiver at his office in Plentywood, Montana, or said claims may be disallowed. Dated September 9th, 1926. FRED IBSEN, Receiver. First publication, Sept. 10, 1926. Last publication, Oct. 1, 1926.

11. October 1, 1926 The Producers News Plentywood, MT
Article from The Producers News, October 1, 1926

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NOTICE IS HEREBY GIVEN by the undersigned, Fred Ibsen, Receiver of Homestead State Bank of Homestead, Montana, to the creditors of and ali persons having claims against said bank, to exhibit them with the necessary vouchers within sixty days after the first publication of this notice, to the said Receiver at his office in Plentywood, Montana, or said claims may be disallowed. Dated September 9th, 1926. FRED IBSEN, Receiver. First publication, Sept. 10, 1926. Last publication, Oct. 1. 1926.