Melstone State Bank - Melstone, MT

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 23, 1922
Location: Melstone, Montana (46.599, -107.872)

Metadata

Model: gpt-5-mini
Short Digest: 8b908b09

Response Measures

None

Description

Article (1922-06-23) reports the reorganization committee decided not to attempt reopening due to president's inability to meet assessment and a Minneapolis creditor planning to sell collateral; a receiver is expected to be appointed. No run is mentioned.

Events (2)

1. June 23, 1922 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Former president H. B. Wiley unable to meet assessment (~$9,000) and a Minneapolis bank holding Melstone collateral intends to sell securities to cancel its debt; lack of local capital prevented reorganization.
Newspaper Excerpt: MELSTONE STATE BANK WILL BE UNABLE TO REOPEN ... it was finally decided not to further attempt a reopening of that institution.
Source: newspapers

2. * Receivership

Newspaper Excerpt: With these discouraging features and the absence of local capital, It was considered useless to further attempt reorganization, and a receiver will, no doubt, be appointed in the near future.
Source: newspapers

Newspaper Articles (1)

1. June 23, 1922 The Powder River County Examiner and the Broadus Independent Broadus, MT

Article from The Powder River County Examiner and the Broadus Independent, June 23, 1922

Click image to open full size in new tab

Article Text

MELSTONE STATE BANK WILL BE UNABLE TO REOPEN At a meeting of the reorganization committee and some of the depositors fo the Melstone State bank at Melstone, it was finally decided not to further attempt a reopening of that institution. Thi conclusion was arrived at after the committee had received two rather discouraging jolts. The first was the announcement made a few days previous by H. B. Wiley, former president, that it would be impossible for him at this time to meet his assessment in the sum of slightly over $9000. The other was a notification from a Minneapolis bank holding considerable Melstone collateral, that it would soon proceed to the ale of these local securities in order to cancel its debt againt the local institution. With these discouraging features and the absence of local capital, It was considered useless to further attempt reorganization, and a receiver will, no doubt, be appointed in the near future. The unusual financial conditions and a lack of local unity prevented success, says the Mesenger.