11462. Melstone State Bank (Melstone, MT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 10, 1925
Location
Melstone, Montana (46.599, -107.872)

Metadata

Model
gpt-5-mini
Short Digest
952f7b35

Response Measures

None

Description

Articles (Jan 10 and Jan 18, 1925) report the Melstone State Bank in receivership and a change of receiver (Lukes replaced by Cornwell). The bank is described as closed/defunct and assets were tied up with correspondent banks. There is no description of a depositor run in the texts; closure appears to be via receivership/judicial action.

Events (3)
1. January 10, 1925 Suspension
Cause
Government Action
Cause Details
Judge appointed a receiver and turned the bank over to another receiver, indicating judicial/receiver action after bank closure
Newspaper Excerpt
He let out Receiver Lukes of the Melstone State Bank. Also let out Receiver Lukes of the Melstone State Bank and turned that bank over to Receiver Cornwell
Source
newspapers
2. January 18, 1925 Other
Newspaper Excerpt
C. N. Lukes has resigned as receiver of the Melstone State bank, and ... E. A. Cornwell ... had been appointed in his stead. ... it is generally understood that all assets of value ... had been placed with Miles City and Minneapolis banks as collateral ... until these outside institutions 'got theirs' and turned back the residue if any, there was but little receiver could do. The bond of the newly appointed receiver were placed at only $2,500.
Source
newspapers
3. January 18, 1925 Receivership
Newspaper Excerpt
Roundup papers are authority for the news that C. N. Lukes has resigned as receiver of the Melstone State bank ... E. A. Cornwell ... had been appointed in his stead
Source
newspapers

Newspaper Articles (2)
1. January 10, 1925 Ingomar Independent Ingomar, MT
Article from Ingomar Independent, January 10, 1925

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Article Text

On Saturday Judge George A. Horken, judge of the fifteenth judicial distrist, got busy with his official ax. He let out Receiver John Oliver of the Citizens State Bank. Also let out Receiver Lukes of the Melstone State Bank and turned that bank over to Receiver Cornwell of the Vananda and Layina banks. The court also appointed Lou Jacobson, former casbier of the Vananda State Bank, as receiver of the Bank of Commerce to succeed Receiver Calvin who resigned. Judge Jeffries, upon taking up the judicial duties of the district, sent our old time friend "Jake" back to his War Finance job in Helena and will appoint another receiver for the Bank of Commerce. It is also pretty well understood that Senator John Oliver will be re-instated as receiver of 'the Citizens State Bank. Just what disposition will be made of the Melstone, Lavina and Vananda situations is hard to say. It looks to a man up a tree, as if the new judge was going to be judge.

2. January 18, 1925 Miles City Star Miles City, MT
Article from Miles City Star, January 18, 1925

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Article Text

LUKES QUITS POST AS BANK RECEIVER RUMOR THAT MILES CITY MAN HAS THROWN UP JOB REPORTED. Roundup papers are authority for the news that C. N. Lukes has resigned as receiver of the Melstone State bank, and that E. A. Cornwell of Forsyth, also the receiver of defunct Lavina bank, had been apDrinted in his stead says The Melstone Messenger. There is as yet no local activity to confirm the report, nor has Mr. Lukes so notified any Melstone people. but it is in all probability true, as Mr. Lukes has been in poor health for some time. It is not probable that new rereiver can aaccomplish much in clarifying the affairs of this institution. for it is generally understood that all assets of value in the way of notes had been placed with Miles City and Minneapolis banks as collateral to notes given by the closed bank, and until these outside institutions "got theirs' and turned back the residue if any. there was but little receiver could do That this is probably the situation is evidenced by the further report that the bond of the newly appointed receiver were placed at only $2,500.