11513. First National Bank (Ronan, MT)

View Charter #9864 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
9864
Charter Number
9864
Start Date
January 1, 1924*
Location
Ronan, Montana (47.529, -114.102)

Metadata

Model
gpt-5-mini
Short Digest
6a056591

Response Measures

None

Receivership Details

Depositor recovery rate
31.5%
Date receivership started
1924-02-09
Date receivership terminated
1928-12-20
OCC cause of failure
Economic conditions
Share of assets assessed as good
14.0%
Share of assets assessed as doubtful
70.6%
Share of assets assessed as worthless
15.4%

Description

Article from Feb 1, 1924 reports the First National Bank at Ronan closed (did not open) along with other Montana banks after the American Bank and Trust Company closed; later 1925 articles report a receiver handling the affairs of the First National Bank of Ronan (J. M. Swan). No article describes a depositor run on this specific bank, so this is classified as a suspension followed by permanent closure/receivership. OCR errors in some clippings corrected (e.g., 'Plaine' = Plains not relevant).

Events (4)
1. October 4, 1910 Chartered
Source
historical_nic
2. January 1, 1924* Suspension
Cause
Local Banks
Cause Details
Closed Saturday following the closing Friday of the American Bank and Trust Company in Missoula; part of a wave of local bank closures in western Montana.
Newspaper Excerpt
The institutions affected were the Farmers' and Merchants' bank at -Plaine, the Thompson State Bank at Thompson Falls and the First National Bank at Ronan.
Source
newspapers
3. February 9, 1924 Receivership
Source
historical_nic
4. November 3, 1925 Receivership
Newspaper Excerpt
Mr. Swan is also receiver of the defunct First National banks at Ronan and Charlo. Mr. Swan will handle the affairs of all three banks and will be assisted by C. D. Livingston.
Source
newspapers

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

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Article Text

THREE MORE BANKS CLOSE IN MONTANA OTHER WESTERN MONTANA INSTITUTIONS REPORTED IN STATE OF SUSPENDED ANIMATION. Missoula, Jan. 30.-Several other banks in western Montana were closed Saturday fallowing the closing Friday of the American Bank and Trust company here. The institutions affected were the Farmers' and Merchants' bank at -Plaine, the Thompson State Bank at Thompson Falls and the First National Bank at Ronan. John Dahlgren. president of the bank that closed here, is president also of two of the banks that failed to open their doors Saturday. Mr. Dahlgren says, however, that there is no connection between the smaller banks and the American Bank and Trust company. All of the banks that closed Saturday, excepting two, are state institutions.

2. November 3, 1925 The Daily Missoulian Missoula, MT
Article from The Daily Missoulian, November 3, 1925

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Article Text

Treasure State News COUNTY 1100 ACRES INDIAN LANDS AT Sale at Dixon Agency Brings Higher Prices Than the Appraisals. Polson. Nov. 2.-Special sale of Indian lands was held at the Dixon Indian Agency Monday under the supervision of E. Coe superintendent of the agency. Fourteen pieces of land were sold to the highest bidder. number of these tracts there several bidders and practically all of was sold at prices higher than the appraised value. The highest price paid for 88 acres in the Arlee district which sold for It was purchased by woman from Missoula. The fourteen pieces sold totalled 1,100 acres. Three tracts were in the Arlee district, five the Ronan district and six in the Polson district. All of the land is under irrigation. It is stated that much of this land has not been in cultivation for number of years and belonged to dead or incompetent Indians. was for the most part by reliable farmers whose land adjoined. Many see in the sale an upward tendency for better conditions in this locality as has been felt by white settlers that the vast tracts of land belonging to Indians which have not been cultivated for number of years and allowed to produce mustard and other weeds, were serious menace to the thrifty farmer across the road. The buyers for the 1,100 acres of land were. Hughes, Polson: A. at Geisert. Elmo: Mike Eeuli, Elmo: Mrs. Lee Butcher, Polson: D. Louise Wentworth. Polson; E. Clauffey, Polson; M. Doyle, St. Ignatius: E. Bjkrantz, St. Ignatius; Cora Martin, Missoula: Mable Martin, Missoula; Emil Maldurg. Ronan, James Axelson, Ravalli, and Elsie Shoemaker, Missoula. Polson Couple Married. Miss Anita Henningson and Pete Smith were united in marrage at the Presbysterian Manse Thursday evening. Rev. H. A. Brown preformed the ceremony. The young couple were tended by Mr. and Mrs. John Hughes. It was surprise their friends. Both were at work as usual on Friday. Marriage Licenses Issued. Marriage licenses were Issued this week fn the clerk of the court's office to Sapiell Michell of Ronan and Louise Tillpah of St. Ignatius: and to M. Thill of Charlo and Ilo Reibe of New Bank Receiver. The receivership of the First National bank in Polson has been taken by M. Swan of Ronan since the resignation of R. Riddick who has been the for the past year and half. Mr. Swan is also ceiver of the defunct First National banks at Ronan and Charlo and will handle the affairs of all three banks. He will be assisted by C. D. Livingston.

3. November 13, 1925 The Valerian Valier, MT
Article from The Valerian, November 13, 1925

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Article Text

Receiver for Three Banks Riddick, who has been receiver of the First National bank Polson since closed year and half has resigned and has been succeeded Swan, who is of the by First National banks Ronan and Charlo. Mr. Swan will handle the afof all three banks and will be fairs assisted by Livingston.

4. November 19, 1925 The Moore Independent Moore, MT
Article from The Moore Independent, November 19, 1925

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Article Text

Receiver for Three Banks R. C. Riddick. who has been receiver of the First National bank of Polson since it closed a year and a half ago, has resigned and has been succeeded by J. M. Swan, who is receiver of the First National banks at Ronan and Charlo. Mr. Swan will handle the affairs of all three banks and will be assisted by C. D. Livingston.

5. November 20, 1925 Ashland Pioneer Press Ashland, MT
Article from Ashland Pioneer Press, November 20, 1925

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Article Text

Receiver for Three Banks R. C. Riddick. who has been receiver of the First National bank of Polson since it closed a year and a half ago, has resigned and has been succeeded by J. M. Swan, who is receiver of the First National banks at Ronan and Charlo. Mr. Swan will handle the affairs of all three banks and will be assisted by C.D. Livingston.

6. November 20, 1925 The Kremlin Chancellor Kremlin, MT
Article from The Kremlin Chancellor, November 20, 1925

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Article Text

Receiver for Three Banks who has been receiver the National bank Polson since closed year and half has resigned and has been succeeded by Swan, who receiver of the First National banks Ronan and Charlo. Mr. Swan will handle the fairs all three banks and will be assisted by Livingston.

7. November 20, 1925 The Liberty County Times Chester, MT
Article from The Liberty County Times, November 20, 1925

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Article Text

Receiver for Three Banks who has been receiver Riddick, National bank of Polson of the First closed and half ago, since it year has been succeeded has resigned and receiver of the Swan, who by banks Ronan and First National Swan will handle the afCharlo. Mr. banks and will be of all three fairs by Livingston. assisted

8. November 20, 1925 Plevna Herald Plevna, MT
Article from Plevna Herald, November 20, 1925

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Article Text

Receiver for Banks Riddick, who has of the First National bank of Polson since closed year and half has and Swan, who receiver the First National banks Ronan and Charlo. Mr. Swan will handle the fairs of all three banks and will be assisted by Livingston.

9. November 26, 1925 The Nashua Independent Nashua, MT
Article from The Nashua Independent, November 26, 1925

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Article Text

Receiver for Three Banks R. who has been receiver of the First National bank of Polson since closed and half ago, has resigned and has been succeeded by is receiver of the First National banks at Ronan and Mr. Swan will handle the affairs of all three banks and will be assisted by Livingston.

10. January 14, 1926 Plainsman Plains, MT
Article from Plainsman, January 14, 1926

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Article Text

Receiver for Three Banks R. Riddfck, who has been receiver of the First National bank of Polson since closed a year and a half ago, has resigned and has been succeeded by J. M. Swan, who is receiver of the First National banks at Ronan and Charlo. Mr. Swan will handle the fairs of all three banks and will be assisted by D. Livingston.

11. November 25, 1926 The Butte Daily Post Butte, MT
Article from The Butte Daily Post, November 25, 1926

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Article Text

X-SHERIFF WINS REMOVAL APPEAL Court Holds Former Musselshell Officer Entitled to Grand Jury Inquiry. HELENA. Nov. it provided short cut toward the removal of former Sheriff T. G. Beasley of Musselshell county from office, Beasley is entitled to have the complaints against his official conduct investigated by a grand jury and to have trial by jury, the supreme court says, reversing the order of the district court for Musselshell county, which removed the sheriff from office some months ago While the sheriff was charged with failure to perform his duties, the supreme court finds that "the proof established the defendant's guilt of malfeasance in office, and therefor the action became one for the consideration and verdict of a jury. and not for determination of the court alone. A. G. McNaught, as county attorney. charged the sheriff on seven counts with wilfully refusing and failing to perform the duties of his office in neglecting to arrest for bribery, gambling and other offenses alleged to have been committed in his presence. The matter was threshed out in the supreme court before the trial on the question as to whether misfeasance or malfeasance was charged and decided against the sheriff. Judge Stanley E. Felt was called in from neighboring district to hear the case. The trial resulted in the removal of the sheriff LAKE COUNTY FARMERS LOSE SUIT OVER SPUR against a group of farmers of Lake county who underwrote construction of spur for the Ronan flour mill. is ordered by the supreme court. The action reverses the district court for Lake county where the receiver of the First National bank of Ronan had brought unsuccessful suit against V. U. Le Clair and others, to recover on their note. Any oral argument which they have made with the bank under which they claim the note should have been paid by collections from other farmers at harvest time cannot be aditted in evidence in this action, the court holds. James M Swan, as bank receiver, brought suit against several signers of note to recover its value. The signers declared the money was used to build a side track to the Ronan Flour mill, in which they were interested, that numerous farmers of the district had signed notes of $100 each in favor of the mill to finance it and that the bank had agreed that, as these farmers sold their grain. $100 would be collected from each as his payment to the mill and that the sums would be credited to the mill's note to the bank, until It was retired. This agreement, they claim, the bank failed to carry out, though they allege it could have done The jury found for the defendants and the court refused new trial, whereupon the receiver appealed.