Miners State Bank - Sand Coulee, MT

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 27, 1923
Location: Sand Coulee, Montana (47.399, -111.168)

Metadata

Model: gpt-5-mini
Short Digest: 675d4a65

Response Measures

None

Description

Article (Belt Valley Times, 1923-12-27) reports H. G. Lescher as receiver of the Sand Coulee Miners State Bank and alleges embezzlement by former official L. B. Lockhart. No run is mentioned; bank appears to have closed and be in receivership.

Events (1)

1. December 27, 1923 Receivership

Newspaper Excerpt: actions filed in district court Saturday by W. C. Blomquist, receiver of the Belt bank, and H. G. Lescher, receiver of the Sand Coulee bank.
Source: newspapers

Newspaper Articles (1)

1. December 27, 1923 Belt Valley Times Belt, Armington, MT

Article from Belt Valley Times, December 27, 1923

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Article Text

Sue Bond Co. Demand that companies which bonded L. B. Lockhart while he was president of the State bank of Belt and vice president of the Miners state bank of Sand Coulee indemnify the banks for embezzlements alleged to have been made by Lockhart is made in actions filed in district court Saturday by W. C. Blomquist, receiver of the Belt bank, and H. G. Lescher, receiver of the Sand Coulee bank. The suit brought by Receiver Blomquist is directed against the American Surety company of New York and claim is made for $10,000, the sum declared to be due on Lockhart's bond. The complaint specifically enumerates alleged embezzlements of several thousands of dollars of the bank's funds by Lockhart. In the Lescher suit, demand is made against the same surety company for $5,000 pursuant to a bond in that amount under which Lockhart aperated as an official of the Sand Coulee bank. A long list of alleged embezzlements by means of bogus promissory notes is set out in the Lescher complaint. Lockhart was tried last June in district court on an embezzlement charge, which grew out of his alleged embezzlement of the bank's funds prior to their closing. The trial resulted in a disagreement by the jury after the 12 men had deliberated more than 48 hours without being able to break a deadlock vote of six to six. Lockhart now is understood to be in California.