First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11199
Charter Number: 11199
Start Date: January 2, 1925
Location: Savoy, Montana (48.474, -108.544)

Metadata

Model: gpt-5-mini
Short Digest: ae491722

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1925-01-03
Date receivership terminated: 1925-09-30
OCC cause of failure: Economic conditions
Share of assets assessed as good: 22.9%
Share of assets assessed as doubtful: 67.7%
Share of assets assessed as worthless: 9.4%

Description

First National Bank of Savoy closed on January 2, 1925 and a receiver (Frank Browne) was appointed; by July 1925 the receiver was paying depositors in full. The article does not describe any run or cause for the closure, so classified as a suspension leading to permanent closure/receivership. No reason for suspension given in the text.

Events (4)

1. June 21, 1918 Chartered

Source: historical_nic

2. January 2, 1925 Suspension

Cause Details: The article states the bank closed on January 2, 1925 but gives no reason for the suspension/closure.
Newspaper Excerpt: the bank closed, January 2, 1925
Source: newspapers

3. January 3, 1925 Receivership

Source: historical_nic

4. July 2, 1925 Receivership

Newspaper Excerpt: Receiver Browne ... is now putting out the first dividend checks to creditors. The checks are for 100 per cent of deposits with interest at 8 per cent from the date the bank closed, January 2, 1925, to July 2, 1925, the date of the dividend. Receiver Browne made this payment from the receipts through disposition of the assets and without levying an assessment on the stockholders.AN HONEST BANKER FOUND AT LAST! RECEIVER BROWN PAYS SAVOY BANK DEPOSITORS 100 CENTS ON DOLLAR. (article text).
Source: newspapers

Newspaper Articles (1)

1. July 24, 1925 The Producers News Plentywood, MT

Article from The Producers News, July 24, 1925

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Article Text

AN HONEST BANKER FOUND AT LAST! RECEIVER BROWN PAYS SAVOY BANK DEPOSITORS 100 CENTS ON DOLLAR. Frank Browne, who is receiver of a number of defunct national banks in the Havre district, has made an unusual record in administering the affairs of the First National bank of Savoy and is now putting out the first dividend checks to creditors. The checks are for 100 per cent of deposits with interest at 8 per cent from the date the bank closed, January 2, 1925, to July 2, 1925, the date of the dividend. Receiver Browne made this payment from the receipts through disposition of the assets and without levying an assessment on the stockholders. The bank was capitalized for $25,000. So far as has been learned it is the only state or national bank, which has failed in Montana, to pay its creditors in full and no levy on the stockholders.