11557. State Bank (Stockett, MT)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
March 31, 1922
Location
Stockett, Montana (47.357, -111.165)

Metadata

Model
gpt-5-mini
Short Digest
0f84de12

Response Measures

Full suspension, Books examined

Other: Receiver appointed and assets liquidated over subsequent years.

Description

Strike-related heavy withdrawals by coal miners forced the State Bank at Stockett to close March 31, 1922. The state banking department took charge and a receiver was appointed in May; the bank remained in receivership and its assets were later sold (1928). Cause of the initial run/suspension is local economic shock (miners' strike).

Events (4)
1. March 31, 1922 Run
Cause
Local Shock
Cause Details
Withdrawal of cash by striking coal miners and failure of large depositors to maintain accounts; maturing certificates also contributed.
Measures
Bank did not open Saturday; state bank examiner was notified; previously had reopened under certificates of deposit but could not extend maturities.
Newspaper Excerpt
This bank was closed March 31 after striking coal miners had withdrawn virtually all of their deposits.
Source
newspapers
2. March 31, 1922 Suspension
Cause
Local Shock
Cause Details
Closure resulted from heavy withdrawals by striking coal miners, failure of large depositors to maintain accounts, and maturing deposit certificates after prior temporary closing.
Newspaper Excerpt
STATE BANK AT STOCKETT AGAIN CLOSES DOOR ... announcement of its closing was made Monday. The bank did not open Saturday and the state bank examiner was notified of the closing Sunday evening.
Source
newspapers
3. May 9, 1922 Receivership
Newspaper Excerpt
Gael G. Wilson ... was Monday appointed receiver of the State Bank of Stockett by Judge J. B. Leslie. This bank was closed March 31 after striking coal miners had withdrawn virtually all of their deposits.
Source
newspapers
4. June 26, 1928 Other
Newspaper Excerpt
All remaining assets of the State bank of Stockett ... were sold at public auction ... Assets disposed of formerly had a book value of about ... The Stockett bank suspended in 1922.
Source
newspapers

Newspaper Articles (13)
1. April 6, 1922 Belt Valley Times Belt, Armington, MT
Article from Belt Valley Times, April 6, 1922

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Article Text

STATE BANK AT STOCKETT AGAIN CLOSES DOOR Withdrawal of cash by striking coal miners, the failure of large depositors to maintain their accounts and the maturing of deposit certificates issued after its closing last year, all combined last Saturday to make continued operation of the State Bank at Stockett impossible, and announcement of its closing was made Monday. The bank did not open Saturday and the state bank examiner was notified of the closing Sunday evening. The stock of the bank is owned by H. J. Skinner, formerly of Great Falls, and L. C. McCoy of this city. The bank is capitalized at $20,000, and had deposits of $180,000 and resources of $200,000. Included in the deposits are $1,500 in Cascade county funds, secured by $1,800 in Liberty bonds held by the county treasurer. The bank was temporarily closed last year and reopened when the depositors accepted certificates of deposit maturing in one year. Failure to extend the maturity date longer was a cause contributing to the second closing, it was stated by officials of the bank. The bank has no connections with the State Bank of Belt, Mr. Skinner having diposed of his interests in the local institution some time ago to L. B. Lockhart, who now heads the institution.

2. April 15, 1922 Great Falls Tribune Great Falls, MT
Article from Great Falls Tribune, April 15, 1922

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Article Text

County Deposits Earn $25,000 in Interest Yearly Interest on daily balances of county funds in 15 banks of the county during the period beginning January 1 and ending March 31 reached a total of $6,365.21, according to County Treasurer Fred C. Andretta. Computed on the basis of this quarterly figure, the interest for the entire year will amount to approximately $25,000. The banks pay 21/2 per cent on county deposits. County Treasurer Andretta said he had $1,600 in Liberty bonds as security for the $1,500 on deposit in the State Bank of Stockett, which recently closed its doors. He expects to hold the bonds in the bank until after a receiver is appointed, when they will be sold

3. April 20, 1922 Belt Valley Times Belt, Armington, MT
Article from Belt Valley Times, April 20, 1922

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Article Text

COUNTY DEPOSITS EARN $25,000 INTEREST YEARLY Interest on daily balances of county funds in 15 banks of the county during the period beginning January 1 and ending March 31, reached a total of $6,365.21 according to County Treasurer Fred C. Andretta. Computed on the basis of this quarterly figure the interest for the entire year will amount to approximately $25,000. The banks pay 2 1/2 per cent on county deposits. County Treasurer Andretta said he had $1,600 in Liberty bonds as secur. ity for the $1,500 on deposit in the State Bank of Stockett, which recently closed its doors. He expects to hold the bonds in the bank until a receiver is appointed, when they will be sold.

4. May 9, 1922 Great Falls Tribune Great Falls, MT
Article from Great Falls Tribune, May 9, 1922

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Article Text

WILSON NAMED STOCKETT STATE BANK RECEIVER Former Deputy Attorney General Has Had Experience, Says Skelton. On the recommendation of 1. Skelton, superintendent of banks. Gael G. Wilson of Helena. formerly an assistant attorney general, was Monday appointed receiver of the State Bank of Stockett by Judge J. B. Leslie. This bank was closed March 31 after striking coal miners had withdrawn virtually all of their deposits. The appointment was made following the filing of a complaint for receivership by Attorney General Wellington D. Rankin. Mr. Wilson will assume the duties of the receivership upon the filing of a bond in the sum of $25,000. The court in the order of appointment. instructed the receiver that he must file a complete and itemized report of his administration every two months. Is Partioularly Fitted Mr. Wilson, according to a letter addressed to the court from Mr. Skelton, has had considerable experience in handling accounts and is particularly fitted for the position of receiver. The state banking department took charge of the bank on May 4 although a previous examination of its condition at the time of closing, revealed that it was insolvent. A report of the bank's condition, at the close of business, prepared by H. E. Stewart, deputy superintendent of banks, was filed in conection with the suit for receivership. Losses Total $44,137 The bank has resources of $172,933.64. Included in the liabilities are $24,095.75 in individual deposits, $14,276.64 in savings deposits, and $112,172.25 in time certificates of deposit. The report classifies $26,806.94 as good loans, $71,656 as doubtful loans and $20,810.41 as loans that cannot be realized upon. Total losses, according to the report, amount to $44,137.41. Cascade county has $1,500 on deposit and this amount is secured by $1,600 in Liberty bonds, which are expected to be turned over to County Treasurer Fred C. Andretta as soon as the receiver assumes his duties.

5. May 21, 1922 Great Falls Tribune Great Falls, MT
Article from Great Falls Tribune, May 21, 1922

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Article Text

$250 a Month Salary Ordered for Receiver of Stockett Bank The salary of Gael G. Wilson, receiver of the State Bank of Stockett, was fixed Saturday at $250 a month in an order signed by Judge J. B. Leslie, in whose department of district court the complaint for receivership was filed, May 9. The salary is to be paid from the assets of the bank. Wilson, who formerly was an assistant in the office of the attorney general, was appointed receiver by Judge Leslie immediately following the filing of the receivership suit. He began his administration as receiver several days ago. The Stockett bank closed March 31 as the result of withdrawal of deposits by miners on strike.

6. May 25, 1922 Belt Valley Times Belt, Armington, MT
Article from Belt Valley Times, May 25, 1922

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Article Text

STOCKETT BANK RECEIVER'S SALARY SET AT $250 The salary of Gael G. Wilson, receiver of the State Bank of Stockett, was fixed Saturday at $250 a month in an order signed by Judge J. B. Leslie, in whose department of district court the complaint for receivership was filed. May 9. The salary is to be paid from the assets of the bank. The Stockett bank closed March 31, as the result of the withdrawal of deposits by miners on strike. Mr. Wilson assumed his duties several weeks ago.

7. June 6, 1922 Great Falls Tribune Great Falls, MT
Article from Great Falls Tribune, June 6, 1922

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Article Text

Creditors of Stockett Bank Must Present Claims by Sept. 15 Creditors of the State Bank of Stockett, which closed last March. must file their claims with the receiver before September 15 if they wish to have them approved. according to an order signed Monday by Judge J. B. Leslie. Claims presented after that date will not be allowed. The court signed the order on the petition of Gael G. Wilson, receiver of the bank.

8. June 9, 1922 Great Falls Tribune Great Falls, MT
Article from Great Falls Tribune, June 9, 1922

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Article Text

LEGAL ADVERTISING NOTICE TO DEPOSITORS, CREDITORS OF, AND CLAIMANTS AGAINST THE STATE BANK OF STOCKETT. Notice is hereby given by the undersigned Gael G. Wilson. as Receiver of the State Bank of Stockett, Montana, to depositors and creditors and persons having claims of any kind against the State Bank of Stockett, Stockett, Montana, to present their claims with the necessary vouchers to the undersigned as receiver of the said State Bank of Stockett at the Bank Building at Stockett, Montana, which said Receiver designates as the place for the transaction of the business of said State Bank of Stockett and of undersigned as Receiver, and that all claims of whatever kind, including those for deposits, must be presented to said Receiver on or before the 15th day of September. 1922. and no claim not presented within said time will be considered. Dated, June 8, 1922. GAEL G. WILSON, As Receiver of the State Bank of Stockett,

9. June 16, 1922 Great Falls Tribune Great Falls, MT
Article from Great Falls Tribune, June 16, 1922

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Article Text

LEGAL ADVERTISING NOTICE TO DEPOSITORS, CREDITORS OF AND CLAIMANTS AGAINST THE STATE BANK OF STOCKETT. Notice is hereby given by the undersigned, Gael G. Wilson, as Receiver of the State Bank of Stockett, Montana, to depositors and creditors. and persons having claims of any kind against the State Bank of Stockett, Stockett, Montana, to present their claims with the necessary vouchers to the undersigned as Receiver of the said State Bank of Stockett, at the Bank building at Stockett, Montana, which said Receiver designates as the place for the transaction of the business of said State Bank of Stockett and of undersigned as Receiver, and that all claims of whatever kind, including those for deposits, must be presented to said Receiver on or before the 15th day of September, 1922. and no claim not presented within said time will be considered. Dated June 8, 1922. GAEL G. WILSON. As Receiver of the State Bank of Stockett.

10. June 23, 1922 Great Falls Tribune Great Falls, MT
Article from Great Falls Tribune, June 23, 1922

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Article Text

LEGAL ADVERTISING NOTICE TO DEPOSITORS, CREDITORS OF AND CLAIMANTS AGAINST THE STATE BANK OF STOCKETT. Notice is hereby given by the undersigned, Gael G. Wilson, as Receiver of the State Bank of Stockett, Montana, to depositors and creditors and persons having claims of any kind against the State Bank of Stockett, Stockett, Montana, to present their claims with the necessary vouchers to the undersigned as Receiver of the said State Bank of Stockett, at the Bank building at Stockett, Montana, which said Receiver designates as the place for the transaction of the business of said State Bank of Stockett and of undersigned as Receiver, and that all claims of whatever kind, including those for deposits, must be presented to said Receiver on or before the 15th day of September. 1922 and no claim not presented within said time will be considered. Dated June 8. 1922. GAEL G. WILSON. As Receiver of the State Bank of Stockett.

11. June 30, 1922 Great Falls Tribune Great Falls, MT
Article from Great Falls Tribune, June 30, 1922

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Article Text

NOTICE TO DEPOSITORS, CREDITORS OF, AND CLAIMANTS AGAINST THE STATE BANK OF STOCKETT. Notice is hereby given by the undersigned Gael G. Wilson. as Receiver of the State Bank of Stockett, Montana, to depositors and creditors and persons having claims of any kind against the State Bank of Stockett, Stockett, Montana, to present their claims with the necessary vouchers to the undersigned as receiver of the said State Bank of Stockett at the Bank Building at Stockett, Montana, which said Receiver designates as the place for the transaction of the business of said State Bank of Stockett and of undersigned as Receiver, and that all claims of whatever kind, including those for deposits, must be presented to said Receiver on or before the 15th day of September, 1922, and no claim not presented within said time will be considered. Dated, June 8, 1922. GAEL G. WILSON. As Receiver of the State Bank of Stockett.

12. November 11, 1922 Great Falls Tribune Great Falls, MT
Article from Great Falls Tribune, November 11, 1922

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Article Text

Wilson Gets Power to Lease Property of Morton Coal Firm Gael G. Wilson, receiver of the State Bank of Stockett, was Friday empowered by District Judge J. B. Leslie to lease property of the Morton Coal company to be re-opened and worked. The Stockett bank is one of the bond holders in the coal company's property. Plans are to lease the property to M. E. Howe, W. F. DuBois and W. D. Fawcette, all of Great Falls, according to the petition filed by Receiver Wilson.

13. June 27, 1928 The Independent-Record Helena, MT
Article from The Independent-Record, June 27, 1928

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Assets of Stockett Bank Sell for $500 Great Falls. June 26.-All remaining assets of the State bank of Stockett. with the exception of bonds of the Mackton Coal company, were sold at public auction Monday afternoon by H. G. Lescher. receiver of the institution. to A. H. Gray for $500. according to announcement of Paul Freeman of the legal firm of Freeman. Thelan & Freeman. The assets disposed of formerly had a book value of about The Stockett bank suspended In 1922. following an examination by L Q kelton. former state bank examiner. with assets estimated at $175,519. The liabilities include savings deposits in the sum of $14,376. time certificates of deposit in the amount of $112.173 and other deposits of about $25,000.