11569. First National Bank (Townsend, MT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
9982
Charter Number
9982
Start Date
January 15, 1925
Location
Townsend, Montana (46.319, -111.521)

Metadata

Model
gpt-5-mini
Short Digest
e77305a5

Response Measures

None

Receivership Details

Depositor recovery rate
75.2%
Date receivership started
1925-01-08
Date receivership terminated
1934-10-26
OCC cause of failure
Economic conditions
Share of assets assessed as good
14.5%
Share of assets assessed as doubtful
28.5%
Share of assets assessed as worthless
57.0%

Description

Article (Townsend Star, 1925-01-15) reports the First National Bank of Townsend was ordered closed by the State and a receiver (V. P. Wright) summoned; article explicitly says there was not a literal run though some deposit withdrawals had occurred. Cause cited in article points to postwar/business depression and adverse weather affecting farming, producing a steady decline in solvency (classified here as local_shock). A 1928 court notice (Kevin Review) confirms a receiver (V. T. Wright) was appointed for the bank. No reopening is mentioned; bank had a receiver—thus suspension followed by closure/receivership.

Events (4)

1. April 7, 1911 Chartered
Source
historical_nic
2. January 8, 1925 Receivership
Source
historical_nic
3. January 15, 1925 Receivership
Newspaper Excerpt
Receiver V. P. Wright was immediately summoned and the officers started work at once to arrange affairs of the banking institution.
Source
newspapers
4. January 15, 1925 Suspension
Cause
Local Shock
Cause Details
Insolvency attributed to postwar business depression and adverse weather hurting local farming, producing a steady decline in the bank's condition.
Newspaper Excerpt
FIRST NATIONAL BANK CLOSED ... was ordered closed by State ... Examiner Chas. A. Bryan last Thursday morning. Receiver V. P. Wright was immediately summoned
Source
newspapers

Newspaper Articles (2)

Article from Townsend Star, January 15, 1925

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Article Text

FIRST NATIONAL BANK CLOSED of the long and short haul clause of The First National Bank of Townthe Interstate commerce act and send was ordered closed by State would not be justified. Examiner Chas. A. Bryan last Thurs day morning. Receiver V. P. Wright was immediately summoned and the DICTIONARIES ON THE officers started work at once to ar NORTH COAST LIMITED range affairs of the banking InstituCross word puzzle fans no longer Mr. Wright stated that his work in need carry their own dictionaries on the bank was to be a' real pleasure transcontinental trips through the as he had never attempted to do the work bank The Northern Pacific railway, yet that was In as good and systemthrough A. B. Smith, passenger traf atle condition as he found the books fie manager, announces that dieetc. at the First National Bank. tionaries for the especial use of which speaks well for the former solvers of puzzles have been placed officers. on observation cars of all "North The insolvency of the local bank Coast Limited" trains. was unfortunate but like many buslSo great is the vogue of the cross ness Institution and affairs, has been word puzzles that a group of eager hit hard during the uncertain years fans now surround the dictionary following the war and the unfortunfrom the time the train leaves Chiate weather conditions that affectcago until It reaches the Pacific ed farming The closing of the bank was not a surprise to many here as they realized banking conditions generally WRECKED and local affairs which had IN SEVERE WINDSTORM affected the local Institution, however, citizens generally were trusting and stood pat hoping that a turn pupils of New Chicago school in would come for the better in some the Flint Creek valley, south of way or other Drummond, had a narrow escape Many depositors had withdrawn from injury few days ago, when accounts during past few months; during a severe windstorm, part of but there had not been a "run on the the roof of the schoolhouse was bank" literally speaking but the In blown off and the west wall of the solvency was due to slow but building crashed in upon the desks, steady decline following a general vacated only a few moments before state business depression by pupils. Mr. Davey has been com- Word of the mishap was received mended highly as an efficient offic- In Missoula Monday. The pupils had er having held the cashiership of the been dismissed for lunch, It was insolvent bank for several years here said: and were In a small hallway during which time he has proved preparing to leave the building, when himself to be in-bonest and efficient the accident occurred. business man and banker His work Two children were slightly Inin the bank and his ability as a jured. The building, which was of cashier is irrepreachable. brick veneer, was badly damaged.


Article from The Kevin Review, July 5, 1928

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Article Text

REAL OWNER PAYS FEE ON BANK STOCK NAME ON BOOKS MAKES NO DIFFERENCE IF TRANSFERRED SAYS HIGH COURT Helena, June .-Assessments on bank stock are chargeable to the real holder, whether the stock appears in his name on the books or not, the state supreme court held Thursday, judgement of the district court for Broadwater county in favor of V. T. Wright as receiver of the first National bank of Townsend, against Gray P. Keene is affirmed. The decision requires Keene to pay an assessment in 10 shares of stock left him by his father. Because of Ostvik Norum accepted with protest statements of the Ohio Oil company showing that the 2 percent state oil license tax was being deducted from his royalty share under operations of the company of his land, he forfeited the right to recover, the state supreme court says Thursday. The district court for Tocle county is reversed. Judgment of the district court for Yellowstone county, denying the demand of the Yellowstone Packing and Provision company that George M. Hays, county treasurer, be required to issue a tax deed to certain real property in return for a less amount than the tax due, is affirmed by the supreme court.