Madison State Bank - Virginia City, MT

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 1, 1925
Location: Virginia City, Montana (45.294, -111.946)

Metadata

Model: gpt-5-mini
Short Digest: 3a93d144

Response Measures

None

Description

Article (Butte Daily Post, 1925-09-01) reports that P. B. McClintock was receiver of the Madison State Bank and has resigned and a new receiver (Edgar P. Reid) was appointed by the judge. This indicates the bank had been placed in receivership (i.e., closed) prior to the article. No run or depositor disturbances are described. OCR corrected minor punctuation/spacing errors in quoted financial figures.

Events (1)

1. September 1, 1925 Receivership

Newspaper Excerpt: P. B. McClintock, as receiver of the Madison State bank ... this morning sent in letter tendering his resignation ... Judge William E. Carroll named Edgar P. Reid of Virginia City to fill the two vacancies.
Source: newspapers

Newspaper Articles (1)

1. September 1, 1925 The Butte Daily Post Butte, MT

Article from The Butte Daily Post, September 1, 1925

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Article Text

BANK RECEIVER RESIGNS HIS JOB Edgar P. Reid of Virginia City New Man in Charge of Madison Banks. P. B. McClintock, as receiver of the Madison State bank and also as receiver of the Bank of Twin Bridges, Madison county, this morning sent in letter tendering his resignation as receiver of both institutions on the ground that he had accepted other employment. The resignations of Mr. McClintock in both banks were accepted by Judge William E. Carroll and he named Edgar P. Reid of Virginia City to fill the two vacancies Mr. Reid is an attorney of Virginia City and was formerly county attorney of Madison county Mr. McClintock in his letter of resignation as receiver of the Madison State bank says: "During my receivership there has been collected. From good assets, $79,506.58; from doubtful as. sets, $12,980.68; from worthless assets, $19,488.92, and from assessment of stockholders, $6,000, total of $117 927.13. There has been disbursed: For cancellation of liabilities $68,076.06, including a preferred claim of the state of Montana of $2,520. 45 and preferred claim of the city of Virginia, of $862.01, and payments to the following banks through collections on notes held by them as collateral: War Finance corporation, $30,238.55; National Bank of Montana, $14,362.30; Metals Bank and Trust company, $18,598.75; W. A. Clark & Bros., $1,500; for protection of assets, $236.67; dividends, $19,803.41; legal expenses. $3,439.30; receiver's salary, $6,708.33; taxes. $1,776.74; all other expenses, $2,458.93, making total of disbursement of $102,499.4 leaving a balance of cash on hand of $15,427.65 "After deducting offsets allowed on assets and losses charged off, there remains on hand the following assets: Good assets, $39 526.31; doubtful, $29,602.26; worthless, $121,913.82, making a total of assets on hand of $191,042.39, and from which It is estimated that there will be further collections of approximately $34 838.51. In regard to the Bank of Twin Bridges, Mr. McClintock says: "During my receivership there has been collected: From good assets. $213,114.15; from doubtful assets, $21,616.52; from worthless, $8,853.21; from assessment of stockholders, $6,000; from trustee for owner, $165.52, a total of $249,749.50. There has been disbursed. For cancellation of liabilities, $208,440. including of a preferred claim to the state of Montana of $9 605. a preferred claim to the State Orphans home, 276.11, and payments to the following banks through collections on notes held by them as collateral: War Finance corporation, $113,968.93; American National Bank of Helena, $2,802.17; W. A. Clark & Bros., $15,960.81; National Bank of Helena, $16,541.27; Metals Bank and Trust company, $15,483.79; Chase National Bank of New York, $1 522.19; for protection of assets, $3 650.14; legal expenses, $7,632.63; for receiver's salary, $8,625; for taxes, $3,162.66; for all other expenses, $6 $44.56, making total disbursement of $237,855.43, and leaving a balance of $11,894.07. "After deducting offsets allowed on assets and losses charged off there remain on hand the following assets: Good $118,560.74; doubtful $89,863.63; worthless, $133,640.17, making a total of assets on hand, $341,564.54, and from which it is estimated that there will be further collections of approximately $25 000 that are now in litigation.'