11597. First National Bank (Wilsall, MT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
11335
Charter Number
11335
Start Date
May 1, 1924*
Location
Wilsall, Montana (45.994, -110.660)

Metadata

Model
gpt-5-mini
Short Digest
333c11dc

Response Measures

None

Receivership Details

Depositor recovery rate
1.2%
Date receivership started
1924-04-22
Date receivership terminated
1928-05-09
OCC cause of failure
Economic conditions
Share of assets assessed as good
5.3%
Share of assets assessed as doubtful
39.0%
Share of assets assessed as worthless
55.7%

Description

The First National Bank at Wilsall had already closed a year ago (circa May 1924) and is under receivership; a receiver (John A. Sanderson) was named/assigned and the books moved to Livingston in April–May 1925. No article describes a depositor run prior to suspension, and the bank remains in receivership (closure). Cause of closure is not specified in the articles.

Events (5)

1. April 19, 1919 Chartered
Source
historical_nic
2. April 22, 1924 Receivership
Source
historical_nic
3. May 1, 1924* Suspension
Cause Details
Articles state the bank closed a year ago (from May 1925) but do not specify cause of the suspension/closure.
Newspaper Excerpt
The Wilsall bank closed a year ago
Source
newspapers
4. April 23, 1925 Receivership
Newspaper Excerpt
John A. Sanderson ... was notified that he has been named receiver for the First National bank at Wilsall ... The books and records of the Wilsall bank will be brought to Livingston and the receivership will be administered from that city.
Source
newspapers
5. July 3, 1925 Other
Newspaper Excerpt
$130,000 RETURNED TO DEPOSITORS: ... Sanderson, who is also receiver for the First National bank of Wilsall, which closed its doors more than ago, states that the debtors in the Wilsall institution show good promise of being able to liquidate their obligations ... substantial dividends may be expected this fall.
Source
newspapers

Newspaper Articles (3)

Article from Belt Valley Times, April 23, 1925

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Article Text

John A. Sanderson, receiver for the Northwestern National bank at Livingston, was notified that he has been named receiver for the First National bank at Wilsall in addition to his duties with the local defunct banking institution. The books and records of the Wilsall bank will be brought to Livingston and the receivership will be administered from that city, Mr. Sanderson sald. A small army of 1,300 men will be available in the national forests of western Montana and Idaho for fire prevention and protection work. Two thousand three hundred and twenty-eight special use permits were issued last year by officers of district No. 1, of the forest service, a report just made public show. These were for many purposes. A bond Issue of approximately $330,000, to be used for the redemption of poor fund warrants, was sold at Butte to the Ohio firm of Stranham, Harris & Otis which submitted the best of nine bids. The Issue brought a premium of $2,161.50. The bonds run from one to 20 years. That Boseman is getting her share of tourist travel is revealed by statistics complied from, the 1924 records of the Bozeman tourist park. Last season 3,251 cars registered at the park, with a total of 10,269 people. More than 2,000 tourists stopped in the city for a period of one day or more. One tourist is reported as having spent $300 for merchandise at one store. I. M. Brandjord, of Ronan, who has taken office as register of state lands, began to accustom himself to his duties under the tutelage of H. V. Balley, whom he will succeed. C. S. Hall of Libby has application pending for a patent on an improved railroad spike which will not work up and become loose. The Invention tias found favor with Great Northern officlais, It is said, who have requested that samples be left with them in order that the spike could be demonstrated to a St. Paul official who expects to visit in Spokane soon.


Article from The Producers News, May 22, 1925

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Article Text

RECEIVERSHIPS CONSOLIDATED Livingston-John A. Sanderson, receiver for the Northwestern National Bank, was notified that he has been named receiver for the First National Bank at Wilsall in addition to his duties with the local institution. The books and records of the Wilsall bank will be brought to Livingston and the receivership will be administered from this city. The Wilsall bank closed a year ago and at that time W. W. Brandt of the comptroller's department was sent from Minneapolis, to serve as a receiver. With the new appointment Mr. Brandt is released from further duty and after a visit to his home in Minnesota will probably be sent south, it is said.


Article from The Park County News, July 3, 1925

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Article Text

$130,000 RETURNED TO DEPOSITORS: DISCOUNT PAPER REDEEMED IN FULL dividend payment of 10 per cent to depositors the defunct Northwestern National bank made next week. according to Reearly ceiver John Sanderson. The dividend was authorized Saturthe payment will be made as the checks are from the department, to which treasury they were sent for dividend of 30 cent of the per deposits was made in The first dividend 10 per cent be paid next week represents ap$130,000 returned the proximately according to Mr. SanderIn addition to these payments on the deposits of in the bank when it closed, Mr. Sanderson has secured sufficient funds to redeem all the bank's discounted thus discharging considerable liability and adding the paper to the bank's liquidable assets. Sanderson, who is also receiver for the First National bank of Wilsall, which closed its doors more than states that the debtors ago, Wilsall institution show good the promise of being able to liquidate their obligations in good shape from their 1925 crops, and the indications that substantial dividends may be from that institution this expected fall. is believed locally that both these banks will be able in the course of several months to pay their depositors almost 100 per cent.