First National Bank - Carrington, ND

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 5551
Charter Number: 5551
Start Date: March 26, 1928
Location: Carrington, North Dakota (47.450, -99.126)

Metadata

Model: gpt-5-mini
Short Digest: 14dc3207

Response Measures

Full suspension

Other: Receiver appointed and movement to organize a depositors' holding company; negotiations for reorganization underway.

Receivership Details

Depositor recovery rate: 50.5%
Date receivership started: 1928-03-26
Date receivership terminated: 1935-08-29
OCC cause of failure: Economic conditions
Share of assets assessed as good: 18.4%
Share of assets assessed as doubtful: 67.6%
Share of assets assessed as worthless: 14.0%

Description

Newspapers report the First National Bank of Carrington closed by order of directors because depleted reserves brought on largely by continuous malicious propaganda (i.e., rumors). A receiver (J. S. Odland) was appointed; negotiations for reorganization and a depositors' holding company were mentioned. Closure occurred in late March 1928 (article says 'closed Monday' in Mar 28 paper); receiver named by Apr 2.

Events (5)

1. August 24, 1900 Chartered

Source: historical_nic

2. March 26, 1928 Receivership

Source: historical_nic

3. March 26, 1928 Run

Cause: Rumor Or Misinformation
Cause Details: Depleted reserves and heavy withdrawals attributed to continuous malicious propaganda (rumors) about the bank.
Measures: Movement to organize stockholders to save assets; efforts to form a depositors' holding company and negotiations for reorganization.
Newspaper Excerpt: the First National bank of which closed Monday by order of the board of directors...closed of depleted reserve due an extended dry...brought about largely by continuous malicious propaganda.
Source: newspapers

4. March 26, 1928 Suspension

Cause: Rumor Or Misinformation
Cause Details: Bank closed by order of directors because reserves were depleted after withdrawals attributed to malicious propaganda (rumors).
Newspaper Excerpt: CARRINGTON BANK CLOSES...The First National bank of Carrington has been closed, due, it is announced, to depleted reserve brought about largely by continuous malicious propaganda.
Source: newspapers

5. April 2, 1928 Receivership

Newspaper Excerpt: J. S. Odland of Mohall has been appointed receiver. A movement has been started to organize a depositors' holding company. Negotiations are also under way for the reorganization of the bank here.
Source: newspapers

Newspaper Articles (2)

1. March 28, 1928 The Forum Fargo, ND

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Article Text

Big Parade to Climax Minot Automobile Show Minot, N. D., March 27.-Climaxing the three day Minot Auto show to be held next Thursday, Friday and Saturday will be parade all models of makes retailed and distributed in Minot. The parade, which start will have 100 200 cars the procession, to H. H. Fisher, chairman the commit in charge of this particular feature the show. The Soo and Great Northern railroads are offering reduced fares for round trips Minot during the three day exposition. BANK CLOSES Carrington, N. D., March Steps already are under way for the organization of stockholders to assets of the First National bank of which closed Monday by order of the board of directors. The bank closed of depleted reserve due an extended dry The bank was capitalized at $50,000 and had deposits in the of Newberry president: vicepresi-

2. April 2, 1928 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, April 2, 1928

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Article Text

CARRINGTON BANK CLOSES Carrington, N. D., April 2.-The First National bank of Carrington has been closed, due, it is announced, "to depleted reserve 17:ought about largely by continuous malicious propaganda." J. S. Odland of Mohall has been appointed receiver. A movement has been started to organize a depositors' holding company. Negotiations are also under way for the reorganization of the bank here. The last statement on February 28 showed the bank to have time deposits of $180,020.59 and checking accounts amounting to $169,180.26.