First National Bank - Cavalier, ND

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 10116
Charter Number: 10116
Start Date: March 1, 1922
Location: Cavalier, North Dakota (48.794, -97.622)

Metadata

Model: gpt-5-mini
Short Digest: 40c8acf9

Response Measures

None

Receivership Details

Depositor recovery rate: 57.3%
Date receivership started: 1925-02-21
Date receivership terminated: 1928-05-28
OCC cause of failure: Economic conditions
Share of assets assessed as good: 45.5%
Share of assets assessed as doubtful: 36.5%
Share of assets assessed as worthless: 18.0%

Description

Article states the First National Bank of Cavalier was closed for two months by order of the directors and reopened for business on May 1, 1922 after stockholders raised $75,000. No run is mentioned; closure appears to be a voluntary/directors' suspension and the bank reopened.

Events (4)

1. December 12, 1911 Chartered

Source: historical_nic

2. March 1, 1922 Suspension

Cause: Voluntary Liquidation
Cause Details: Closed for two months by order of the directors (voluntary suspension); stockholders later raised capital to reopen.
Newspaper Excerpt: which was reopened for business on May 1 after. having been closed for two months by order of the directors
Source: newspapers

3. May 1, 1922 Reopening

Newspaper Excerpt: which was reopened for business on May 1 ... The stockholders were successful in raising $75,000 in cash,
Source: newspapers

4. February 21, 1925 Receivership

Source: historical_nic

Newspaper Articles (1)

1. May 24, 1922 Grand Forks Herald Grand Forks, ND

Article from Grand Forks Herald, May 24, 1922

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Article Text

Cavalier Bank, Again In Good Running Order Cavalier, N, D., May 24.-The First National bank of Cavalier, oldest bank in the city, which was reopened for business on May 1 after. having been closed for two months by order of the directors is now in charge of the following set of officers: President, W. Hodgson; vice president. W. H. Walper; Milton Rygh and S. J. Sveinson assistant cashiers. A cashier has not yet been named. The stockholders were successful in raising $75,000 in cash,