Bank of Cogswell - Cogswell, ND

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 31, 1924
Location: Cogswell, North Dakota (46.107, -97.782)

Metadata

Model: gpt-5-mini
Short Digest: 8be805d8

Response Measures

None

Description

The article (Bismarck Tribune, 1925-01-26) lists 'Farmers Bank of Garrison' among a group of closed banks that still held deposits of the state depositors' guaranty fund as of the audit date Oct 31, 1924. No run or reopening is mentioned and the bank is described as closed; the specific cause of closure is not given in the article. Bank charter type is not stated in the text, so set to unknown.

Events (1)

1. October 31, 1924 Suspension

Cause Details: Article only lists the bank as closed and holding guaranty-fund deposits as of the Oct. 31, 1924 audit; no specific cause (run, insolvency details, or government action) is provided.
Newspaper Excerpt: Closed banks which still hold deposits of the guaranty fund are the ... Farmers Bank of Garrison, ...
Source: newspapers

Newspaper Articles (1)

1. January 26, 1925 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, January 26, 1925

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Article Text

GUARANTYFUND NOW MILLION AUDITORS SAY Amount Available on October 31 of $806,898.24 Supplemented by Payments 32 BANKS NATIONALIZE This Many Take Out National Charters Since Guaranty Law Is Effective "In our opinion the Depositors Guaranty fund has been properly accounted for on its records, and that all disbursements are consistent and in order and properly authorized and authenticated." This is the statement made by the Temple, Brissman Co., certified publie accountants at the conclusion of their audit report of the depositors guaranty fund made as of October 31, 1924. The report shows that on Oct. 31, last. the amount available for the purposes for which the fund was created was $806,898.24. This is exclusive of $204,661 due from closed banks in the state on deposits and assessments. No figures are given however as to the total liability of the fund to depositors in closed banks, this being beyond the province of the examination. Total Expenses The total expenses of the commission since its inception in 1917 to the date of the audit was $78,801.19. Of this $37,848.79 has been paid from legislative appropriation and the remaining $40,952 from the assessment fund. On October 31, 1924 the commission had on deposit in closed banks $112,966.29. A supplementary report shows that since the date of the audit $18,901.55 has been withdrawn. These deposits are divided among 16 closed institutions, the largest amount in any one bank being $21,398.39 in the defunct Williams County State Bank at Williston. There was also $21,515.26 on deposit in banks which were on the special deposit list on October 31, but of this $15,773.88 has been withdrawn since that date. Closed banks which still hold deposits of the guaranty fund are the Clyde State Bank, Bank of Cogswell, Farmers Bank of Dunn County, Dunn Center; Farmers State Bank of East Fairview, Sawyer State Bank, Williston State Bank, Farmers Bank of Garrison, State Bank of Grenora, Farmers Bank, Hampden; Security State Bank of Hanks, State Bank of Maxbass, Farmers State Bank of Nome, Farmers State Bank of Rawson, Farmers Bank of Ray, Farmers and Merchants State Bank of Sherwood, Tolley State Bank, Farmers State Bank of Watford City, Williams County State Bank of Williston. There was also due from these closed banks $89,303 on assessments to the guaranty fund, but $34,625 of this has been remitted by the state receiver since the date of the audit. In addition to these obligations there is the sum of $2,341.99 listed as notes receivable. These notes represent loans made to the receiver of the Farmers' and Merchants Bank of Robinson for receivership expenses. Intervene In Affairs It is shown in the audit report that the commission has intervened in the affairs of a number of closed banks in order to protect its interests. Some of these were as follows: The Sawyer State Bank had pledged collateral to secure certain loans. (Continued on page 4)