12150. Security State Bank (Columbus, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
*
Location
Columbus, North Dakota (48.904, -102.780)

Metadata

Model
gpt-5-mini
Short Digest
343766c1

Response Measures

None

Description

Articles (Mar–Jun 1925) report dividends being paid by a receiver to depositors of the Security State Bank of Columbus, indicating the bank had previously closed and is in receivership. No article describes a depositor run; cause of closure/suspension is not stated in the articles.

Events (2)
1. * Receivership
Newspaper Excerpt
Another dividend of 10 percent to depositors of the Security State bank of Columbus is being paid by the receiver through the guaranty fund commission. (Bismarck Tribune, 1925-03-24); similar mention in June 1925 articles noting receiver dividends for closed banks. (The Producers News, 1925-06-26).
Source
newspapers
2. * Suspension
Cause Details
Article does not state reason for the bank's closure/suspension; only that a receiver is paying dividends.
Newspaper Excerpt
Another dividend of 10 percent to depositors of the Security State bank of Columbus is being paid by the receiver through the guaranty fund commission.
Source
newspapers

Newspaper Articles (3)
1. March 24, 1925 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, March 24, 1925

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Article Text

STOCKHOLDERS PAY DEPOSITORS OF HATTON BANK Depositors of the Peoples State Bank at Hatton, Traill county, are receiving from the office of L. R. Baird, general receiver, the first 100 per cent dividend in a closed bank in North Dakota. The payment is made possible through action of stockholders in advancing funds in the hope that they may be reimbursed in the final windup of the affairs of the institution. Approximately $70,000 is being paid to depositors of the bank, which closed Oct. 22, 1921. There were 175 stockholders in the institution, and stockholders voluntarily contributed funds enough to make reimbursement of depositors possible. Because the bank had been in existence a comparatively short time it is possible that enough may be realized from assets to reimburse stockholders, at least in part, after they have sacrificed their stock and part of the double liability against them. The stockholders, in raising the cash, made one of the conditions that the general receivership system continue to be used in liquidating the affairs of the bank. Credit for working out the method for reimbursing depositors is given by Mr. Baird to O. L. Engen of Fargo, who was individual receiver for the bank and now has it under his charge as district receiver. Another dividend of 30 percent has been paid to stockholders of the Peoples State bank of Leith, which also had been opened a comparatively short time before it closed. A 20 percent and a 10 percent dividend is being followed by the 30 percent dividend, which in addition to the 10 percent dividend of the depositors guaranty fund commission, will give depostors of that bank 70 percent of their money, with prospect of obtaining more. Another dividend of 10 percent to depositors of the Security State bank of Columbus is heing paid by the receiver through the guaranty fund commission.

2. June 9, 1925 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, June 9, 1925

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Article Text

depositors of the first 58 banks which closed has been increased in several instances by dividends of the receiver of closed banks. Depositors of the People's State bank of Hatton received 100 percention the dollar of their deposits, and depositors of the People's State bank of Leith have received 60 percent in dividends from the receiver and 10 percent from the depositors guaranty fund commission. Other banks on which dividends have been paid by the receiver, in addition to the 10 percent of the depositors guaranty fund commission, are: Security State bank of Columbus, 10 percent; Fortuna State bank, 30 percent; Prosper State bank, 10 percent; Citizens State bank of Hazen, 10 percent; First Farmers of Minot, 10 percent. The first 58 banks which closed. on which the guaranty fund dividend was paid, included several of the largest banks which closed, among them the Scandinavian-American bank of Fargo, the Williams County State bank of Williston and the First Farmers of Minot.

3. June 26, 1925 The Producers News Plentywood, MT
Article from The Producers News, June 26, 1925

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Article Text

RECEIVER REALIZES CONSIDERABLE The 10 per cent dividend paid to depositors of the first 58 banks which closed has been increased in several instances by dividends of the receivers of closed banks. Depositors of the People's State bank of Hatton received 100 per cent on the dellar of their deposits and depositors of the People's State bank of Leith have received 60 per cent in dividends from the depositors guaranty fund commission. Other banks on which dividends have been paid by the receiver in addition to the 10 per cent of the depositars guarantee fund commission, are: Security State Bank of Columbus, 10 per cent; Fortuna State bank, 30 per cent; Prosper State Bank, 30 per cent; Prosper State bank, 10 per cent; Citizens State bank of Hazen, 10 per cent; First Farmers of Minot, 10 per cent.