First National Bank - Devils Lake, ND

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 3397
Charter Number: 3397
Start Date: January 1, 1884*
Location: Devils Lake, North Dakota (48.112, -98.876)

Metadata

Model: gpt-5-mini
Short Digest: 15d93501

Response Measures

None

Description

Article (1886) recounts earlier trouble (summer 1884) at the First National Bank of Devils Lake, describing a 'busted bank', depositors penniless and mention of seeking appointment of a receiver. No clear description of a depositor run, but the bank appears to have failed and receivership was pursued. I corrected/read OCR errors and inferred the suspension/closure occurred around summer 1884 from the text.

Events (3)

1. January 1, 1884* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Internal insolvency/poor management leading to failure (references to bank being 'busted', depositors left penniless, and pursuit of a receiver).
Newspaper Excerpt: the busted bank; to the appointment of a receiver
Source: newspapers

2. October 2, 1885 Chartered

Source: historical_nic

3. * Other

Newspaper Excerpt: Discussion of negotiations and sale attempts in 1883-1884 and street talk about deposits and victims of the bank failure.
Source: newspapers

Newspaper Articles (1)

1. January 23, 1886 Devils Lake Inter-Ocean Devils Lake, ND

Article from Devils Lake Inter-Ocean, January 23, 1886

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Article Text

& Ferris have taken in the interview history Stone Lake, the following Pioneer of Devils published in the surprise: with Press them of Tuesday will create considerable The bank was or Col. Ferris incorporated said: under 1883 the with territorial ginized laws and in the of $25,000. summer I of was sold out elected capital stock office until all my stock in connection president. and had held October. no 1834. Since that whatever as presidate I have My connection was more of a summer of 1884 with the bank. In the nominal affair than else. was absent for three in his during B. Corsett which time I acted I never had this exception of the bank.' With dent mything months, place. any. the thing to do At the viceH. G. Stone I was elected instituted with said: the affairs active time part bank was I never took ony to as such officer nor bank. and when president. affairs of the had anything summer my do of with the in the $500 of 1881 I was not and that is term of office bank, expired re-elected. Iown all I bor- the stock in the 1 ever had in It. $30,000 of him with a gage rowed financial interest secured Andrew property. Crawford, mort of It plain business Chicago, on mv and Devils Lake transaction about was which a there 18 no secret." SHOULD HAVE SOLD OUT. of R number of the business fact men that Quite are unaware of the bank Devils managers Lake of the First Bank National of the to purchase the opening summer, prior to Lake last The INTER-OOKAN of the statement on this offered former. the obtains subject Devila of the following O. Whipple, vice-president states A. National: Mr. Paul three trips to St. on this went Stillwater the that from First he made business. he Whipple Ho did down. and not HOO Stone the first (in time June) he met Stone for The second the time bank would take $7000 Winewho building, said lot, tixtures and the Stone the and building adjoining. the bank man lot stated that that was all Stone further soll. Whipple rominded the property was that that had to Stone replied In Forris' He it name, and belonged to the bank. to sell, virtually he was anxious trade; also couldn't said make a positive Dakota of but he had a reputation in must that out follows;" that Whipple interests. "selling Ferria and Corsott who had as fol. 600 Whipple gives make Stone's you language better figures lows: "I property. will Wo want the a bonus property on ou the we will sell know our what business; It is really worth. I don't transfer of for stand. To make a necessary how bank we business it may be the for to take my note.' Corsett you necessary that Cashier concluded, It was be present if a sale was down. After should yo he way arrival wired Whipple to come was referred Whip Corsett's by Stone. Corsett informed made the to him and if a trade was assume the after something must carry him, or with debt. gave up the idea bank. of associates, purchaser Whipple, had a conferring third trading, This his ple. and is the Devils story Lake as we get it from Mr. Whip I'M NO noo. the over great During the when excitement half the people had Ferris, no tire in 1884, lay their heads, Col. told a friend place to of the busted bank, one of his president temporary lodgings in generosto take He emphasized his isn't buildings. I'm no hos, there now ity by saying: The colonel can remark bristle unbstantial on me." emphasis 10 his and congive paying his depositors wine. of 1881 by everybody that he is not a vincing STREET TALK. hestories told upon the indicate streets Some of interesting and would know how were very people didn't really fround themthat some were, until they depositors, rich they Most of the up selves penniless. had no trouble in figuring rumor that however, accounts. One street District Attorney does their great and injustice Attorney to Noyes, that of they Grand had Morgan was to the effect the same Forks, Fargo Wednesday on of NO. gone train with to Corsett for the of purpose a receiver for curing the appointment facts these: Mr. Noyes of . the bank. The in the interest came here Monday bank. He was not in the the attend employ creditor Morgan's of of either business the Corsett was Heichert at or Lakota, the bank. failure where Mr. he went to got off at that place, transacted the after. noon. his case. business He and roturned in w Temperance.