First National Bank - Drayton, ND

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6225
Charter Number: 6225
Start Date: August 10, 1929
Location: Drayton, North Dakota (48.571, -97.178)

Metadata

Model: gpt-5-mini
Short Digest: 9b9675f7

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1929-08-12
Date receivership terminated: 1930-04-12
OCC cause of failure: Economic conditions
Share of assets assessed as good: 23.1%
Share of assets assessed as doubtful: 61.0%
Share of assets assessed as worthless: 15.9%

Description

Article (The Forum, 1929-08-11) reports First National Bank of Drayton failed to open for business on Aug 10, 1929, citing frozen assets. No run is mentioned and no reopening is reported; classify as suspension leading to closure.

Events (3)

1. April 22, 1902 Chartered

Source: historical_nic

2. August 10, 1929 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank failed to open for business due to frozen assets (illiquid or immobilized assets).
Newspaper Excerpt: DRAYTON BANK CLOSES Grand Forks, N. D., Aug. 10.-(AP) The First National Bank of Drayton failed to open for business today The closing was said to have been caused by frozen assets.
Source: newspapers

3. August 12, 1929 Receivership

Source: historical_nic

Newspaper Articles (1)

1. August 11, 1929 The Forum Fargo, ND

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Article Text

Fighting Fires in Superior National Forest A forest burns, as a forest will when a drought has fallen on it and campers are careless or lightning strikes. There have been several bad forest fires in the Superior National forest, which covers part of Minnesota's Arrowhead country, this summer, and Harry Davidson, a former Fargo resident, has played an important part in fighting them. Davidson, sometime concert singer and voice teacher here, is now piloting a Curtis Robin hydroplane for T. J. Somero, of Ely, Minn., and when the fires became bad was pressed into service as observer, fighter and equipment carrier. Davidson is shown in the group at the lower left Somero is at the back, looking over the shoulders of Ray Harmon, assistant superintendent of the Superior National Forest, and Davidson who is seated at the right. They are discussing fire fighting plans at the Cascade station headquarters. The upper pictures were taken in the Superior National Forest just north of Brule lake from the cabin seaplane piloted by Davidson. The spot where the Brule lake fire was started a week ago last Monday, presumably by a locomotive, is shown at the lower right. Davidson has done unusually effective work in fire fighting. His observation work enabled forest officials to discover small fires quickly and isolate them. Occasionally he has discovered a fire, landed on a nearby lake, and then slashed his way through underbrush and trees to start the fight against it. Frequently, he has had to fly to Duluth for fire-fighting equipment. FOUR HOMES ENTERED Devils Lake, D., Aug. Eight dollars was all the loot obtained by prowlers who entered four homes here. R. C. Madsen lost the money, but nothing was stolen from three other homes. WOODMEN HOLD PICNIC Minot. D., Aug. Minot Woodmen of America will hold pienie today at Mahoney's grove, southeast of the Ward County Demonstration farm, it was announced by Walter Ramsey, secretary. BARLEY RUNS 70 BUSHELS Wimbledon, N. D., Aug. What is believed to be the largest grain yield in this vicinity was reported Dennstedt, farmer near here. Barley threshed on Dennstedt's farm ran 70 bushels to the acre. DRAYTON BANK CLOSES Grand Forks, N. D., Aug. 10.-(AP) The First National Bank of Drayton failed to open for business today The closing was said to have been caused by frozen assets.