First National Bank - Edgeley, ND

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 7914
Charter Number: 7914
Start Date: January 14, 1927
Location: Edgeley, North Dakota (46.359, -98.716)

Metadata

Model: gpt-5-mini
Short Digest: 5afe0271

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1927-01-31
Date receivership terminated: 1935-08-23
Share of assets assessed as good: 33.2%
Share of assets assessed as doubtful: 59.4%
Share of assets assessed as worthless: 7.3%

Description

Articles state the First National Bank of Edgeley was closed (closed Jan. 14) and placed in receivership (Ed Schulenberg, receiver). No mention of depositor run; dividends being paid to creditors indicates permanent closure with receiver distributing assets.

Events (4)

1. September 16, 1905 Chartered

Source: historical_nic

2. January 14, 1927 Suspension

Cause Details: Article does not specify the cause of the suspension/closure; receiver was appointed and bank remained closed.
Newspaper Excerpt: the First National bank of this city, closed last January 14, according to Ed Schulenberg, receiver for the bank.
Source: newspapers

3. January 31, 1927 Receivership

Source: historical_nic

4. November 8, 1927 Receivership

Newspaper Excerpt: Checks - are now being signed by the comptroller of the currency at Washington in payment of a second dividend of 25 per cent to depositors of the First National bank of this city, closed last January 14, according to Ed Schulenberg, receiver for the bank. Certificate holders in the First National Bank of Edgeley will receive payments. A total of 80 per cent has been paid by this trust since it was closed less than two years ago. The La Moure trust has paid 40 per cent in addition to this payment. Checks are now being sent to creditors of the First National Bank of Marion, covering a dividend of 10 per cent. A 10 per cent dividend is being paid to creditors of the Farmers National Bank of La Moure but checks will not be ready for distribution until Jan. 1. The bank closed in February, 1926.
Source: newspapers

Newspaper Articles (2)

1. November 8, 1927 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, November 8, 1927

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Article Text

Edgeley Bank Pays Second Dividend Edgeley, N. D., Nov. 8.-(Special to the Tribune)-Checks - are now being signed by the comptroller of the currency at Washington in payment of a second dividend of 25 per cent to depositors of the First National bank of this city, closed last January 14, according to Ed Schulenberg, receiver for the bank. A first dividend of 25 per cent was paid in August.

2. December 19, 1928 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, December 19, 1928

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Article Text

3 Closed Banks in La Moure Making 10 Per Cent Payments La Moure, Dec. 19.-Payment of 10 per cent dividends in each of three closed banks in La Moure- county is announced today by Ed Schulenberg, receiver. Certificate holders in the First National Bank of Edgeley will receive payments. A total of 80 per cent has been paid by this trust since it was closed less than two years ago. A 10 per cent dividend is being paid to creditors of the Farmers National Bank of La Moure but checks will not be ready for distribution until Jan. 1. The La Moure trust has paid 40 per cent in addition to this payment. The bank closed in February, 1926. Checks are now being sent to creditors of the First National Bank of Marion, covering a dividend of 10 per cent.