12262. Fortuna State Bank (Fortuna, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 1, 1925*
Location
Fortuna, North Dakota (48.910, -103.779)

Metadata

Model
gpt-5-mini
Short Digest
24544357

Response Measures

None

Description

The articles describe Fortuna State Bank as one of the 'first 58 banks which closed' and discuss dividends paid by the receiver and guaranty fund commission. There is no mention of a depositor run prior to suspension; the bank was closed and placed in receivership with subsequent receiver dividends (1925–1926).

Events (2)
1. June 1, 1925* Suspension
Cause
Government Action
Cause Details
Bank was among a group of closed state banks placed in receivership and covered by the depositors' guaranty fund commission; closure by authorities/receiver (receiver dividends later paid).
Newspaper Excerpt
Other banks on which dividends have been paid by the receiver, in addition to the 10 percent of the depositors guaranty fund commission, are: ... Fortuna State bank, 30 percent;
Source
newspapers
2. March 16, 1926 Receivership
Newspaper Excerpt
A 15 per cent dividend to be paid to creditors of the Fortuna State bank, Fortuna, was announced here today by L. R. Baird, receiver of state banks. The present dividend brings the total paid to the bank creditors to 15 per cent. (The Bismarck Tribune, 1926-03-16).
Source
newspapers

Newspaper Articles (3)
1. 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.

2. 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.

3. March 16, 1926 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, March 16, 1926

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Article Text

Bank at Fortuna Pays a Dividend A 15 per cent dividend to be paid to creditors of the Fortuna State bank, Fortuna, was announced here today by L. R. Baird, receiver of state banks. The present dividend brings the total paid to the bank creditors to 15 per cent. Claimants who hold guaranteed deposits will receive checks from the guaranty fund commission as a special dividend. Other creditors will be paid by G. R. Van Sickle, district manager for the receiver, at Minot.