12269. Glenburn State Bank (Glenburn, ND)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
November 26, 1920
Location
Glenburn, North Dakota (48.513, -101.221)

Metadata

Model
gpt-5-mini
Short Digest
fc7bd9c2

Response Measures

None

Description

Bank was closed (suspended) Nov 26, 1920 and placed in receivership; reopened in April 1922 under new management. Closure appears due to adverse/doubtful paper (weak assets) rather than a depositor run.

Events (3)
1. November 26, 1920 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed after accumulation of doubtful paper and weak assets; receiver appointed March 1921 to manage affairs and clear objectionable paper.
Newspaper Excerpt
The bank was closed November 26, 1920.
Source
newspapers
2. March 1, 1921* Receivership
Newspaper Excerpt
Mr. Johnson has been receiver of the bank since March, 1921. I. A. Johnson, who is receiver of the bank. The bank was closed November 26, 1920. The old board of directors has assigned its stock over to a new board. All the doubtful paper that the bank holds will be taken out and the directors will personally guarantee about $8,000 worth of the bank's stock. Mr. Johnson has been the receiver during the past year. Mr. Johnson has made a fine record as receiver. He managed to get much of the paper renewed, securing additional security and has thrown out all objectionable paper, making this bank a very strong institution.
Source
newspapers
3. April 17, 1922 Reopening
Newspaper Excerpt
Reopening of the Glenburn State bank is expected to be accomplished this week, according to an announcement today by I. A. Johnson, who is receiver of the bank. Glenburn Bank is Reopened The Glenburn State Bank which was closed more than a year ago, has been re-opened ... The reopening of the bank will mark the fifth bank reopening in Renville county and is taken as an indication of better business conditions. The Glenburn State Bank ... has been re-opened with L. M. Depue ... as president; Martin Campion ... is vice president and E. L. Hubbard ... will be the resident vice president. The cashier is I. A. Johnson, who has been the receiver during the past year.
Source
newspapers

Newspaper Articles (2)
1. April 17, 1922 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, April 17, 1922

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Article Text

Bank At Glenburn Expected To Reopen Glenburn, N. D., April 17.- - Reopening of the Glenburn State bank is expected to be accompl fished this week, according to an announcement today by I. A. Johnson, who is receiver of the bank. The bank was closed November 26, 1920. A meeting of the directors and officers of the bank has been called by Mr. Johnson for the first of next week, at which time it Is hoped that several technicalities which are barring the opening of the bank will be cleared away. Mr. Johnson has been receiver of the bank since March, 1921. The old board of directors has assigned its stock over to a new board. it is announced. All the doubtful paper that the bank holds will be taken out and the directors will personally guarantee about $8,000 worth of the bank's stock. The reopening of the bank will mark the fifth bank reopening in Renville county and is taken as an indication of better business conditions.

2. April 27, 1922 The Ward County Independent Minot, ND
Article from The Ward County Independent, April 27, 1922

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Article Text

Glenburn Bank is Reopened The Glenburn State Bank which was closed more than a year ago, has been re-opened with L. M. Depue, cashier of the Northern Commercial State Bank of Minneapolis, as president; Martin Campion, of Willow City, who is interested in five banks in the state is vice president and E. L. Hubbard, formerly of Antler, will be the resident vice president. The cashier is I. A. Johnson, who has been the receiver during the past year. Mr. Johnson has made a fine record as receiver. He managed to get much of the paper renewed, securing additional security and has thrown out all objectionable paper, making this bank a very strong institution. E. M. Olson of Antler and M. O. Hotto of Carburry, together with the officers are the directors.