Scandinavian American Bank

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: June 1, 1929
Location: Grafton, North Dakota (48.412, -97.411)

Metadata

Model: gpt-5-mini
Short Digest: f57714bc

Response Measures

Full suspension

Description

Article (AP, 1929-06-01) reports a brief but steady run that led the Scandinavian American Bank to close the same day. No reopening or receivership is mentioned; treated as a suspension that resulted in closure. Cause of the run is not specified in the article, so classified as 'other'.

Events (2)

1. June 1, 1929 Run

Cause Details: Article notes a steady 'run' with $3,400 withdrawn in 25 minutes but gives no explanation for what triggered the withdrawals.
Newspaper Excerpt: Grafton, June 1.-(AP)-The Scandinavian American bank closed here, today. The institution closed after 25 minutes of operation this morning, during which $3,400 in deposits was withdrawn.
Source: newspapers

2. June 1, 1929 Suspension

Cause Details: Bank closed the same day after the run; article gives no further detail on whether this was a temporary suspension or permanent closure, but no reopening is reported.
Newspaper Excerpt: Grafton, June 1.-(AP)-The Scandinavian American bank closed here, today.
Source: newspapers

Newspaper Articles (1)

1. June 1, 1929 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, June 1, 1929

Click image to open full size in new tab

Article Text

GRAFTON BANK SHUT AFTER STEADY 'RUN' Grafton, June 1.-(AP)-The Scandinavian American bank closed here, today. The institution closed after 25 minutes of operation this morning, during which $3,400 in deposits was withdrawn. G. W. Foogman is president of the bank; A. Midgarden, vice president, and A. G. Tverberg, cashier. The closing leaves Grafton with only one bank, the First National having closed in 1927.