First National Bank - Grand Forks, ND

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 2570
Charter Number: 2570
Start Date: March 4, 1933
Location: Grand Forks, North Dakota (47.925, -97.033)

Metadata

Model: gpt-5-mini
Short Digest: 0ce94c1f

Response Measures

None

Receivership Details

Depositor recovery rate: 80.0%
Date receivership started: 1933-11-15
Share of assets assessed as good: 41.2%
Share of assets assessed as doubtful: 53.4%
Share of assets assessed as worthless: 5.4%

Description

The First National Bank of Grand Forks was closed on March 4, 1933 during the national bank holiday proclaimed by President Roosevelt and did not reopen; a conservator/receiver was appointed and later courtroom proceedings (1934) addressed preferred claims. No run is described in the articles; cause of suspension is government action (bank holiday/closure). OCR typos corrected (e.g., dates fixed to 1933).

Events (6)

1. October 6, 1881 Chartered

Source: historical_nic

2. March 4, 1933 Suspension

Cause: Government Action
Cause Details: Closed during the national Bank Holiday proclaimed by President Roosevelt on March 4, 1933; failed to reopen thereafter.
Newspaper Excerpt: The bank failed to open after it was closed during the Bank Holiday proclaimed by President Roosevelt March 4, 1933.
Source: newspapers

3. June 1, 1933* Receivership

Newspaper Excerpt: The action began in June, 1933, against W. H. Schulze as conservator. ... W. V. O'Conner, receiver for the First National Bank of Grand Forks, ... (article mentions receiver).
Source: newspapers

4. November 15, 1933 Receivership

Source: historical_nic

5. November 10, 1934 Other

Newspaper Excerpt: Asks Money in Closed Bank be Made Preferred Claim ... action brought by the North Dakota state mill and elevator against W. V. O'Conner, receiver for the First National Bank of Grand Forks, in which the plaintiffs seek to regain monies which were on deposit in the bank when it closed on March 4, 1933.
Source: newspapers

6. December 21, 1934 Other

Newspaper Excerpt: Court Rules $31,000 Preferred Mill Claim ... memorandum opinion of the federal district court in Fargo Thursday held the receiver of the old First National Bank of Grand Forks liable for immediate payment of approximately $31,000 to the North Dakota state mill and elevator as a preferred claim on its deposits in the closed bank.
Source: newspapers

Newspaper Articles (4)

1. November 10, 1934 The Fargo Forum, Daily Republican, and Moorhead Daily News Fargo, ND

Article from The Fargo Forum, Daily Republican, and Moorhead Daily News, November 10, 1934

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Article Text

MILL SEEKS TO REGAIN DEPOSIT Asks Money in Closed Bank be Made Preferred Claim Arguments are to be presented to Judge Andrew Miller in federal court here Tuesday in an action brought by the North Dakota state mill and elevator against W. V. O'Connoer, receiver for the First National Bank of Grand Forks, in which the plaintiffs seek to regain monies which were on deposit in the bank when * closed on March 4. 1983. The mill and elevator seeks to have its deposit. amounting to approxio mately $96,000, half of which already has been paid, designated as & preferred claim. It alleges the money was wrongfully deposited in the bank because it was not covered by a do positor's bond and therefore the money merely was held in trust by the bank. The bank receiver claims no bond was required and the money deposited by the state mill and alevator was merely one of numerous general posits and it in no way was come strued as trust fund. A final hearing at which testimeny was taken was held Friday. It was the third hearing since the case was begun more than year ago, previous hearings having been held at Bla. marck and Grand Forks. P. O. Sathre, attorney general, T. H. Thoresen and H. A. Bronson, rep. resent the mill and elevator while Tracy and Phillip R. Bangs are at torneys for the bank. The bank failed to open after # was closed during the bank holiday proclaimed by President Roosevelt

2. November 10, 1934 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, November 10, 1934

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Article Text

STATE MILL SEEKS CLOSED BANK FUND Alleges Money Was Wrongfully Deposited, Not Covered By Bond, in Trust Fargo, N. D., Nov. 10.-(A))-Arguments are to be presented to Judge Andrew Miller in federal court here Tuesday in an action brought by the North Dakota state mill and elevator against W. V. O'Conner, receiver for the First National Bank of Grand Forks in which the plaintiffs seek to regain monies which were on deposit in the bank when it closed on March 4, 1933. The mill and elevator seeks to have its deposit, amounting to approximately $96,000, half of which already has been paid, designated as a preferred claim. It alleges the money was wrongfully deposited in the bank because it was not covered by a depositor's bond and therefore the money merely was held in trust by the bank. The bank receiver claims no bond was required and that the money deposited by the state mill and elevator was merely one of numerous general deposits and that it in no way was construed as a trust fund. A final hearing at which testimony was taken was held Friday. It was the third hearing since the case was begun more than a year ago, previous hearings having been held at Bismarck and Grand Forks. P. O. Sathre, attorney general; T. H. Thoreson and H. A. Bronson, represent the mill and elevator while Tracy and Phillip R. Bangs are attorneys for the bank. The bank failed to open after it was closed during the Bank Holiday proclaimed by President Roosevelt March 4, 1933.

3. December 21, 1934 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, December 21, 1934

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Article Text

Court Rules $31,000 Preferred Mill Claim Grand Forks, N. D., Dec. 21.-(A)A memorandum opinion of the federal district court in Fargo Thursday held the receiver of the old First National Bank of Crand Forks liable for immediate payment of. approximately $31,000 to the North Dakota state mill and elevator as a preferred claim on its deposits in the closed bank. H. A. Bronson, counsel for the mill, was advised of the opinion by Judge Andrew Miller at Fargo. The action began in June, 1933, against W. H. Schulze as conservator. It was contended that the mill's deposits of $92,246.48 when the bank closed March 4, 1933, constituted a trust fund and was a preferred claim. The mill claimed the money was deposited illegally. Judge Miller found that $62,100.45 of the deposits were subject to the trust and that, of the balance, the mill only had a claim as a general creditor of the bank. Since 50 per cent of the $62,000 was paid along with half of all depositors, claims against the bank, the ruling gave the mill a $31,050 preferred claim.

4. March 8, 1937 Evening Star Washington, DC

Article from Evening Star, March 8, 1937

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Article Text

W. F. O'CONNOR DIES AT HOME IN DAKOTA William F. O'Connor, older brother of Controller of the Currency J. F. T. O'Connor, died suddenly Saturday at his home in Grand Forks, N. Dak, according to word reaching Washington today. The controller, who was notified while on vacation in Miami, Fla., is en route today to Grand Forks by airplane. Funeral arrangements await the controller's arrival. W. F. O'Connor, who was born in Grand Forks and engaged in business there most of his life, was receiver of the closed First National Bank of