Security National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 13041
Charter Number: 13041
Start Date: June 9, 1932
Location: Hope, North Dakota (47.322, -97.722)

Metadata

Model: gpt-5-mini
Short Digest: 09c634d4

Response Measures

None

Receivership Details

Depositor recovery rate: 15.8%
Date receivership started: 1931-03-13
Date receivership terminated: 1935-06-22
OCC cause of failure: Economic conditions
Share of assets assessed as good: 16.5%
Share of assets assessed as doubtful: 72.5%
Share of assets assessed as worthless: 11.0%

Description

Article (June 9, 1932) describes the bank in receivership and paying a dividend from liquidation funds and an RFC loan to the receiver. No run is mentioned; the bank is insolvent and being liquidated under a receiver (government action).

Events (4)

1. February 15, 1927 Chartered

Source: historical_nic

2. March 13, 1931 Receivership

Source: historical_nic

3. June 9, 1932 Receivership

Newspaper Excerpt: E. Hubbard, Receiver of the Security National Bank of Hope...second dividend of 5% payable to all depositors who have proven claims...paid from funds acquired by the Receiver in the ordinary course of liquidation, supplemented by loan from the Reconstruction Finance Corporation.Dividend checks will be ready for delivery June 11, 1932.
Source: newspapers

4. June 9, 1932 Suspension

Cause: Government Action
Cause Details: Bank placed in receivership and operating in liquidation; payments being made by receiver with RFC loan to facilitate dividends.
Newspaper Excerpt: E. Hubbard, Receiver of the Security National Bank of Hope, Hope, North Dakota, announced second dividend of 5% payable to all depositors who have proven claims...paid from funds acquired by the Receiver in the ordinary course of liquidation, supplemented by loan from the Reconstruction Finance Corporation.
Source: newspapers

Newspaper Articles (1)

1. June 9, 1932 The Hope Pioneer Hope, ND

Article from The Hope Pioneer, June 9, 1932

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Article Text

Dividend Will Be Saturday To Depositors Security National Receiver, Bank, Ready to Second Dividend of 5 Pct. E. Hubbard, Receiver of the Security National Bank of Hope, Hope, North Dakota, announced second dividend of 5% payable to all depositors who have proven claims, has been declared and he is now ready to deliver dividend checks. This dividend is being paid from funds acquired by the Receiver in the ordinary course of liquidation, supplemented by loan from the Reconstruction Finance Corporation. This loan which is secured by lien on the maining assets of the bank, must, of course, be retired and until this loan is repaid, no further dividend disbursment can be made by the Receiver. It is believed that with the cooperation of the borrowers, this loan can be repaid within reasonable time and if so, the depositors will receive such further regular dividend payments the collections made by the Receiver will warrant. The funds of the Reconstruction Finance Corporation set aside for loans to Receivers of insolvent banks are limited and the depositors of The Security National Bank of Hope, are fortunate to have an application for loan cepted at this early date. The funds released by this loan should be material aid to the community in these difficult times. Dividend checks will be ready for delivery June 11, 1932.