12364. Farmers & Merchants State Bank (Kenmare, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 11, 1918
Location
Kenmare, North Dakota (48.675, -102.083)

Metadata

Model
gpt-5-mini
Short Digest
383d6ab1

Response Measures

None

Description

No run is described in the articles. The bank was closed by the State Bank Examiner in September 1918 and placed under a receiver (per court action in October 1918). The institution remained in receivership; later litigation (1921) forced the receiver to return funds. Dates taken from newspaper publication dates and content (closure reported Sep 13, 1918; receiver appointment reported early October 1918).

Events (3)
1. September 11, 1918 Suspension
Cause
Government Action
Cause Details
Closed by order of the State Bank Examiner due to ongoing financial difficulties and poor crop conditions making recovery unlikely.
Newspaper Excerpt
Farmers and Merchants Bank of this city closed its doors Wednesday morning under an order from the State Bank Examiner, and the institution is now under the control of that department, with Deputy L. P. McAneney of Devils Lake in charge.
Source
newspapers
2. October 3, 1918 Receivership
Newspaper Excerpt
M. T. Dalquist, a well known Minot business man has been appointed Receiver. ... The action was brought against the ... Farmers and Merchants Bank of Kenmare. The affairs of the bank are said to be in bad shape. The directors have been served with notice not to transact any further business for the institution.
Source
newspapers
3. August 27, 1921 Other
Newspaper Excerpt
M. T. Dalquist, former receiver of the Farmers and Merchants State bank of Kenmare, is directed to return $7,200 'wrongfully and unlawfully appropriated by him and converted to his own use out of funds belonging to the bank,' according to a decision rendered yesterday by District Judge John C. Lowe in the matter of the final hearing on the report of Dalquist as receiver.
Source
newspapers

Newspaper Articles (8)
1. September 13, 1918 The Bowbells Tribune Bowbells, ND
Article from The Bowbells Tribune, September 13, 1918

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Article Text

KENMARE BANK CLOSED BY EXAMINER FarmThe Kenmare Journal: ers and Merchants Bank of this city closed its doors Wednesday morning under an order from the State Bank Examiner, and the institution is now under the control of that department, with Deputy L. P. McAneney of Devils Lake in charge. The state examiner has asked that a receiver be appointed at once and this will be done as soon as possible. The appointment will be made by Judge Leighton of the district court. The Journal learns that the bank has been in financial difficulties for some time, but that it was believed a good crop would have again placed it on its feet. With the partial fanure throughout all this territory the men in charge could see no way for the institution to work out and asked the state bank examiner to take charge. Just how the bank will pay out is not known at this time, and probably won't be for some time. As soon as a receiver is named and he has had lime to go thoroughly through the company's business, more will be available on that point. -W S. S. -

2. October 3, 1918 The Ward County Independent Minot, ND
Article from The Ward County Independent, October 3, 1918

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Article Text

DALQUIST RECEIVER OF KENMARE BANK State Holds Hearing in Case Against Defunct Farmers and Merchants Bank of Kenmare Today A hearing in case of the defunct Farmers and Merchants Bank of Kenmare, was held before Judge Leighton in District Court this afternoon, at 2 o'clock. The action was brot by Attorney General Langer, representing the state and States Attorney Herigstad, representing Ward County. M. T. Dalquist, a well known Minot business man has been appointed Receiver. Mr. Dalquist has been at the head of the well known Security Mortgage Loan Co. of this city, for a good many years, and is exceptionally well qualified for the position of Receiver. The action was brot against the following officers and directors of the bank: J. L. Wemark, president; H. T. Sands, cashier; H. O. Lincoln, J. H. Kenny, E. W. Swanson, O. B. Sands, and H. T. Nelson. Ward county is interested by reason of the $20,000 deposits in the institution at the time it was declared insolvent. The county is protected fully, however, by bonds, it is believed. The bondsmen are said to be responsible financially for this amount. The affairs of the bank are said to be in bad shape. The directors have been served with notice not to transact any further business for the institution. Many had paid money to the bank to be applied on their Third Liberty e Loan bonds, but it is believed that the government will see that they are d fully protected. is

3. October 7, 1918 The Fargo Forum and Daily Republican Fargo, ND
Article from The Fargo Forum and Daily Republican, October 7, 1918

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Article Text

at a church council held at Berthold. Rev. H. Stickney, of Fargo, participated. M. T. Dalquist, of Minot, has been appointed receiver of the Farmers' & Merchants' Bank of Kenmare. Carl Fjermstad, residing near Minnewaukan, was killed in a runaway accident. Mrs. George Yonkers of Max, Mrs. J. L Greenan of Regan, and the 4-year-old son of Mrs. Yonkers, were injured in an automobile accident near Wilton when the car turned over on breaking a front wheel. Elmer Adams, of Lemmon, pleaded guilty to importing liquor into North Dakota in the Slope county district court.

4. October 11, 1918 The Bowbells Tribune Bowbells, ND
Article from The Bowbells Tribune, October 11, 1918

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Article Text

DAHLQUIST NAMED REREIVER FOR BANK Minot, N. D., Oct. 10.-M. T. Dalquist has been named receiver of the Farmers and Merchants State bank at Kenmare. The appointment was made yesterday at a hering when State's Attorney O. B. Herigstad appeared in behalf of the state. Mr. Dalquist is manager of the Security Mortgage Loan company and is an experienced banker. His bond has been filed, and at the end of 30 days he will in all probability be the permanent receiver of the bank. w

5. April 24, 1919 The Ward County Independent Minot, ND
Article from The Ward County Independent, April 24, 1919

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Article Text

# Wemark's Property Held in Trust. J. L. Wemark, of Kenmare, former president of the Farmers and Merchants State bank, which is in the hands of M. T. Dalquist as Trustee, has deeded valuable property to be held in trust, until such time as the affairs of the bank may be settled. The trustees for the Wemark property are David Clark, Jr., and Jourgen Olson, the latter a creditor who had $18,000 on deposit at the time the bank went into the Receiver's hands. Ward county has $20,000 in sinking funds on deposit in the bank at the time it failed. Before placing the Wemark property in trust, it was necessary for the county commissioners to adopt a resolution favorable to this, which was done Monday. Mr. Dalquist believes that the bank will pay out 100 cents on the dollar if we get a good crop this year. Mr. Wemark, who is a well known Kenmare

6. May 29, 1919 The Ward County Independent Minot, ND
Article from The Ward County Independent, May 29, 1919

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Article Text

H. T. SANDS ARRESTED ON TWO CHARGES Former Kenmare Banker Furnishes $3,000 Bail-Charged With Receiving Money After Bank Was Insolvent and Making False Report. H. T. Sands, former vice president of the Farmers and Merchants Bank of Kenmare, now in the hands of a receiver, was placed under arrest at Wyndmere, N. D., Friday, where he has been operating a lumber yard for the past year, under two charges: 1-Receiving money after he knew that the bank was insolvent. 2-Swearing to a false report to the state banking department. The complaint was issued out of the office of States Attorney Herigstad. Sands appeared before Justice A. B. Dill Monday. gave bonds for $3,000, and his preliminary hearing will be held later. Sands has employed Fisk & Murphy to represent him and will fight the case. He returned to Wyndmere Monday night. The States Attorney alleges that the bank department had ordered Sands to take out several thousand dollars worth of poor paper out of the bank, which he did, later putting the paper back in the bank, and swearing falsely in his report. The bank failed Sept. 5, 1918, and has been in the hands of M. T. Dalquist, as receiver. Mr. Dalquist believes that with good. crops this year, the bank will come near paying out dollar for dollar. The bank has 26 quarters in crop and if the crops are good, many of the notes given to the bank will be collected the coming fall. Sands became vice president after the resignation of A. G. Engdahl, who shot and killed himself at Kenmare last Friday night, as the result of an accident while cleaning his revolver, according to a statement made by his friends.

7. June 6, 1919 The Bowbells Tribune Bowbells, ND
Article from The Bowbells Tribune, June 6, 1919

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Article Text

SANOS ARRESTED ON TWO CHARGES Minot, N. D., Juie 5-H. T. Sands, former vice president of the Farmers and Merchants Bank of Kenmare, now in the hands of a receiver, was placed under arrest at Wyndmere, N. D., Friday, where he has been operating a lumber yard for the past year, under two

8. August 27, 1921 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, August 27, 1921

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Article Text

MUST RETURN MONEY. Minot, N. D., Aug. 27.-M. - T. Dahlquist, former receiver of the Farmers and Merchants State bank of Kenmare, is directed to return $7,200 "wrongfully and unlawfully appropriated by him and converted to his own use out of funds belonging to the mank," according to a decision rendered yesterday by District Judge John C. Lowe in the matter of the final hearing on the report of Dahlquist as receiver. He resigned as receiver in March, 1921, after having served since October, 1918.