12365. Farmers & Merchants State Bank (Kenmare, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 1, 1918*
Location
Kenmare, North Dakota (48.675, -102.083)

Metadata

Model
gpt-5-mini
Short Digest
f481fc14

Response Measures

None

Description

The bank was closed by the State Banking Department on Sept 5, 1918 and placed in receivership. There is no mention of a depositor run; deposits were not guaranteed and the institution remained closed with receivers administering assets and later selling them (assets sold Nov 18, 1922). Dates derived from articles: closing 1918-09-05 (Article 6); receivership shortly thereafter (Articles 1,2,6); asset sale hearing Nov 18, 1922 (Article 6).

Events (5)
1. September 1, 1918* Receivership
Newspaper Excerpt
M. T. Dalquist was appointed Receiver and took charge shortly after. Mr. Dalquist resigned in March, 1921, and A. A. Swanson then appointed, and remaining in charge to this time.
Source
newspapers
2. September 5, 1918 Suspension
Cause
Government Action
Cause Details
Closed by the State Banking Department for inability to comply with departmental and guaranty-fund regulations; deposits not guaranteed.
Newspaper Excerpt
The Bank was closed by the State Banking Department on Sept. 5, 1918, because of its inability to comply with regulations of the Department and of the Guaranty Fund Commission
Source
newspapers
3. March 31, 1921 Other
Newspaper Excerpt
A. A. Swanson, former Tolley banker, was appointed receiver of the Farmers and Merchants Bank of Kenmare, succeeding M. T. Dalquist. The appointment was made by Judge John C. Lowe.
Source
newspapers
4. November 18, 1922 Other
Newspaper Excerpt
A bid by Messrs. Sinclair and Churchill was received early in November by the Receiver ... The hearing upon the petition to sell was set for Nov. 18, at Williston ... the assets were ordered sold and transferred in accordance with the bid as tendered by Messrs. Sinclair and Churchill.
Source
newspapers
5. December 15, 1922 Other
Newspaper Excerpt
The assets of the Farmers & Merchants State Bank of Kenmare, N. D., were sold to J. H. Sinclair ... consideration of $4600.00 in cash.
Source
newspapers

Newspaper Articles (6)
1. March 31, 1921 The Ward County Independent Minot, ND
Article from The Ward County Independent, March 31, 1921

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Article Text

CITY NEWS IN BRIEF S. R. Kauffman, who held a farm sale east of the city recently, was well pleased with the prices received. Horses went a little cheap, from $40 to $127.50. D. D. Simmons, prominent Fargo seed man was in the city Wednesday, conferring with Guy Almy, manager of the Minot branch of the D. D. Simmons Seed Co. Geo. and Leo Annis were arrested and brot back from Rugby, charged with stealing $240 from the home of Mrs. H. A. Vandry to whom they are related. Geo. entered a plea of guilty and Leo pleaded not guilty. A. A. Swanson, former Tolley banker, was appointed receiver of the Farmers and Merchants Bank of Kenmare, succeeding M. T. Dalquist. The appointment was made by Judge John C. Lowe. Mr. Swanson was cashier of the Tolley State bank, now closed for eight years. Mrs. F. N. Fuller who has been in Minot looking after the sale of some property, left for California to join her daughter, Jeanne, who is studying aesthetis dancing. Mr. and Mrs. Fuller will locate in the west. Mrs. Fuller's mother, Mrs. Wheeler jonied her in Minot to accompany her as far as Everett, Wash. Mrs. C. A. Johnson received a telegram Tuesday evening, telling her of the death of her brother, Herman Meisch, which occurred at Portland, Ore. Argyle, Minn., was the home of the deceased but he had been spending the winter at Los Angeles for his health. He lived in Minot for a year in the early days. He is survived by his wife and three daughters. A. Gordon, proprietor of the Gordon Clothing Co., has returned from an absence of three weeks in Minneapolis and Valley City. Mr. Gordon has opened a clothing store in Valley City. Mr. Gordon was accompanied home by his wife. They have broken up housekeeping in Minneapolis where they established residence some time ago that their children might attend school in that city. Miss Zelda Gordon has remained in Minneapolis with her sister, Mrs. B. Wulfson, wife of an attorney. I

2. March 31, 1921 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, March 31, 1921

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Article Text

TOLLEY MAN NAMED RECEIVER FOR CLOSED BANK AT KENMARE Tolley, N. D., March 31.-A. A. Swanson, former Tolley banker and now deputy bank examiner. was today appointed receiver for the Farmers' and Merchants' bank of Ken, mare. M. T. Dalquist of Minot, who has served as receiver since the institution closed some two years ago, having resigned. The appointment was made by Judge John C. Lowe. The Equitable Audit Co., recently concluded an audit of the defunct bank which was made on order of the state bank examiner. Mr. Swanson was cashier of the Tollev State bank. now closed. for eight years. A: M. Fruh was president of the Tolley institution. Mr. Swanson has been deputy bank examiner since the Fruh bank closed and at present is in Williston. He will assume his duties at Kenmare Monday, April 4. He is well acquainted in the Kenmare district. Mr. Dalquist has made no announcement concerning his plans for the future.

3. September 1, 1921 The Ward County Independent Minot, ND
Article from The Ward County Independent, September 1, 1921

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Article Text

Dalquist Ordered to Return $7,200 to Kenmare Bank The final report and account of M. T. Dalquist, as receiver of the Farmers and Merchants Bank of Kenmare was heard before Judge J. C. Lowe August 12. It was shown that Mr. Dalquist had collected for his services during the time he was receiver, from October 1, 1918, until he resigned in March, 1921, $16,220. His compensation fixed by agreement with Jim Waters, who was then state bank examiner, and K. E. Leighton, who was then district judge, was to be not more than $300 a month, it is claimed, and it is alleged he should not have collected for services more than $9,000. He is ordered by Judge Lowe to return to the present receiver of the bank $7,200 and interest from December 15, 1920. Mr. Dalquist or his bonding company, the American Bonding and Casualty Co. of Sioux City, Ia., is ordered to pay the amount.

4. March 30, 1922 The Ward County Independent Minot, ND
Article from The Ward County Independent, March 30, 1922

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Article Text

Also application of Bennie H. Olson for the year 1921 as to the SINE}, NINE). NINWI Sec. 32. Twp. 156, Range 83. Also application of J. F. Booth for he vear 1921 as to the N4 SE1, SEINE}. SEISE1, Sec. 12, Twp. 153, Range 81. Also application of M. E. Thoreson for the year 1921 as to the NE) Sec. 34. Twp. 154, Range 83. Motion carried. Moved by Com. Spicher seconded by Com. Toftner that the following applications for abatement of taxes in general form be accepted and the auditor instructed to forward the same to the state tax commissioner, at Bismarck, for his approval: Application of Arthur F. Kately of Kenmare Township, as to personal property for the year 1921. Also application of Mrs. Emma Rapaport. city of Minot, for the year 1921, as to Lot 2. Block 4, Torbenson's First Addition to the city of Minot. Also application of Chas. Story for he year 1921, as to Lot 8, Block 1, Hendrickson's Addition to the City of Minot. asking for $500.00 exemption. Also application of Russell Gard for he year 1921. as to the SEINE! Sec. Twn. 153. Range 81. Application of A. A. Swanson. Receiver of the Farmers & Merchants State Bank, of Kenmare, for the year 1921. Also application of A. F. Blum for the year 1921 as to personal property of Des Lacs Western Oil Co. Also application of J. H. Sinclair for the year 1921 as to personal property. Also application of D. A. Dinnie for the year 1921 as to Lot 6, Block 17. Ramstad's Riverview Sub Division in the city of Minot, as to real estate. Also application of Hans Remme for the year 1921 as to Lot 10. Block 17, in the Village of Ryder, as to real estate. Also application of Geo. P. Triewell1er for the year 1919 as to the NW1 Sec. 30, Twp. 155, Range 83, as to real a state. , Also application of Jens C. Olson for

5. August 24, 1922 The Ward County Independent Minot, ND
Article from The Ward County Independent, August 24, 1922

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Article Text

One year old, $12.00; one year old and under two, $20.00; two years old and under three, $30.00; three years old and over, $45.00. Stallion, O. K. Item 9, Cattle Under one year old, $5.00; one year old and over two, $10.00; two years old and under three, $16.00; cows, $25.00; bulls, $30.00. On Items 15, 16, 17 and 18, the following increase or decrease be made: Minot City: Item 15, O. K.; Item 16, Plus 43%; Item 18, Plus 23%. Kenmare City, Item 15, O. K.; Item 16, O. K.; Item 17, Plus 20%; Item 18, O. K. Berthold City, Item 15, Plus 6%; Item 16, O. K.; Item 17, O. K. Carpio Village: Item 15, Plus 56%; Item 16, Plus 70%; Item 17, O. K.; Item 18, O. K. Donnybrook Village: Item 15, O. K.; Item 16, Minus 11%; Item 17, O. K.; Item 18, O. K. Des Laos Village, Item 15, Plus 30%; Item 16, Plus 51%; Item 17, O. K. Douglas Village: Item 15, Minus 20%; Item 16, Minus 20%; Item 17, O. K. Makoti Village: Item 15, Plus 38%; Item 16, O. K.; Item 17, O. K. Ryder Village: Item 15, O. K.; Item 16, Minus 26%; Item 17, O. K.; Item 18, O. K. Sawyer Village: Item 15, O. K.; Item 16, O. K.; Item 17, O. K.; Item 18, C. K. Motion carried. Moved by Com. Spicher, seconded by Com. Haldi, that the following schedule be used in equalizing bank stock in the various banks of Ward County to be in accordance with the tentative assessment as recommended by the State Tax Commisison: Assessment Name of Bank, Location $ 2,500 State Bank of Aurelia, Aurelia 8,437 Bank of Berthold, Berthold State Bank of Berthold, Berthold 5,754 American State Bank, Burlington 18,717 4,180 First State Bank, Burlington 13.836 First National Bank, Carpio First Security Bank, Carpio (In hands of receiver) Farmers State Bank, Des Lacs 3.379 State Bank of Des Lacs, Des Lacs 5,732 Donnybrook State Bank, Donnybrook (In hands of receiver) Peoples' State Bank, Donnybrook 2,379 Citizens State Bank, Douglas 4,836 Douglas State- Bank, Douglas Foxholm State Bank, Foxholm 10,204 3,196 Hartland State Bank, Hartland Farmers & Merchants State Bank, Kenmare (In hands of receiver) First National Bank, Kenmare 17.103 Kenmare National Bank, Kenmare 15,654 2,342 First State Bank, Lone Tree The First National Bank, Makoti 13,654 Reservation State Bank, Makoti Citizens Bank of Minot, Minot 11,000 First Farmers Bank, Minot (In hands of receiver) First International Bank, Minot_ 11,829 Scandinavian American Bank, Minot 5,591 The Second National Bank, Minot 59,937 The Union National Bank, Minot 24,050 Farmers & Merchants State Bank, Niobe 8,215 The First National Bank, Ryder 20,955 First State Bank, Ryder 8,810 First State Bank, Sawyer 10,156 Sawyer State Bank, Sawyer (In hands of receiver) First State Bank, Surrey 4,016 Motion carried. At 3 o'clock it was moved by. Com. Haldi, seconded by Com. Toftner that we adjourn as a Board of Equalization and meet as a Board of County Commissioners. Motion carried. August 3, 1922 The Board met at 2 P. M., as per adjournment, as a Board of Equalization, with the following members present: Commissioners Toftner, Spicher, Haldi and Krantz. Com. Krantz in the chair and Com. Vandenoever absent. Moved by Com. Spicher, seconded by Com. Haldi that the auditor be instructed to reduce the assessed valuation of the Standard Oil Co., in the City of Kenmare, to $2,775, as figures given by the City Assessor. Motion carried. Moved by Com. Spicher, seconded by

6. December 21, 1922 The Ward County Independent Minot, ND
Article from The Ward County Independent, December 21, 1922

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Article Text

ASSETS OF KENMARE BANK SOLD FOR ONLY $4,600.00 Kenmare, Dec. 15.-There have been numerous inquiries regarding the sale of the assets of the Farmers & Merchants State Bank, Kenmare, N. D,, which closed Sept. 5, 1918, and we have taken the trouble to secure a statement which will give the people of this community some idea of the situation and what the sale means to the creditors of the defunct bank. The assets of the Farmers & Merchants State Bank of Kenmare, N. D., were sold to J. H. Sinclair and on order for the Nov. W. F. 18, Churchill 1922, of consideration the for Court, the of $4600.00 in cash. A bid assets in that amount by Messrs. Sinclair and Churchill was received early in November by the Receiver who then made application to the Court to sell. The hearing upon the petition to sell was set for Nov. 18, at Williston and all the creditors were notified of same. No one objected to the sale or made a higher bid and the assets were orderd sold and transferred in accordance with the bid as tendered by Messrs. Sinclair and Churchill. The conditions of the bid have been complied with and the purchasers have taken possession of the assets with James H. Sinclair Jr., in charge of same with office in the bank building. The same included all the assets excepting causes of action against the stockholders of the bank on their double liability and an act on against the former Receiver, M. T. Dalquist. There is pending at this time numerous actions against the receiver on claims where preference is asked and no distribution of the remaining funds can be made until such matters are finally disposed of. The Bank was closed by the State Banking Department on Sept. 5, 1918, because of its inability to comply with regulations of the Department and of the Guaranty Fund Commission which was nécessary at the time to enable it to be accepted under the Guaranty Act. The deposits in this bank were therefore not guaranteed. M. T. Dalquist was appointed Receiver and took charge shortly after. Mr. Dalquist resigned in March, 1921, and A. A. Swanson then appointed, and remaining in charge to this time. During the time Mr. Dalquist was in charge he maintained that if the ereditors would only give him sufficient time he would pay out 100 cents on the dollar. Shortly after Mr. Swanson took charge and, after he had time to thoroughly investigate the different items of assets, he reported to the Court that little, if anything, would be paid to general creditors regardless of whether the assets be immediately disposed of by bids or the receivership continued indefinitely. And the accuracy of that report has been borne out by subsequent facts. of hope the creditors of the regeneral There is little any bank that will The ceive a dividend of any kind. total number of claims against the receivership amount to approximately $300,000.00 which will be almost a total loss. Thus, through mismanagement, poor paper, and because of poor crops, as near a total bank loss has occurred as has ever been recorded in the State.