State Bank - Knox, ND

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 2, 1918
Location: Knox, North Dakota (48.340, -99.690)

Metadata

Model: gpt-5-mini
Short Digest: 58d06439

Response Measures

None

Description

Article (Aug 2-3, 1918) reports the State Bank of Knox was closed by the state bank examiner and described as 'defunct'; examiner will ask that a receiver be appointed. No run or depositor panic is mentioned. The article also names the cashier D. H. Ugland and charges of falsifying records; OCR shows both 'Security State bank' and 'State bank of Knox' — bank identified as State Bank of Knox.

Events (2)

1. August 2, 1918 Suspension

Cause: Government Action
Cause Details: Closed by the state bank examiner amid investigation of falsified records and large bad loans/notes.
Newspaper Excerpt: Ugland, cashier to the Security State bank, recently closed by the state bank examiner,
Source: newspapers

2. August 3, 1918 Receivership

Newspaper Excerpt: Major J. R. Waters, state examiner, is in Knox investigating affairs connected with the defunct State bank of Knox, for which he will ask a receiver.
Source: newspapers

Newspaper Articles (1)

1. August 3, 1918 Grand Forks Herald Grand Forks, ND

Article from Grand Forks Herald, August 3, 1918

Click image to open full size in new tab

Article Text

UGLAND OUT UNDER BONDS Defaulting Cashier of Knox Bank Furnishes $7,500 for His Release. Knox, N. D., Aug. 2.-D. H. Ugland, cashier to the Security State bank, recently closed by the state bank examiner, today furnished $7,500 bonds for his release pending a hearing on the charge of falsifying the bank records. He was arrested on his return to Knox from St. Paul, Minn., where he attended a conference of creditors several days ago. W. H. Shure, trustee of Fargo, announced today that preliminary investigation revealed that Ugland had crop interests worth between $160,000 and $170,000, clear of debt, that will go a long way toward covering any shortages that the bank inquiry may develop. Bismarck, N. D., Aug. 3.-Major J. R. Waters, state examiner, is in Knox investigating affairs connected with the defunct State bank of Knox, for which he will ask a receiver. While the bank's liabilities run very high, including about $160,000 worth of bad notes, the state examiner's office hopes by careful management to reduce the actual loss to a comparatively small amount.