12406. Peoples State Bank (Leith, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 14, 1921
Location
Leith, North Dakota (46.358, -101.637)

Metadata

Model
gpt-5-mini
Short Digest
d69e2636

Response Measures

None

Description

The Peoples State Bank of Leith closed on February 14, 1921 and subsequently came under the jurisdiction of L. R. Baird as general receiver. Articles discuss dividend payments from the receivership; no run or depositor panic is reported in the provided excerpts.

Events (4)
1. February 14, 1921 Suspension
Cause
Government Action
Cause Details
Bank closed and placed under a general receiver (L. R. Baird) and operated in receivership; closure led to liquidation and dividend distributions.
Newspaper Excerpt
The Peoples State Bank closed February 14, 1921, but came under the jurisdiction of Mr. Baird as general receiver only a few months ago when he assumed the position.
Source
newspapers
2. April 22, 1924 Other
Newspaper Excerpt
Depositors of the Peoples State Bank of Leith, Grant county, closed, will receive a 20 percent dividend ... The total dividend, which amounts to $10,918.04 is the first to be made in this bank, and it is probable another dividend will be made yet this year, the general receiver stated.
Source
newspapers
3. March 24, 1925 Other
Newspaper Excerpt
Another dividend of 30 percent has been paid to stockholders of the Peoples State bank of Leith, which also had been opened a comparatively short time before it closed. A 20 percent and a 10 percent dividend is being followed by the 30 percent dividend, which in addition to the 10 percent dividend of the depositors guaranty fund commission, will give depositors of that bank 70 percent of their money, with prospect of obtaining more.
Source
newspapers
4. * Receivership
Newspaper Excerpt
Depositors in the Peoples State Bank of Leith, Grant county, closed, will receive a 20 percent dividend, it was announced today by L. R. Baird, general receiver of closed banks. ... The Peoples State Bank closed February 14, 1921, but came under the jurisdiction of Mr. Baird as general receiver only a few months ago when he assumed the position.
Source
newspapers

Newspaper Articles (6)
1. April 22, 1924 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, April 22, 1924

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Article Text

DIVIDEND ON CLOSED BANK IS DECLARED Depositors of Leith Bank To Get 20 Per Cent Checks Depositors in the Peoples State Bank of Leith, Grant county, closed, will receive a 20 percent dividend, it was announced today by L. R. Baird, general receiver of closed banks. Depositors will be paid upon presentation of receivers certificates, he added. The total dividend, which amounts to $10,918.04 is the first to be made in this bank, and it is probable another dividend will be made yet this year, the general receiver stated. The Peoples State Bank closed February 14, 1921, but came under the jurisdiction of Mr. Baird as general receiver only a few months ago when he assumed the position.

2. June 23, 1924 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, June 23, 1924

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Article Text

# INDORSEES OF # NOTE FOR N. P. # PAPER LIABLE Four Grant county men, who signed note of Publishers Service Bureau, which owned Nonpartisan League newspapers, are held liable for payment of note of $847.30 on which service bureau defaulted, in decision handed down by supreme court today. Suit was brought by L. R. Baird, as receiver of Peoples State Bank of Leith, to which service bureau, through W. W. Liggett, manager, had given note. Only $78.29 was paid on note by bureau. Jury in district court of Grant County found in favor of defendants, but supreme court, reversing decision, holds Wm. Clausen, Robert Franzen, W. B. Noyes and H. A. Seely liable as indorsees.

3. June 23, 1924 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, June 23, 1924

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Article Text

DECISIONS OF SUPREME COURT C. D. Riffey, O. P. Nustad, M. Lemmons, plaintiff and appellants, vs. Ira Rush, Frank Eicher and Minot Baseball club; appeal on declaration that contemplated baseball park was nuisance; district court held it was not; district court of Ward County affirmed. Opinion of supreme court by Johnson, Justice. L. R. Baird, as receiver of the Peoples State Bank of Leith, plaintiff and appellant vs. Publishers National Service, William Clausen, etc., defendants and respondents; appeal from district court of Grant County, which indorses not liable on note given by service bureau to bank; appeal from Grant county, Lembke, judge. Reserved and Remanded. Opinion of supreme court by Birdzell, justice. C. I. Hutchinson, Ira Hutchinson, R. C. Hutchinson, G. F. Masters, doing business as Hutchinson Hardware Co., plaintiffs and appellants, 'VS. Bohnsack School District, defendant

4. March 24, 1925 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, March 24, 1925

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Article Text

STOCKHOLDERS PAY DEPOSITORS OF HATTON BANK Depositors of the Peoples State Bank at Hatton, Traill county, are receiving from the office of L. R. Baird, general receiver, the first 100 per cent dividend in a closed bank in North Dakota. The payment is made possible through action of stockholders in advancing funds in the hope that they may be reimbursed in the final windup of the affairs of the institution. Approximately $70,000 is being paid to depositors of the bank, which closed Oct. 22, 1921. There were 175 stockholders in the institution, and stockholders voluntarily contributed funds enough to make reimbursement of depositors possible. Because the bank had been in existence a comparatively short time it is possible that enough may be realized from assets to reimburse stockholders, at least in part, after they have sacrificed their stock and part of the double liability against them. The stockholders, in raising the cash, made one of the conditions that the general receivership system continue to be used in liquidating the affairs of the bank. Credit for working out the method for reimbursing depositors is given by Mr. Baird to O. L. Engen of Fargo, who was individual receiver for the bank and now has it under his charge as district receiver. Another dividend of 30 percent has been paid to stockholders of the Peoples State bank of Leith, which also had been opened a comparatively short time before it closed. A 20 percent and a 10 percent dividend is being followed by the 30 percent dividend, which in addition to the 10 percent dividend of the depositors guaranty fund commission, will give depostors of that bank 70 percent of their money, with prospect of obtaining more. Another dividend of 10 percent to depositors of the Security State bank of Columbus is heing paid by the receiver through the guaranty fund commission.

5. June 9, 1925 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, June 9, 1925

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Article Text

depositors of the first 58 banks which closed has been increased in several instances by dividends of the receiver of closed banks. Depositors of the People's State bank of Hatton received 100 percention the dollar of their deposits, and depositors of the People's State bank of Leith have received 60 percent in dividends from the receiver and 10 percent from the depositors guaranty fund commission. Other banks on which dividends have been paid by the receiver, in addition to the 10 percent of the depositors guaranty fund commission, are: Security State bank of Columbus, 10 percent; Fortuna State bank, 30 percent; Prosper State bank, 10 percent; Citizens State bank of Hazen, 10 percent; First Farmers of Minot, 10 percent. The first 58 banks which closed. on which the guaranty fund dividend was paid, included several of the largest banks which closed, among them the Scandinavian-American bank of Fargo, the Williams County State bank of Williston and the First Farmers of Minot.

6. June 26, 1925 The Producers News Plentywood, MT
Article from The Producers News, June 26, 1925

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Article Text

RECEIVER REALIZES CONSIDERABLE The 10 per cent dividend paid to depositors of the first 58 banks which closed has been increased in several instances by dividends of the receivers of closed banks. Depositors of the People's State bank of Hatton received 100 per cent on the dellar of their deposits and depositors of the People's State bank of Leith have received 60 per cent in dividends from the depositors guaranty fund commission. Other banks on which dividends have been paid by the receiver in addition to the 10 per cent of the depositars guarantee fund commission, are: Security State Bank of Columbus, 10 per cent; Fortuna State bank, 30 per cent; Prosper State Bank, 30 per cent; Prosper State bank, 10 per cent; Citizens State bank of Hazen, 10 per cent; First Farmers of Minot, 10 per cent.