12409. First National Bank (Lidgerwood, ND)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
5772
Charter Number
5772
Start Date
July 3, 1925
Location
Lidgerwood, North Dakota (46.076, -97.152)

Metadata

Model
gpt-5-mini
Short Digest
5ee0cd88

Response Measures

None

Receivership Details

Depositor recovery rate
6.0%
Date receivership started
1924-06-17
Date receivership terminated
1928-08-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
17.8%
Share of assets assessed as doubtful
58.9%
Share of assets assessed as worthless
23.4%

Description

The old First National Bank had been under receivership and closed; a reorganized First National Bank opened July 3, 1925 assuming 50% of deposit liabilities. A court order on 1925-09-16 authorized the receiver to sell assets to the new First National Bank. No run is described in the articles; this is a suspension (receivership) followed by reopening/reorganization.

Events (5)

1. April 9, 1901 Chartered
Source
historical_nic
2. June 17, 1924 Receivership
Source
historical_nic
3. July 3, 1925 Reopening
Newspaper Excerpt
The new, reorganized First National bank of Lidgerwood, replacing the old national bank which has been under receivership for some time, has opened here. The new institution will assume 50 per cent of the deposit liability of the old bank, and will purchase a like amount of assets. ... The reopened institution has capital and surplus of $30,000. S. O. Quammen is president; ... A. W. Johnson, receiver of the old institution, is to assume the cashiership later, under present plans.
Source
newspapers
4. September 16, 1925 Receivership
Newspaper Excerpt
A court order authorizing A. W. Johnson, receiver of the closed First National Bank of Lidgerwood to sell the assets of the bank to the First National Bank in Lidgerwood, was signed late yesterday by Charles F. Amidon, Judge of the United States District Court for the district of North Dakota.
Source
newspapers
5. * Suspension
Cause
Government Action
Cause Details
Old First National Bank had been placed under receivership and was closed prior to reorganization.
Newspaper Excerpt
replacing the old national bank which has been under receivership for some time
Source
newspapers

Newspaper Articles (2)

Article from The Bismarck Tribune, July 3, 1925

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Article Text

DICKINSON CENSUS Dickinson, July 3.-The population of Dickinson increased about 400 during the past five years according to 1925 census figures given out by Assessor W. B. Dickinson this week. There are now 4467 residents in the Queen City. Of this number 2151 are males and 2316 females. Of the former 508 are foreign born and 493 of the females are foreign born. One hundred and seventeen of the number are aliens. In reality, however, Dickinson has a population close to 5,000, it is estimated, due to the number of normal school and other school attendants during the year. These are not counted as residents of the city. Dickinson has shown a healthy growth during the past few years and is continuing to grow. The housing problem has become serious in the city at the present time and if more homes were available it is certain that the population would increase still more. There are any number of families who would come to the city if they could find homes. An interesting census of the automobile in Dickinson has also been compiled recently by parties interested in automobile sales here. It is estimated that there are over 750 Fords of all models in the city and 650 automobiles of all other makes. This total of 1300 would leave more than one to every family in the city. NEW BANK OPENS Lidgerwood, N. D., July 3.-The new, reorganized First National bank of Lidgerwood, replacing the old national bank which has been under receivership for some time, has opened here. The new institution will assume 50 per cent of the deposit liability of the old bank, and will purchase a like amount of assets. The balance of the assets will be held in trust for the benefit of creditors. The reopened institution has capital and surplus of $30,000. S. O. Quammen is president; James Goolsbey, vice president, and C. A. Bonzer, vice president and cashier. A. W. Johnson, receiver of the old institution, is to assume the cashiership later, under present plans. RANSOM CENSUS Lisbon, N. D., July 3.-Ransom county, on April 1, 1925, had a population of 10,873, according to the abstract of the 1925 census as tabulated by J. A. Gray, county auditor. Of this total, 266, or 2.4 per cent are not citizens. The City of Lisbon shows a population of 1,626; Enderlin. 1,824; Sheldon, 319, and Elliott, 91. Of the rural districts, Fort Ransom township shows the greatest number of people with 500 population. Shenford comes second with 438, and Casey is a close third with 437. The smallest rural district population is shown in Scoville township, with 98 population. Native born citizens show a majority of male of 5,283 as against 4,852 female. Of the foreign born the count shows 495 males as against 365 females. Persons 60 years and over show 470 male as against 345 female. Total male 5,705. Total female 5,168.


Article from The Bismarck Tribune, September 16, 1925

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Article Text

COURT ORDERS BANK TRANSFER Fargo, N. D., Sept. 16.-(A)-A court order authorizing A. W. Johnson, receiver of the closed First National Bank of Lidgerwood to sell the assets of the bank to the First National Bank in Lidgerwood, was signed late yesterday by Charles F. Amidon, Judge of the United States District Court for the district of North Dakota.