First National Bank - Marion, ND

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 9161
Charter Number: 9161
Start Date: February 1, 1926*
Location: Marion, North Dakota (46.607, -98.332)

Metadata

Model: gpt-5-mini
Short Digest: d8fc9436

Response Measures

None

Receivership Details

Depositor recovery rate: 15.0%
Date receivership started: 1926-03-19
Date receivership terminated: 1931-03-11
OCC cause of failure: Governance
Share of assets assessed as good: 50.5%
Share of assets assessed as doubtful: 37.0%
Share of assets assessed as worthless: 12.6%

Description

Article states the First National Bank of Edgeley was closed in February 1926 and is in receivership; receiver making dividend payments in Dec 1928. No run is mentioned. Classified as a suspension that resulted in permanent closure/receivership.

Events (4)

1. June 5, 1908 Chartered

Source: historical_nic

2. February 1, 1926* Suspension

Cause: Government Action
Cause Details: Bank was closed and placed in receivership in February 1926 (receiver later distributing dividends).
Newspaper Excerpt: The bank closed in February, 1926.
Source: newspapers

3. March 19, 1926 Receivership

Source: historical_nic

4. December 19, 1928 Receivership

Newspaper Excerpt: Payment of 10 per cent dividends in each of three closed banks ... Certificate holders in the First National Bank of Edgeley will receive payments. A total of 80 per cent has been paid by this trust since it was closed less than two years ago. ... Checks are now being sent to creditors of the First National Bank of Marion, covering a dividend of 10 per cent.
Source: newspapers

Newspaper Articles (1)

1. December 19, 1928 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, December 19, 1928

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Article Text

3 Closed Banks in La Moure Making 10 Per Cent Payments La Moure, Dec. 19.-Payment of 10 per cent dividends in each of three closed banks in La Moure- county is announced today by Ed Schulenberg, receiver. Certificate holders in the First National Bank of Edgeley will receive payments. A total of 80 per cent has been paid by this trust since it was closed less than two years ago. A 10 per cent dividend is being paid to creditors of the Farmers National Bank of La Moure but checks will not be ready for distribution until Jan. 1. The La Moure trust has paid 40 per cent in addition to this payment. The bank closed in February, 1926. Checks are now being sent to creditors of the First National Bank of Marion, covering a dividend of 10 per cent.