Farmers State Bank - Marmarth, ND

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 10, 1920
Location: Marmarth, North Dakota (46.295, -103.921)

Metadata

Model: gpt-5-mini
Short Digest: e00cdcca

Response Measures

None

Description

The bank voluntarily closed because of lack of funds after poor management and poor paper were discovered; the state banking board named a receiver and the guaranty deposit fund will cover losses. No run or depositor panic is mentioned. Closure appears permanent with receiver appointed.

Events (2)

1. July 10, 1920 Receivership

Newspaper Excerpt: NAME RECEIVER OF STATE BANK AT MARMARTH ... A receiver for the Farmers' State Bank, at Marmarth, Slope county, has been named by the state banking board. L. E. Dickerson, named temporary receiver, immediately will close up the affairs of the institution.
Source: newspapers

2. July 13, 1920 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Voluntary closing due to lack of funds found in examination; bad management and considerable poor paper discovered.
Newspaper Excerpt: A receiver for the Farmers State bank of Marmarth, Slope county, has been named by the state banking board. The action was taken after the voluntary closing of the doors of the bank because of lack of funds to continue the business.
Source: newspapers

Newspaper Articles (4)

1. July 10, 1920 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, July 10, 1920

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Article Text

NAME RECEIVER OF STATE BANK AT MARMARTH State Banking Board Acts When Shortage in Funds is Disclosed Through Examination A receiver for the Farmers' State Bank, at Marmarth, Slope county, has been named by the state banking board. The action was taken after thee voluntary closing of the doors of the bank because of lack of funds to coninue the business. It is estimated that there will be a deficit of from $15,000 to $20,000, which will be paid out of the state fund guaranteeing bank deposits. L. E. Dickerson. named temporary receiver. immediately will close up the ffairs of the institution. Bad management was the cause of the bank's failure, according to O. E. Loftus, state bank examiner. Considerable poor paper was found in the bank. The bank was organized in 1911, beng chartered on April 3 of that year. Its capital stock was $20,000. When he bank failed its deposits amounted to $92,000. 1 hree weeks ago the cashier closed he bank and asked for an examination The examination resulted in the appointment of a receiver. F. G. DeLange, who was president of the bank, died in a hospital in South Dakota, recently.

2. July 15, 1920 The Ward County Independent Minot, ND

Article from The Ward County Independent, July 15, 1920

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Article Text

STATE BANKING BOARD CLOSES MARMARTH BANK State Fund to Repay $20,000 Shortage of Farmers State Bank Bismarck, N. D., July 13.-A receiver for the Farmers State bank of Marmarth, Slope county, has been named by the state banking board. The action was taken after the voluntary closing of the doors of the bank because of lack of funds to continue the business. It is estimated that there will be a deficit of from $15,000 to $20,000, which will be repaid out of the state fund guaranteeing bank deposits. L. E. Dickerson, named temporary receiver, immediately will close up the affairs of the institution. Bad management was the cause of the bank's failure, according to O. E. Lofthus, state bank examiner. Considerable poor paper was found in the bank. The bank was organized in 1911, being chartered on April 3 of that year. Its capital stock was $20,000. When the bank failed its deposits amounted to $92,000. Three weeks ago the cashier closed the bank and asked for an examination. The examination resulted in the appointment of a receiver. F. G. DeLang, who was president of the bank, died in a hospital in South Dakota recently.

3. July 22, 1920 The Ward County Independent Minot, ND

Article from The Ward County Independent, July 22, 1920

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Article Text

LAWYER RECEIVER OF MARMARTH BANK Bismarck, N. D.-Theodore Swenseid, an attorney will be named receiver of the Farmers State bank of Marmarth, which closed its doors, by order of the state banking board. The Guaranty Deposits board assumes the obligations of the bank, amounting to $75,000 and will receive the assets. The net loss is expected to be $15,000 or $20,000, which will be paid from the guaranty deposits fund.

4. July 28, 1920 The Devils Lake World Devils Lake, ND

Article from The Devils Lake World, July 28, 1920

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Article Text

A Ward County Fair Minot, N. D.-Ward county wants an annual agricultural fair and live stock exhibit. To meet this desire, expressed by hundreds of farmers and business men alike, a petition is being circulated over the county and thru the business district of Minot and the smaller towns and villages to ascertain to just what extent public feeling has reached in the matter. D. A. Dinnie is prominent in directing activities. Some talk is heard of carrying the proposal to a culmination under any circumstances and putting on the first fair in 1921. FARMER'S BANK CLOSES Bismarck, N. D., July 21.-A receiver for the Farmers State Bank, of Marmarth, Slope county, has been