First National Bank - Milton, ND

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6518
Charter Number: 6518
Start Date: October 22, 1934
Location: Milton, North Dakota (48.626, -98.043)

Metadata

Model: gpt-5-mini
Short Digest: 2c329f5d

Response Measures

None

Receivership Details

Depositor recovery rate: 23.0%
Date receivership started: 1932-08-11
Date receivership terminated: 1935-05-25
Share of assets assessed as good: 7.1%
Share of assets assessed as doubtful: 81.6%
Share of assets assessed as worthless: 11.4%

Description

Article (Oct 22, 1934) reports the First National Bank of Milton, N.D. was in receivership, RFC loaned funds and assets were sold to trustees to liquidate for depositors. No run is described in the article; bank is closed and in receivership, so classify as suspension leading to closure.

Events (4)

1. December 2, 1902 Chartered

Source: historical_nic

2. August 11, 1932 Receivership

Source: historical_nic

3. October 22, 1934 Other

Newspaper Excerpt: Consummation of the first sale of the assets of a bank in receivership and immediate disposition of the funds to depositors was announced today by J. F. T. O'Connor, comptroller of the currency.
Source: newspapers

4. October 22, 1934 Receivership

Newspaper Excerpt: The bank chosen for the experiment in the purchase of closed bank assets is the First National Bank of Milton, N. D. The RFC loaned the bank $15,918. The receiver then sold the assets to a board of trustees who will liquidate them for the depositors.
Source: newspapers

Newspaper Articles (1)

1. October 22, 1934 The Washington Times Washington, DC

Article from The Washington Times, October 22, 1934

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Article Text

DEFUNCT BANK ASSETS SOLD Consummation of the first sale of the assets of a bank in receivership and immediate disposition of the funds to depositors was announced today by J. F. T. O'Connor, comptroller of the currency. The bank chosen for the experiment in the purchase of closed bank assets is the First National Bank of Milton, N. D. The RFC loaned the bank $15,918. The receiver then sold the assets to a board of trustees who will liquidate them for the depositors. The action follows a series of conferences between RFC officials and Mr. O'Connor. The same plan will be put into effect in other smaller banks in receivership.