First National Bank - Minnewaukan, ND

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 5500
Charter Number: 5500
Start Date: December 1, 1926*
Location: Minnewaukan, North Dakota (48.071, -99.252)

Metadata

Model: gpt-5-mini
Short Digest: 4459e5a5

Response Measures

None

Receivership Details

Depositor recovery rate: 83.5%
Date receivership started: 1928-01-06
Date receivership terminated: 1935-08-21
OCC cause of failure: Economic conditions
Share of assets assessed as good: 45.8%
Share of assets assessed as doubtful: 51.6%
Share of assets assessed as worthless: 2.6%

Description

Articles (July 1928) state the First National Bank of Leeds has been closed since December 1926 and a national bank receiver is paying dividends to creditors. No run is mentioned; the bank remained closed under receivership and is distributing dividends, indicating permanent closure.

Events (5)

1. July 16, 1900 Chartered

Source: historical_nic

2. December 1, 1926* Suspension

Cause Details: Article does not state a specific cause for the suspension/closure; simply reports the bank closed in December 1926 and is in receivership.
Newspaper Excerpt: the bank has paid since closing in December, 1926.
Source: newspapers

3. January 6, 1928 Receivership

Source: historical_nic

4. July 3, 1928 Other

Newspaper Excerpt: creditors of the First National bank of Leeds are receiving 20 percent as second dividend ... The first dividend of the latter institution also was 20 percent, making 40 percent the bank has paid since closing in December, 1926.
Source: newspapers

5. July 3, 1928 Receivership

Newspaper Excerpt: announcement has been made by C. M Gilbertson, national bank receiver ... dividends being paid by the two closed banks ... creditors of the First National bank of Leeds are receiving 20 percent as second dividend ... making 40 percent the bank has paid since closing in December, 1926.
Source: newspapers

Newspaper Articles (2)

1. July 10, 1928 The Fargo Forum, Daily Republican, and Moorhead Daily News Fargo, ND

Article from The Fargo Forum, Daily Republican, and Moorhead Daily News, July 10, 1928

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Article Text

Two Closed N. D. Banks Are Paying Dividends Devils Lake. N. D., July nouncement has been made by C. M Gilbertson. national bank receiver with offices at Cando, of dividends being paid by the two closed banks in the lake region. The First National bank of Minnewaukan, closed last January, Is paywhile creditors of the First National bank of Leeds are receiving 20 percent as second dividend The first dividend of the latter institution also was 20 percent. making 40 percent the bank has paid since closing in December, 1926.

2. July 10, 1928 The Forum Fargo, ND

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Article Text

Two Closed N. D. Banks Are Paying Dividends Devils Lake N. D., July 3.-Anbeen made by nouncement Gilbertson. national bank receiver with offices at Cando. dividends being paid by the two closed banks lake region. The First National bank of Minnewaukan, closed last payfirst dividend 30 percent while creditors of the First National bank of Leeds are receiving per. as second dividend. The first dividend of the also was 20 making 40 the bank has paid since closing in 1926.