Minot State Bank - Minot, ND

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 24, 1909
Location: Minot, North Dakota (48.233, -101.296)

Metadata

Model: gpt-5-mini
Short Digest: 506ae866

Response Measures

None

Description

Article (1909-06-24) reports the Minot State Bank as defunct with Geo. W. Swords acting as receiver and mentions former president J. A. Erickson (recently returned from prison) assisting in collecting assets. No run is described; failure appears tied to bank-specific malfeasance and insolvency. Classification: suspension leading to permanent closure/receivership.

Events (2)

1. June 24, 1909 Receivership

Newspaper Excerpt: Erickson... has begun work in the office of Geo. W. Swords, the receiver. Mr. Erickson will be able to give the stockholders and depositors some valuable service... collect in enough money due the defunct bank, to not only pay off the other ten per cent due the depositors, but to give the stockholders dollar for dollar, the amount of the stock they had in the institution.
Source: newspapers

2. June 24, 1909 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank failed amid misconduct by president J. A. Erickson (imprisoned); insolvency/embezzlement implied.
Newspaper Excerpt: returned from the Leavenworth penitentiary where he has been serving a five years' sentence, and has begun work in the office of Geo. W. Swords, the receiver.
Source: newspapers

Newspaper Articles (1)

1. June 24, 1909 The Ward County Independent Minot, ND

Article from The Ward County Independent, June 24, 1909

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Article Text

Will Pay Even Stockholders J. A. Erickson, former president of the Minot State bank, returned from the Leavenworth penitentiary where he has been serving a five years' sentence, and has begun work in the office of Geo. W. Swords, the receiver. Mr. Erickson will be able to give the stockholders and depositors some valuable service, in fact Erickson is confident that he will be able to collect in enough money due the defunct bank, to not only pay off the other ten per cent due the depositors, but to give the stockholders dollar for dollar, the amount of the stock they had in the institution. The bank was capitalized for $25,000. The affairs of the bank could not have been in such very bad shape, and they certainly have been handled well under the direction of Receiver Swords. There are a number of disputed accounts that Erickson says he will have no trouble in collecting, now that he is at liberty.