Minot bank - Minot, ND

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 1, 1919*
Location: Minot, North Dakota (48.233, -101.296)

Metadata

Model: gpt-5-mini
Short Digest: 2a4e220f

Response Measures

None

Description

Article (Grand Forks Herald, 1919-10-25) describes the state banking board closing the Minot bank and appointing a temporary receiver; judge Bronson criticizes the board's arbitrary action. The piece mentions depositors being advised to withdraw but the primary action is a government-ordered closure/suspension with receiver appointed. No clear evidence in these excerpts that the bank later reopened.

Events (1)

1. October 1, 1919* Suspension

Cause: Government Action
Cause Details: State banking board closed the bank and appointed a temporary receiver; judge called the board's action arbitrary and without proper warning.
Newspaper Excerpt: it was known at 10 a. m. that the bank [was] going to be closed.
Source: newspapers

Newspaper Articles (1)

1. October 25, 1919 Grand Forks Herald Grand Forks, ND

Article from Grand Forks Herald, October 25, 1919

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Article Text

to reduce its excessive loans, though it. had the ability to do and that in fact such excessive termed) loans were in fact adequa secured, and that further the ban board and state examiner had therefore required the banks of state to maintain their legal rese as strictly required." It is held that such alleged ex sive loans, and debts of $46,000 li as worthless, and the alleged fai of the bank to maintain its legal serve at statutory requirements not justify a finding of insolv and " was unreasonably so deter ed." Reciting the history of the proc ings, Justice Bronson says that a a. m. of the day on which the 1 was closed, a depositor was adv he testifies, to get his money out. St. Paul," says Bronson, "it known at 10 a. m. that the bank going to be closed." Settles Jurisdiction. Settling the question of ori; jurisdiction, Judge Bronson says "When this court takes cogniz of a cause, in the exercise of its Inal jurisdiction. it has the auth to determine every Issue of law of fact that arises in the record. Touching upon the duties of state examiner, Bronson says u the law "he is neither a puppet 1 figurehead." The legislative inte plain that there should not be nancial wrecking of banks in state (for a receivership is ordin a financial wrecking of a bank o stitution). He expresses the op that the law was designed to g against just such situations as closing of the Minot bank, "and arbitrary action without warnin has been taken by the respon herein." Action Was Arbitrary. "Even though it should be con ed that the state banking board possess the power to close such and appoint a temporary rec thereover, nevertheless, the actio taken by such banking board wa reasonable, arbitrary, unjust and not be upheld," says the judge, menting upon the "strangeness" o fact that the respondents should seen fit to SO act at a time whe bank examiner was out of the "It is to be noted," he conti "that the acts of the respondents the beginning up to the time court interposed its original jur tion disclose no desire and evic no attempt to protect the public ies, the guaranty fund, the mon depositors, or the property o stockholders by granting the ban chance or opportunity to comply the findings of the banking boar S to rehabilitate itself. There other manner in which this proc f. can be characterized than arb and contrary to both the spiri letter of the law. It both merit f receives the condemnation of court." d Justice Bronson comments or t crimination sought to be appli h this bank in order that it ma deemed insolvent," and asserts th d termination of the court that th f such a thing as a "public consc and that these acts upon the re submitted to this court were u ranted. unreasonable and wi foundation or law." The record discloses to the d that "the state examiner plac