12482. Savings Deposit Bank (Minot, ND)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
c2aec506

Response Measures

None

Description

Articles describe the state bank examiner closing the Savings Deposit Bank of Minot (Youmans alleges examiner closed the bank while solvent). No article describes a depositor run; the bank was closed by examiner and later taken over/operated by another institution (First International Bank). Dates of closure are not specified in the excerpts; newspaper dates are 1915, and the litigation over the closure is reported in Oct 1915.

Events (1)

1. * Suspension
Cause
Government Action
Cause Details
Closed by state bank examiner Severtson after demanding $48,000 to replace impaired assets; examiner reportedly closed bank when demand unmet; later taken over/operated by First International Bank.
Newspaper Excerpt
He charged Bank Examiner Severtson with closing his bank up arbitrarily after making a demand that $48,000 be raised... in default of this closed the bank.
Source
newspapers

Newspaper Articles (2)

Article from Bismarck Daily Tribune, February 25, 1915

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Article Text

LINDE, ON EXAMINATION OF GRANT YOUMAN'S BRINGS OUT SOME MATERIAL TESTIMONY RELATIVE TO THE ALLEGED "LEGALIZED BANK ROBBERY." -COMPLAINANT WON'T ANSWER Carefully Guards Against All Replies That Might Tend to Incriminate Him. Attorney General Linde put some searching questions to Grant Youmans, former president of the Savings and Deposit Bank of Minot during the process of the legislative investigation into the booklet known as "Legalized Bank Robbery". The hearing was held in Secretary of State Thomas Hall's office and a large crowd attended. A Reiteration. The investigating committee is composed of Representatives Haraldson and Purcell and Senator McGray. Mr. Youman's testimony was a reiteration of the story told in his confessions entitled "Legalized Bank Robbery." He charged Bank Examiner Severtson with closing his bank up arbitrarily after making a demand that $48,000 be raised to replace the impairment of the bank's assets through excessive loans. He told in detail all conversation between himself and the bank examiner and related that $20,000 was first demanded but that the next day, Mr. Severtson demanded $48,000 and in default of this closed the bank. Claims He Was Tricked. Later Mr. Youman testified Mr. Severtson allowed the men now running the bank under the name of the "First International bank" to take over the institution by supplying $20,400 Tracey Bangs appeared for Mr. (Continued on


Article from The Weekly Times-Record, October 21, 1915

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Article Text

State Officials Are Defendants in Suit Minot, Oct. 14.-Grant S. Youmans, formerly owner of the Savings Deposit bank of this city, which was closed by the state examiner, today started suit against L. B. Hanna, Secretary of State Thomas Hall, Andrew Miller, former attorney general, and S. G. Severtson, former state bank examiner, and others, demanding $255,000 damages. The other defendants are Robert E. Barron, James Johnson, S. J. Rasmoussen, George A. McKee and Dank C. Greenleaf, all of this city. The basis for the suit is the charge that the bank was closed by the examiner while the institution was solvent and that no receiver was ap(Continued on Page 11)