12485. Scandinavian American Bank (Minot, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 13, 1924
Location
Minot, North Dakota (48.233, -101.296)

Metadata

Model
gpt-5-mini
Short Digest
e828b3cd

Response Measures

None

Description

The bank voluntarily closed on February 13, 1924 and operated on a special deposits plan under the state guaranty fund commission. Its assets were turned over to the district receiver (J. R. Reeve) on 1925-01-09. No run is described in the articles; this is a voluntary closure that resulted in receivership.

Events (2)
1. February 13, 1924 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank was voluntarily closed on February 13, 1924 and thereafter operated on a special deposits plan under supervision of the state guaranty fund commission.
Newspaper Excerpt
Investigation of the accounts of the Scandinavian. American bank of Minot, which was voluntarily closed on February 13, 1924, is demanded ... The bank at the present time is in the hands of J. P. Reeve of Burlington, district receiver of closed banks, having been transferred to him a few weeks ago, after operating since its closing on a special deposit plan.
Source
newspapers
2. January 9, 1925 Receivership
Newspaper Excerpt
The assets of the Scandinavian American bank of Minot, which began operating on a special deposits plan last February 13, have been turned over to J. R. Reeve of Burlington, district receiver of closed banks, and the institution is no longer accepting special deposits, according to announcement made today by M. R. Porter, vice-president of the institution. ... Since last February 13, the bank has been under the supervision of the state guaranty fund commission.
Source
newspapers

Newspaper Articles (2)
1. January 9, 1925 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, January 9, 1925

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Article Text

Receiver Given Bank in Minot Minot, N. D., Jan. 9.-The assets of the Scandinavian American bank of Minot, which began operating on a special deposits plan last February 13, have been turned over to J. R. Reeve of Burlington, district receiver of closed banks, and the institution is no longer accepting special deposits, according to announcement made today by M. R. Porter, vicepresident of the institution. This move, according to Mr. Porter, will in no way interfere with the plans of some of the large depositors in the bank for the formation of a holding company to take over the assets of the institution, and is declared to be a necessary formality in the formation of such a holding company. Since last February 13, the bank has been under the supervision of the state guaranty fund commission. The furniture, equipment and other property of the bank will be moved to Burlington shortly.

2. February 20, 1925 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, February 20, 1925

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Article Text

ASK PROBE OF BANK ACCOUNTS Minot, N. D., Feb. 20.-Investigation of the accounts of the Scandinavian. American bank of Minot, which was voluntarily closed on February 13, 1924, is demanded in petitions bearing approximately 150 signatures of alleged depositors, which have been presented to States Attorney H. E. Johnson. The petitions cite no allegations of irregularities in connection with the bank, but make demand upon the county prosecutor that he ascertain the condition of the bank's affairs, according to Mr. Johnson. Mr. Johnson said recently that it is his plan to employ competent accountants to inspect the records of the bank, who will make a report to him concerning the institution's condition. The bank at the present time is in the hands of J. P. Reeve of Burlington, district receiver of closed banks, having been transferred to him a few weeks ago, after operating since its closing on a special deposit plan. Mr. Reeve, according to the state's attorney, has signified his willingness to allow authorized representatives of the states attorney's office to investigate the records of the bank.