First National Bank - Parshall, ND

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11226
Charter Number: 11226
Start Date: August 14, 1931
Location: Parshall, North Dakota (47.953, -102.135)

Metadata

Model: gpt-5-mini
Short Digest: 461bcefe

Response Measures

None

Receivership Details

Depositor recovery rate: 24.4%
Date receivership started: 1931-08-08
Date receivership terminated: 1935-09-30
OCC cause of failure: Economic conditions
Share of assets assessed as good: 31.8%
Share of assets assessed as doubtful: 65.9%
Share of assets assessed as worthless: 2.3%

Description

Article (The Producers News, 1931-08-21) reports the First National of Plaza closed last Friday as one of several North Dakota national banks that closed after reserves were depleted amid heavy withdrawals following other bank closings on the Soo Line. No reopening or receiver is mentioned in the excerpt, so classified as suspension leading to closure.

Events (3)

1. August 23, 1918 Chartered

Source: historical_nic

2. August 8, 1931 Receivership

Source: historical_nic

3. August 14, 1931 Suspension

Cause: Local Banks
Cause Details: Depositors frightened and made heavy withdrawals after other nearby bank closings on the Soo Line; reserves were depleted and assets frozen, forcing closure.
Newspaper Excerpt: Four banks, the First National of Plaza, First National of Ryder, First National of Parshall and the First National of Van Hook, all in North Dakota, closed last Friday.
Source: newspapers

Newspaper Articles (1)

1. August 21, 1931 The Producers News Plentywood, MT

Article from The Producers News, August 21, 1931

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Article Text

FIVE BANKS IN N.D. CLOSED LAST WEEK Plaza, Ryder, Van Hook, Stanley and Parshall National Banks Close Doors Following Depletion of Reserves. Special to The Producers News— Stanley, N. D., Aug. 17.- The Bank of Stanley failed to open on Thursday morning after officials of the institution had been in conference with several of the heaviest depositors until late Wednesday night. Harold Kulaas, cashier, gave as the chief reason for closing that a run which started last Saturday, a week ago, had depleted the reserve. Following the closing of five banks on the Soo Line last Thursday, depositors became frightened and began withdrawal of funds so rapidly that cash could not be collected fast enough to cover withdrawals An effort made to "embalm" the bank for three years, at 3% on deposits failed when several depositors refused to sign up. The Bank of Stanley was moved here from Lunds Valley about three years ago. E. S. LeG is the president. It had deposits of $30,000 with a capitalization of $15,000. Loans and discounts aggregate approximately $30,000 with cash on hand amounting to $6.400. This is the third bank failure in Stanley in the past few years. E. T. Lee also has a bank at Grenora near the Montana line. Four banks. the First National of Plaza, First National of Ryder, First National of Parshall and the First National of Van Hook, all in North Dakota, closed last Friday. Deposits in the four banks were said by L. L. Madland, national bank examiner, to aggregate $535,000. Depleted reserves and frozen as-