First National Bank - Rolette, ND

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 7866
Charter Number: 7866
Start Date: April 1, 1930*
Location: Rolette, North Dakota (48.661, -99.842)

Metadata

Model: gpt-5-mini
Short Digest: 79d0acf9

Response Measures

None

Receivership Details

Depositor recovery rate: 24.5%
Date receivership started: 1927-02-19
Date receivership terminated: 1931-05-11
OCC cause of failure: Economic conditions
Share of assets assessed as good: 17.9%
Share of assets assessed as doubtful: 48.0%
Share of assets assessed as worthless: 34.1%

Description

Articles (Oct 1930) refer to the First National Bank of Rolette as a closed bank and identify C. M. Gilbertson as receiver; the bank was closed in April (presumably April 1930). No article describes a depositor run — instead legal actions by the receiver follow closure. Classified as suspension_closure (suspension/closure with receivership).

Events (4)

1. August 10, 1905 Chartered

Source: historical_nic

2. February 19, 1927 Receivership

Source: historical_nic

3. April 1, 1930* Receivership

Newspaper Excerpt: C. M. Gilbertson, receiver for the First National bank of Rolette, against Linus Johnson and J. T. Tweton, former directors of the bank, for the alleged liability of directors for uncollected loans and failure to collect certain assessments on stockholders. ... receiver for the closed First National bank of Rollette, to recover $90,000 in unpaid notes ... R. W. Bucklin, receiver for the First National bank of Grafton, was started yesterday. (articles dated Oct 7 and Oct 9, 1930).
Source: newspapers

4. April 1, 1930* Suspension

Cause: Government Action
Cause Details: Bank was closed and a receiver (C. M. Gilbertson) was appointed; closure referenced as occurring in April.
Newspaper Excerpt: the bank was closed in April
Source: newspapers

Newspaper Articles (2)

1. October 7, 1930 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, October 7, 1930

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Article Text

Receiver of Bank Is Suing Directors Grand Forks, N. D., Oct. 7.-(P)Suit to recover $90,000 was started in United States district court here today by C. M. Gilbertson, receiver for the First National bank of Rolette, against Linus Johnson and J. T. Tweton, former directors of the bank, for the alleged liability of directors for uncollected loans and failure to collect certain assessments on stockholders. Liability of the directors is based on alleged loans which remained in the bank when it was closed in April, on stockholders which the receiver claims were made by the comptroller of currency and directors of the bank in 1926.

2. October 9, 1930 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, October 9, 1930

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Article Text

Closed Bank Suit Dismissed by Court Grand Forks, N. D., Oct. 9.-(P)Judge Andrew Miller in federal court here has dismissed the action of C. M. Gilbertson, receiver for the closed First National bank of Rollette, to recover $90,000 in unpaid notes and $16,000 uncollected assessments from Linus Johnson and J. W. Tweton, directors of the bank. The consolidated action of T. O. Holt, Clifford Tuft and W. J. McCabe of Grafton to recover $5,000 in Liberty Bonds from R. W. Bucklin, receiver for the First National bank of Grafton, was started yesterday. The plaintiffs claim the bonds were in the closed bank for safe keeping.