12589. First State Bank (Sawyer, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 20, 1921
Location
Sawyer, North Dakota (48.090, -101.054)

Metadata

Model
gpt-5-mini
Short Digest
037e63d4

Response Measures

None

Description

No article describes a depositor run. The bank was placed under a receiver in Oct/Nov 1921 (state action), efforts allowed a reopening in summer 1922, then the bank was closed again by the state banking department and a receiver appointed Nov 1922, after which insolvency proceedings and asset sales followed. Sequence matches a suspension (state action) with later permanent closure; no run is reported.

Events (7)
1. October 20, 1921 Suspension
Cause
Government Action
Cause Details
Receiver appointed for the bank (state banking action/closure following failure).
Newspaper Excerpt
E. J. Pepke has been appointed receiver of the First State Bank of in Sawyer, the second bank to fail that town.
Source
newspapers
2. November 10, 1921 Receivership
Newspaper Excerpt
A. Johannsen, director of audits of the Bank of North Dakota, has been appointed receiver of the First State Bank of Sawyer. He will not assume active charge of the Sawyer bank for sometime.
Source
newspapers
3. April 6, 1922 Other
Newspaper Excerpt
The First State Bank of Sawyer is also making an attempt to re-open. ... it is possible that one of the two Sawyer banks that were closed, will be reopened within a short time.
Source
newspapers
4. June 1, 1922* Other
Newspaper Excerpt
The First State Bank of Sawyer, which was closed more than a year ago, but which was permitted to reopen during the summer, has again been closed by the state banking department. The bank was not in extra good shape to re-open but in view of good crops, it was hoped by the department that the bank might pull out of a tight hole.
Source
newspapers
5. November 2, 1922 Suspension
Cause
Government Action
Cause Details
Closed again by the state banking department and placed in receivership.
Newspaper Excerpt
First State Bank of Sawyer Closes a Second Time ... G. R. VanSickle, receiver for a string of closed banks, was appointed receiver of the bank Monday and is now in charge.
Source
newspapers
6. November 16, 1922 Other
Newspaper Excerpt
Notice to the creditors of the First State Bank of Sawyer ... time for presenting claims ... will expire on May 16, 1923. G. R. VAN SICKLE, Receiver.
Source
newspapers
7. December 27, 1922 Other
Newspaper Excerpt
Judgment and Decree in foreclosure ... G. R. Van Sickle, as receiver of the First State Bank of Sawyer, a corporation ... ordered the sale ... to satisfy the amount due on said judgment.
Source
newspapers

Newspaper Articles (9)
1. March 24, 1921 The Ward County Independent Minot, ND
Article from The Ward County Independent, March 24, 1921

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Article Text

Hald, yes. com Motion carried. Moved by Com. Vandenoever seconded by Com. Spicher that the following resolution be accepted and approved and placed on file: RESOLUTION: WHEREAS, Ward County at the present time has deposited with the Bank of North Dakota in checking account the sum of $194,802.86 together with accrued interest thereon since the first of February, 1921, and WHEREAS, the Board of County Commissioners of Ward county have heretofore designated the banks of Ward County, North Dakota, as the present depositors of its funds, and WHEREAS, the Bank of North Dakota has refused to honor checks of the Treasurer of Ward County, North Dakota. legally drawn on its said checking account. and WHEREAS, the said Bank of North Dakota now has on redeposit in the here inafter mentioned banks of North Dakota, large sums of money, and WHEREAS, the Supreme Court of North Dakota has recently decided that garnishment proceedings may be brot against said Bank of North Dakota, and WHEREAS, the County Commissioners consider it for the best interest of Ward county to bring garnishment proceedings against the funds in the hands of the hereinafter mentioned banks belonging to the Bank of North Dakota. NOW. THEREFORE, BE IT RESOLVED. that the state's attorney of Ward County, North Dakota, be and hereby is instructed to forthwith commence action against the Bank of North Dakota for the sum of money now on deposit with the Bank of North Dakota on checking account belonging to Ward County, North Dakota, and garnishee the following banks. to-wilt: Scandinavian American Bank of Minot, N. D. Second National Bank of Minot. N D., The Union National Bank of Minot N. D., Citizens State Bank of Minot. N. D., First International Bank of Minot. N. D., American State Bank of Burlington, N. D., First State Bank of Burlington, N. D., Citizens State Bank of Douglas, N. D., The First State Bank of Ryder, N. D., First National Bank of Ryder, N. D., First State Bank of Sawyer, N. D., Sawyer State Bank of Sawyer, N. D. The Security State Bank of Deering, N. D., Deering State Bank of Deering, N. D., First State Bank of Surrey, N. D., and the First State Bank of Lone Tree, N. D. On roll call the members voted as follows: Com. Vandenoever, yes. Com. Toftner. yes. Com. Spicher, yes. Com. Haldi, yes. Com. Krantz, yes. Motion carried. Moved by Com. Haldi seconded by Com. Vandenoever that the Board adjourn until 9 a. m., March 16th. 1921. Motion carried. March 16th, 1921 The Board met as per adjournment at 9 a. m., on above date, with all members present and Com. Krantz in the chair. Moved by Com. Vandenoever seconded by Com. Spicher that the report of A. P. Scofield, sheriff of Ward county, for the month of January, for collection of delinquent personal property taxes for the year 1919. to the amount of $167.85. be accepted. approved and placed on file. Motion carried. Moved by Com. Vandenoever seconded by Com. Haldi that the road petition signed by R. L. Ladd and 70 others of Sauk Prairie and Greenbush Townships, for a change of the county road as follows: Beginning at the NW corner of Sec. 19, Twp. 160, Range 87, running east five miles to the NE corner of Sec. 23, thence south three miles to the SW corner of Sec. 36, Twp. 160, Range 87, thence south six miles to the SW corner of Sec. 36, Twp. 159, Range 87, thence two miles southwest down to Donnybrook, be accepted and approved, and placed on file and the chairman instructed to appoint viewers. Motion carried. The chairman appointed the following viewers: Commissioners Vandenoever, Spicher, Haldi and Krantz. Moved by Com. Spicher seconded by Com. Vandenoever that the following

2. October 20, 1921 The Ward County Independent Minot, ND
Article from The Ward County Independent, October 20, 1921

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Article Text

MINOT MARKETS Grain No. 1 Dark Northern $1.09 .66 Durum .54 Ryo Flax 1.45 Produce .41 Butterfat .35 Butter .38 Eggs .85 Potatoes NESTOS . JOHNSON . KITCHEN E. J. Pepke has been appointed receiver of the First State Bank of in Sawyer, the second bank to fail that town.

3. November 10, 1921 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, November 10, 1921

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Article Text

JOHANNSEN TO BE RECEIVER A. Johannsen. director of audits of the Bank of North Dakota, has been appointed receiver of the First State Bank of Sawyer. He will not assume active charge of the Sawyer bank for sometime. E. J. Pepke, of Minot, was appointed receiver of the Security State Bank of Columbus, to succeed George Whittey, resigned on account of illness.

4. November 10, 1921 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, November 10, 1921

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Article Text

RECEIVERS NAMED FOR TWO BANKS Bismarck, N. D., Nov. 10.-A. Johannsen, director of audit of the Bank of North Dakota, has been appointed receiver of the First State bank of Sawyer. He will not assume active charge of the Sawyer bank for some time. E.P. Pepke of Minot, was appointed receiver of the Security State bank of Columbus, to succeed George Whittey, resigned on account of illness.

5. December 1, 1921 The Ward County Independent Minot, ND
Article from The Ward County Independent, December 1, 1921

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Article Text

A. Johannson, director of audits of the Bank of North Dakota, has resigned. He was recently appointed receiver of the First State Bank of Sawyer.

6. April 6, 1922 The Ward County Independent Minot, ND
Article from The Ward County Independent, April 6, 1922

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Article Text

Efforts Being Made to Re-open Sawyer Banks Thorwald Mostad, receiver of the Sawyer State Bank, was in Minot Saturday. Mr. Mostad states that the effort which has been made for several weeks to re-open the bank, has not yet been abandoned and it is possible that one of the two Sawyer banks that were closed, will be reopened within a short time. When the Sawyer State Bank closed, Ole Saastad a well known farmer, had nearly $50,000.00 on deposit in the institution. The state banking board questions whether Saastad's claim will come under the state guarantee act, inasmuch as the money instead of drawing 6%, is said to have been actually drawing 71/2%. There has never been a decision on this point by the state supreme court, but such a decision will eventually have to be made. An effort is being made to get Saastad to permit his funds to remain in the bank in order to re-open it and it is possible that he will decide to take up twenty or thirty thousand dollars worth of slow paper. The First State Bank of Sawyer is also making an attempt to re-open. Mr. Hilliboe, formerly of Minot, returned from Minnesota recently and has held a number of conferences with Mr. Tofflemire, former cashier of the bank, and with some of the depositors. Hard Times Have Struck Wisconsin John J. Nedreloe returned Saturday from Prairie du Chien, Wis., where he was called by the illness of his mother, whose condition is improved. Mr. Nedreloe says the weather was rainy each day in Wisconsin and the roads so muddy that autos, cannot run on the country roads. Hard times have struck that section of Wisconsin. A great deal of tobacco is grown there A year ago the tobacco grower received 45 cents a pound for their crop and this year the price is but 8 or 10 cents with little demand for the product at that price.

7. November 2, 1922 The Ward County Independent Minot, ND
Article from The Ward County Independent, November 2, 1922

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Article Text

First State Bank of Sawyer Closes a Second Time The First State Bank of Sawyer, which was closed more than a year ago, but which was permitted to reopen during the summer, has again been closed by the state banking department. The bank was not in extra good shape to re-open but in view of good crops, it was honed by the department that the bank might pull out of a tight hole. F. S. Tofflemire has been managing the business for the bank. G. R. VanSickle, receiver for a string of closed banks, was@appointed receiver of the bank Monday and is now in charge.

8. November 16, 1922 The Ward County Independent Minot, ND
Article from The Ward County Independent, November 16, 1922

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Article Text

NOTICE TO CREDITORS In the matter of the insolvency of the First State Bank of Sawyer, Sawyer, N. Dak.: To the creditors of the First State Bank of Sawyer: Notice is hereby given to the creditors of the above named insolvent bank that the time for presenting claims against said bank will expire on May 16, 1923. and you are hereby notified that any claim against said insolvent bank must be filed with the Receiver before that date. Dated at Minot, North Dakota, No. vember 16, 1922. G. R. VAN SICKLE, 11-16-2t Receiver.

9. December 28, 1922 The Ward County Independent Minot, ND
Article from The Ward County Independent, December 28, 1922

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Article Text

# NOTICE OF SPECIAL EXECUTION SALE NOTICE IS HEREBY GIVEN that under and by virtue of a Judgment and Decree in foreclosure, rendered by the District Court of the Fifth Judicial District in and for the County of Ward, State of North Dakota, on the 27th day of December, 1922, in an action wherein The Union National Bank of Minot, a corporation, is plaintiff and Fred C. Newman, Adolph F. Newman, Alma Newman, C. S. Beighle, as Special Administrator of the Estate of J. E. Tofflemire, deceased, G. R. Van Sickle, as receiver of the First State Bank of Sawyer, a corporation, Alice C. Himes, and Harold Tofflemire, as heirs at law of the estate of J. E. Tofflemire, deceased and Cook Robinson as Guardian of Harold Tofflemire, are defendants, wherein it was adjudged and decreed that the plaintiff have judgment against the defendants Fred C. Newman, Adolph F. Newman and Alma Newman, in the sum of Four Thousand Seven Hundred Ninety and 83/100 ($4,790.83) dollars and that the plaintiff has a valid and subsisting lien upon the premises hereinafter described for the payment of said judgment, which judgment and decree, among other things, ordered the sale by me of the real estate hereinafter described to satisfy the amount due on said judgment, with interest thereon at six per cent per annum, from date of judgment to date of sale, together with accrued costs and costs of sale, or so much thereof as the proceeds applicable thereto will satisfy, and by virtue of a Writ to me issued out of the office of the Clerk of the District Court in and for Ward County, North Dakota, directing me to sell said real estate pursuant