12627. First National Bank (Turtle Lake, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
8821
Charter Number
8821
Start Date
February 24, 1925
Location
Turtle Lake, North Dakota (47.520, -100.890)

Metadata

Model
gpt-5-mini
Short Digest
3f7aada7

Response Measures

None

Receivership Details

Depositor recovery rate
49.9%
Date receivership started
1923-11-21
Date receivership terminated
1932-01-02
OCC cause of failure
Economic conditions
Share of assets assessed as good
43.0%
Share of assets assessed as doubtful
18.7%
Share of assets assessed as worthless
38.3%

Description

The First National Bank of Turtle Lake was placed in receivership and remained defunct; no run is described in the articles. Receiver F. M. Davis is mentioned in Feb 1925; C. C. Storing assumed combined receivership/took over property by June 9, 1925. Dividends paid to depositors in 1928 indicate liquidation of a closed bank. Cause classified as government action because a receiver was appointed by the U.S. Comptroller.

Events (5)

1. August 2, 1907 Chartered
Source
historical_nic
2. November 21, 1923 Receivership
Source
historical_nic
3. February 24, 1925 Suspension
Cause
Government Action
Cause Details
Bank placed in receivership (receiver F. M. Davis) under appointment of federal authority; bank had ceased operations and entered liquidation prior to or by this date.
Newspaper Excerpt
F. M. Davis, as Receiver for the First National Bank of Turtle Lake, North Dakota, a corporation, Plaintiff and Appellant, vs. The County of McLean
Source
newspapers
4. June 9, 1925 Other
Newspaper Excerpt
C. C. Storing, receiver of the Merchants National bank here under appointment of the U. S. Comptroller of the Currency, has received orders to combine his receivership of the local bank with that of the First National Bank of Turtle Lake, N. D., and has today taken over the property of the latter institution. Mandan will be the headquarters for the re- (June 9, 1925). (June 9, 1925). (June 9, 1925).
Source
newspapers
5. February 10, 1928 Other
Newspaper Excerpt
Dividends of ... 15 per cent on the First National bank, Turtle Lake, N. D., 35 per cent to date, will be paid immediately according to an announcement today of C. C. Storing, U. S. receiver of the three defunct institutions. ... the First National of Turtle Lake will pay its third dividend and $49,989.37 paid up to date. In addition Mr. Storing announces all borrowed money carried by the banks and secured by collateral has likewise been paid. (Feb 10, 1928).
Source
newspapers

Newspaper Articles (9)

Article from The Bismarck Tribune, February 24, 1925

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Article Text

# DECISION OF SUPREME COURT From McLean County F. M. Davis, as Receiver for the First National Bank of Turtle Lake, North Dakota, a corporation, Plaintiff and Appellant, vs. The County of McLean, in the State of North Dakota, a public corporation, Defendant and Respondent. Syllabus: 1. The Indemnity Hail Tax provided by Chapter 77, Laws


Article from The Bismarck Tribune, May 27, 1925

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# UNITED STATES # DISTRICT COURT # IN SESSION HERE Judge Andrew Miller of Fargo is hearing cases in the United States district court here this week. Three equity cases are on the calendar as follows: Powers Elevator company vs. Grant Grain company. Crooked Lake School District No. 26 vs. F. M. Davis, receiver for the First National Bank of Turtle Lake. Stockyards Mortgage & Trust company vs. John Topp and others.


Article from The Bismarck Tribune, June 9, 1925

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to maintain homes in Mandan. And these 47 could not be counted as Mandan citizens because their homes are not in the city. "In addition there are several score more men, most of the traveling salesmen, who would establish their headquarters and homes here if proper apartment houses or housing facilities were available." It is very probable, Mr. Iverson said, that some persons were overlooked in the census taking. Some persons dodged the census taker because they sought to evade assessments, it was indicated, although this type was scarce, and others may have been skipped accidentally, although every house in the city was canvassed and data secured. Some interesting information was obtained by the assessor. Of the 5,068 listed, just an even 100 are foreign Dorn who have not yet acquired U. S. citizenship. The city has 2,570 males and 2,498 females. Five negroes are residents here, three males and two females. Of the 624 citizens who were born in foreign countries, 524 have been naturalized. There are 331 males and 292 females in this class. Just 252 boys and 284 girls of the city are under 5 years of age, while there are 178 men and -126 women who are over 60 years old. There are 822 boys between 5 and 20 years old and 871 girls of the same age; 1,281 men and 1,180 women are between 20 and 60 years of age. Referring to the housing problem, Mr. Iverson learned that there are 1,125 families in the city living in 1,025 dwellings. The books on the census will not close until July 1, Mr. Iverson says, and he urges persons who think they may have been missed in the enumeration to phone him at his home or his office, 28W. FARMER DIES Joseph Soucy, aged 74, one of the most prosperous and best known farmers of this district, died at 4:30 o'clock Sunday afternoon at his home 14 miles southwest of the city. His health failed about six months ago due to his advanced age and he gradually weakened until death ended his sufferings Sunday. Mr. Soucy came to Morton county with his family in 1906, taking a homestead 14 miles south of the city. He was one of the first men to ever successfully establish a fruit orchard in the county and his diversification in farming methods netted him a comfortable living and competence. He was born August 2, 1851, in eastern Canada and as a young man moved to the western provinces and farmed. Coming to the United States for a time he was married at St. Paul in 1882 to Miss Juliana Resch and later returned to Canada. His widow and two sons and four daughters survive. He was a member of St. Joseph Catholic church of Mandan and the funeral services will be held from that church at 10 o'clock Wednesday morning with Rev. Fr. Clement Dimpfl conducting the requiem mass. Burial will be in the union cemetery. STORING GETS NEW JOB C. C. Storing. receiver of the Merchants National bank here under appointment of the U. S. Comptroller of the Currency, has received orders to combine his receivership of the local bank with that of the First National Bank of Turtle Lake, N. D., and has today


Article from The Bismarck Tribune, June 9, 1925

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STORING GETS NEW JOB C. C. Storing. receiver of the Merchants National bank here under appointment of the U. S. Comptroller of the Currency, has received orders to combine his receivership of the local bank with that of the First National Bank of Turtle Lake, N. D., and has today taken over the property of the latter institution. Mandan will be the headquarters for the re-


Article from The Bismarck Tribune, November 10, 1927

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# FROM MCLEAN COUNTY C. C. Storing, as Receiver of the First National Bank of Turtle Lake, North Dakota a corporation, Respondent -VS- National Surety Company, a corporation, Appellant. SYLLABUS: (1) Where a surety on a bond for the fidelity of an employee of a National Bank becomes liable thereon it cannot off-set any claim it may have against the bank arising from the fact that it was surety on a depositary bond given by this bank to insure the repayment of deposits. Gilbertson.


Article from The Bismarck Tribune, February 10, 1928

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MANDAN NEWS Mandan Bank to Pay 10 Per Cent Dividend Dividends of 10 per cent to depositors of the Merchants National bank, Mandan, 35 per cent to date; 10 per cent on the Dakota National bank, Dickinson, 45 per cent to date; and 15 per cent on the First National bank, Turtle Lake, N. D., 35 per cent to date, will be paid immediately according to an announcement today of C. C. Storing, U. S. receiver of the three defunct institutions. The Merchants National of Mandan closed in December, 1923, and the 10 per cent dividend announced is the third made, bringing the total of funds returning to depositors of $117,575.60 or 35 per cent. Dickinson depositors get their fourth dividend, making $79,741.83 returned, while the First National of Turtle Lake will pay its third dividend and $49,989.37 paid up to date. In addition Mr. Storing announces all borrowed money carried by the banks and secured by collateral has likewise been paid.


Article from The Bismarck Tribune, March 22, 1928

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# Federal Court Now # Trying Civil Cases Hearing of testimony in civil cases marked the resumption of the fed- eral court here today after a week's recess. The case of Anna Stevenson vs. C. C. Storing, receiver for the First National Bank of Turtle Lake, occupied the calendar today. Trial of criminal cases will be resumed next Tuesday. Judge Andrew Miller, Fargo, is presiding.


Article from The Bismarck Tribune, April 2, 1929

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RECEIVER STORING WILL TAKE VACATION National Bank Man at Mandan Will Be Succeeded by A. J. Biewar From Hannaford C. C. Storing. receiver for the Merchants National bank, Mandan, since it closed in December, 1923, is turning over its affairs to A. J. Biewar. named to succeed him, and will take a long vacation away from the grind of liquidating the liabilities of the Mandan institution and those of the First National, of Turtle Lake. and the Dakota National, of Dickinson. He will visit Minneapolis and Wash-


Article from Mandan Pioneer, April 5, 1929

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STORING, NAT'L RECEIVER, BANK RESIGNS OVER CON TAKES SUCCESSOR THREE TROL TODAY TASKS past six Storing charge resident defunct the Biewar named Biewar closed bank been Mr Storing long rest grind closed assets leave next He before visit vacation handling of Mr Bank and Dakota Lake The Bank in Mandan ional in received dividends further per soon as court as orders involving around actions The Dakota National at DickinJanuary 1924 depos having received 45 per dividends their claims, 35 been paid depositors the First Turtle which closed That 35 pet cent with further dividend developed Merchants National Bank wreckage, considered persons familiar with been an unusual showing Mr. Storing