12656. First State Bank of Watford City (Watford City, ND)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
August 8, 1931
Location
Watford City, North Dakota (47.802, -103.283)

Metadata

Model
gpt-5-mini
Short Digest
911c241d

Response Measures

Full suspension, Books examined

Other: Later (July 1932) the bank was closed and placed in state receivership (dividends paid 1933).

Description

Articles (Aug 28–29 and Sep 22, 1931) report a run following the closing of the Security State Bank that led the First State Bank to suspend (voluntarily closed Aug 8, 1931) and officials planned a reopening about Oct 15, 1931. A later article (Sept 15, 1933) notes the bank was closed in July 1932 and in receivership (dividends paid in 1933). Reopening in October 1931 is reported as planned but not explicitly confirmed in the provided clippings; nevertheless the contemporaneous reporting describes an imminent resumption, so the episode is classified as a run leading to suspension with reopening planned.

Events (4)
1. August 8, 1931 Run
Cause
Local Banks
Cause Details
Run occurred after closing of the Security State Bank of Watford City; depositors withdrew from First State Bank in the wake of that closing.
Measures
Officers asked permission to suspend temporarily to avoid permanent closing; reorganization plans discussed to eliminate outside stockholders.
Newspaper Excerpt
The suspension followed the closing of the Security State Bank of Watford City, and resulted from a run on the bank.
Source
newspapers
2. August 8, 1931 Suspension
Cause
Local Banks
Cause Details
Bank voluntarily suspended business following a run triggered by the closing of the Security State Bank of Watford City.
Newspaper Excerpt
Bank officials voluntarily closed the bank as the result of a run caused when the Security State Bank of Watford City was closed.
Source
newspapers
3. October 15, 1931 Reopening
Newspaper Excerpt
Reopening of the First State Bank of Watford City ... is expected to take place about October 15, Gilbert Semingson, state bank examiner, said Tuesday.
Source
newspapers
4. July 1, 1932* Receivership
Newspaper Excerpt
Depositors in the First State Bank of Watford City, which was closed in July, 1932, are receiving a dividend of 10 per cent ... by J. P. Reeve, ... state receiver.
Source
newspapers

Newspaper Articles (6)
1. August 28, 1931 The Fargo Forum, Daily Republican, and Moorhead Daily News Fargo, ND
Article from The Fargo Forum, Daily Republican, and Moorhead Daily News, August 28, 1931

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Article Text

Watford City Bank May Reopen Doors The first State bank of Watford City which temporarily suspended recently. may reopen soon said today Plans for reopening are under and they materialize bank will resume within 10 The bank business tem porarily following the closing of the Security State bank of Watford City, and resulted from the Officers of the First State bank asked for permission to suspend temporarily to avoid permanent clos. BUYS OIL STATION After absence from the oil business, Lee has returned to it. purchasing the service station located block north of the postoffice. He will handle Phillips "66" gasoline and Kendell's oil products A greasing and washing stand and parking lot will be run in conjune. tion. Two years ago Mr Lee sold the service station located at Tenth at and N. P.

2. August 28, 1931 The Bismarck Tribune Bismarck, ND
Article from The Bismarck Tribune, August 28, 1931

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Article Text

Watford City Bank Might Reopen Soon The First State Bank of Watford City, which temporarily suspended business recently, may reopen soon, Gilbert Semingson, state bank examiner, said Friday. Plans for reopening the bank are under way now, Semingson said. and if they materialize the bank will resume business within about 10 days. The bank suspended business temporarily, and is not formally closed, Semingson said. The suspension followed the closing of the Security State Bank of Watford City, and resulted from a "run" on the bank. Officers of the First State bank asked for permission to suspend temporarily to avoid permanent closing of the bank, which was considered in good condition previous to the closing of the Security State bank. BOMB INJURES MAN St. Louis, Aug. 28.-(P)-Explosion of a bomb, apparently thrown from motor car, shook downtown St. Louis early Friday, shattered about 100 windows and severely injured a pedestrian, William Bommarito.

3. August 29, 1931 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, August 29, 1931

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Article Text

Watford City Bank Prepares to Reopen Bismarck, Aug. 28. (AP) The First State bank of Watford City, which temporarily suspended business recently. may reopen soon, Gilbert Semingson, state bank examiner, said today. Plans for reopening the bank are underway, Mr. Semings said, and if they materialize the bank will resume business within about ten days. The bank suspended business temporarily. and is not formally closed, Mr. Semingson said. The suspension followed the closing of the Security State bank of Watford City, and resulted from "run" on the bank. Officers' of the First State bank asked for permission to suspend temporarily to avoid permanent closing of the bank, which was considered in good condition previous to the closing of the Security State bank.

4. August 29, 1931 The Forum Fargo, ND
Article from The Forum, August 29, 1931

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Article Text

Watford City Bank May Reopen Doors Bismarck, N. D., Aug. 28.-(AP)The first State bank of Watford City, which temporarily suspended business recently. may reopen soon, Gllbert Semingson, state bank examiner, said today. Plans for reopening the bank are under way now, Mr. Semingson said, and If they materialize the bank will resume business within about 10 days. The bank suspended business temporarily following the closing of the

5. September 22, 1931 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, September 22, 1931

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Article Text

Expect to Reopen Watford City Bank Reopening of the First State Bank of Watford City, which closed voluntarily August 8, is expected to take place about October 15, Gilbert Semingson. state bank examiner, said Tuesday. Officials of the bank conferred with Semingson, discussing reorganization plans, which contemplate elimination of practically all outside stockholders so as to make the bank locally owned. Bank officials voluntarily closed the bank as the result of a "run" caused when the Security State Bank of Watford City was closed. The First State bank was not placed in the hands of a receiver, but closed pending reorganization.

6. September 15, 1933 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, September 15, 1933

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Article Text

Depositors in Watford City Bank Get Dividend Minot, N. D., Sept. 15.-(P)-Depositors in the First State Bank of Watford City, which was closed in July, 1932, are receiving a dividend of 10 per cent, the third dividend of this amount to be paid within the last year, it was announced Friday by J. P. Reeve, Burlington, district manager for the state receiver. Four hundred ninety-seven depositors are receiving the dividend checks, Reeve said.