17538. North Western National Bank (Aberdeen, SD)

View Charter #3932 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3932
Charter Number
3932
Start Date
January 15, 1892
Location
Aberdeen, South Dakota (45.465, -98.486)

Metadata

Model
gpt-5-mini
Short Digest
288de730fd211091

Response Measures

None

Description

Articles (Jan 15 and Jan 18, 1892) report the bank went into voluntary liquidation and will close. Newspapers refer to the institution as the Northwestern National bank; the provided name is North Western National Bank — this appears to be a minor naming/spacing variant. Reports state there was sufficient cash to pay depositors and no run is described.

Events (3)
1. October 22, 1888 Chartered
Source
historical_nic
2. January 15, 1892 Suspension
Cause
Voluntary Liquidation
Cause Details
Stockholders voted voluntary liquidation due to heavy bad loans from poor crops, heavy taxes, and large building investments; liquidation announced Jan 15–18, 1892.
Newspaper Excerpt
The Northwestern National bank, of this city, organized in 1888, went into voluntary liquidation by the action of its stockholders this afternoon.
Source
newspapers
3. January 15, 1892 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)
1. January 16, 1892 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, January 16, 1892

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Article Text

CLOSED ITS DOORS. An Aberdeen Bank Voluntarily Quits Business. Special to the Globe. ABERDEEN, S. D., Jan. 15. - The Northwestern National bank, of this city, organized in 1888, went into voluntary liquidation by the action of its stockholders this afternoon. The bank was the third national one in Aberdeen, and has always done a very good business. Its stockholders come quite largely from the East, particularly Chicago. In the first year of its existence the bank made a number of big loans to parties who have not been able the last few years to pay interest thereon on account of the poor crops and hard times. This, with heavy taxes and large investments in building, made a heavy load to carry. Both President Barnes and Cashier Briggs say there is plenty of cash on hand to pay depositors, and creditors will not lose a cent. The loss, if any, will fall upon the stockholders. Officers of the bank have the utmost confidence in the people here, and although quite generally known yesterday that the bank was about to close up, the deposits exceeded withdrawals by $300. The liquidation is deeply regretted by all citizens.

2. January 22, 1892 Bismarck Weekly Tribune Bismarck, ND
Article from Bismarck Weekly Tribune, January 22, 1892

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Article Text

VOLUNTARY LIQUIDATION. The Northwestern National Bank of Abordeen Will Soon Close Its Doors. ABERDEEN, S.D., Jan. 18.-The Northwestern National bank of this city, organized in 1888, has gone into voluntary liquidation by action of the stockholders. The bank was the third national one in Aberdeen, and has always done a very good business. Its stockholders come quite largely from the East, particularly Chicago. In the first year of its existence the bank made a number of big loans to parties who have not been able, for the last few years, to pay the interest thereon, on account of poor crops and hard times. This, with heavy taxes and large investments in building, made a heavy load to carry. Both President Barnes and Cashier Brigga say there is plenty of cash on hand to pay depositors, and creditors will not lose a cent. The loss, if any, will fall upon the stockholders and officials. The bank has the utmost confidence of the people here, and although it was quite generilly known Thursday that the bank was about to close up, the deposits exceeded the withdrawals by $300. The liquidailon is deeply regretted by all citizens.