17587. Chelsea State Bank (Chelsea, SD)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 12, 1931
Location: Chelsea, South Dakota (45.169, -98.740)

Metadata

Model: gpt-5-mini
Short Digest: 53effda56a5b7c7b

Response Measures

None

Description

Multiple contemporaneous SD newspapers (Aug 14–15, 1931) report the Chelsea State Bank suspended business Wednesday with deposits about $48,000. There is no mention of a depositor run, nor any reopening; the report comes via the South Dakota banking department. The articles do not state a specific cause or a receivership assignment. I classify this as a suspension leading to closure (suspension_closure) because the coverage reports suspension without any reopening information; final receivership is not mentioned, so the permanent closure is inferred but not definitively documented.

Events (1)

1. August 12, 1931 Suspension

Cause Details: Article states the bank suspended business as reported by the South Dakota banking department; no explicit cause (no run, no stated government seizure) is given.
Newspaper Excerpt: The Chelsea State Bank suspended business Wednesday with deposits of $48,000.
Source: newspapers

Newspaper Articles (5)

1. August 14, 1931 The Daily Plainsman Huron, SD

Article from The Daily Plainsman, August 14, 1931

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Article Text

Report Closing Of Chelsea Banks PIERRE. Aug. closing of two banks the South Dakota banking department today. The Avon State Bank closed today with deposits The bank had capital stock and $15,000 surplus. The Chelsea State Bank suspended with deposits The bank's capital totaled CATHOLIC LADIES DINNER

2. August 14, 1931 Argus-Leader Sioux Falls, SD

Article from Argus-Leader, August 14, 1931

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Article Text

General Motors Reports Increase in Assets New York, Aug. conbalance sheet of the General Motors as of June 30, published S. government and securities to compared with on December 31, and on June 30 1930 pamphlet report for the second previously showed earnings available the of share, from operations the like ago, share. Inventories June 30 had reduced to from $136,on December current assets were and current liabilities $88 The balance sheet listed total assets at against $1,315,813,059 on December AVON, CHELSEA BANKS CLOSE Pierre, Aug closing two banks was by the South Dakota banking department today. The Avon State bank closed today with deposits The bank capital stock of and Chelsea State suspended business deposof $48,000. The bank's capital totaled $15,000. The Detroit Tigers have bought McElreath, outfielder the Joplin Western association club.

3. August 14, 1931 Rapid City Journal Rapid City, SD

Article from Rapid City Journal, August 14, 1931

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Article Text

TWO CLOSED Pierre, of two banks was reported by the South Dakota banking department today. The Avon State Bank closed today with deposits approximating $300,000 The bank had capital stock of $55,000 and $15,000 surplus The Chelsea State Bank suspended business Wednesday with deposits of $48,000. The bank's capital totaled

4. August 14, 1931 Lead Daily Call Lead, SD

Article from Lead Daily Call, August 14, 1931

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Article Text

OF TWO SOUTH DAKOTA BANKS REPORTED PIERRE, Aug. closof two banks was reported by the South Dakota banking department today. The Avon State bank closed today with deposits of proximately $300,000. The bank had capital stock of $55,000 and $15,000 surplus. The Chelsea State bank suspended business with deposits $48,000. The bank's capital totalled

5. August 15, 1931 Deadwood Pioneer-Times Deadwood, SD

Article from Deadwood Pioneer-Times, August 15, 1931

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Article Text

Closing of Two South Dak. Banks Reported Aug. closing two banks was reported by the South Dakota banking department today The Avon State bank closed today with deposits of approximately $300,000 The bank had capital stock of $55,000 and $15,000 surplus. The Chelsea State bank suspended business Wednesday with deposits of The bank's capital totalled SOME HIGHWAYS CORRUGATED D., Aug. some parts of South Dakota aidhighway maintenance this week, but both gravel and earth roads are still corrugated in many places due to the continued lack of moisture.