17595. De Smet National Bank (De Smet, SD)

View Charter #5355 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5355
Charter Number
5355
Start Date
May 12, 1928
Location
De Smet, South Dakota (44.387, -97.550)

Metadata

Model
gpt-5-mini
Short Digest
96dc919f3a40981e

Response Measures

None

Receivership Details

Depositor recovery rate
57.4%
Date receivership started
1926-07-06
Date receivership terminated
1932-11-01
OCC cause of failure
Economic conditions
Share of assets assessed as good
31.2%
Share of assets assessed as doubtful
42.4%
Share of assets assessed as worthless
26.5%

Description

Articles show the De Smet National Bank was closed and in receivership (R. B. McCandless serving as receiver) and distributing dividends to creditors in May 1928; by Oct 1929 a new receiver (Shennum) is taking charge/moving records. No article describes a depositor run. Therefore this is a suspension that led to permanent closure/receivership.

Events (5)
1. May 15, 1900 Chartered
Source
historical_nic
2. July 6, 1926 Receivership
Source
historical_nic
3. May 12, 1928 Other
Newspaper Excerpt
Dividend Checks Ready. De Smet, May Checks are De Smet Nabank, in payment of the third dividend, which brings the total dividend up to 40 per cent. These checks will distribute almost $50,000 among creditors of the bank, according to R. B. McCandless, receiver.
Source
newspapers
4. May 12, 1928 Receivership
Newspaper Excerpt
These checks ... among creditors of the bank, according to R. B. McCandless, receiver.
Source
newspapers
5. October 3, 1929 Receivership
Newspaper Excerpt
New Bank Receiver In Charge Of Kingsbury ... The new receiver will be in charge of the De Smet National bank ... Mr. Shennum takes the place of R. B. McCandless who has been transferred ... Mr. McCandless gone to ... his new duties.
Source
newspapers

Newspaper Articles (3)
1. May 12, 1928 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, May 12, 1928

Click image to open full size in new tab

Article Text

independence day. expectthat thousands of Norwegians and persons of Norwegian descent will be attendance. Walton League to Banquet. Madison, S. D., May made by William Killion, of the Madison Izaak that the spring activities of the be banquet to served in the Catholic church May John G. Bradford, Sioux Falls, will tell the work of the league. Dividend Checks Ready. De Smet, May Checks are De Smet Nabank, in payment of the third dividend, which brings the total dividend up to 40 per cent. These checks will distribute almost $50,000 among creditors of the bank, according to R. B. McCandless, receiver. 27 to Graduate in Philip. Philip, S. D., May The high graduate class this year and be held May 25. E. Woodburn, Spearfish normal, will deliver the ment address. Committees Plan Celebration. De Smet, S. D., May Hasche, has named the members of the executive committee and separate committee chairmen for the annual old settlers' celebration, which will be held this year on June "Twister" Wrecks Buildings. Gregory, S. May small visited the farm home William Satler and destroyed some the outbuildings on his farm and of one of his neighbors.

2. October 3, 1929 The Daily Plainsman Huron, SD
Article from The Daily Plainsman, October 3, 1929

Click image to open full size in new tab

Article Text

New Bank Receiver In Charge Of Kingsbury Shennum of Madison is the new recelver of four closed banks in Kingsbury county. Mr. Shennum takes the in place of R. B. McCandless who has been transferred to South Carolina where he will be in charge of the Points West liquidation of several institutions. The new ver will be in charge of the De Smet National bank, the First Na. ALBERTA VAUGHN tional and Farmers National banks at Lake Preston and the recently com- A swift-moving pleture of flying pletely Equidated First National at hoois and heating hearts. A son Oldham. 01 the West on a rampuge-AND

3. October 3, 1929 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, October 3, 1929

Click image to open full size in new tab

Article Text

BANK RECEIVER LEAVES FOR CAROLINA Lake Preston, D.-Special: R. McCandless, this city, charge closed National banks Lake Preston, De Smet Oldhas resigned receiver of those banks and accepted receivernumber of closed banks in South Carolina Mr. McCandless gone to nume his new duties, while Mrs. Mcandless went to Sloux Falls where visit and friends month before leaving for her new home. Shennum. Madison, has charge of the closed banks Madison. and Carthage, will close up the of the banks under Mr. and move books and records to Madi-