17624. First State Bank (Faith, SD)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
December 16, 1914
Location
Faith, South Dakota (45.023, -102.036)

Metadata

Model
gpt-5-mini
Short Digest
7e78f7c792829f57

Response Measures

None

Description

Bank suspended in mid-December 1914 after gradual deposit withdrawals exhausted reserves; state public examiner determined it could not be reopened and an examiner was appointed to wind up affairs (effectively receivership). Dates: suspension reported as Dec 15โ€“16, 1914; winding up reported Feb 9โ€“11, 1915. Cause classified as bank-specific adverse condition (reserve exhaustion/overdrafts).

Events (2)

1. December 16, 1914 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Considerable and gradual decrease in deposits; bank's reserve used to meet demands until practically all reserve was exhausted; overdrafts withdrawn reduced asset recovery.
Newspaper Excerpt
First State Bank of Faith, have turned over their affairs to the state department... The First State Bank of Faith... The First State bank, which suspended on December 16, 1914
Source
newspapers
2. February 9, 1915 Receivership
Newspaper Excerpt
Examiner Wingfield finds... it would be impossible to attempt to reopen the institution, and accordingly William Jans has been appointed examiner in charge with instructions to wind up its affairs as speedily as possible.
Source
newspapers

Newspaper Articles (4)

Article from Custer Weekly Chronicle, December 26, 1914

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Article Text

CONDENSED NEWS. Dr. Perry Nichols, proprietor of the Cancer Sanatorium at Hot Springs, has announced his intention to move his business to Savanah, Mo. Belle Fourche was visited by a big fire last Saturday night. A restaurant and another building adjoining were entirely destroyed, and a clothing and dry goods store was badly damaged and the stock ruined by water and fire. The loss is estimated at $20,000. The United States Department of Agriculture estimates that the year's crop of alfalfa seed will bring South Dakota Farmers a total of at least $1,000,000. The state takes the lead in the production of alfalfa seed, the crop this year being in excess of 140,000 bushels it is said. The state legal department has on inquiry of the head of the state school of mines ar Rapid City, held that that institution may use a portion of its field exploration fund outside the boundaries of the state for the purpose of making a mining and mineral report of the Black Hills section of the state. During the year just passed Lawrence county has expended about $75,000 in the construction of good roads, which it is believed is a record unequaled by any other county in the state. While the mileage of road constructed was not great, the work was permanent and consisted of much rock work over moun tain passes and makes considerably over $150,000 spent in that county on good roads within the past two years. The twelfth annual meeting of the South Dakota Improved Live Stock and Poultry Breeders Association will be held in the city of Mitchell the last week in January, the first program being given on Tuesday evening, January 26th. On Wednesday evening a joint program will be held with the Corn and Grain Growers and the State Poultry Associa tion. All live stock and poultry breeders and corn and grain growers should arrange to attend these meetings. South Dakota is in need of but few new laws. Legislators should take this into consideration when they take up their official duties at Pierre. There were 886 new laws considered by the last legislature, fortunately not all of them went upon the statute books. During the past years R. O. Richards has spent $14,250 in featuring himself before the yoters of the state and yet we had it from him two years ago that his primary was framed in the interests of the poor man.-Mitchell Clarion. The state bank examiner has reported that the Farmers and Citizens State Bank of Bryant, the Willow Lake Bank of Willow Lake, and the First State Bank of Faith, have turned over their affairs to the state department. Unreliable pape is assigned as the cause of the assignment. The Bryant bank is capitalized at $25.000 and carried deposits of $175,000. The Willow Lake bank is capitalized at $10,000 and carried deposits of $120,000. The Faith bank is capitalized at $10,000 and carried deposits of but $10,000.


Article from The Madison Daily Leader, February 9, 1915

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Article Text

FAITH BANK Will Wind Up Affairs of Suspended Institution. Faith, Feb. 9.-J. L. Wingfield, public examiner, has issued a statement of the condition of the First State bank, which suspended on December 16, 1914, in which he states that some time prior to the closing of the bank there had been a considerable and gradual decrease in deposits, and the bank's reserve had been used to meet those demands, this situation continuing until practically all the reserve was used and no other course was left the directors but to suspend. He says the amount withdrawn by overdrafts, if retained among the bank's assets, might have figured largely in bettering the condition of the bank. Examiner Wingfield finds, owing to the condition which the bank was in at the time of its suspension, that it would be impossible to attempt to reopen the institution, and accordingly William Jans has been appointed examiner in charge with instructions to wind up its affairs as speedily as possible. The bank had less than $12,000 on deposit at the time of its suspension. It had a capital stock of $10,000.


Article from The Citizen-Republican, February 11, 1915

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Article Text

WILL WIND UP AFFAIRS OF SUSPENDED FAITH BANK Faith, S. D. Feb. 10.-J. L. Wongfield, public examiner, has issued a statement of the condition of the First State bank, which suspended on December 15, 1914, in which he states that some time prior to the closing of the bank there had been a considerable and gradual decrease in deposits, and the bank's reserve had been used to meet those demands. this situation continuing until practically all the reserve was used and no other course was left the directors but to suspend. He says the amount withdrawn by overdrafts, if retained among the bank's assets, might have figured largely in bettering the condition of the bank. Examiner Wingfield finds, owing to the condition which the bank was in at the time of its suspension, that it would be impossible to attempt to reopen the institution, and accordingly William Jans has been appointed examiner in charge with instructions to wind up its affairs as speedily as possible. The bank had less than $12,000 on deposit at the time of its suspension. It had a capital stock of $10,000.


Article from The Tabor Independent, February 11, 1915

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Article Text

WILL WIND UP AFFAIRS OF SUSPENDED FAITH BANK Faith: S. D. Feb. 10.-J. L. Wongfield, public examiner, has issued a statement of the condition of the First State bank. which suspended on December 16. 1914, in which he states that some time prior to the closing of the bank there had been a considerable and gradual decrease in deposits, and the bank's reserve had been used to meet those demands, this situation continuing until practically all the reserve was used and no other course was left the directors but to suspend. He says the amount withdrawn by overdrafts, if retained among the bank's assets, might have figured largely in bettering the condition of the bank. Examiner Wingfield finds. owing to the condition which the bank was in at the time of its suspension, that it would be impossible to attempt to reopen the institution, and accordingly William Jane has been appointed examiner in charge with instructions to wind up its affairs as speedily as possible. The bank had less than $12,000 on deposit at the time of its suspension. It had a capital stock of $10,000.