17636. Security State Bank (Gayville, SD)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 13, 1930
Location
Gayville, South Dakota (42.889, -97.173)

Metadata

Model
gpt-5-mini
Short Digest
9a7dc1d4946e5a4f

Response Measures

None

Description

Articles (Dec 13, 1930) report the Security State Bank of Gayville closed by order of its board pending reorganization. A Feb 11, 1931 article reports the bank reopened after reorganization. No article describes a depositor run as the cause of closure, so this is a suspension followed by reopening.

Events (2)
1. December 13, 1930 Suspension
Cause Details
Board of directors ordered closure pending reorganization; bank had deposits of approximately $425,000 and capital and surplus of $59,000.
Newspaper Excerpt
By order of its board of directors, the Security State bank of Gayville has closed its doors, pending a reorganization.
Source
newspapers
2. February 11, 1931 Reopening
Newspaper Excerpt
SECURITY STATE BANK OF GAYVILLE REOPENED ... State Bank of Gayville, which ... closed about six weeks ago, opened for business under reorganization which was completed ... the bank has capitalization of $25,000.
Source
newspapers

Newspaper Articles (3)
1. December 13, 1930 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, December 13, 1930

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Article Text

BANK INVOKES 30 DAY RULING Raleigh, N. C., Institution Keeps Doors Open. RALEIGH, N. C. (/P)-The Mechanics Savings bank of Raleigh Friday invoked the thirty day rule on withdrawal of deposits. Officials announced no deposits were being accepted unless the depositor would leave the funds untouched for thirty days. The bank's doors were open as usual. Its last statement, as of Sept. 24, listed deposits at $660,058.49. Asheville, N. C., Bank Closes. ASHEVILLE, N. C. The Bank of West Asheville failed to open Friday. A notice on the door explained the institution was closed "by order of the board of directors, to conserve assets for the benefit of depositors. The bank was capitalized at $25,000 and listed deposits of $497,000. Close St. Paul, Ark., Bank. LITTLE ROCK The closing of the Bank of St. Paul, at St. Paul, Ark., was announced Friday. The bank had capital and surplus of $13,000 and deposits of $31,000: Tyrone, Pa., Bank Suspends. TYRONE, PA. The doors of the Farmers and Merchants National bank here were closed Friday and notice was posted that the action was taken in the interests of depositors. Citizens State, Colman, S. D. COLMAN, S. D. (A)-An examiner of the state banking department took charge of the Citizens State bank here Friday, after the board of directors had decided to close. The bank was capitalized at $10,000. Heavy Run Causes Closing. CHRISTOPHER, ILL. The Christopher State bank failed to open for business Friday. Steady withdrawals of deposits for the last several weeks prompted directors to order the institution closed, for the protection of depositors. Reorganization Underway. GAYVILLE, S. D. (P)-By order of its board of directors, the Security State bank of Gayville has closed its doors, pending a reorganization. The bank had deposits of approximately $425.000 and capital and surplus of $59,000.

2. December 13, 1930 Omaha World-Herald Omaha, NE
Article from Omaha World-Herald, December 13, 1930

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Article Text

Three Dakota Banks Into Hands of State Sioux Falls, S. D., Dec. Three South Dakota banks placed hands of the banking department today order their board directors. The Security State bank of Gayville was closed pending tion. The Citizens' State bank Colman. capitalized at 10 thousand dollars Brown County Banking company of Gorton, capitalized 25 thousand dollars, also closed their doors.

3. February 11, 1931 Argus-Leader Sioux Falls, SD
Article from Argus-Leader, February 11, 1931

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Article Text

SECURITY STATE BANK OF GAYVILLE REOPENED Feb. State Bank of Gayville, which curity closed about six weeks ago, opened for business under ization which was completed at yesterday Five farmers the elected to the direcwere tors. The officers are B. Wright. president: vice Olson. cashier The bank has capitalization of $25,000.