17788. Tripp State Bank (Tripp, SD)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 24, 1922
Location
Tripp, South Dakota (43.226, -97.966)

Metadata

Model
gpt-5-mini
Short Digest
37d6d82505cbd6fc

Response Measures

None

Description

Articles report the Tripp State Bank failed/suspended on May 24, 1922; depositors were paid from the state guaranty fund and later court actions and a sale of bank real estate followed (Jan 1923 court order, Feb–Mar 1923 sale notice). No newspaper text describes a depositor run; primary cause is bank-specific failure (large liabilities, president absconded).

Events (3)
1. May 24, 1922 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed with liabilities over $400,000; president Waldemar Wenzlaff absconded; insolvency led to suspension.
Newspaper Excerpt
the Tripp state bank, which failed May 24, 1922.
Source
newspapers
2. January 25, 1923 Receivership
Newspaper Excerpt
Order of the Circuit Court of Hutchinson County, South Dakota, made on the 25th day of January, 1923, the undersigned, John Hirning, as Superintendent of Banks of the State of South Dakota in charge of the above named bank will sell ... real estate ... in the matter of the suspension of the Tripp State Bank, a corporation, of Tripp, South Dakota. (sale pursuant to court order).
Source
newspapers
3. February 15, 1923 Other
Newspaper Excerpt
NOTICE OF SALE OF REAL ESTATE In the matter of the suspension of the Tripp State Bank, a corporation, of Tripp, South Dakota. Notice is hereby given ... sealed bids ... not later than the 1st day of March, 1923.
Source
newspapers

Newspaper Articles (3)
1. September 25, 1922 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, September 25, 1922

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Article Text

SUIT-TO OBTAIN BANK SHORTAGE STOCKHOLDERS OF DEFUNCT TRIPP INSTITUTION SUED FOR $52,000. Oli vet, Sept. 25-A suit of state wide interest was filed when John Hirning, state bank superintendent, through his attorneys, Hitchcock and Sickle, of Mitchell, started action to recover $52,000 fro mthe stockholders of the Tripp state bank, which failed May 24, 1922. The bank's libalities were more than $400,000. Depositors have been paid in full from the state bank guaranty fund, but under the banking laws of the state, the stockholders of a bank are liable for the debts of the bank to the extent of the value of their stock. It is under this law that the state bank commissioner is bringing the action. The stockholders who are named in the suit are Waldemar Wenzlaff, former president of the bank, who absconded, and whose whereabouts is unknown; Erwin R. Sailer, Manhover, N. D.: A. E. Rabel, Chelsea, S. D.: and Lee S. Kelper, Wallace Melhaff and August Brost, all of Tripp. Some of the defendant stockholders disposed of their stock within a year previous to the suspension of the bank. This, the attorneys for the banking department 'say, presents an interesting legal tangle, as the court will have to determine whether these stockholders are liable for the debts owed by the bank at the time of the suspension or only for those contracted prior to the time they disposed of their stock. The case will be tried in Hutchinson county and is expected to come up at the October term of circuit court. I

2. February 15, 1923 The Miller Press Miller, SD
Article from The Miller Press, February 15, 1923

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Article Text

February 15t2 NOTICE OF SALE OF REAL ESTATE State of South Dakota, County of Hutchinscn, SS. In Circuit Court, First Judicial Circuit. In the matter of the suspension of the Tripp State Bank, a corporation. of Tripp, South Dakota.

3. February 22, 1923 The Miller Press Miller, SD
Article from The Miller Press, February 22, 1923

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Article Text

February 15t2 NOTICE OF SALE OF REAL ESTATE State of South Dakota, County of Hutchinson, SS. In Circuit Court, First Judicial Circuit. In the matter of the suspension of the Tripp State Bank, a corporation, of Tripp, South Dakota. Notice is hereby given that in pursuance of an Order of the Circuit Court of Hutchinson County, South Dakota, made on the 25th day of January, 1923, the undersigned, John Hirning, as Superintendent of Banks of the State of South Dakota in charge of the above named bank will sell on competitive sealed bids to the highest bidder for cash, the following described real estate situated in the County of Hand, State of South Dakota, towit: East one-half (E½), Section Twenty-eight (28), Township One Hundred Twelve (112), Range Sixty-eight (68), Hand County, South Dakota. That said sealed bids will be received not later than the 1st day of March, 1923, at the office of the Department of Banking & Finance, at Pierre, South Dakota, and that said real property will be sold for cash to be paid on the execution and delivery of a deed thereto, and the right to reject any and all bids is reserved, no sale will be completed nor conveyance delivered without the approval of the Court. Notice is further given that a certifled check or draft equal to 10 per cent of the whole amount thereof must accompany each bid and rejected bids with their certified checks will be returned to the respective bidders immediately upon the rejection of such bids. Dated this 13th day of February, 1933. John Hirning, Superintendent of Banks.