Bank of Beresford - Beresford, SD

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 1, 1884*
Location: Beresford, South Dakota (43.081, -96.774)

Metadata

Model: gpt-5-mini
Short Digest: 2359c6e6

Response Measures

None

Description

Article (1894-02-22) recounts the bank's founding (1884) and later collapse: cashier Webster was afterwards appointed receiver, indicating the bank failed and went into receivership. No explicit run is described in the text, and no precise date for the suspension/receivership is given in the article (likely early 1890s).

Events (2)

1. January 1, 1884* Other

Newspaper Excerpt: The bank was started in 1884 by Chas. A. Potter
Source: newspapers

2. * Receivership

Newspaper Excerpt: Mr. Webster was afterwards appointed receiver
Source: newspapers

Newspaper Articles (1)

1. February 22, 1894 Union County Courier Elk Point, SD

Article from Union County Courier, February 22, 1894

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Article Text

# BANKER AMES. How He Started in Business In Our Northern Neighbor. Beresford News: In its issue of February 1 THE COURIER states that Ames started the Bank of Beresford in 1884. The facts in the case are that he bought the good will of the Bank of Beresford, then-though a small affair-as solid as the rock of ages. The bank was started in 1884 by Chas. A. Potter, a man whose record as a financier is without a shadow and whose old time friends still speak of with pride. Ames had an eye to the banking business and in his frequent trips to thiis vicinity as collector for the Wood Harvester company picked upon Beresford as a fitting place to locate. Mr. Potter was becoming old and the business of the bank was growing to such proportions as to overtax his powers, so in March, 1890, he sold out the good will and fixtures of the Bank of Beresford to Ames Bros., and the bank was reorganized with D. C. Ames, said to be an Illinois capitalist, as president, A. J. Ames vice-president and R. Z. Bennett as cashier, and the building was moved to a more central part of town, enlarged, a fireproof vault built and a large safe, with time lock, put in. The business of the bank increased and in the summer of 1892 the writer was confidentially told that its net profits averaged $500 per month. Besides this a large real estate business was transacted, and if ever fortune smiled upon a man that man was ex-Banker Ames. How well he improved it, the sequel shows. In the spring of 1892 a branch bank was organized at Wakonda, Clay county, under the management of Ames Bros. & Bennett, Cashier Bennett taking charge of the business. He was succeeded as cashier of the Bank of Beresford by J. S. Duncan of Sioux City, who put considerable capital into the bank. Mr. Duncan soon became dissatisfied and drew out, taking the bulk of his capital with him, but as his name is among the deluded depositors, he must have sunk some of it. Mr. Duncan was succeeded by Harry K. Webster, who had charge of the cash when the crash came. Mr. Webster was afterwards appointed receiver and held the position for several months, when he resigned and was succeeded by Jesse Compton of Elk Point, the present incumbent.