20265. Buffalo Gap Bank (Buffalo Gap, SD)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
July 27, 1932
Location
Buffalo Gap, South Dakota (43.492, -103.313)

Metadata

Model
gpt-5-mini
Short Digest
665c61f5

Response Measures

None

Description

Articles (Aug 2 and Aug 5, 1932) report the Buffalo Gap bank reopening after a six-day holiday taken to work out plans to continue business. The holiday/suspension appears precautionary and was prompted by the failure of the Pennington County bank in Rapid City and threatened runs on nearby Custer County banks. No explicit run on Buffalo Gap Bank is described; depositors thereafter redeposited funds and accepted time certificates.

Events (2)
1. July 27, 1932 Suspension
Cause
Local Banks
Cause Details
Precautionary holiday/suspension prompted by failure of the Pennington county bank at Rapid City and threatened heavy runs on nearby Custer County banks.
Newspaper Excerpt
reopening following six-day holiday to work out plans for continuing business without suspension.
Source
newspapers
2. August 2, 1932 Reopening
Newspaper Excerpt
Much New Money Deposited After Bank Stages Holiday... after its reopening following six-day holiday work out... A large sum of money in new was deposited by old depositors in the Buffalo Gap bank after its reopening following six-day holiday work out for without ... The bank will pay dividends as rapidly as cash realized. (Argus-Leader, 1932-08-02). (deadwood article similar Aug 5).
Source
newspapers

Newspaper Articles (2)
1. August 2, 1932 Argus-Leader Sioux Falls, SD
Article from Argus-Leader, August 2, 1932

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Article Text

Much New Money Deposited After Bank Stages Holiday Buffalo Gap, Aug. 2.-A large sum of money in new was deposited by old depositors in the Buffalo Gap bank after its reopening following six-day holiday work out for without With very few exceptions, certificate percent. The bank will pay dividends as rapidly as cash realized. Banks in Custer, Hermosa, and Pringle plan, following the failure the Pennington bank at Rapid City, which heavy run on the Custer county banks.

2. August 5, 1932 Deadwood Pioneer-Times Deadwood, SD
Article from Deadwood Pioneer-Times, August 5, 1932

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Article Text

in the Buffalo Gap bank after opening following six-day holiday to work out plans for continuing business without suspension. With very few ceptions, depositors signed five-year time certificate with interest at percent. The bank will pay dividends rapidly as cash is realized. Banks in Custer, Hermosa, and Pringle followed the same plan, following the failure of the Pennington county bank at Rapid City, which threatened heavy run on the Custer county banks.