20266. Buffalo Gap State Bank (Buffalo Gap, SD)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
July 18, 1932
Location
Buffalo Gap, South Dakota (43.492, -103.313)

Metadata

Model
gpt-5-mini
Short Digest
d8e5dbca

Response Measures

None

Description

The bank invoked a six-day holiday / suspended business in mid-July 1932 and then reopened about a week later after depositors signed five-year time-certificates. No explicit depositor 'run' (mass withdrawals) is described prior to suspension; suspension appears precautionary and the bank successfully resumed business.

Events (2)
1. July 18, 1932 Suspension
Cause Details
Precautionary six-day holiday invoked to prevent possible heavy withdrawals; committee proposed five-year time-deposit waivers to avoid receivership.
Newspaper Excerpt
The Buffalo Gap State bank suspended business Monday. ... In the meantime six-day holiday plan has been invoked.
Source
newspapers
2. July 25, 1932 Reopening
Newspaper Excerpt
Buffalo Gap State bank, which reopened Monday after week's holiday reports that large sum was deposited in new accounts ... Practically all depositors signed the five year time certificate at three per cent.
Source
newspapers

Newspaper Articles (6)
1. July 20, 1932 Lead Daily Call Lead, SD
Article from Lead Daily Call, July 20, 1932

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Article Text

FOUR CUSTER COUNTY BANKS ENDORSE PLAN RAPID CITY, July banks Custer county today were launched upon financial campaign designto do away with possible heavy withdrawals that might cause suspension of business, according word received from officials in Custer, Buffalo Gap, Hermosa and PrinThe plan is to secure the signatures of all depositors of over $10 bank balance, agreeing not to withdraw their money for five years, ceiving three per cent interest in the meantime. Solicitors reported little or no resistance on the part of depositors in signing the waivers. In the meantime six-day holiday plan has been invoked. enabling the banks to complete arrangements for the five-year plan. The Custer city council called special session Saturday night for the purpose declaring July 18, 19 and 20 legal holidays and at mass meeting of citizens at the court house Sunday evening the six-day holiday was declared throughout the county Officials of the Custer County bank met and proposed the five-year plan, which met with the approval of the most of the depositors. Committees were appointed to interview depositors and to invite them to sign the petition. W. Delicate is president of the Custer County bank; Jones, vice president: Charles Perrin, cashier, and Glen Coe, assistant cashier. Other banks in the county plan to the same method The Buffalo Gap State bank suspended business Monday. At meeting there Monday evening depositors' organization was formed, which was submitted the five-year proposition, on behalf of the bank by Attorney Fred Sellers, Custer. The plan seemed to meet with general approval at the meeting, being realized that is preferable state bank receivership liquidation All Custer county banks showed good condition their last call of June 30, but have slow paper which takes time collect. Under the five-year time deposit plan when loans are collected in sufficient amounts depositors will receive cash dividends if they desire them on the certificates. For all persons owing the bank and having cash deposits, the amounts will be credited upon their indebtedness. Miss Queena Stewart, chairman of the Buffalo Gap committee, reiterated reports of an authorized six-day vacation for Buffalo Gap State bank, Hermosa State bank, Custer county State bank and Pringle bank.

2. July 20, 1932 Deadwood Pioneer-Times Deadwood, SD
Article from Deadwood Pioneer-Times, July 20, 1932

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Article Text

CUSTER BANKS AGREEMENT Holiday for Purpose Of Waiving Withdrawals RAPID CITY July banks in Custer county today were launched upon financial campaign designed do away with heavy withdrawals that might lead forced pension of to received officials in Custer. BufGap. Hermosa and Pringle. The plan to secure the signatures of all depositors over $10 bank balance. agreeing to withdraw their money for five years, receiving three percent interest in the meantime. Solicitors today reported little or no sistance on the part of depositors in signing the waivers. In the meantime six-day holiday has been invoked. enabling banks complete arrangements for the five-year plan. The Custer city council called special Saturday night for the purpose declaring July 18. and legal holidays and mass meeting of citizens the court house Sunday evening. the SIX day holiday was declared the county Officials of the Custer County bank met and proposed the five year plan. which met with the approval of the most the Committees depositors and invite them to sign the petiW Delicate president of the Custer County bank Jones vicepresident: Charles Perrin cashier, and cashier. Others banks the county plan the The Buffalo Gap State Bank pended business Monday meeting there Monday evening depositors organization was formwhich was submitted the five year behalf of the bank by Attorney Fred Sellers. Custer. The plan seemed to meet with genit being eral approval realized that preferable to state bank receivership liquidation All Custer banks showed good condition in their last published call June but have slow paper which takes time to collect. Under the five time deposit plan when loans are year collected sufficient amounts deposiwill receive cash dividends if they them the For desire all persons owing the bank and having cash deposits. the amounts will be dited upon their indebtedness chairman of Miss Queena the Buffalo Gap committee today reiterated authorized six-day reports vacation Buffalo Gap State bank. Hermosa State bank. Custer County State bank and Pringle bank. Hermosa bank meeting this morning.

3. July 21, 1932 The Weekly Pioneer-Times Deadwood, SD
Article from The Weekly Pioneer-Times, July 21, 1932

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Article Text

CUSTER BANKS AGREEMENT Holiday for Purpose Of Waiving Withdrawals RAPID CITY, July banks Custer county today were launched in financial campaign designed upon do with possible heavy withaway drawals that might lead to forced susof business, to pension received from officials in Custer, Buffalo Gap, and Pringle. The plan to secure the signatures of all of over $10 bank baldepositors not to withdraw their ance, agreeing for five years, receiving three money percent interest in meantime. Solicitors today reported little or no resistance on the part of depositors signing the waivers. In meantime six-day holiday plan has been invoked, enabling the banks complete arrangements for the five-year plan. The Custer city council called cial session Saturday night for the purof declaring July 18, 19 and 20 pose gal holidays and mass meeting of citizens the court house Sunday evening, the six day holiday was declared throughout the county. Officials the Custer County bank met and proposed the five year plan, which with approval the most of the depositors. Committees were appointed to interview depositors and to invite them to sign the petition. W. Delicate is president of the Custer County bank, Jones, vicepresident; Charles Perrin, cashier, and Glen Coe, assistant cashier. Others banks in the county plan use the same method to avoid The Buffalo Gap State Bank pended business Monday. At meeting there Monday evening depositors' organization was formed, which was submitted the five year proposition, on behalf of the bank by Attorney Fred Sellers, Custer. The plan seemed meet with genapproval at the meeting, it being realized that is preferable to state bank receivership liquidation. Custer banks showed good condition in their last published call of June 30, but have slow paper which takes time to collect. Under the five year time deposit plan when loans are collected in sufficient amounts deposiwill receive cash dividends they desire them on the certificates. For all persons owing the bank and having cash deposits, the amounts will be dited upon their indebtedness. Miss Queena Stewart, chairman of the Buffalo Gap committee today reiterated reports an authorized vacation for Buffalo Gap State bank, Hermosa State bank, Custer County State bank and Pringle bank. Hermosa had bank meeting this morning. mercury around the 100 mark and five deaths. North Platte and ported Valentine in Nebraska had 100 degree heat. Indiana and Kentucky also reported fatalities, those in the blue grass state $15, where the was comparatively being by Farther east the weather was more with New York City enjoying and expecting about the same today. Showers cooled areas. At Jacksonville, Fla., they sent tures from Utah and several Rocky ities likewise thanked rainstorms for normal temperatures. The Pacific and Atlantic coasts were generally favored with seasonable weather.

4. July 28, 1932 The Colony Coyote and the Alzada Fairplay Colony, WY
Article from The Colony Coyote and the Alzada Fairplay, July 28, 1932

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Article Text

so. DAK. BANKS WORK NOVEL RELIEF SCHEME (Deadwood Four banks in Custer county were launched upon financial campaign designed to do away with possible heavy withdrawals that might lead to forced suspension of business, according to word received from officials in Custer, Buffalo Gap, Hermosa and Pringle. The plan is to secure the signatures of all depositors of over $10 bank balance, agreeing not to withdraw their money for five years, receiving three per cent interest in the meantime. Solicitors today reportedi little or no resistance on the part of depositors in signing the waivers. In the meantime six-day holiday plan has been invoked, enabling the banks to complete arrangements for the five-year plan. The Custer city couneil called special session Saturday night for the purpose of declaring July 18, 19, and 20 legal holidays and at mass meeting of citizens at the court house Sunday evening, the six day holiday was declared throughout the county. Officials of the Custer County Bank met and proposed the fiveyear plan, which met with the approval of most of the depositors. Committees were appointed to interview depositors and to invite them to sign the petition. T. W. Delicate is president of the Custer County Bank, A. J. Jones, vice-president; Charles Perrin, Cashier, and Glen Coe, assisttant cashier. Other banks in the county plan to use the same method to avoid "runs." The Buffalo Gap State Bank suspended business Monday. At a meeting there Monday evening a depositors' organization was formed, to which was submitted the five-year proposition, on behalf of the bank by Attorney Fred Sellers, Custer. The plan seemed to meet with general approval at the meeting, it being realized that it is preferable to state bank receivership liquidation. All Custer Banks showed a good condition in their last published call of June 30, but have slow paper which takes time to collect. Under the five year time deposit plan when loans collected in sufficient mounts, depositors will receive cash dividends if they desire them on the certificates. For all persons owing the bank and having cash deposits, the amounts will be credited on their indebtedness. Miss Queena Stewart, chairman of the Buffalo Gap committe today reiterated reports of an authorized six-day vacation for Buffalo Gap State Bank, Hermosa State Bank. Custer County State Bank, and Pringle Bank. Hermosa had a bank meeting on July 19.

5. July 29, 1932 Rapid City Journal Rapid City, SD
Article from Rapid City Journal, July 29, 1932

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Article Text

REOPENED BANK IS WELL PATRONIZED Buffalo Gap, July Buffalo Gap State bank, which reopened Monday after week's holiday reports that large sum was deposited in new accounts for checking purposes by old customers, and that cash and exchange business better than expected Practically all depositors signed the five year time certificate at three per cent While the bank is to hold the for five years, the bank will pay cash as fast as they lect upon their assets. Bank officials believe that substantial cash elease payment can be made upon the deposits this fall Outside of little tightening of purse strings the bank suspension was taken in a calm manner by citizens here.

6. February 27, 1933 Rapid City Journal Rapid City, SD
Article from Rapid City Journal, February 27, 1933

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Article Text

DEPOSITORS OF GAP BANK GET NEW CASH Buffalo, Gap, Feb. 27 Time the Buffalo Gap State bank ten per cash release their money week. Three per cent interest also being the accounts, since the date of the first cash five per cent. makes total 15 paid since the bank suspended business July all deposits were five-year time certifiinterest three committee selected to help take of the affairs New business the bank the cash deposits and exchange