Chelsea State Bank - Chelsea, SD

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 4, 1910
Location: Chelsea, South Dakota (45.169, -98.740)

Metadata

Model: gpt-5-mini
Short Digest: 9efce9ba

Response Measures

None

Description

Article (Nov 4, 1910) refers to the Chelsea State Bank as defunct and discusses the state bank examiner appraising assets and acting for creditors; indicates the bank closed and is in receivership/under examiner control. No run is mentioned.

Events (3)

1. November 4, 1910 Other

Newspaper Excerpt: Jones bought the elevator at $4,500 ... The creditors have retained an attorney and will look into the affairs of the bank examiner in connection with the Chelsea deal
Source: newspapers

2. November 4, 1910 Receivership

Newspaper Excerpt: THE state bank examiner ... is charged with making the appraisment of the property of the defunct Chelsea state bank
Source: newspapers

3. November 4, 1910 Suspension

Cause: Government Action
Cause Details: State bank examiner handling affairs of the defunct bank; bank closed and assets being appraised/managed by examiner
Newspaper Excerpt: THE state bank examiner, J. L. Jones, is charged with making the appraisment of the property of the defunct Chelsea state bank
Source: newspapers

Newspaper Articles (1)

1. November 4, 1910 Kingsbury County Independent Desmet, SD

Article from Kingsbury County Independent, November 4, 1910

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Article Text

THE state bank examiner, J. L. Jones, is charged with making the appraisment of the property of the defunct Chelsea state bank, among which was an elevator, and then purchasing the elevator at his own figures. Jones bought the elevator at $4,500 and it is claimed the original cost was $7,500. If Jones doesn't succeed better in the management of the elevator than the creditors claim he has done in the bank's afiairs, he will need to wreck a bank or two every year to keep the elevator running. The creditors have retained an attorney and will look into the affairs of the bank examiner in connection with the Chelsea deal.