First National Bank - Elkton, SD

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6368
Charter Number: 6368
Start Date: December 12, 1928
Location: Elkton, South Dakota (44.236, -96.481)

Metadata

Model: gpt-5-mini
Short Digest: a7cc01f9

Response Measures

None

Receivership Details

Depositor recovery rate: 53.5%
Date receivership started: 1926-12-03
Date receivership terminated: 1931-08-31
OCC cause of failure: Economic conditions
Share of assets assessed as good: 41.0%
Share of assets assessed as doubtful: 46.5%
Share of assets assessed as worthless: 12.4%

Description

Article (Sioux City Journal, Dec 13, 1928) refers to the closed First National bank, Elkton and names T. H. Jeffrey as bank receiver. No run or withdrawals are mentioned; the bank was closed and in receivership by Dec 12, 1928. OCR corrected minor spacing (First Na tional -> First National).

Events (3)

1. August 5, 1902 Chartered

Source: historical_nic

2. December 3, 1926 Receivership

Source: historical_nic

3. December 12, 1928 Receivership

Newspaper Excerpt: the closed First National bank, Elkton, holds chattel mortgages... claims he had verbal permission from T. H. Jeffrey, bank receiver
Source: newspapers

Newspaper Articles (1)

1. December 13, 1928 The Sioux City Journal Sioux City, IA

Article from The Sioux City Journal, December 13, 1928

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Article Text

FARMER IN JAIL CHARGED WITH SALE MORTGAGED HOGS Brookings, D., Dec. 12.-SpeTwo Elkton Carl Kontz and Bert ilbur have been arrested on charges of selling prop erty on which the closed First Na tional bank, Elkton, holds chattel mortgages. Kontz is alleged to have sold hogs and claims he had verbal permission from T. H. Jeffrey, bank receiver He is being held in the county jail pending arrangements for bonds to circuit court Wilbur pleaded gull ty to selling an old automobile for $65 two years ago, and was fined $50 and costs of $28. besides the selling price of the car, all of which he paid.