20329. First National Bank (Fairfax, SD)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
national
Bank ID
8711
Charter Number
8711
Start Date
January 1, 1923*
Location
Fairfax, South Dakota (43.027, -98.888)

Metadata

Model
gpt-5-mini
Short Digest
aa35a755

Response Measures

Full suspension

Other: Bank failed to open for business (suspension); article notes expectation of no losses but possible delays due to slow paper collection from farmers.

Description

Article reports heavy deposit withdrawals and slow collections from the farming community, and that the bank failed to open for business Jan. 22. No further articles in the set mention reopening or receivership, so it is unclear whether the suspension was permanent.

Events (4)

1. May 27, 1907 Chartered
Source
historical_nic
2. January 1, 1923* Run
Cause
Local Shock
Cause Details
Heavy deposit withdrawals driven by slow collections from the farming community (local agricultural/cash-flow stress).
Newspaper Excerpt
It is said to have sustained heavy deposit withdrawals in recent weeks, along with slow collections from the farming community.
Source
newspapers
3. January 22, 1923 Suspension
Cause
Local Shock
Cause Details
Bank failed to open after sustaining heavy withdrawals and slow collections; suspension begun Jan. 22, 1923.
Newspaper Excerpt
The First National bank of this place failed to open for business Jan. 22.
Source
newspapers
4. January 22, 1923 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)

Article from The Mellette County Pioneer, February 2, 1923

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Article Text

NEWS OF THE STATE IMPORTANT HAPPENINGS OF THE PAST WEEK IN SOUTH DAKOTA. Western Newspaper Union News Service. Huron.-South Dakota shippers still need freight cars, but definite promise of immediate solution of the shortage situation has been obtained from the American Railway association, said George T. Starring, secretary of the South Dakota Farm Bureau federation, in a statement made public here. Also the association has agreed to cooperate with the association recently formed in Minnesota in forestalling any future car shortage. Fairfax.--The First National bank of this place failed to open for business Jan. 22. It is said to have sustained heavy deposit withdrawals in recent weeks, along with slow collections from the farming community. It is believed no one will sustain any loss, though there may be delay in final settlements owing to the slow paper held by the bank. Carthage.-The Farmers Shipping association, of Carthage, according to reports made at the annual meeting, during the past year shipped an aggregate of 127 carloads of live stock. The shipments of hogs brought $149,162. The cattle shipments brought a cash return of $33,177. Sheep shipments brought over $2,000. Menno.-So extensive are the groves in the Menno district that a great deal of this timber now is being cut by crews of men employed for the purpose and by farmers themselves, the cord and stove wood finding a ready market in Menno and other towns of the district because of the high price and scarcity of coal. Beresford.-As the cash receipts of the Beresford postoffice have gone over the necessary figure entitling the city to free mail delivery, it is expected that efforts now will be made to induce the postoffice department at Washington, to grant the necessary authority for the employment of a city mail carrier. Groton.-The city council at a meeting accepted the bid of a St. Paul firm for a chemical truck as additional equipment to the fire department. This latest improvement places Groton in a fourth class insurance rating and gives her a lower rate than has been applied on towns larger than this city. Yankton.-An extensive program of improvement is planned by the city of Yankton for the coming season, including the paving of about 30 blocks of storm and sanitary sewers, and graveling of the north Broadway road, one of the main entrances to the city, to connect with the Meridian highway. Huron.-This winter has been the coldest in the past five years and there was more precipitation in the last three months of 1922 than in any similiar period since the year 1881, it was declared in a statement made public here from the office of the United States weather bureau. Brookings.-Sixteen farm residences, 19 water supply systems and 22 sewage disposal systems were planned and contructed in the farm-home projects carried on by the South Dakota extension service at State college during 1922, according to the year's completed report. Yankton.-Work of river bank protection west of Yankton is proceeding in spite of two obstacles-mild weather, which has made the ice sur-


Article from The Miller Press, February 8, 1923

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Article Text

NEWS OF THE STATE IMPORTANT HAPPENINGS OF THE PAST WEEK IN SOUTH DAKOTA. Western Newspaper Union News Service. Huron.-South Dakota shippers still need freight cars, but definite promise of immediate solution of the shortage situation has been obtained from the American Railway association, said George T. Starring, secretary of the South Dakota Farm Bureau federation, in a statement made public here. Also the association has agreed to cooperate with the association recently formed in Minnesota in forestalling any future car shortage. Fairfax-The First National bank of this place failed to open for business Jan. 22. It is said to have sustained heavy deposit withdrawals in recent weeks, along with slow collections from the farming community. It is believed no one will sustain any loss, though there may be delay in final settlements owing to the slow paper held by the bank. Carthage.-The Farmers Shipping association, of Carthage, according to reports made at the annual meeting, during the past year shipped an aggregate of 127 carloads of live stock. The shipments of hogs brought $149,162. The cattle shipments brought a cash return of $33,177. Sheep shipments brought over $2,000. Menno.-So extensive are the groves in the Menno district that a great deal of this timber now is being cut by crews of men employed for the purpose and by farmers themselves, the cord and stove wood finding a ready market in Menno and other towns of the district because of the high price and scarcity of coal. Beresford.-As the cash receipts of the Beresford postoffice bave gone over the necessary figure entitling the city to free mail delivery, it is expected that efforts now will be made to induce the postoffice department at Washington, to grant the necessary authority for the employment of a city mail carrier. Groton.-The city council at a meeting accepted the bid of a St Paul firm for a chemical truck as additional equipment to the fire department. This latest improvement places Groton in a fourth class insurance rating and gives her a lower rate than has been applied on towns larger than this city. Yankton.--An extensive program of improvement is planned by the city of Yankton for the coming season, including the paving of about 30 blocks of storm and sanitary sewers, and graveling of the north Broadway road, one of the main entrances to the city, to connect with the Meridian highway. Huron.-This winter has been the coldest in the past five years and there was more precipitation in the last three months of 1922 than in any similiar period since the year 1881, it was declared in a statement made public here from the office of the United States weather bureau. Brookings.-Sixteen farm residences, 19 water supply systems and 22 sewage disposal systems were planned and contructed in the farm-home projects carried on by the South Da. kota extension service at State college during 1922, according to the year's completed report. Yankton.-Work of river bank protection west of Yankton is proceeding in spite of two obstacles-mild weather, which has made the ice surface of the Missouri rather insecure, and shortage of heavy trees to be used as current retards. Watertown.-Mrs. Carrie Hansen, shot three times by her husband, Claus T. Hansen, here, has a good chance for recovery, surgeons anhounced following removal of the three bullets from her throat. Nuron-Elaborate plans are now being made for the first annual and organized meeting of the South Dakota Automobile Trades association. This meeting will be held at Sioux Falls, February 15 and 16. Flandreau.--Suddenly attacked by heart failure as he was seated at a table eating with the family of his sister, on a Moody county farm, William Tenant, aged 81, died without an apparent struggle. Fedora.-An old fashioned circle hunt was staged in Miner county, reaching into Sanborn. At the final round-up, one wolf and 150 jackrabbits were killed. Milbank.-Current reports show that during the past. year the deposits in the banks of this (Grant) county have increased approximately $800,000. Aberdeen.--Charles Zirbes, for the past 10 years deputy state game warden, died of heart failure in the Radisson' Hotel here. Milbank.-Plans are well under way for the putting on of a big three day winter carnival at the fair grounds. Quinn.-Mr. and Mrs. Jackson, of this place, celebrated their 64th wedding anniversary this month. Huron.-Four or five residents of Beadle county have hit upon a plan of, temporarily at least, solving the high price of automobile licenses by giving the county treasurer worthless hecks. Wessington Springs.-The sportsmen of this city and vicinity have