Gregory County State Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 1, 1922*
Location: Fairfax, South Dakota (43.027, -98.888)

Metadata

Model: gpt-5-mini
Short Digest: afc686a8

Response Measures

None

Description

Article (Omaha Bee, 1923-09-13) states that shortly after the July 1922 Spencer failure the Gregory County State Bank, Fairfax, S.D., was forced to close. No run is mentioned; closure appears tied to the troubles/misapplication connected to Frank W. Woods and the deflation/land losses. Date estimated from context (Spencer failed July 1922; Gregory closed shortly afterward).

Events (1)

1. July 1, 1922* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closures followed failure of Spencer bank and involvement of Frank W. Woods (misapplication of funds) plus deflation-related heavy losses to his companies; banks in which he was heavily interested were forced to close.
Newspaper Excerpt: Shortly afterward the Gregory County State bank, Fairfax, S. D., Gross State bank and the Farmers' State bank, Fairfax, S. D., in which Mr. Woods was heavily interested, were forced to close.
Source: newspapers

Newspaper Articles (1)

1. September 13, 1923 The Omaha Morning Bee Omaha, NE

Article from The Omaha Morning Bee, September 13, 1923

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Article Text

Nebrask 205 Ban Face rial Frank W.-Woods, Formerly of Spencer, Surrenders to Answer Charge of Diverting Bank Funds. Gave Help to Farmers Frank W. Woods, formerly of Spencer, Neb., surrendered yesterday to Deputy United States Marshal L. H. Thomas to answer a charge of misapplication of funds of the First National bank of Spencer. He was one of the middlewest's well-known bankers, having big interests in a chain of banks in northern Nebraska and southern South Dakota. In addition he was an extensive dealer in real estate and a large cattle feeder. The Spencer bank failed in July, 1922. Shortly afterward the Gregory County State bank, Fairfax, S. D., Gross State bank and the Farmers' State bank, Fairfax, S. D., in which Mr. Woods was heavily interested, were forced to close. Several other banks in which he had large holdings were reorganized and are now reported to be prosperous. Claim Deflation Responsible. The deflation period was reported responsible for the failure of the Woods companies. Large land and cattle holdings were reported sold at a heavy loss. Mr. Woods was largely responsible for the breaking up of many large ranches in north Nebraska which are now being farmed intensively. Through his subsidiary organizations he was able to provide credit for small farmers embarking in business for themselves. / Mr. Woods was also president of the Refinite company, 1023 Harney street, whilch failed April 19, 1922. He was released on $5,000 bonds signed by Truman E. Stevens, receiver of the Refinite company. Was Reputed Millionaire. Mr. Woods moved to Omaha, about 10 days ago and now maintains a residence in Dundee. The complaint contains two counts, one charging misapplication of $2,245. the other of $2,298. It is signed by United States Attorney Kinsler. ) "I certainly had no criminal intent, but only tried to save my institwon," he said. "The complaint involves transactions between the bank and the Woods Credit company.'