First National Bank - Goodwin, SD

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10797
Charter Number: 10797
Start Date: July 7, 1931
Location: Goodwin, South Dakota (44.879, -96.849)

Metadata

Model: gpt-5-mini
Short Digest: 8046583f

Response Measures

None

Receivership Details

Depositor recovery rate: 9.9%
Date receivership started: 1930-12-17
Date receivership terminated: 1935-08-30
OCC cause of failure: Economic conditions
Share of assets assessed as good: 35.2%
Share of assets assessed as doubtful: 40.2%
Share of assets assessed as worthless: 24.7%

Description

Article (Argus-Leader 1931-07-07) refers to the closed First National bank of Goodwin and names John Hirning as receiver. No run or depositor agitation is reported; assets described as uncollectable and doubtful paper indicating bank-specific insolvency. Therefore classified as a suspension leading to closure/receivership.

Events (4)

1. November 3, 1915 Chartered

Source: historical_nic

2. December 17, 1930 Receivership

Source: historical_nic

3. July 7, 1931 Receivership

Newspaper Excerpt: John Hirning, as receiver of the bank, filed suit against Wemmering in federal court here June Monday.
Source: newspapers

4. July 7, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Assets described as uncollectable and doubtful paper and worthless real estate; misrepresentation in sale of stock alleged, indicating bank insolvency/poor condition.
Newspaper Excerpt: closed First National bank of Goodwin
Source: newspapers

Newspaper Articles (1)

1. July 7, 1931 Argus-Leader Sioux Falls, SD

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Article Text

FALSE STATEMENTS MADE IN SALE OF STOCK, IS CHARGE Owner of Stock in Goodwin Bank Denies His Liability On Shares Alleging misrepresentation in the sale of stock in the closed First National bank of Goodwin, George Wemmering Goodwin merchant. filed his in suit brought the bank's collect $1,500 from him as his liability as a stockholder. John Hirning. as receiver of the bank, filed suit against Wemmering in federal court here June Monday. and 'emmering's answer was filed In his answer. Mr. Wemmering contended that J. Anthony, an officer of the bank. made false to the bank's condition and he declared he purchased 15 shares of stock on the officer's statements regarding the bank's condition All uncollectable and doubtful paper" and real estate holdings of little value were from the bank's assets, Mr. Anthony told the merchant according to the answer. This was untrue. Wemmering contends The defendant asserted he learned the poor condition of the bank sev. eral months after purchasing the stock and at that time the bank's officers he would not be liable as stockholder.