20361. Hermosa State Bank (Hermosa, SD)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
July 18, 1932
Location
Hermosa, South Dakota (43.840, -103.191)

Metadata

Model
gpt-5-mini
Short Digest
d0be235c

Response Measures

None

Description

Articles (July 1932) describe Hermosa State Bank participating in a coordinated plan with other Custer County banks: a six-day holiday was invoked and depositors were asked to sign five-year waivers to avoid heavy withdrawals. No run on Hermosa is reported and no permanent closure or receivership is mentioned; the action appears to be a temporary suspension/holiday intended to allow arrangements and enable reopening.

Events (1)
1. July 18, 1932 Suspension
Cause Details
Bank invoked a voluntary six-day holiday (temporary suspension) as part of a county-wide plan to prevent heavy withdrawals and secure five-year waivers from depositors.
Newspaper Excerpt
six-day holiday was invoked ... authorized six-day vacation for ... Hermosa State bank
Source
newspapers

Newspaper Articles (5)
1. July 17, 1932 Deadwood Pioneer-Times Deadwood, SD
Article from Deadwood Pioneer-Times, July 17, 1932

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Article Text

OFFICIALS BLAME FORGERIES Three More Charges Filed Against Wasta Bank Cashier PIERRE July tion by H. Aos. cashier of the closed bank of Wasta. caused the closing today of the Pennington County bank of Rapid City, according to Ruden, state superintendent of banks. recently arrested for forgery in connection with alleged fraudulent transactions the Wasta bank. Mr. Ruden said considerable amount of forged paper. probably more than $100,000 from the Wasta bank accepted for rediscount by the Pennington County bank. The Pennington County bank otherwise was sound condition. Mr. Ruden said. Officers and directors of the bank hopeful of being able to charge out the forged paper and reopen the bank within short time. Charged With More Forgeries RAPID CITY July arrest on three additional charges forgery notes. totalling $8.175. which were sold to the Pennington County bank here before its closing. issued here this forenoon against Aos. formerly cashier of the Bank Complaints were signed by Fossum. Pierre. deputy of banks. who about month ago. signed another complaint charging that Aos forged note Aos to free bonds which he furnished His arrest will forthcoming. State's Attorney Sieler said today All of the alleged forged notes mentioned in the complaints were deliverthe Pennington County bank. the closing of which here this morning attributed to "fictitious paper received from the Wasta bank. The Wasta bank closed about month ago. Aos, charged. signed the name Murphy note. the name of M. Albin $2.775 and the name of Hougan to another for $3,900. No such persons known have done business at the Bank Wasta. Fossum said. Further investigations are expected to reveal similar cases. was learned. The warrants were issued by George Hurst. county justice. who delivered them to Sheriff Hendrickson. Reach Agreement At Hermosa HERMOSA July of uneasiness banking conditions, meeting depositors and stockholders the Hermosa State Bank was held here this forenoon and tentative agreements reached that will prevent any run on the local bank. M Scalon. stockholder. reported at noon. Saturday.

2. July 20, 1932 Lead Daily Call Lead, SD
Article from Lead Daily Call, July 20, 1932

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Article Text

FOUR CUSTER COUNTY BANKS ENDORSE PLAN RAPID CITY, July banks Custer county today were launched upon financial campaign designto do away with possible heavy withdrawals that might cause suspension of business, according word received from officials in Custer, Buffalo Gap, Hermosa and PrinThe plan is to secure the signatures of all depositors of over $10 bank balance, agreeing not to withdraw their money for five years, ceiving three per cent interest in the meantime. Solicitors reported little or no resistance on the part of depositors in signing the waivers. In the meantime six-day holiday plan has been invoked. enabling the banks to complete arrangements for the five-year plan. The Custer city council called special session Saturday night for the purpose declaring July 18, 19 and 20 legal holidays and at mass meeting of citizens at the court house Sunday evening the six-day holiday was declared throughout the county Officials of the Custer County bank met and proposed the five-year plan, which met with the approval of the most of the depositors. Committees were appointed to interview depositors and to invite them to sign the petition. W. Delicate is president of the Custer County bank; Jones, vice president: Charles Perrin, cashier, and Glen Coe, assistant cashier. Other banks in the county plan to the same method The Buffalo Gap State bank suspended business Monday. At meeting there Monday evening depositors' organization was formed, which was submitted the five-year proposition, on behalf of the bank by Attorney Fred Sellers, Custer. The plan seemed to meet with general approval at the meeting, being realized that is preferable state bank receivership liquidation All Custer county banks showed good condition their last call of June 30, but have slow paper which takes time collect. Under the five-year time deposit plan when loans are collected in sufficient amounts depositors will receive cash dividends if they desire them on the certificates. For all persons owing the bank and having cash deposits, the amounts will be credited upon their indebtedness. Miss Queena Stewart, chairman of the Buffalo Gap committee, reiterated reports of an authorized six-day vacation for Buffalo Gap State bank, Hermosa State bank, Custer county State bank and Pringle bank.

3. July 20, 1932 Deadwood Pioneer-Times Deadwood, SD
Article from Deadwood Pioneer-Times, July 20, 1932

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Article Text

CUSTER BANKS AGREEMENT Holiday for Purpose Of Waiving Withdrawals RAPID CITY July banks in Custer county today were launched upon financial campaign designed do away with heavy withdrawals that might lead forced pension of to received officials in Custer. BufGap. Hermosa and Pringle. The plan to secure the signatures of all depositors over $10 bank balance. agreeing to withdraw their money for five years, receiving three percent interest in the meantime. Solicitors today reported little or no sistance on the part of depositors in signing the waivers. In the meantime six-day holiday has been invoked. enabling banks complete arrangements for the five-year plan. The Custer city council called special Saturday night for the purpose declaring July 18. and legal holidays and mass meeting of citizens the court house Sunday evening. the SIX day holiday was declared the county Officials of the Custer County bank met and proposed the five year plan. which met with the approval of the most the Committees depositors and invite them to sign the petiW Delicate president of the Custer County bank Jones vicepresident: Charles Perrin cashier, and cashier. Others banks the county plan the The Buffalo Gap State Bank pended business Monday meeting there Monday evening depositors organization was formwhich was submitted the five year behalf of the bank by Attorney Fred Sellers. Custer. The plan seemed to meet with genit being eral approval realized that preferable to state bank receivership liquidation All Custer banks showed good condition in their last published call June but have slow paper which takes time to collect. Under the five time deposit plan when loans are year collected sufficient amounts deposiwill receive cash dividends if they them the For desire all persons owing the bank and having cash deposits. the amounts will be dited upon their indebtedness chairman of Miss Queena the Buffalo Gap committee today reiterated authorized six-day reports vacation Buffalo Gap State bank. Hermosa State bank. Custer County State bank and Pringle bank. Hermosa bank meeting this morning.

4. July 21, 1932 The Weekly Pioneer-Times Deadwood, SD
Article from The Weekly Pioneer-Times, July 21, 1932

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CUSTER BANKS AGREEMENT Holiday for Purpose Of Waiving Withdrawals RAPID CITY, July banks Custer county today were launched in financial campaign designed upon do with possible heavy withaway drawals that might lead to forced susof business, to pension received from officials in Custer, Buffalo Gap, and Pringle. The plan to secure the signatures of all of over $10 bank baldepositors not to withdraw their ance, agreeing for five years, receiving three money percent interest in meantime. Solicitors today reported little or no resistance on the part of depositors signing the waivers. In meantime six-day holiday plan has been invoked, enabling the banks complete arrangements for the five-year plan. The Custer city council called cial session Saturday night for the purof declaring July 18, 19 and 20 pose gal holidays and mass meeting of citizens the court house Sunday evening, the six day holiday was declared throughout the county. Officials the Custer County bank met and proposed the five year plan, which with approval the most of the depositors. Committees were appointed to interview depositors and to invite them to sign the petition. W. Delicate is president of the Custer County bank, Jones, vicepresident; Charles Perrin, cashier, and Glen Coe, assistant cashier. Others banks in the county plan use the same method to avoid The Buffalo Gap State Bank pended business Monday. At meeting there Monday evening depositors' organization was formed, which was submitted the five year proposition, on behalf of the bank by Attorney Fred Sellers, Custer. The plan seemed meet with genapproval at the meeting, it being realized that is preferable to state bank receivership liquidation. Custer banks showed good condition in their last published call of June 30, but have slow paper which takes time to collect. Under the five year time deposit plan when loans are collected in sufficient amounts deposiwill receive cash dividends they desire them on the certificates. For all persons owing the bank and having cash deposits, the amounts will be dited upon their indebtedness. Miss Queena Stewart, chairman of the Buffalo Gap committee today reiterated reports an authorized vacation for Buffalo Gap State bank, Hermosa State bank, Custer County State bank and Pringle bank. Hermosa had bank meeting this morning. mercury around the 100 mark and five deaths. North Platte and ported Valentine in Nebraska had 100 degree heat. Indiana and Kentucky also reported fatalities, those in the blue grass state $15, where the was comparatively being by Farther east the weather was more with New York City enjoying and expecting about the same today. Showers cooled areas. At Jacksonville, Fla., they sent tures from Utah and several Rocky ities likewise thanked rainstorms for normal temperatures. The Pacific and Atlantic coasts were generally favored with seasonable weather.

5. July 28, 1932 The Colony Coyote and the Alzada Fairplay Colony, WY
Article from The Colony Coyote and the Alzada Fairplay, July 28, 1932

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so. DAK. BANKS WORK NOVEL RELIEF SCHEME (Deadwood Four banks in Custer county were launched upon financial campaign designed to do away with possible heavy withdrawals that might lead to forced suspension of business, according to word received from officials in Custer, Buffalo Gap, Hermosa and Pringle. The plan is to secure the signatures of all depositors of over $10 bank balance, agreeing not to withdraw their money for five years, receiving three per cent interest in the meantime. Solicitors today reportedi little or no resistance on the part of depositors in signing the waivers. In the meantime six-day holiday plan has been invoked, enabling the banks to complete arrangements for the five-year plan. The Custer city couneil called special session Saturday night for the purpose of declaring July 18, 19, and 20 legal holidays and at mass meeting of citizens at the court house Sunday evening, the six day holiday was declared throughout the county. Officials of the Custer County Bank met and proposed the fiveyear plan, which met with the approval of most of the depositors. Committees were appointed to interview depositors and to invite them to sign the petition. T. W. Delicate is president of the Custer County Bank, A. J. Jones, vice-president; Charles Perrin, Cashier, and Glen Coe, assisttant cashier. Other banks in the county plan to use the same method to avoid "runs." The Buffalo Gap State Bank suspended business Monday. At a meeting there Monday evening a depositors' organization was formed, to which was submitted the five-year proposition, on behalf of the bank by Attorney Fred Sellers, Custer. The plan seemed to meet with general approval at the meeting, it being realized that it is preferable to state bank receivership liquidation. All Custer Banks showed a good condition in their last published call of June 30, but have slow paper which takes time to collect. Under the five year time deposit plan when loans collected in sufficient mounts, depositors will receive cash dividends if they desire them on the certificates. For all persons owing the bank and having cash deposits, the amounts will be credited on their indebtedness. Miss Queena Stewart, chairman of the Buffalo Gap committe today reiterated reports of an authorized six-day vacation for Buffalo Gap State Bank, Hermosa State Bank. Custer County State Bank, and Pringle Bank. Hermosa had a bank meeting on July 19.