First National Bank - Howard, SD

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6585
Charter Number: 6585
Start Date: November 23, 1925
Location: Howard, South Dakota (44.011, -97.527)

Metadata

Model: gpt-5-mini
Short Digest: 3f89f661

Response Measures

None

Receivership Details

Depositor recovery rate: 60.9%
Date receivership started: 1925-11-24
Date receivership terminated: 1931-07-30
OCC cause of failure: Economic conditions
Share of assets assessed as good: 47.4%
Share of assets assessed as doubtful: 41.4%
Share of assets assessed as worthless: 11.2%

Description

Article reports the First National Bank of Howard closed its doors November 23, 1925 and a receiver (P. O. Shennum) is handling recovery actions. Closure appears permanent with receiver appointed; no run is described. Some OCR artifacts in the article text were corrected (e.g., 'Sloux Falls' -> 'Sioux Falls').

Events (4)

1. January 17, 1903 Chartered

Source: historical_nic

2. November 23, 1925 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was insolvent prior to closing; alleged improper withdrawals by city treasurer aware of insolvency; insolvency cited as reason for closure.
Newspaper Excerpt: the bank closed doors November 23, 1925.
Source: newspapers

3. November 24, 1925 Receivership

Source: historical_nic

4. November 3, 1926 Receivership

Newspaper Excerpt: P. O. Shennum, as receiver of the First National bank of Howard ... Following a hearing ... E. D. Barron was pointed special master in the case of P. O. Shennum, as receiver of the First National bank of Howard the City Howard ... The action was brought by the receiver to recover $8,000 alleged withdrawn ... just before the bank closed doors November 23, 1925.
Source: newspapers

Newspaper Articles (1)

1. November 3, 1926 Argus-Leader Sioux Falls, SD

Article from Argus-Leader, November 3, 1926

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Article Text

APPOINT MASTER IN HOWARD CASE E.D. Barron to Hear Federal Court Testimony on Bank Receiver vs. City of Howard Following a hearing in federal court this morning, E. D. Barron was pointed special master in the case of P. O. Shennum, as receiver of the First National bank of Howard the City Howard, the Security National bank of Sloux Falls, W. J. Jacobsen, president of the Howard bank and city treasurer, and Theodore Hanson, a director in the bank and member of the city fl. nance committee. The action was brought by the receiver to recover $8,000 alleged withdrawn by Jacobsen, as city treasurer, with knowledge of the bank's insolvency and to the detriment of other creditors, just before the bank closed doors November 23, 1925. The its on was checked is alleged, money and given to Hanson, who the Security National bank of Falls. The plaintiff asks an Injunction the bank to against the withdrawal of the money prevent until further order, and asks an order the court that the money be from turned over to the Howard bank to fare the same as that of other depositors. Bailey & Voorhees are attorneys for the receiver of the Howard & Elliott for the city of Howard, Judge & Chapman for the Security Na. tional bank, and Ira Blewitt, Madison, for Jacobsen and Hanson.