Kimball State Bank - Kimball, SD

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 11, 1931
Location: Kimball, South Dakota (43.747, -98.958)

Metadata

Model: gpt-5-mini
Short Digest: 72ae2a4f

Response Measures

None

Description

Article (Argus-Leader, 1931-02-11) refers to the Kimball State Bank as a previously closed bank in context of charges against former banking superintendent Fred R. Smith for juggling accounts and misapplied deposits. No contemporaneous run is described; the bank is discussed as closed/defunct, implying suspension leading to closure due to bank-specific adverse information (mismanagement/fraud).

Events (1)

1. February 11, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Article links Kimball State Bank's closure to mismanagement and juggling of deposits by former state superintendent Fred R. Smith; closed bank had deposits in other institutions and abnormal conditions at time of closing.
Newspaper Excerpt: Mr. Sharpe also discussed the closed Kimball State at near he abnormal closed bank
Source: newspapers

Newspaper Articles (1)

1. February 11, 1931 Argus-Leader Sioux Falls, SD

Article from Argus-Leader, February 11, 1931

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Article Text

REPORT NOT EXPECTED Former Bank Department Superintendent Charged With Juggling Accounts Pierre. Feb. that closed depositors throughout South Dakota will more than as result of deposits of funds by Fred R. Smith. former state superintendent of banks. in the Farmers State bank at Platte were made today by Attorney General M. Q. Sharpe. In his third banking department report. attorney general told deposits of closed bank in banks at Hoven and Kimball, that "at least through the policy of weak The report. placed before the legislature this morning. that Farmers bank which by utterly and had been so for at least three Asks Funds for Probe Mr. under fire last charged huge the Platte report said that closed bank and deposit had the Mr that the $5,000 for the that his charges phasize of corrective general legislation should be provided to certain the utdegree of and the of in the vicinity closed bank through liquidation which the funds Unexpected Today's the filing generally report to Mr. Sharpe's report last March on the of the authorized by the 1929 of Attached report was totaling 201 closed accounts on deposit at Platte bank it closed last the Hoven State bank. owned closed last year by Thomas president Dakota the attorney there had been of banks' funds. He list of Mr. Sharpe also discussed the closed Kimball State at near he abnormal closed bank of its and of its capital He funds from 57 defunct banks had on deposit when closed In again denouncing the policies Mr. Smith banking suthe attorney general alleged required Smith on corhelp the condition of the Platte Tells Notes He described arbitrary expanalleged have Smith with Farmers Credit corporation of which ormer listed the principal officer The the port declared, used in juggling sums time certificates of deand funds posits, accounts The went into detail in deand said that when Platte bank among other excessive loans' were totaling made in Smith's name on the Farmers' Agricultural Credit Sharpe said that Smith had put closed bank accounts the Farmers State the first the abnormal bank into Sharpe bank have four or five years ago. Denounces Bulow The attorney former Bulow for failing banking charged Smith stration and asked his removal. said: Sharpe Had Governor Bulow at the time this report filed with with any firmness at or had he given any support the recommendations of report, entire saved to the depositor closed banks Even by the report said that more than would be lost at the Platte In his introduction, Sharpe said: due to many safe and efficient bankers South Dakota report that recent events that the bank at Pierre and the of department never of wishes and policies South bankers whole. has plainly shown to us that the true conditions banking partment handling closed funds the bankers of this state as whole and most of them had no of the was being by the banks nor by small group lobby Pierre claimed to represent the banking business. (Continued on page 2; column 5)