Article Text
IADISON, 8. D., BANK QUITS. MADISON First National business yesterday capital was $30,000 and It had deposits of $500,000.
20410. First National Bank (Madison, SD)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 3149
- Charter Number
- 3149
- Start Date
- April 24, 1925
- Location
- Madison, South Dakota (44.006, -97.114)
Metadata
- Model
- gpt-5-mini
- Short Digest
2d10d1af
Response Measures
None
Receivership Details
- Depositor recovery rate
- 21.4%
- Date receivership started
- 1925-05-21
- Date receivership terminated
- 1931-10-31
- OCC cause of failure
- Governance
- Share of assets assessed as good
- 32.8%
- Share of assets assessed as doubtful
- 28.6%
- Share of assets assessed as worthless
- 38.6%
Description
Article from 1925 reports the First National Bank of Madison 'quits' (suspends/closed). A 1928 article describes the bank as 'defunct' with a receiver selling bank property and only small dividends paid to depositors, indicating permanent closure and receivership. No run is described; failure appears due to badly involved affairs/insolvency.
Events (4)
1.
April 1, 1884
Chartered
- Source
- historical_nic
2.
April 24, 1925
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank 'quits' and later described as having affairs badly involved; insolvency leading to closure/receivership.
- Newspaper Excerpt
- MADISON, S. D., BANK QUITS. MADISON First National business yesterday capital was $30,000 and It had deposits of $500,000.
- Source
- newspapers
3.
May 21, 1925
Receivership
- Source
- historical_nic
4.
April 5, 1928
Receivership
- Newspaper Excerpt
- Rognes Brothers purchased from the defunct First National bank ... The bank receiver recently sold property ... This makes a total of over $36,000 which should be enough to declare another small dividend to the stock holders. In nearly years the bank failed only 10 per cent since has been paid out to depositors so badly were the affairs of the bank involved.
- Source
- newspapers
Newspaper Articles (2)
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Article Text
REAL ESTATE SALE AUGURS BANK DIVIDEND IN MADISON (Special to the Argus-Leader) owners Madison, of the April Madison 5.-Rognes Brothers, purchased from the defunct First have National bank the property known as the McKinnon corner, at the intersection of Center street and Egan avenue, which houses the Sugar Bowl, This is the most prominent corner of the town. The consideration is $18,000 The bank receiver recently sold property $18,100. which housed the bank, for This makes a total of over $36,000 which should be enough to declare another small dividend to the stock holders. In nearly years the bank failed only 10 per cent since has been paid out to depositors so badly were the affairs of the bank involved. Chris Rognes, one of the members of the firm which the McKinnon mayor property Madison. from the bank is the of