Security National Bank - Mobridge, SD

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11590
Charter Number: 11590
Start Date: September 1, 1931*
Location: Mobridge, South Dakota (45.537, -100.428)

Metadata

Model: gpt-5-mini
Short Digest: a83bc52d

Response Measures

None

Receivership Details

Depositor recovery rate: 27.4%
Date receivership started: 1931-09-11
Date receivership terminated: 1936-09-19
Share of assets assessed as good: 36.8%
Share of assets assessed as doubtful: 59.3%
Share of assets assessed as worthless: 3.9%

Description

Article states the bank closed last September (relative to May 12, 1932) and a federal receiver is pursuing action in May 1932. No run is mentioned; closure appears permanent with a receiver appointed. Last September interpreted as September 1931.

Events (4)

1. January 30, 1920 Chartered

Source: historical_nic

2. September 1, 1931* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was already insolvent when a director/vice president withdrew funds; insolvency led to closure.
Newspaper Excerpt: The bank closed last September
Source: newspapers

3. September 11, 1931 Receivership

Source: historical_nic

4. May 12, 1932 Receivership

Newspaper Excerpt: H. A. Streeter, receiver of the Security National bank of Mobridge has brought action in federal court here to recover $5,000 allegedly paid in unlawful preference ... The bank closed last September, shortly after Davidson withdrew this sum.
Source: newspapers

Newspaper Articles (1)

1. May 12, 1932 Argus-Leader Sioux Falls, SD

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Article Text

Bank Receiver Asks $5,000 for Preferred Bank Funds Aberdeen. May 12.-(P)-H. A. Streeter, receiver of the Security National bank of Mobridge has brought action in federal court here to recover $5,000 allegedly paid in unlawful preference from bank funds to H. Davidson, Mobridge, of the Davidson Chevrolet company The bank closed last September, shortly after Davidson withdrew this sum. The receiver alleges Davidson, as director and vice president of the bank. knew it was already insolvent and took advantage of this knowledge to rescue his own funds.