Newark State Bank - Newark, SD

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 25, 1913
Location: Newark, South Dakota (45.929, -97.791)

Metadata

Model: gpt-5-mini
Short Digest: bf07060c

Response Measures

None

Description

Article states the Newark State Bank suspended payments on 1913-10-25 and the banking department has been paying creditors (65% paid), indicating the bank remained closed and under official liquidation/receivership. The former cashier was later convicted for making a false report to the Public Examiner, which is bank-specific adverse information likely related to the suspension.

Events (2)

1. October 25, 1913 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended after issues later tied to a former cashier who was charged and convicted for making a false report to the Public Examiner.
Newspaper Excerpt: The Newark State Bank suspended payment October 25, 1913, since then the banking department has paid the creditors 65 per cent of their deposits.
Source: newspapers

2. * Receivership

Newspaper Excerpt: since then the banking department has paid the creditors 65 per cent of their deposits Other dividends will be paid as fast as assets can be converted.
Source: newspapers

Newspaper Articles (1)

1. June 24, 1915 The Mitchell Capital Mitchell, SD

Article from The Mitchell Capital, June 24, 1915

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Article Text

EX-CASHIER IS FOUND GUILTY FORMER OFFICIAL OF NEWARK BANK IS CONVICTED OF MAKING FALSE REPORT TO PUBLIC EXAMINER. Pierre, S. D.-In the case of the State of South Dakota vs. Warren M. Butts, former cashier of the Newark State Bank OL Newark, S. D., which case was tried a. Britton in Marshall county, the jury last Saturday returned a verdict of guih;. The court has not pronounced sentence as yet. The charge was "making a false report to the Public Examiner." The Newark State Bank suspended payment October 25, 1913, since then the banking department has paid the creditors 65 per cent of their deposits Other dividends will be paid as fast as assets can be converted. The trial of the former cashier occupied three days, June 16th to 18th.