20435. Citizens State Bank (Oacoma, SD)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 30, 1916
Location
Oacoma, South Dakota (43.796, -99.396)

Metadata

Model
gpt-5-mini
Short Digest
2bdc9d93

Response Measures

None

Description

Articles report a suspension of the Citizens State Bank of Oacoma on September 30 (mentioned in Nov 1916 items). Later (Sept 1917) the bank is described as having failed some months ago and the banking department applied to declare a 60% dividend for creditors — indicating permanent failure and settlement rather than mere temporary suspension. Separate private bank (Frank A. Smith) was mistakenly rumored to be in trouble due to confusion with this suspension.

Events (3)

1. September 30, 1916 Suspension
Cause Details
Article only states the bank suspended on September 30; no explicit cause given.
Newspaper Excerpt
the suspension of the Citizen's State Bank of Oacoma on September 30th.
Source
newspapers
2. November 8, 1916 Other
Newspaper Excerpt
It has been brought to the attention of the state banking department that some erroneous reports are in circulation concerning the general condition of a private bank at Oacoma, S. D., owned and operated by Frank A. Smith, probably occasioned through misunderstanding of the suspension of the Citizen's State Bank of Oacoma on September 30th.
Source
newspapers
3. September 20, 1917 Other
Newspaper Excerpt
the Citizens State bank of Oacoma, which failed some months ago. . . the banking department has applied to the courts for permission to declare a 60 per cent dividend for the Citizens State bank of Oacoma, which failed some months ago. This bank failed after the guaranty law was in effect, so the depositors were paid in full at once - but the 60 per cent dividend now, and the balance later, is for other creditors, and for repayment to the bank guaranty fund. Consequently the affairs of this failed bank will soon be settled.
Source
newspapers

Newspaper Articles (6)

Article from Forest City Press, November 8, 1916

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Article Text

ERRONEOUS REPORTS ABOUT PRIVATE BANK AT OACOMA Pierre, S. D., Nov. 4.-It has been prought to the attention of the state banking department that somo erroneDUS reports are in circulation concerning the general condition of a private bank at Oacoma, S. D., owned and operated by Frank A. Smith, probably occasioned through misunderstanding of the suspension of the Citizen's State Bank of Oacoma on September 30th. Mr. Smith's institution is not in any financial difficulty, has never had any trouble of this nature, and any reports to that effect are incorrect and an inJustice to the bank.: The foregoing statement issued by the banking department has come about through Mr. Smith having some difficulty over checks from his bank, being returned -when in reality there is nothing wrong with his bank whatever.


Article from The Citizen-Republican, November 9, 1916

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Article Text

ERRONEOUS REPORTS ABOUT PRIVATE BANK AT OACOMA Pierre, S. D., Nov. 4.-It has been brought to the attention of the state banking department that some erroneous reports are in circulation concerning the general condition of a private bank at Oacoma, S. D., owned and operated by Frank A. Smith, probably occasioned through misunderstanding of the suspension of the Citizen's State Bank of Oacoma on September 30th. Mr. Smith's institution is not in any financial difficulty, has never had any trouble of this nature, and any reports to that effect are incorrect and an injustice to the bank.: The foregoing statement issued by the banking department has come about through Mr. Smith having some difficulty over checks from his bank, being returned -when in reality there is nothing wrong with his bank whatever.


Article from The Tabor Independent, November 9, 1916

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Article Text

ERRONEOUS REPORTS ABOUT PRIVATE BANK AT OACOMA Pierre, S. D., Nov. 4.-It has been brought to the attention of the state banking department that some erroneous reports are in circulation concerning the general condition of a private bank at Oacoma, S. D., owned and operated by Frank A. Smith, probably occasioned through misunderstanding of the suspension of the Citizen's State Bank of Oacoma on September 30th. Mr. Smith's institution is not in any financial difficulty, has never had any trouble of this nature, and any reports to that effect are incorrect and an injustice to the bank.: The foregoing statement issued by the banking department-has come about through Mr. Smith having some difficulty over checks from his bank, being returned -when in reality there is nothing wrong with his bank whatever.


Article from Pierre Weekly Free Press, November 9, 1916

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Article Text

ERRONEOUS REPORTS ABOUT PRIVATE BANK AT OACOMA Pierre, S. D., Nov. 4.-It has been brought to the attention of the state banking department that some erroneous reports are in circulation concernIng the general condition of a private bank at Oacoma, S. D., owned and operated by Frank A. Smith, probably occasioned through misunderstanding of the suspension of the Citizen's State Bank of Oacoma on September 30th. Mr. Smith's institution is not in any financial difficulty, has never had any trouble of this nature, and any reports to that effect are incorrect and an injustice to the bank.: The foregoing statement issued by the banking department has come about through Mr. Smith having some difficulty over checks from his bank, being returned -when in reality there is nothing wrong with his bank whatever.


Article from Sioux County Pioneer, September 20, 1917

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Article Text

LANDS IN DEMAND PROSPERITY OF THE STATE ATTRACTS ATTENTION OF PROSPECTIVE SETTLERS. GOSSIP OF THE STATE HOUSE A Review of the Work of the State Government at the Capitol and at the Various State Institutions. Pierre.The fact that South Dakota production for the year as estimated by the government on leading crop products, and as gathered through county agents and other sources on products both covered in government reports, is placed at approximately $1,000 per capita, is attracting many inquiries to the state immigration department for openings in the state on the part of residents of other states who desire to engage in farming in South Dakota. The inquiries run all along the range of those who are ready and willing to invest in land in older settled communities at a price practically equal to prices on Iowa and Illinois lands, down the scale to those who want cheaper lands, and the man who wants to try farming on the share rent plan. These numerous inquiries are being looked after and every man who asks is given an onportunity to investigate conditions in the sections which will nearest fit his expressed desires as to what he wants. The result will without doubt mean a number of new settlers in the state the coming year. Librarians Hold First Meeting. The first annual meeting of the 11brarians of the state, since they separated themselves from the State Educational association, and formed an Independent organization, has completed its work, and the membership expresses satisfaction at the change. The first meeting was held in Pierre, and the next one will be held at some point to be later decided upon by the executive committee of the association, probably at Huron or Mitchell. Miss Leora Lewis of Rapid City, was selected as president of the association for the coming year, with Miss Myrtle Francis of Redfield, as vice president, and Miss Ada Pratt, of the state library commission, Pierre, as secretary-treasurer. Among those addressing the new association were C. H. Lugg, state superintendent of instruction; Prof. F. H. Powers 01 Brookings, Miss A. B. Cuishane of Washington. D. C.: Miss Jeannette Drake of the Sioux City library, Miss Julia Stockett, the new field librarian of the state: Mrs. H. C. Severin, the retiring field librarian; Mrs. Polley of the Pierre Woman's club. Boy Farmers to Get Diplomas. The town boys of South Dakota between the ages of 16 and 21 are to be organized for farm work next summer as an important means of helping this state produce a huge grain crop as a patriotic service. The organization will be known as the "Boys' Working Reserve," which is a national movement. "A diploma signed by the governor will be given to the farm scouts of South Dakota, who worked on the farm for eight weeks this summer," says Ward A. Ostrander, state director of the boys' working reserve. "This organization was perfected this spring just before school was out by the state college extension division and the state council of defense, being practically a call for all town boys of the eighth grade and the four years of high school. to go out for summer farm work and for the farm boys of the same grades to stay on the farm." Claims to Be Settled. The state bank examiner has made arrangements with C. H. Rowley to settle all claims against the defunct Cresbard bank, at 100 cents on the dollar. This bank failed some time ago. Also the banking department has applied to the courts for permission to declare a 60 per cent divilend for the Citizens State bank of Oacoma, which failed some months ago. This bank failed after the guaranty law was in effect, 80 the depositors were paid in full at once-but the 60 per cent dividend now, and the balance later, is for other creditors, and for repayment to the bank guaranty fund. Consequently the affairs of this failed bank will soon be set. tled. Peisch Leaves State University. Prof. Archibal M. Peisch, of the department of Commerce and Finance at the University of South Dakota, has resigned to accept a position at the


Article from The Herald-Advance, September 21, 1917

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Article Text

LANDS IN DEMAND PROSPERITY OF THE STATE AT. TRACTS ATTENTION OF PROSPECTIVE SETTLERS. GOSSIP OF THE STATE HOUSE A Review of the Work of the State Government at the Capitol and at the Various State Institutions. Pierre.The fact that South Dakota production for the year as estimated by the government on leading crop products, and as gathered through county agents and other sources on products both covered in government reports, is placed at approximately $1.000 per capita, is attracting many inquiries to the state immigration department for openings in the state on the part of residents of other states who de sire to engage in farming in South Dakota. The inquiries run all along the range of those who are ready and willing to invest in land in older settled communities at a price practically equal to prices on Iowa and Illinois lands, down the scale to those who want cheaper lands. and the man who wants to try farming on the share rent plan These numerous inquiries are being looked after and every man who asks is given an opportunity to investigate conditions in the sections which will nearest fit his expressed desires as to what he wants. The result will without doubt mean a number of new settlers in the state the coming year. Librarians Hold First Meeting. The first annual meeting of the 11. brarians of the state, since they separated themselves from the State Ed. ucational association. and formed an independent organization, has completed its work, and the membership expresses satisfaction at the change. The first meeting was held in Pierre, and the next one will be held at some point to be later decided upon by the executive committee of the association, probably at Huron or Mitchell. Miss Leora Lewis of Rapid City, was selected as president of the association for the coming year, with Miss Myrtle Francis of Redfield. as vice president, and Miss Ada Pratt, of the state library commission. Pierre, as secretary-treasurer. Among those addressing the new association were C. H. Lugg. state superintendent ot instruction; Prof. F. H. Powers ot Brookings, Miss A B. Cuishane of Washington. D. C.; Miss Jeannette Drake of the Sioux City library. Miss Julia Stockett, the new field librarian of the state: Mrs H. C. Severir. the retiring field librarian: Mrs Polley of the Pierre Woman's club. Boy Farmers to Get Diplomas. The town boys of South Dakota between the ages of 16 and 21 are to be organized for farm work next summer as an important means of helping this state produce a huge grain crop as a patriotic service The organization will be known as the "Boys' Working Reserve," which is a national movement. "A diploma sign ed by the governor will be given to the farm scouts of South Dakota. who worked on the farm for eight weeks this summer," says Ward A. Ostran der, state director of the boys' working reserve "This organization was perfected this spring just before school was out by the state college extension division and the state coun cil of defense. being practically a call for all town boys of the eighth grade and the four years of high school. to go out for summer farm work and for the farm boys of the same grades to stay on the farm." Claims to Be Settled. The state bank examiner has made arrangements with C. H. Rowley to settle all claims against the defunct Cresbard bank. at 100 cents on the dollar. This bank failed some time ago. Also the banking department has applied to the courts for permission to declare a 60 per cent divi dend for the Citizens State bank of Oacoma, which failed some months ago This bank failed after the guaranty law was in effect, SO the depositors were paid in full at once-but the 60 per cent dividend now, and the balance later. is for other creditors, and for repayment to the bank guar. anty fund Consequently the affairs of this failed bank will soon be set. tled.