20463. Pukwana State Bank (Pukwana, SD)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 29, 1919
Location
Pukwana, South Dakota (43.778, -99.181)

Metadata

Model
gpt-5-mini
Short Digest
1c3c9a48

Response Measures

None

Description

State banking department took possession and placed the bank in receivership because of shortages and worthless/doubtful paper. No run or depositor agitation is mentioned; the bank was closed and assets to be collected by the department.

Events (1)

1. November 29, 1919 Receivership
Newspaper Excerpt
The state banking department has taken possession of the Pukwana State Bank ... reason given for taking charge of the affairs of the bank are shortage in resources, worthless and doubtful paper, resulting in the impairment of the capital stock, and also impaired reserve.
Source
newspapers

Newspaper Articles (2)

Article from The Miller Press, December 4, 1919

Click image to open full size in new tab

Article Text

Puckwana Bank Now In Receiver's Hands Pierre, Nov. 29.-The state banking dopartment has taken possession of the Pukwana State Bank, the second bank which has failed in the state since the going into effect of the state bank guaranty law. The deposits which will be paid by the guaranty fund amount to about $150,000. The assets are shown to be practically the same, but the reason given for taking charge of the affairs of the bank are "shortage in resources, worthless and doubtful paper, resulting in the impairment of the capital stock, and also impaired reserve." This is the second bank failure in South Dakota for more than five years, and the depositors are not worrying about their accounts, as they will all be paid through the bank guaranty fund as son as proofs of claims can be filed with the department, and the bank will be closed up and collections of the assets made through the department to reinburse the guaranty fund out of which depositors are paid.


Article from The Miller Press, December 18, 1919

Click image to open full size in new tab

Article Text

now has been inaugurated. This has been agitated for some years, but heretofore some opposition has developed and headed off definite action. This opposition now has been removed, the residents of all parts of Hamlin county now favoring the project. The state authorities, including the state game and fish department, have given their consent to the construction of the ditch which would convey the water to lake Poinsett. While digging a trench at the rear of an Elk Point garage the workmen unearthed the remains of what was once an Indian warrior. In the early days Indians were numerous in this region and they were accustomed to hunt along the banks of the Big Sioux and Missouri rivers in this vicinity. The Indian whose skeleton was unearthed died "with his boots (or moecasins) on," as the heel of one and the toe of the other were found in a good state of preservation. Fire losses in and about Sioux Falls for the month of November totaled about $23,000, a survey of the estimates of losses for the month shows. Presence of gas both in the mine and on the streets of Lead is taken ot indicate that the water in the Homestake. which is being flooded, has reached the fire and that within a few days the flames that have proved so costly to the big gold mine will be under control. Shortage of rabbits all over the state is reported by hunters who have made their usual fall pilgrimages for the jacks and cottontails and the markets in the towns seldom have any to offer. No one has been able to explain the reason why hunters are nearly all re. turning with empty bogs when the average result in former years has been 15 to 25 rabbits apiece each day they went out. After a conference with Fuel Administrator Garfield, Senator Cummins of Iowa announced that the fuel administration had agreed to increase by 50 per cent the coal allotments for Iowa. Missouri, Nebraska, South Da. kota and Kansas. Under the new allotment, Senator Cummins said, these states will receive a total of 1,500 cars daily instead of 1,000. Col. M. L. Shade, state commander of the American Legion, has announced that C. J. Harris, of Sioux Falls, state secretary of the association. will represent the South Dakota members at & conference with the congressional committe on war risk insurance which is to be held at Washington on December 8. The South Dakota senate, in spe cial session. unanimously cast its vote to concur in the house resolution ratifying the national equal suffrage amendment. The women's suffrage or. ganization held a reception in the ro tunda of the capital prior to the tak. ing of the vote, and remained to be present. To prevent any future shortage of gasoline in Hitchcock and vicinity like the one of last summer, a big storage tank holding about 100,000 gallons and with a capacity of approximately 12 cars of gas and oil, will be erected there at once by the Standard Oil company. it was announced. In order to make coasting safe for youngsters, the city commissioners of Sioux Falls have set aside portions of certain avenues on hills in different parts of the city for this purpose. All traffic is excluded from the restricted area during certain hours each day. The Farmers Co-operative associa tion of Alcester has decided to reopen the local elevator of the association, which has been closed for some time. A community Christmas tree is be ing arranged for Pierre. James S. Cato, 40 years old, some what fleshy, smooth faced, gray eyed brown haired and 5 feet, 5½ inches tall, disappeared in Yankton recently. He was the Baptist minister at Wag. ner. The state banking department has taken possession of the Pukwana State bank, the second bank which has failed in the state since the going into effect of the state bank guaranty law Two additional specialists have been added to the extension staff of South Dakota State College. M. R. Benedict for farm management and George Win right for soils and crops. The cold weather resulted in the suspension of work on the city sewerage system in Aberdeen, which is being installed here. The work will be resumed in the spring. Mitchell is being systematically can vassed by Mormon missionaries who are holding prayer meetings and seek. ing converts to their faith. Scotch Shorthorns sold at the state fair grounds in Huron for $14,000 and brought an average price of $400 for cows. For the first time in several years snow covered the most of South Da. kota on a Thanksgiving day.