Tripp State Bank - Tripp, SD

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 24, 1922
Location: Tripp, South Dakota (43.226, -97.966)

Metadata

Model: gpt-5-mini
Short Digest: 124b4bb8

Response Measures

None

Description

Articles report the Tripp State Bank failed/suspended on May 24, 1922 and was placed under state supervision; later court/commissioner actions (sale of real estate, suit against stockholders) indicate permanent closure and liquidation. No article mentions a depositor run.

Events (3)

1. May 24, 1922 Suspension

Cause: Government Action
Cause Details: Bank failed and was suspended by the state; superintendent of banks involved and depositors paid from state bank guaranty fund.
Newspaper Excerpt: the Tripp state bank, which failed May 24, 1922.
Source: newspapers

2. September 25, 1922 Other

Newspaper Excerpt: a suit ... was filed when John Hirning, state bank superintendent, ... started action to recover $52,000 from the stockholders of the Tripp state bank, which failed May 24, 1922.
Source: newspapers

3. January 25, 1923 Receivership

Newspaper Excerpt: Order of the Circuit Court of Hutchinson County, South Dakota, made on the 25th day of January, 1923, the undersigned, John Hirning, as Superintendent of Banks of the State of South Dakota in charge of the above named bank will sell ... real estate.
Source: newspapers

Newspaper Articles (3)

1. September 25, 1922 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, September 25, 1922

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Article Text

SUIT-TO OBTAIN BANK SHORTAGE STOCKHOLDERS OF DEFUNCT TRIPP INSTITUTION SUED FOR $52,000. Oli vet, Sept. 25-A suit of state wide interest was filed when John Hirning, state bank superintendent, through his attorneys, Hitchcock and Sickle, of Mitchell, started action to recover $52,000 fro mthe stockholders of the Tripp state bank, which failed May 24, 1922. The bank's libalities were more than $400,000. Depositors have been paid in full from the state bank guaranty fund, but under the banking laws of the state, the stockholders of a bank are liable for the debts of the bank to the extent of the value of their stock. It is under this law that the state bank commissioner is bringing the action. The stockholders who are named in the suit are Waldemar Wenzlaff, former president of the bank, who absconded, and whose whereabouts is unknown; Erwin R. Sailer, Manhover, N. D.: A. E. Rabel, Chelsea, S. D.: and Lee S. Kelper, Wallace Melhaff and August Brost, all of Tripp. Some of the defendant stockholders disposed of their stock within a year previous to the suspension of the bank. This, the attorneys for the banking department 'say, presents an interesting legal tangle, as the court will have to determine whether these stockholders are liable for the debts owed by the bank at the time of the suspension or only for those contracted prior to the time they disposed of their stock. The case will be tried in Hutchinson county and is expected to come up at the October term of circuit court. I

2. February 15, 1923 The Miller Press Miller, SD

Article from The Miller Press, February 15, 1923

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Article Text

February 15t2 NOTICE OF SALE OF REAL ESTATE State of South Dakota, County of Hutchinscn, SS. In Circuit Court, First Judicial Circuit. In the matter of the suspension of the Tripp State Bank, a corporation. of Tripp, South Dakota.

3. February 22, 1923 The Miller Press Miller, SD

Article from The Miller Press, February 22, 1923

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Article Text

February 15t2 NOTICE OF SALE OF REAL ESTATE State of South Dakota, County of Hutchinson, SS. In Circuit Court, First Judicial Circuit. In the matter of the suspension of the Tripp State Bank, a corporation, of Tripp, South Dakota. Notice is hereby given that in pursuance of an Order of the Circuit Court of Hutchinson County, South Dakota, made on the 25th day of January, 1923, the undersigned, John Hirning, as Superintendent of Banks of the State of South Dakota in charge of the above named bank will sell on competitive sealed bids to the highest bidder for cash, the following described real estate situated in the County of Hand, State of South Dakota, towit: East one-half (E½), Section Twenty-eight (28), Township One Hundred Twelve (112), Range Sixty-eight (68), Hand County, South Dakota. That said sealed bids will be received not later than the 1st day of March, 1923, at the office of the Department of Banking & Finance, at Pierre, South Dakota, and that said real property will be sold for cash to be paid on the execution and delivery of a deed thereto, and the right to reject any and all bids is reserved, no sale will be completed nor conveyance delivered without the approval of the Court. Notice is further given that a certifled check or draft equal to 10 per cent of the whole amount thereof must accompany each bid and rejected bids with their certified checks will be returned to the respective bidders immediately upon the rejection of such bids. Dated this 13th day of February, 1933. John Hirning, Superintendent of Banks.