20521. First State Bank (Volga, SD)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 12, 1933
Location
Volga, South Dakota (44.324, -96.926)

Metadata

Model
gpt-5-mini
Short Digest
146a454a

Response Measures

None

Description

Bank closed during the 1933 banking holiday and permanently suspended by the South Dakota state banking department (article dated 1933-04-12). A receiver was in place (articles refer to the bank as 'closed' and 'receiver'); later RFC assistance was approved in 1934 and a 30% dividend to depositors was announced pending RFC funds, but there is no explicit statement that the bank resumed normal operations, so classified as suspension leading to closure/receivership.

Events (4)
1. April 12, 1933 Receivership
Newspaper Excerpt
the bank was one of the many to close and remain closed after the bank holiday last March; listed as First State Bank, Volga (receiver) in RFC loan approvals later reported in 1934
Source
newspapers
2. April 12, 1933 Suspension
Cause
Government Action
Cause Details
Closed permanently by the South Dakota state banking department following the 1933 banking holiday
Newspaper Excerpt
permanent suspension of four banks which were closed temporarily during the banking holiday announced Tuesday by the state banking department. The institutions are the First State bank of Volga
Source
newspapers
3. December 15, 1933 Other
Newspaper Excerpt
Volga Dec 30 percent dividend will be paid to depositors of the closed First State bank as soon as the application for RFC funds has been approved small dividend without federal assistance would have possible but due the conditions due to crop failure the local committee has made special efforts to make the first payment depositors as big as possible The bank was one of the many to close and remain closed after the bank holiday last March
Source
newspapers
4. March 13, 1934 Other
Newspaper Excerpt
First State Bank, Volga (receiver) $50,000 listed among RFC loan approvals for South Dakota banks in Washington Mar. Reconstruction Finance Corporation announcement
Source
newspapers

Newspaper Articles (3)
1. April 12, 1933 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, April 12, 1933

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Article Text

Four Banks in Dakota Closed by the State Pierre, S. permanent suspension of four banks which were closed temporarily during the banking holiday announced Tuesday by the state banking department. The institutions are the First State bank of Volga, the Mellette County bank of Wood, the Dewey County bank of Isobel, and the Farmers State bank of Roscoe. The First State of Volga had deposits $200,000, the Mellette County bank about $50,000. the Dewey County bank about $75,000, and the Roscoe bank. $70,000. Final action the status of of the 163 state banks in South Dakota which were closed during the holiday has not been determined.

2. December 15, 1933 Argus-Leader Sioux Falls, SD
Article from Argus-Leader, December 15, 1933

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Article Text

Volga Bank Will Pay 30 Percent Dividend Volga Dec 30 percent dividend will be paid to depositors of the closed First State bank as soon as the application for RFC funds has been approved small dividend without federal assistance would have possible but due the conditions due to crop failure the local committee has made special efforts to make the first payment depositors as big as possible The bank was one of the many to close and remain closed after the bank holiday last March

3. March 13, 1934 The Daily Plainsman Huron, SD
Article from The Daily Plainsman, March 13, 1934

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Article Text

Approved To Nine S. Banks WASHINGTON Mar. Reconstruction Finance Corporation announcement shows approval of loans totalling $570,857.70 for nine South Dakota banks. The bank and loans follow: First National Bank of Belle Fourche, $75,000. Bonilla State Bank( receiver) $13,000. Dimock State Bank (receiver) $36,500. First State Bank, Hetland (receiver), $36,500. Case Lathrop State Bank, Plankinton (receiver) $45,000. Pennington County Bank, Rapid City (receiver) Stickney State Bank (receiver) $33,000. First State Bank, Volga (receiver) $50,Bank of Winner (receiver) $50,000.