Bank of Winfred - Winfred, SD

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: *
Location: Winfred, South Dakota (43.997, -97.362)

Metadata

Model: gpt-5-mini
Short Digest: 625b7376

Response Measures

None

Description

Article refers to the Bank of Winfred as a closed bank and discusses claims against the insolvent state guaranty fund. No run or depositor agitation is described; the bank is closed/insolvent and involved in litigation over distribution of guaranty fund assets, so classify as a suspension/closure (permanent closure). Exact suspension/closure date not provided in the article.

Events (1)

1. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank is described as closed and insolvent; litigation over its preferred claim against the state's insolvent guaranty fund indicates bank failure/insolvency rather than a rumor-triggered run or government-ordered closure for other reasons.
Newspaper Excerpt: Ruden Seeks Payment of Preferred Claim Held by Closed Winfred Bank
Source: newspapers

Newspaper Articles (1)

1. March 26, 1932 Argus-Leader Sioux Falls, SD

Article from Argus-Leader, March 26, 1932

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Article Text

the Kenosha after all 1931 bills been Judge Tripp Tells How He Duped paid. by "Bell-boy" Ponzi" in Stock Deal STATE GUARANTY Former Convict Showed Copies FUND TO BE SUED IS SOUGHT IN CRASH SUITS Valley Springs Residents Bring Actions as Result of RearEnd Collision Charging heavy three-ton truck crashed into the rear of their automobile on highway 77 last September, Mrs. Rose Sauer and Joe Sauer, residing Valley Springs, instituted legal actions circuit court asking an aggregate Ed Brown, Hudson. driver of truck, named defendant which charged negligence and driving speed in miles per on his machine alleged defective, cording the accident occurred point south the Sioux Falls city limits. Mrs. seeks recovery of she the was to hospital for two weeks. Joe his automobile that he suffered injuries and sought is the attorney for both plaintiffs. of Character Letters From Corporations, as Well as One From State Parole OfficerHoped to Recoup Losses Yankton March advice and of friends. including one "who and now had induced him, Judge R. B. Tripp declared in statement today, reopen gotiations in 1930 with Frank Beddow, former Sioux City Ponzi.' He had hoped, the jurist said, recoup former losses. complaint charging Beddow with obtaining money under false pretenses, signed Judge Tripp, on file contents Thursday Tripp leges his complaint he restock" exchange for $18,000 worth of property. Got Address From Lawyer In his Judge plained his dealings with following latter's release on pafrom penitentiary where served two years sentence federal charge using the Judge declared that Bedaddress that time was Sioux Falls torney. and that subsequent meetings with Beddow latter submitted to some nine very high recomfrom leading tions, partnerships and individuals corpora radius very me my belief honest and that them out. carry "Victim of Circumstances" His says further: those letters which and copies of them nished there expressions the Frank had been the those and that he and would make, believed. Of course knew he would not be pardoned would be sent to prison 'go "There also letter by the officer, whose duty to make study of the inmates. officers and boards for their infornot. understand there in and whether the public would be safe their release before their terms have expired. The jurist's statement then quotes claimed have written this parole officer, and much influenced this officer's the the release of no doubt was also." Ruden Seeks Payment of Preferred Claim Held by Closed Winfred Bank Pierre, March law to determine rights of the closed Bank of Winfred as preferred creditor against South Dakota's insolvent state guaranty fund will started in the state supreme court by Ruden, banking suIn Lake county circuit court judgment May the Winfred was have preferred the anty fund for of cember which before the repeal the Of this has deposited the that the present action concerns distribution about The contention that has apparently conflicts deciwhich the guaranty fund was held insolvent and distribution its assets pro rata basis, regardless of priority settle the question. the jurisdiction Mr. Ruden's suit. No date for arguments has Mr. Ruden is ney Sharpe should the rata guaranty fund assets gested the court. an appeal to the from which upheld the guaranty but the move has not been carried out.