20542. First National Bank (Winner, SD)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
11119
Charter Number
11119
Start Date
January 4, 1923
Location
Winner, South Dakota (43.377, -99.859)

Metadata

Model
gpt-5-mini
Short Digest
6cf2c5b1

Response Measures

None

Receivership Details

Depositor recovery rate
28.0%
Date receivership started
1923-01-31
Date receivership terminated
1930-08-28
OCC cause of failure
Governance
Share of assets assessed as good
41.0%
Share of assets assessed as doubtful
43.4%
Share of assets assessed as worthless
15.7%

Description

The First National Bank of Winner was closed by order of its board (article dated 1923-01-04) with the state bank examiner taking charge; subsequently a receiver (R. H. Millay) was appointed and began duties (article dated 1923-02-09). No article describes a depositor run; sequence is suspension followed by receivership/closure.

Events (4)

1. December 28, 1917 Chartered
Source
historical_nic
2. January 4, 1923 Suspension
Cause
Government Action
Cause Details
Bank closed by order of its board and state bank examiner took charge; government oversight/receivership process initiated.
Newspaper Excerpt
The First National bank, of Winner, has closed its doors by order of the board of directors. ... L. L. Madden, state bank examiner, has taken charge.
Source
newspapers
3. January 31, 1923 Receivership
Source
historical_nic
4. February 8, 1923 Receivership
Newspaper Excerpt
Receiver Appointed for First National R. H. Millay of Gregory has been appointed receiver for the First National Bank of Winner, and began his duties as such yesterday.
Source
newspapers

Newspaper Articles (2)

Article from The Miller Press, January 4, 1923

Click image to open full size in new tab

Article Text

NEWS OF THE STATE IMPORTANT HAPPENINGS OF THE PAST WEEK IN SOUTH DAKOTA. Western Newspaper Union News Service. Yankton.-A contract for the completion of the Moridian Hignway bridge across the Missouri river here has been signed with the Hethlehem Steel company of Bethlehem, Pa. The contract includes fabrication and erection of steel for the superstructure. Work will be started immediately after high water next spring and rushed to completion. Directors of the bridge company believe that the bridge will be completed and be ready for traffic late next year. The superstructure and approaches have already been completed. Redfieid.-Repeal of the act of the 1921 session of the legislature whereby $23,000 was approp inted to provide payment of the expenses of the legislators while away from their place of residence in the discharge of their duty, will be sought by A. Loomis, Spink county senator, he declared in a statement made public here. He added that he would support a joint resolution proposing an amendment to the constitution which would change the method of fixing salaries of legislators. Sioux Falls.-During a recent heavy snowstorm in eastern South Dakota hundreds of English sparrows were found dead. Hundreds of birds flew about at night and appeared badlyconfused, bumping into glass fronts of business houses, in many instances with such force as to be stunned. The deaths of so many sparrows are supposed to have been due to pecullar electrical conditions prevailing during the snow storm. White River.-At a meeting held in White River by people interested in the organization of a band, steps were taken to see how many would be interested and willing to become members of at. city band. A large number have expressed a desire to see the organization of a band here. nearly all of whom are band men with considerable experience. Brookings.-A many South Dakota points at the present time, fresh eggs are 300 per cent higher than they were last spring. according to the monthly bulletin of the state department of agriculture. However, the bulletin declared, most farmers have few. if any. at this time, and in many of the towns. fresh eggs cannot be bought. Rapid City.Anticipating that next summer will bring another flocking of tourists to the state park, Superintendent C. C. Gideon has started construction of an addition to the state lodge and is getting out 100,000 feet of logs with which to build a score of cabins in the canyons and on the points near the lodge. Chamberlain.--Through efforts of the various railways having lines in South Dakota and various official and commercial bodies there is stated to be some improvement in the grain car situation in South Dakota, although the supply of cars for grain shipment yet is far below normal. Belvidere.-A new engine for the electric light plant has been installed and the old engine and batteries were moved to the new power house. Both engines are now hitched to the electric light wires and from now on there should be no trouble in getting enough electric current. Oacoma.-There is considerable corn reported to be in the fields hereabouts that remain unhusked. The farmers of this section of the state have been unable to secure help at a price they could afford to pay, and consequently there is a large amount still in the fields. Mitchell.-A bedroom bar and a still, guarded by bloodhounds, was discovered within a few blocks of the city hall. It was located in the home of J. W. Smith. Smith was arrested just as he drove up to his home when the raid was over. He had a car load of bottles. Yankton.-Mrs. Roy B. Reberts, a patient at the Sacred Heart hospital here. leaped from a second story window while delirious with fever and died. She suffered a broken arm and serious exposure. Zero temperature prevailed. Winner.-The First National bank, of Winner, has closed its doors by order of the board of directors. No reason was announced for the closing of the institution. L. L. Madden, state bank examiner, has taken charge. Pierre.-By an order of the supreme court, Justice Frank Anderson, of that tribunal, has been made presiding judge for the coming year beginning January 1, 1923. Pierre-There will be 51 familliar faces in the 18th session of the legislature, which will meet here the 2nd of next month for 60 days of lawmaking. Aberdeen.-Although no official figures are available, it is said that the local tax sale was one of the most successful in a number of years. Aberdeen.-C. & N. W. trains Nos.1 and 2, running daily from Sioux City, Ia., to Oakes, N. D., and return, were placed back in service on December 18 These trains were removed durIng the recent railway strike. Pierre-The 1922 telephone Enes of


Article from The Mellette County Pioneer, February 9, 1923

Click image to open full size in new tab

Article Text

Receiver Appointed for First National R. H. Millay of Gregory has been ppointed receiver for the First Naional Bank of Winner, and began his luties as such yesterday. Mr. Millay as been connected with the Gregory National Bank with his father. The otter is one of the prominent bankers n this section of the state. and it is fe to predict that the affairs of the nk will be handled wisely and eeoninically.-Tripp County Journal.