First National Bank - Woonsocket, SD

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 5946
Charter Number: 5946
Start Date: July 1, 1926*
Location: Woonsocket, South Dakota (44.054, -98.276)

Metadata

Model: gpt-5-mini
Short Digest: 71b1f1a3

Response Measures

None

Receivership Details

Depositor recovery rate: 65.6%
Date receivership started: 1926-07-23
Date receivership terminated: 1935-01-26
OCC cause of failure: Economic conditions
Share of assets assessed as good: 46.7%
Share of assets assessed as doubtful: 42.6%
Share of assets assessed as worthless: 10.7%

Description

Article states the First National Bank at Woonsocket closed in July 1926 and is in liquidation with a receiver (Paul Keyes). No mention of a depositor run or reopening; dividends being paid from liquidation assets indicate permanent closure/receivership.

Events (5)

1. August 26, 1901 Chartered

Source: historical_nic

2. July 1, 1926* Receivership

Newspaper Excerpt: Paul Keyes of Mitchell is the receiver of the bank.
Source: newspapers

3. July 1, 1926* Suspension

Cause: Government Action
Cause Details: Bank closed and placed in receivership (receiver Paul Keyes) in July 1926; article does not describe a depositor run as cause.
Newspaper Excerpt: The First ... National bank closed in July 1926
Source: newspapers

4. July 23, 1926 Receivership

Source: historical_nic

5. February 27, 1928 Other

Newspaper Excerpt: will pay another ten per cent dividend ... the borrowed money of the bank at the time of its suspension has now been paid off, so that more of the liquidation ... will be dividends for the depositors.
Source: newspapers

Newspaper Articles (1)

1. February 27, 1928 Argus-Leader Sioux Falls, SD

Article from Argus-Leader, February 27, 1928

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Article Text

BANK AT WOONSOCKET WILL PAY DIVIDEND Woonsocket, Feb. 27.-The First which National bank closed in July 1926 will pay another ten per cent dividend in next few weeks, according to out here recently. This will be the dividend of this amount paid the bank since Pracall the borrowed money of the bank at the time of its suspension has now been paid off, 80 that more the liquidation in the future from the assets, will be as addidividends for the depositors. Paul Keyes of Mitchell is the receiver of the bank.