First National Bank (Grand Forks, ND)

View Charter #2570 on SPMC View balance sheet

Episode Information

Episode UID
257001599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
25700 national
Charter Number
2570
Start Date
March 4, 1933
Location
Grand Forks, North Dakota (47.925, -97.033)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b86b5a6705f8c5a5

Response Measures

None

Receivership Details

Depositor recovery rate
80.0%
Date receivership started
1933-11-15
Share of assets assessed as good
41.2%
Share of assets assessed as doubtful
53.4%
Share of assets assessed as worthless
5.4%

Events (4)
1. October 6, 1881 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Government Action
Cause Details
Closed as part of the federal banking holiday proclaimed by President Roosevelt beginning March 1933.
Newspaper Excerpt
The bank failed to open after it was closed during the Bank Holiday proclaimed by President Roosevelt March 4, 1933.
Source
newspapers
3. November 15, 1933 Receivership
Source
historical_nic
4. * Receivership
Newspaper Excerpt
action brought by the North Dakota state mill and elevator against W. V. O'Conner, receiver for the First National Bank of Grand Forks, in which the plaintiffs seek to regain monies which were on deposit in the bank when it closed on March 4, 1933.
Source
newspapers

Newspaper Articles (4)
1. November 10, 1934 The Forum Fargo, ND
Article from The Forum, November 10, 1934

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Article Text

MILL SEEKS TO REGAIN DEPOSIT Asks Money in Closed Bank be Made Preferred Claim Arguments to presented Andrew Miller in federal Judge an action brought here Tuesday Dakota state mill and by the North against W. and elevator First National Bank ceiver for the of Grand which the tiffs to which in the bank when on deposit March 1933. closed on mill to have The and approxiIts half which already has designated ferred It alleges the money deposited in the bank not by and therefore the positor's merely was held in trust money the bank receiver claims no bond The and the money the and by general of merely one and It in posits strued trust fund. as which testimony final held Friday. It taken the third since the begun been held at Bishearings and Grand Sathre, general, H. and repelevator while resent the Phillip Bangs are Tracy torneys for the The bank falled open during the bank holiday was closed President Roosevelt the proclaimed March 1933.

2. November 10, 1934 The Fargo Forum, Daily Republican, and Moorhead Daily News Fargo, ND
Article from The Fargo Forum, Daily Republican, and Moorhead Daily News, November 10, 1934

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Article Text

MILL SEEKS TO REGAIN DEPOSIT Asks Money in Closed Bank be Made Preferred Claim Arguments are to be presented to Judge Andrew Miller in federal court here Tuesday in an action brought by the North Dakota state mill and elevator against W. V. O'Connoer, receiver for the First National Bank of Grand Forks, in which the plaintiffs seek to regain monies which were on deposit in the bank when * closed on March 4. 1983. The mill and elevator seeks to have its deposit. amounting to approxio mately $96,000, half of which already has been paid, designated as & preferred claim. It alleges the money was wrongfully deposited in the bank because it was not covered by a do positor's bond and therefore the money merely was held in trust by the bank. The bank receiver claims no bond was required and the money deposited by the state mill and alevator was merely one of numerous general posits and it in no way was come strued as trust fund. A final hearing at which testimeny was taken was held Friday. It was the third hearing since the case was begun more than year ago, previous hearings having been held at Bla. marck and Grand Forks. P. O. Sathre, attorney general, T. H. Thoresen and H. A. Bronson, rep. resent the mill and elevator while Tracy and Phillip R. Bangs are at torneys for the bank. The bank failed to open after # was closed during the bank holiday proclaimed by President Roosevelt

3. November 10, 1934 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, November 10, 1934

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Article Text

STATE MILL SEEKS CLOSED BANK FUND Alleges Money Was Wrongfully Deposited, Not Covered By Bond, in Trust Fargo, N. D., Nov. 10.-(A))-Arguments are to be presented to Judge Andrew Miller in federal court here Tuesday in an action brought by the North Dakota state mill and elevator against W. V. O'Conner, receiver for the First National Bank of Grand Forks in which the plaintiffs seek to regain monies which were on deposit in the bank when it closed on March 4, 1933. The mill and elevator seeks to have its deposit, amounting to approximately $96,000, half of which already has been paid, designated as a preferred claim. It alleges the money was wrongfully deposited in the bank because it was not covered by a depositor's bond and therefore the money merely was held in trust by the bank. The bank receiver claims no bond was required and that the money deposited by the state mill and elevator was merely one of numerous general deposits and that it in no way was construed as a trust fund. A final hearing at which testimony was taken was held Friday. It was the third hearing since the case was begun more than a year ago, previous hearings having been held at Bismarck and Grand Forks. P. O. Sathre, attorney general; T. H. Thoreson and H. A. Bronson, represent the mill and elevator while Tracy and Phillip R. Bangs are attorneys for the bank. The bank failed to open after it was closed during the Bank Holiday proclaimed by President Roosevelt March 4, 1933.

4. December 21, 1934 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, December 21, 1934

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Article Text

Court Rules $31,000 Preferred Mill Claim Grand Forks, N. D., Dec. 21.-(A)A memorandum opinion of the federal district court in Fargo Thursday held the receiver of the old First National Bank of Crand Forks liable for immediate payment of. approximately $31,000 to the North Dakota state mill and elevator as a preferred claim on its deposits in the closed bank. H. A. Bronson, counsel for the mill, was advised of the opinion by Judge Andrew Miller at Fargo. The action began in June, 1933, against W. H. Schulze as conservator. It was contended that the mill's deposits of $92,246.48 when the bank closed March 4, 1933, constituted a trust fund and was a preferred claim. The mill claimed the money was deposited illegally. Judge Miller found that $62,100.45 of the deposits were subject to the trust and that, of the balance, the mill only had a claim as a general creditor of the bank. Since 50 per cent of the $62,000 was paid along with half of all depositors, claims against the bank, the ruling gave the mill a $31,050 preferred claim.