First National Bank - Brookings, SD

Episode Information

Episode UID: 308701294
Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 30870 national
Charter Number: 3087
Start Date: October 31, 1907
Location: Brookings, South Dakota (44.311, -96.798)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: e0887bd7095f5fe5

Response Measures

None

Receivership Details

Depositor recovery rate: 17.5%
Date receivership started: 1924-02-09
Date receivership terminated: 1933-11-29
OCC cause of failure: Governance
Share of assets assessed as good: 29.4%
Share of assets assessed as doubtful: 37.3%
Share of assets assessed as worthless: 33.3%

Description

OCR corrected signer names; temporary currency payout restriction by local banks tied to New York disturbance.

Events (3)

1. December 5, 1883 Chartered

Source: historical_nic

2. October 31, 1907 Suspension

Cause: Correspondent
Cause Details: Clearing houses and correspondent banks (New York disturbances) led local banks to restrict currency payouts; $25 counter limit imposed by local banks as precaution.
Newspaper Excerpt: until further notice ... will fill no orders for currency or pay out over $25.00 on any account in one day.
Source: newspapers

3. February 9, 1924 Receivership

Source: historical_nic

Newspaper Articles (1)

1. October 31, 1907 The Brookings Register Brookings, SD

Article from The Brookings Register, October 31, 1907

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Article Text

BANK PLAYING GAME OF SAFETY Banks of New[York Have a Little Touch of "Frenzy" LOCAL BANKS PROTECT THEIR INTERESTS ALSO No Reason for Alarm as Banks are Strong and Safe disturbance in the financial having pool, The has excited people to which during the past week seems and cermoney, have been wholly uncalled for tainly it was unprecedented near as one can judge started from As reports the flurry banks, newspaper the suspension of a New few York through perhaps one bank in heavy or which had been making city to stock brokers- gamblers parties pure loans simple. As soon as these people and to liquidate their debts to failed frightened and commenced other became their funds from the all the withdraw For selfpreservation issued a banks. in New York city out no statement banks that they would small pay amounts more money This only has in led the ranks each day. the country to do likewise, thing all over we believe it is the best and could have been done. that it realized that not more of than this When cent of the business and that five per is done with cash of credit, checks, nation drafts, statements express orders take money orders, money and it will be seen the place material of nvence bank- can come that no from this conclusion of the ers. is an abundance of money on in There and a calm deliberation in the banks of those having money assist in the those part repositories will greatly adjusting the it all matter. the real trouble commonly comes Back of the gamblers, into through speculators, who plunge can find known as and everything they or credit anything they can get money speculate on which create an advance, or It is these fellows to (gamble) who on are advancing. responsible for the whole trouble. Roosevelt has called hold- atPresident to this evil and has the been public tention their methods up to them during He has been fighting and by showing up them gaze. ing his terms has of saved office the people from many wrecks. finances of this nation of are handl- safe The sound. It is the method that aland money in New York city we hope to ways ing the causes day when trouble gambles and in stocks see will be kicked into space. is nothing in the present need alarm local There that seen anyone. line with a financial fall The condition in several banks practically have as all fit to throughout the country but the banks of self preservation. several matter is informed by the were never cashiers Register that their financial banks condition as in as are strong at present, a and them that is people shown still they have confidence in of deposits since the the in the first daily reports increase of the crisis in east it is understood that all checks large When can be used in amount, and drafts transactions to any endeavorbusiness the banks are hand the fact that cash on protect their itself, and ing to restore confidence in $25.00 in should of drawing but moment. the matter becomes of little are reported currency Conditions in the east all probability the week is gone market before better to day and and the in money the erisis condi- will will have have passed assumed its normal The the city tion. following letter has to been its issued correby the banks to the of patrons: of spondents and unprecedented action New Owing the Clearing Houses Minneapolis, York, City, Sioux in the taken by Chicago, Sioux St. Paul, Falls size and of practically Omaha, every city they of any absolutely recountry fill whereby any orders for currency over the or fuse to pay to out any be currency described in the counter- despatches- will the necessary banks in to Brook adopt press have deemed it until further notice of this city banks ings the same rule and will fill no orders over currency the for currency or exceed pay out $25.00 on any the counter to one day. account in any necesone We regret this action exceedingly as the banks the of strong this present, city sity for were never before in but as unless the a condition as at will pay us curour correspondents due we cannot furnish rency. balance First Horace National Fishback, Bank, Cashier. National Bank, Farmers T. L. Chappell, Cashier. Bank of Brookings, The H. Reeves, Cashier. H. of the banks is endorsed This recommended action by the National comptroller bank and of the currency, by by the nearly all of the examiners, bank examiners and of the County northwest. Bar a series state Yesterday the Brookings of resolutions association endorsing passed water the the action Degistor taken falle by