Citizens National Bank (Madison, SD)

Episode Information

Episode Type
Suspension β†’ Closure
Start Date
December 3, 1894
Location
Madison, South Dakota (44.006, -97.114)
Bank Type
national
Charter Number
3151

Metadata

Receivership Details

Depositor recovery rate
17.3%
Date receivership started
1894-12-12
Date receivership terminated
1897-10-30
OCC cause of failure
Fraud
Share of assets assessed as good
5.6%
Share of assets assessed as doubtful
69.9%
Share of assets assessed as worthless
24.5%

Notes

Articles state the bank closed its doors Dec. 3 and a receiver was appointed Dec. 12, 1894.

Events (4)

1. April 10, 1884 Chartered
Source
historical_nic
2. December 3, 1894 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed its doors on Dec. 3, implying insolvency/distress leading to suspension.
Newspaper Excerpt
which closed its doors Dec. 3.
Source
newspapers
3. December 12, 1894 Receivership
Newspaper Excerpt
The comptroller has appointed J. Leslie Thompson, of Sioux Falls, receiver of the Citizens' National Bank of Madison, S. D., which closed its doors Dec. 3.
Source
newspapers
4. December 12, 1894 Receivership
Source
historical_nic

Newspaper Articles (10)

Article from St. Paul Daily Globe, December 13, 1894

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Receiver Put in Charge

WASHINGTON, Dec. 12.-The comptroller has appointed J. Leslie Thompson. of Sioux Falls, receiver of the Citizens' National Bank of Madison, S. D., which closed its doors Dec. 3.


Article from The Madison Daily Leader, December 14, 1894

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THE CITY

PERSONAL ITEMS. P. N. Laine arrived from Sioux Falls. Geo. R. Farmer went west on the evening passenger. A. L. Rankin was a passenger for Howard at 4 p. m. Grant Crossman was a noon passenger returning to Fulda, Minn. H. P. Sweet of Los Angeles, Cal., departed east by the noon train. John Caldow, a merchant of Colman, transacted business in the city to-day. Mrs. Derr, who has been visiting Mrs. E. A. Rippe for reveral weeks, returned home. Wm Adams of Waseca, Mina, who has been visiting friends in this vicinity, returned home this morning. Miss Maggie Callinan arrived from Austin, Minn., this evening and will again make her home in Madison. Mrs. H. Jacobshagen, who has been visiting with Mrs. Chas. Bergstresr for a week, returned home to Willow Lakes. T. L. Wood, an old-time resident of Madison. now Γ  citizen of Iowa, is in the city transacting business and visiting friends. Miss Mary Jones of Marshall, Minn., is in the city visiting her mother, Mrs. Morgan, and may conclude to remain here permanently. J. Leslie Thompson of Sioux Falls, appointed by Comptroller Eckles to the receivership of the Citizens National bank in this place, arrived last evening and assumed his duties. We have just received a full line of fancy chinaware, just the thing for Xmas presents. Call and examine. MOFFIT & CLINE. The best quality of baled hay at the Farmers' warehouse, $8.50. Fresh milch cow for sale. O. S. Merager, Wentworth.


Article from Union County Courier, December 20, 1894

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Receiver For a Medison Bank

J. Leslie Thompson of Sioux Falls, was appointed receiver of the Citizen's National Bank of Madison, by Comptal er Eckels.


Article from Wood County Reporter, December 20, 1894

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ANOTHER SHOCK

WITHDRAWAL OF $2,150,000 FROM THE SUB-TREASURY. The Full Tide of Gold Exportation Seems to Have Set in-The Treasury Balance. Washington, Dec. 13.-The net gold balance in the treasury received another heavy shock by the withdrawal of $2,150,000 from the sub-treasury in New York, which leaves a true balance of $103,378,475. Of this amount withdrawn only $1,300,000 is thought to be for export. The full tide of the gold exportation seems to have set in, and when it will cease is the problem which the treasury officials do not care to discuss. The cash balance in the treasury was $155,571,782. So far this month the expenditures of the treasury department exceed the receipts by $4,204,530, making a total deficit, since July, 1894, the beginning of the fiscal year, of $26,499,645. The comptroller of currency has appointed J. Leslie Thompson, of Sioux Falls, receiver of the Citizens' National bank, of Madison, S. D., which closed its doors December 3.


Article from The Madison Daily Leader, April 4, 1895

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Summone In Circuit Court

State of South Lakota, 88. 2nd Indicial Circuit. County of Lake. Alex D. Forbes, plaintiff, vs. Maria Sobstad, Johan H. Sobetad, the Citizen's NationSummons. etc. al bank, of Madison. S. D., and J. Leelie Thompson as Receiver of said bank, Wilber F. Smith and A. W. McCready, defendante. The state of South Dakota sends greeting to the above named defendants: You are hereby summoned and required to ADswer the complaint in this action, which will be filed on the 22d day of March, A. D. 1895, in the office of the clerk of the Circuit court within and for said Lake county, at Madison, South Dakota. and to serve a copy of your answer on the subscriber at his office in the city of Madison, South Dakota, within thirty days after the service of this summone, exclusive of the day of service. If you fail to answer the complaint within that time, the plaintif will apply to the court for the relief demanded in the complaint, besides costs. Dated at Madison, South Dakota, this 22nd day of March, A. D. 1895. J. H. WILLIAMSON. Plaintiff # Attorney. To the above named defeudants: You will please take notice that the complaint in the above entitled action was filed in the office of the clerk of the circuit court within and for eaid Lake county, South Dakota, March 22nd, 1895. J. H. WILLIAMSON, Plaintiff's Attorney.


Article from The Madison Daily Leader, April 5, 1895

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Summons In Circuit Court

State of South Dakota, @8. 2nd Indicial Circuit. County of Lake. Alex D. Forbes, plaintiff, vs. Marie Sobstad, Johan :H. Sobetad, the Citizen's NationSummons. al bank, of Madison. S. D., and J. Leelie Thompson as Receiver of said bank, Wilber F. Smith and A. W. McCready, defendante. The state of South Dakota sends greeting to the above named defendants: You are hereby eummoned and required to answer the complaint in this action, which will be filed on the 22d day of March, A. D. 1895, in the office of the clerk of the Circuit court within and for said Lake county, at Madison, South Dakota. and to serve a copy of your answer on the subscriber at his office in the city of Madison, South Dakota, within thirty days after the service of this summone, exclusive of the day of service. If you fail to answer the complaint within that time, the plaintif will apply to the court for the relief demanded in the complaint, besides costs. Dated at Madison, South Dakota, this 22nd day of March, A. D. 1895. J. H. WILLIAMSON. Plaintiff's Attorney. To the above named defeudants: You will please take notice that the complaint in the above entitled action was filed in the office of the clerk of the circuit court within and for said Lake county, South Dakota, March 22nd, 1895. J. H. WILLIAMSON, Plaintiff's Attorney.


Article from Pierre Weekly Free Press, May 30, 1895

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TAYLOR'S BONDS

The Victims of His Peculation Appear in Circuit Court.

OUR GIRL GRADUATES

Items of Local Interest Gathered To- gether During the Week Gone By.

The Taylor bondsmen case came up in circuit court Tuesday morning and defense presented an order from Judge Edgerton ordering the case to be tried in the United States circuit court. Judge Gafly denied the order. The defense objected to any- one serving on the jury who had heard of the alleged defalcation of W. W. Tay- lor. The objection was overruled. The witnesses sworn for the state were Governor Sheldon, Treasurer Phillips, Auditor Hipple, Asst. Secretary of State Gillett, Deputy Treasurer Burrington, Examiner Meyers and Terrill Pattison. Attorney General Crawford read deposi- tions of F. W. Humphrey, formerly cash- ier of the Redfield National bank, and Robert Moody, president of the Aberdeen National bank, in reference to the sig- natures of the different bondsmen. W. A. Barrington and Terrell Pattison testified to the identity of the cash books of the state. This closed the first day's proceedings.

The first witness called yesterday was Terrell Pattison, who testified that the amount on hand at the first Taylor term was $82,000. The attorney general then read the dep- ositions of Chas. B. Kennedy, president of the Madison State bank; J. Leslie Thomp- son, receiver of the Citizens National bank, of Madison; S. A. Trow, cashier same bank; before the letter was finished, however, the officials of the Pierre banks were heard.

P. F. McClure, president of the Pierre National bank, gave deposits turned over by ex-Treasurer Smith to Taylor as $16,- 313.31, and the deposits at the end of Tay- lors' first term as $21,347.43.

B. A. Cummins, cashier of the first Na- tional bank, gave as deposits turned over by Smith to Taylor as $3,323.78, and the deposits at the end of Taylor's first term as $25,931.36.

A. Ewert, cashier of the National bank of Commerce, gave as the deposit turned over by Smith to Taylor as $2,578.72, and the Taylor deposit at the end of his first term as $5,959.73.

The case is attracting much attention and everyone is interested in the outcome. The court room is usually crowded with eager spectators.

Attorney General Crawford is making a manful fight to recover for the state and will have the hearty endorsement of every right-minded citizen in the state.


Article from The Madison Daily Leader, September 10, 1895

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Notice of Sheriff's Sale on Execution. Notice is hereby given, that by virtue of a special execution issued out of the oirenit court of the second judicial circuit of the State of South Dakota, within and for the County of Lake in the case of Alex D. Forbee plaintif vs. Marie P. Sobstad, John H. Sobstad the Citizens National Bank of Madison, S. D., and J. Leslie Thompson as receiver of said Bank, Wilber F. Smith and A. W. McCready, defendants, upon a judgment for the foreclosure of the mortgage described in the complaint in said action to raise the eum of nineteen hundred and two ($1902.00) dollars damages and costs, with interest thereon from the date of eaid judgment, which said judgment was dated the ninth day of August A. D. 1895, and was duly filed and docketed in the office of the clerk of the circuit court of the second judicial circuit of the State of South Dakota, within and for the County of Lake upon the tenth day of August A. D. 1895, I have levied upon the real estate described in said judgment and situated in the County of Lake and State of South Dakota and described as follows, to-wit: Lot number ten (10) in block number nine (9) in the City of Madison Lake Co., South l'akota, (formerly Dakota Teritory) in the original


Article from The Madison Daily Leader, September 12, 1895

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Notice of Sheriff's Sale on Execution.

Notice is hereby given, that by virtue of a special execution issued out of the circuit court of the second judicial circuit of the State of South Dakota, within and for the County of Lake in the case of Alex D. Forbes plaintif vs. Marie P. Sobstad, John H. Sobstad the Citizens National Bank of Madison, S. D., and J. Leslie Thompson as receiver of said Bank, Wilber P. Smith and A. W. McCready, defendants, upon a judgment for the foreclosure of the mortgage de-


Article from The Madison Daily Leader, November 1, 1895

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Notice of Sheriff's Sale on Execution.

Notice is hereby given, that by virtue of a special execution issued out of the circuit court of the Second Judicial circuit of the state of South Dakota, within and for the county of Lake, in the case of John Ogden, plaintiff, vs. James A. Trow, Eva N. Trow, J. Leelie Thompson, as receiver of the Citizens National Bank of Madison, S. D., and the county of Lake, South Dakota, defendant, upon a judgment for the foreclosure of the mortgage described in the complaint in said action to raise the sum of five thousand nine hundred forty dollars and twenty cents, damages and costs, with interest thereon from the date of said judgment, which said judgment was dated the 16th day of September, A. D. 1895, and was duly filed and docketed in the office of the clerk of the circuit court of the Second Judicial circuit of the state of South Dakota, within and for the county of Lake, upon the 25th day of September, A. D. 1895, I have levied upon the real estate described in said judgment and situated in the county of Lake, and state of South Dakota, and described as follows, to wit: The northeast quarter (ΒΌ) of section eight (8), in township one hundred and six (106) north of range fifty-two (52) west of the 5th P. M., except two acres previously deeded to William and Charles Kumpf, and five (5) acres deeded to Abbie Bullock, and lots one, two, three, four, five, six, seven, eight, nine and ten, of block three (3), Morning Side addition, railroad and motor rights of way, and the following tract: Commencing at a point 48.4 feet south of the southeast corner of what was formerly block 4 of Morning Side addition, now the north boundary line of the Chicago, Milwaukee and St. Paul Railway company's right-of-way, thence running easterly along said right-of-way four hundred feet from place of beginning, and from this point on the same line go east a distance of fifteen hundred and sixty-nine feet (1,569), thence northwesterly on the left angle 77 degrees 35 minutes, a distance of 900 feet to intersect with Madison motor railway right of way, thence west along the south boundary of said right of way a distance of 1,332 feet, thence due south 321 feet, thence east 302 feet, thence due south 402 feet to place of beginning, containing one hundred and twenty (120) acres more or less. And that the premises aforesaid will be sold to satisfy the said execution together with the costs and expenses of sale, in the manner directed by said judgment, at public auction to the highest bidder for cash, at the south front door of the court house, in the city of Madison, in the county of Lake, and state of South Dakota, on Saturday, the 2d day of November, A. D. 1895, at the hour of 2 o'clock in the afternoon of that day. Dated at Madison, in the county of Lake, and state of South Dakota, this 25th day of September. A. D. 1895

N. A. FOX. Sheriff of Lake county, South Dakota. A. FRIZZELL, Attorney for Plaintiff.