Citizens National Bank (Fargo, ND)

View Charter #3602 on SPMC View balance sheet

Episode Information

Episode Type
Suspension → Closure
Start Date
January 2, 1897
Location
Fargo, North Dakota (46.877, -96.790)
Bank Type
national
Charter Number
3602

Metadata

Episode ID
Bank ID
City ID
381028945
Model
gpt-5-mini
Short Digest

Receivership Details

Depositor recovery rate
71.2%
Date receivership started
1897-01-07
Date receivership terminated
1903-06-15
OCC cause of failure
Losses
Share of assets assessed as good
17.2%
Share of assets assessed as doubtful
66.3%
Share of assets assessed as worthless
16.5%

Notes

Bank examiner took possession Jan 2; temporary receiver appointed Jan 7 and wind-up proceeded.

Events (4)
1. December 14, 1886 Chartered
Source
historical_nic
2. January 2, 1897 Suspension
Cause
Government Action
Cause Details
National bank examiner took possession and suspended payments; bank failed/closed on examiner's action.
Newspaper Excerpt
National Bank Examiner Anheir took possession of the Citizens' National Bank this afternoon.
Source
newspapers
3. January 7, 1897 Receivership
Newspaper Excerpt
The comptroller of the currency has appointed ... Examiner Anheir receiver of the Citizens' National Bank of Fargo, N. D.. Both of these appointments are temporary pending resumption. (reports dated Jan. 7-8, 1897).
Source
newspapers
4. January 7, 1897 Receivership
Source
historical_nic

Newspaper Articles (20)
1. January 2, 1897 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, January 2, 1897

Click image to open full size in new tab

Article Text

Failures of the Day. aha, Jan. 2.-The Omaha Sav1.60 bank failed to open this morning. The liabilities are $850,000, the assets $200,000 in excess of this. Cleveland, Jan. -Thirty judgments aggregating $85,000 were filed against the Dorner & Dutton Man facturing company and Derner Foundry company, among the largest car wheel manufacturers in the country. A receiver is applied for. Batavia, Ill., Jan. 2.-The Western Paper Bag company, one of von Norwick's plants, was placed in the hands of a receiver by the United States courts. Whitehall, Mich., Jan. 2. -The bank examiner took possession of the Whitehall savings bank today. Fargo, N. D., Jan. 2.-The Citizens' National bank failed this afternoon.

2. January 3, 1897 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, January 3, 1897

Click image to open full size in new tab

Article Text

NORTH DAKOTA BANK FAILS. Little Excitement-The Embarrassment Thought Temporary Only. FARGO, N. D., January 2.-NationalBank-Examiner Anheir took possession of the Citizens' National Bank this afternoon. The officers of the bank are: H. F. Miller, president, and C. C. Schuyler, cashier. The last statement, for December 17th, shows bills payable and notes and bill rediscounted amounting to $55,000, and a capital of $100,000. Little excitement was created, as the general opinion is that the embarrassment is only temporary. The statements of all the other banks, published within the last two weeks, are remarkably strong, and there was no run on any institution.

3. January 3, 1897 The Herald Los Angeles, CA
Article from The Herald, January 3, 1897

Click image to open full size in new tab

Article Text

THE BEST PRESCRIPTION he receivers acting "The Omaha Savings bank was organ3 to realize all they ized fifteen years ago," said Gen. Manbefore looking into derson, its president. "The bank today $ of the law. owes $750,000 to its depositors and $140,000 to the Commercial bank, making the to) was one of Mr. tal liabilities $890,000. Taking our real timate friends and estate at cost and other securities simply was the last man at their face value, we have nearly $200,nond. Mr. Palmer 000 of assets beyond liabilities. While Hammond' called at the bank is unable at this time to pay Evanston, which is depositors on demand, it is amply solalk from the house vent, and while it will take some time to ammonds, about 8 realize, not a dollar will be lost by any He remained there creditor or depositor. In addition to versation with Mr. the assets, there is also the double lia1 of the future, and bility of the stockholders, which swells to place Mr. Hamthe amount to at least $1,200,000." eet. Mr. Palmer IN NORTH DAKOTA. mmond frequently MINNEAPOLIS, Minn., Jan. 2.-A the general theme, special to the Journal from Fargo, N.D., ) to be entirely obsays the Citizens' national bank failed ce of any one. He this afternoon. an effort to underIN MICHIGAN. g said to him, but WHITEHALL, Mich., Jan. 2.-Bank aw plainly that Mr. Examiner Angell took possession and vas weakened and closed the Whitehall State Savings bank ere weighing more today. No statement is made. The last n had been noticed report showed deposits of $80,000; loans and discounts, $92,000. arrival home he PAID ALL COMERS. s room, and Mrs. CRIPPLE CREEK, Col., Jan. 2.-A run lmost Immediately was precipitated at the First National mbers Mr. Hambank today by a man to whom was rethe room about 2 fused: a small loop, saying the bank eir baby. The supwould not open today. Small depositors ammond left the formed in a line and were paid. No big fter this with only deposits were touched. A special train d a dressing gown was run from Colorado Springs with r his apparel was $50,000 belonging to President J. M. Parapparently as he ker. Parker said: "We have on hand ught by Mr. Palmer a deposit more than enough to pay every went directly to the d'ollar should it be demanded, but only lung himself in the small depositors seem anxious, and busi: said it was his ness men, mining men and personal ond had carried in friends are depositing more than is be: $60,000 of life ining drawn out." er said that ever BETTER FEELING PREVAILS. I of the articles reMINNEAPOLIS, Minn., Jan. 2.-The It he had not been Farmers and Mechanics' Savings bank : he worried about has decided to waive its privilege of des certain. manding sixty days' notice before withHammond is situdrawal of deposits. This is taken to d) boulevard, in indicate a much better feeling in local erected five years banking circles. 55 than $30,000. and

4. January 3, 1897 The Morning News Savannah, GA
Article from The Morning News, January 3, 1897

Click image to open full size in new tab

Article Text

FARGO BANK FAILS. All the Other Banks in the City in Good Condition. Fargo, N. D., Jan. 2.-National Bank Examiner Anheir took possession of the Citizens National Bank this afternoon. Little excitement was created, as the general opinion is that the embarrassment is only temporary. The statements of all the other banks published within the last two weeks are remarkably strong, and there was no run on any other institution.

5. January 3, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, January 3, 1897

Click image to open full size in new tab

Article Text

Fargo Bank Suspends. FARGO, N. D., Jan. 2.-National Bank Examiner Anheier took possession of the Citizens' National bank at 2 o'clock this afternoon. The officers of the bank are H. F. Miller, president; C.C. Schuyler, cashier. The last statement published at the close of business Dec. 17, shows bills payable and notes and bills rediscounted $55,000, with a capital of $100,000. Cash items were strong, about 50 per cent. but only little of it available. Little excitement was created, as it is the general opinion the embarrassment is only temporary. Statements of all other banks published within the last two weeks are remarkably strong, and there was no run on other institutions. The bank examiner and bank officials will make no statement until the examination is completed.

6. January 7, 1897 Jamestown Weekly Alert Jamestown, ND
Article from Jamestown Weekly Alert, January 7, 1897

Click image to open full size in new tab

Article Text

Chizen's National Bank. The Citizens National bank at Fargo eed down Saturday afternoon and nk Examiner Anheir took charge. ere was no run and no embarraesment the other Fargo banks. It 18 said suspension will be but temporary. esident H. F. Miller is in the east. cashier is C. C. Schuyler. Martin ector is vice president. Directors are P. Lough, Max Stern, W. B. Doug38, Geo. V. Smith, J. F. Schoeninger Hector. Capital paid in $100,000, rplus $35,000. The bank had a hard to pull through several years ago. be other banks organized a clearing use and to protect themselves and hers ecided to pay no time certificates itil they matured. a wise precaution. The directore of the Union National ak at Grand Forksamong them Judge o:liee, have publicly assured depositore the bank has su fficient t cash resources pay alliite deposits due on demand. action was taken since the closing the Second National bank of that ts.

7. January 7, 1897 River Falls Journal River Falls, WI
Article from River Falls Journal, January 7, 1897

Click image to open full size in new tab

Article Text

stove. Near Decatur, Ga., Tom Flanagan, wh e drunk, shot and killed G. W. Allen and wife and Miss Ruth Slack. The doors of the Second national bank at Grand Forks, N. D., wereclosed, with liabilities of $150,000. In Colorado the production of precious metals in 1896 was: Gold, $16,500,000; silver $12,058,000. In Utah the production was: Gold, 93,896 fine ounces; silver, 8,728,705 fine ounces. Hazen S. Pingree was inaugura governor of Michigan. The oldest railroad director in the world, Samuel M. Young, died in Tole do, 0., in his 91st year. In ten days the five children of Ja is Vogel, of Sandusky, O., died from diphtheria. Charles A. Weyrich, aged 24, and Charles D. Carpenter, aged 29, two close friends, ended their lives in the Planter's hotel in St. Louis by taking poison. No cause is known for the deed. Cyclone nearly demolished the town of Mooringsport, La., and killed the four children of Jesse Goodman. Many other persons were injured, some fatally. The Tennessee legislature convened at Nashville for a session to last 75 days. A freight train ran into a landslide near New Haven, Mo., killing Engineer Homar Evans, Fireman Henry Horkup and Brakeman J. E. McQueen. The doors of the State savings bank at Whitehall, Mich., were closed with liabilities of $100,000. In Chicago William A. Hammond, aged 45 years, second vice president of the National Bank of Illinois, that failed recently, committed suicide by drowning himself in Lake Michigan. At Fargo, N. D., the Citizens' national bank suspended payment. At Omaha, Neb., the savings bank closed its doors with liabilities of $850,000; assets, $1,000,000. Flames which started in Lebeck's dry goods store in Nashville, Tenn., destroyed ten buildings, the total loss being $400,000. After 30 years of judicial service Jus. tice R. Rothrock has retired from the supreme court of Iowa. At Devil's Lake, N. D., the Merchants' national bank closed its doors, with liabilities of $50,000. Edward Scofield was inaugurated a3 governor of Wisconsin. Advices from different sections of Michigan say that great damar has been done by heavy rains. In Chicago an ordinance passed by the city council will have the effect of obliterating the high hat in theaters and music halls. Seven miles northeast of Nelson, Neb., three stock men were frozen to teath. Five men were killed by an explosion in a mine at Hartshorne, I. T. The Germania bank in St. Paul closed its doors with liabilities of $1,000,000 and the West Side bank followed suit owing depositors $113,000. Richard Cornelius, cashier of the National farmers' and planters' bank in Baltimore, Md., being a defaulter to the extent of $60,000, committed suicide by drowning himself. Legislatures of California, Montana and Idaho met in their respective capitals. In Montana Robert B. Smith was inaugurated as governor and in Idaho Gov. Frank Steunenberg took the oath of office. Fire destroyed the Wyoming state

8. January 7, 1897 The Butler Weekly Times Butler, MO
Article from The Butler Weekly Times, January 7, 1897

Click image to open full size in new tab

Article Text

The Citizens National Bank of Fargo, North Dakota, and the White Hall Savings bank of White Hill, Mich., suspended Saturday.

9. January 8, 1897 The New North-West Deer Lodge, MT
Article from The New North-West, January 8, 1897

Click image to open full size in new tab

Article Text

LONG LIST OF FINANCIAL ILLS. Omaha Savings Bank and Smaller Fry Failed to Open. Omaha, Neb., Jan. 2.-The Omaha Savings bank failed to open this morning and is in the hands of the state banking board. A meeting of the clearing house yesterday, it is presumed, took action which caused the savings bank to close. The total liabilities are $850,000. Assets exceed this amount by $200,000. The resources are excellent, and but little loss can result to depositors. The bank has been in existence for 15 years. The failure will not cause other Omaha institutions any inconvenience. "The Omaha Savings bank was organized 15 years ago," said General Manderson, its president. "The bank today owes $750,000 to its depositors and $140,000 to the Commercial bank, making a total liability of $890,000. Taking our real estate at cost and other securities at face value, we have nearly $200,000 of assets beyond liabilities. While the bank is unable to ait this time pay depositors on demand, it is amply solvent, and not a dollar will be lost by any creditor or depositor." The Run Soon Stopped. Cripple Creek, Colo., Jan. 2.-A run was precipitated on the First National bank today by a man to whom was refused a small loan, saying the bank would not open today. Small depositors formed in line and were paid. No big deposits were touched. A special train was run from Colorado Springs with $50,000 belonging to President J. M. Parker. Parker said: "We have on deposit more than enough to pay every dollar, should it be demanded; but only small depositors seem anxious, and business men, mining men and personal friends are depositing more than is drawn out." Paper Bag Plant Fails. Chicago, Jan. 2.-The Western Paper Bag Company, one of the Van Nortwick plants, was placed in the hands of a receiver today by Judge Grosscup, of the United States court. William G. Stevens was appointed receiver, bond being placed at $100,000. The liabilities will probably exceed $100,000, with assets the same. Judgments for $85.000. Cleveland, Jan. 2.-Thirty judgments, aggregating about $85,000, have been taken in the common pleas court against the Dorner & Dutton Company and the Dorner Foundry Company, which are among the largest car wheel manufacturers in the country. Application for a receiver has been filed. It is believed the assets greatly exceed the liabilities. Banker Goes Free. Denver, Jan. 2.-Under the instructions of Judge Butler, who said the evidence was insufficient to convict, the jury today found Frank Atkins, president of the defunct Colorado Savings bank, not guilty under the indictment which charged him with having received deposits knowing the bank to be insolvent. Fargo Bank Closed. Minneapolis, Jan. 2.-A special to the Journal from Fargo, N. D., says the Citizens' National bank failed this afternoon. The bank is in the hands of Bank Examiner Asheimer. The capital is $100,000. Michigan Failure. White Han, Mich., Jan. 2.-Bank Examiner Angell took possession and closed the White Hall State Savings bank today. No statement. The last report showed deposits of $80,000; loans and discounts, $92,000.

10. January 8, 1897 Wheeling Register Wheeling, WV
Article from Wheeling Register, January 8, 1897

Click image to open full size in new tab

Article Text

TEMPORARY RECEIVERS NAMED. WASHINGTON January 7.-The comptroller of the currency has appointed Bank Examiner Blanding temporary receiver of the First National Bank of Sloux City, Iowa, and Examiner Anheir receiver of the Citizens' National Bank of Fargo, N. D. Both of these appointments are temporary pending resumption. The comptroller has received ,information that the Commercial National Bank of Poanoke, Va., which suspended some time ago, has raised sufficient funds with which to go into liquidation without the intervention of a receiver.

11. January 8, 1897 Evening Journal Wilmington, DE
Article from Evening Journal, January 8, 1897

Click image to open full size in new tab

Article Text

The Insolvent Banks, WASHINGTON, Jan. 8.-The comptroller of the currency has appointed Bank Examiner Blanding temporary receiver of the First National bank of Sloux City, Ia., and Examiner Anheir receiver of the Citizens' National bank of Fargo, N. D. Both of these appointments are temporary, pending resumption. Bank Examiner E. C. Turtelot has been appointed receiver of the Second National bank of Grand Forks, N. D. The comptroller has received information that the Commercial National bank of Roanoke, Va., which suspended some time ago, has raised sufficient funds with which to go into liquidation without the Intervention of a receiver.

12. January 8, 1897 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, January 8, 1897

Click image to open full size in new tab

Article Text

Receivers for National Banks. WASHINGTON, Jan. 7.-The comptroller of the currency has appointed Bank Examiner Blancing temporary receiver of the First National bank of Sioux City and Examiner Anheir receiver of the Citizens' National bank of Fargo, N. D. Bank Examiner Turilot has been appointed receiver of the Second National bank of Grand Forks, N. D.

13. February 11, 1897 Jamestown Weekly Alert Jamestown, ND
Article from Jamestown Weekly Alert, February 11, 1897

Click image to open full size in new tab

Article Text

$258,883 02 In the various suspended banks of the state the treasurer has $65,772.91, as followe: Citizens National bank, Fargo, 847,801 93 30 Grand Forke National bank 9,712 Second National bank, Grand 3,124 95 Forks 2,866 64 First National bank, Minot First National bank, Minot, draft deposited, payment stopped and now in litiga2,267 09 tion Treasurer Nichols says: Each of the above depositories have given bonds to the state of North Dakota for double the amount of deposit, which, in every case is ample security for the amount asked for. I have carefully investigated the bonds of the suspended banks, and am satiefied that the state is well secured and will receive every dollar that is due. SENATE. Among the new bills introduced in the senate yesterday was by Greene: Prescribing duties and obligation of herders. Marshall, providing that pledgee can sell collateral in default. Enger, giving three representatives to sixteenth district, consisting of Steele and Grigge counties. Dunlop, repealing the office of oil inspector. Strom, requiring one-third the available school funds to be invested in farm mortgages. Dunlap, 120 oil test. Haggart, $2,000 for advertising school land leases. House bille passed: Amending the good time law of convicte; allowing witnesses awaiting trials 50 cents 8 day; Twitchel's bail on appeal; Francis' challenges of jurore rec. ommended by judiciary. Little's, counties to pay for transporting conviots and ineane, WAS lost. The one hundrad thousand dollar irrigation memorial was lost. Senate refused to concur in Creel's armory bill. HOUSE. The resolution to investigate the gambling and liquor selling at Bismarck created a good hot debate in the house yesterday. There was bitter opposition to the report, Cole and Hankinson leading. It was alleged by several that there are open violations of the law in Case Richland Weleh and Footer conn.

14. February 19, 1897 Griggs Courier Cooperstown, ND
Article from Griggs Courier, February 19, 1897

Click image to open full size in new tab

Article Text

Griggs Co., N. D. Board met pursuant to call this 15th day of January, A. D. 1897. Full board present. The call was read stating the purpose of the meeting. On motion made and unanimously carried the following resolution adopted by the board at the regular meeting Jan. 6th, A. D. 1897, that the Citizens National and the Red liver Valley National Banks of Fargo, Le designated as county depositories and the county treasurer required to divide deposits equally between the banks, be re-considered. Moved and seconded that the Red River Valley National Bank of Fargo be the sole county depository for the county at the present time. Carried. Moved and seconded that the states attorney be directed to go to Fargo to inquire into the sufficiency of all bonds and all other matters learing on interests of the county of Gliggs in the suspension of the Citizens National Bank of Fargo, and also to ask the Red River Valley National Bank to give a new bond in the sum of $30,000, and to be ready to report to this board Feb. 13th, 1897. Carried. On motion the bond of Andrew Sinclair as superintendent of schools was approved. On motion board adjourned special session till February 13th, A. D. 1397. P. A. MELGARD, County Auditor.

15. June 8, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, June 8, 1897

Click image to open full size in new tab

Article Text

Stockholders Assessed. WASHINGTON, June 7.-Comptroller Eckels has ordered an assessment on the stockholders of the Citizens' National Bank of Fargo. N. D., of 100 per cent. This will enable Receiver Anbeier to pay all approved claims and also other expenses incidental to winding up the affairs of the bank.

16. June 10, 1897 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, June 10, 1897

Click image to open full size in new tab

Article Text

Assessed the Stockholders. W ASHINGTON. June 9. -Comptroller Eckels has ordered an assessment on the stockholders of the Citizens' National bank of Fargo, N. D., of 100 per cent. This will enable Receiver Anheier to pay all approved claims and also other expenses incidental to winding up the affairs of the bank.

17. October 30, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, October 30, 1897

Click image to open full size in new tab

Article Text

Cash for Bank Creditors. Special to the Globe. FARGO, N. D., Oct. 29.-Checks were received this morning from the comptroller of the currency for payment of the 20 per cent dividend recently declared in favor of creditors of the Citizens' National bank. Receiver Anheiner will distribute the funds at once.

18. November 1, 1897 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, November 1, 1897

Click image to open full size in new tab

Article Text

Cash for Bank Creditors. FARGO, N. D., Nov. 1.-Checks were received during the morning from the comptroller of the currency for payment of the 20 per cent dividend recently declared in favor of creditors of the Citizens National bank. Receiver Anheiner will distribute the funds at once.

19. December 25, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, December 25, 1897

Click image to open full size in new tab

Article Text

Verdict for Sabin. FARGO, N. D., Dec. 24.-In the case of Sabin vs. C. H. Anheler, receiver of the Citizens' National bank, the jury was directed last night on special findings and this morning brought in a verdict that the bank was insolvent prior to closing by the examiner Jan. 2, and that the officers knew of its insolvency. Suit was brought to recover $800, and, of course, the court will order a verdict for Sabin. Othe suits are likely to be instituted.

20. January 30, 1904 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, January 30, 1904

Click image to open full size in new tab

Article Text

Bondsmen of Bank Are Protected. In a suit by the state against the bondsmen of the Citizens' National bank of Fargo to recover for state funds deposited there, the defendants set up the statute of limitations, as the bank failed six years ago. The state claimed that the statute did not apply as the last payment was made just prior to the discharge of the receiver about a year ago. It was claimed suit could not be brought prior to that time. as it could not be known how much was still due. The receivership paid about 50 cents on the dollar. Judge Pollock held that the statute ap. plied and dismissed the action. An appeal will be taken.