De Smet National Bank (De Smet, SD)

View Charter #5355 on SPMC View balance sheet

Episode Information

Episode UID
535501541
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
53550 national
Charter Number
5355
Start Date
May 12, 1928
Location
De Smet, South Dakota (44.387, -97.550)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cf0e887785c6b5db

Response Measures

None

Receivership Details

Depositor recovery rate
57.4%
Date receivership started
1926-07-06
Date receivership terminated
1932-11-01
OCC cause of failure
Economic conditions
Share of assets assessed as good
31.2%
Share of assets assessed as doubtful
42.4%
Share of assets assessed as worthless
26.5%

Description

OCR shows De Smet Nabank corrected to De Smet National Bank; receiver assigned and banks described as closed.

Events (4)
1. May 15, 1900 Chartered
Source
historical_nic
2. July 6, 1926 Receivership
Source
historical_nic
3. May 12, 1928 Suspension
Cause
Government Action
Cause Details
Bank is closed and a receiver (R. B. McCandless) is managing liquidation/closure of the bank.
Newspaper Excerpt
Checks are De Smet Nabank, in payment of the third dividend, which brings the total dividend up to 40 per cent. These checks will distribute almost $50,000 among creditors of the bank, according to R. B. McCandless, receiver.
Source
newspapers
4. October 3, 1929 Receivership
Newspaper Excerpt
New Bank Receiver In Charge Of Kingsbury ... The new receiver will be in charge of the De Smet National bank ... Mr. Shennum takes the place of R. B. McCandless who has been transferred ... Shennum, Madison, has charge of the closed banks ... will close up the books and records to Madison.
Source
newspapers

Newspaper Articles (3)
1. May 12, 1928 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, May 12, 1928

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Article Text

independence day. expectthat thousands of Norwegians and persons of Norwegian descent will be attendance. Walton League to Banquet. Madison, S. D., May made by William Killion, of the Madison Izaak that the spring activities of the be banquet to served in the Catholic church May John G. Bradford, Sioux Falls, will tell the work of the league. Dividend Checks Ready. De Smet, May Checks are De Smet Nabank, in payment of the third dividend, which brings the total dividend up to 40 per cent. These checks will distribute almost $50,000 among creditors of the bank, according to R. B. McCandless, receiver. 27 to Graduate in Philip. Philip, S. D., May The high graduate class this year and be held May 25. E. Woodburn, Spearfish normal, will deliver the ment address. Committees Plan Celebration. De Smet, S. D., May Hasche, has named the members of the executive committee and separate committee chairmen for the annual old settlers' celebration, which will be held this year on June "Twister" Wrecks Buildings. Gregory, S. May small visited the farm home William Satler and destroyed some the outbuildings on his farm and of one of his neighbors.

2. October 3, 1929 The Daily Plainsman Huron, SD
Article from The Daily Plainsman, October 3, 1929

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Article Text

New Bank Receiver In Charge Of Kingsbury Shennum of Madison is the new recelver of four closed banks in Kingsbury county. Mr. Shennum takes the in place of R. B. McCandless who has been transferred to South Carolina where he will be in charge of the Points West liquidation of several institutions. The new ver will be in charge of the De Smet National bank, the First Na. ALBERTA VAUGHN tional and Farmers National banks at Lake Preston and the recently com- A swift-moving pleture of flying pletely Equidated First National at hoois and heating hearts. A son Oldham. 01 the West on a rampuge-AND

3. October 3, 1929 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, October 3, 1929

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Article Text

BANK RECEIVER LEAVES FOR CAROLINA Lake Preston, D.-Special: R. McCandless, this city, charge closed National banks Lake Preston, De Smet Oldhas resigned receiver of those banks and accepted receivernumber of closed banks in South Carolina Mr. McCandless gone to nume his new duties, while Mrs. Mcandless went to Sloux Falls where visit and friends month before leaving for her new home. Shennum. Madison, has charge of the closed banks Madison. and Carthage, will close up the of the banks under Mr. and move books and records to Madi-