First National Bank (Bottineau, ND)

View Charter #6085 on SPMC View balance sheet

Episode Information

Episode UID
608501479
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
60850 national
Charter Number
6085
Start Date
March 26, 1923
Location
Bottineau, North Dakota (48.827, -100.446)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
60c93a14e5dac537

Response Measures

None

Receivership Details

Depositor recovery rate
33.0%
Date receivership started
1923-04-12
Date receivership terminated
1928-02-04
OCC cause of failure
Losses
Share of assets assessed as good
40.6%
Share of assets assessed as doubtful
51.4%
Share of assets assessed as worthless
8.0%

Description

The bank closed due to asset impairment from agricultural deflation; while reorganization was initially hoped for, later litigation confirms it remained closed.

Events (4)
1. January 7, 1902 Chartered
Source
historical_nic
2. March 26, 1923 Other
Newspaper Excerpt
It is probable that additional capital will be obtained for reorganization and the bank reopened
Source
newspapers
3. March 26, 1923 Suspension
Cause
Local Shock
Cause Details
shrinkage in assets from short crops, low prices, and farmers deflation
Newspaper Excerpt
The First National Bank of Bottineau failed to open its doors for business this morning. The reason assigned for the closing of the bank was impairment of capital thru a shrinkage in the assets
Source
newspapers
4. April 12, 1923 Receivership
Source
historical_nic

Newspaper Articles (2)
1. April 6, 1923 The Producers News Plentywood, MT
Article from The Producers News, April 6, 1923

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Article Text

BANK CLOSED AT BOTTINEAU Bottineau, N. D., March 26.-The First National Bank of Bottineau fail ed to open its doors for business this morning. The reason assigned for the closing of the bank was impairment of capital thru a shrinkage in the assets arising from insufflcient security at present values on farmers paper coming about thru short crops, low prices, the farmers deflation and some bankruptcies. The directors decided that the interest of all the depositors can be best protected by closing the bank at this time. W. H. McIntosh, president, and F. W. Cathro, vice president of the institution, are undertaking to pledge the business of their private copartnership, known as McIntosh and Cathro, to protect the depositors in the closed institution against loss. It is probable that additional capital will be obtained for reorganization and the bank reojened wth the losses eliminated, it was announced today.

2. April 4, 1925 Morning Pioneer Mandan, ND
Article from Morning Pioneer, April 4, 1925

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Article Text

BOTTINEAU CO. LOSES $111,575SUIT TOO LATE Bismarck, N. D., April neau county lost its suit to collect the bond of H. C. Dana, former county treasurer, for deposits lost the closing of the First National bank of Bottineau, when Judge Buttz Devils Lake sustained demur interposed by the attorney gen office on behalf of the state bonding department. Bottineau county alleged that $111, was deposited in the First Na tional bank of Bottineau, of which W. Cathro was president and that this amount $11,575.86 in excess the bank's depository bond. The bank closed on March 26, 1923. The state's attorneys maintained that since the claim on the bonding fund had not been presented within days after the county officials learned of the alleged violation of the depository suit could this view was sustained by Judge The claim was, filed on Nov several months after the bank closed.