gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
eeb1eaf3d49c8819
Response Measures
None
Receivership Details
Depositor recovery rate
10.0%
Date receivership started
1923-07-12
Date receivership terminated
1927-09-21
OCC cause of failure
Losses
Share of assets assessed as good
30.2%
Share of assets assessed as doubtful
53.9%
Share of assets assessed as worthless
16.0%
Description
Receiver is named in articles; small inconsistency in receiver initials (B. O. vs B. C.) in different reports.
Events (5)
1.May 5, 1903Chartered
Source
historical_nic
2.July 12, 1923Receivership
Source
historical_nic
3.October 14, 1925Receivership
Newspaper Excerpt
Appeal has been taken ... First National Bank of Willow City, B. O. Schram, receiver of the First National Bank
Source
newspapers
4.October 14, 1925Suspension
Cause
Government Action
Cause Details
A receiver had been appointed for the bank, leading to suspension/closure; litigation over bank assets followed.
Newspaper Excerpt
Appeal has been taken ... First National Bank of Willow City, B. O. Schram, receiver of the First National Bank
Source
newspapers
5.April 12, 1926Other
Newspaper Excerpt
The supreme court has reversed the decision ... in the case of the Merchants National Bank of Willow City and B. C. Schram as receiver of the First National Bank of Willow City vs. William J. Armstrong and others.
Source
newspapers
Newspaper Articles (2)
1.October 14, 1925The Bismarck TribuneBismarck, Mandan, ND
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Article Text
# WILLOW CITY
# BANKS APPEAL
# TO HIGH COURT
Appeal has been taken to the supreme court in the case of the Merchants National Bank of Willow City and First National Bank of Willow City, B. O. Schram, receiver of the First National Bank, and Axel Fred against William J. Armstrong, David I., James A. and Thomas A. Armstrong, Mary Ann Atkinson, Arabella Rands and "any other person claiming interest in or lien upon the property described in the plaintiff's complaint."
The banks are appealing from a decision in the fourth judicial district in which it was held that the defendants had prior rights in certain real estate claimed as assets of the First National Bank of Willow City.
2.April 12, 1926The Bismarck TribuneBismarck, Mandan, ND
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Article Text
Bottineau County Decision Reversed --The supreme cour has reversed the decision of the Bottineau county district court in the case of the Merchants National Bank of Willow City and B. C. Schram as receiver of the First National Bank of Willow City vs. William J. Armstrong and others. The case involved the right of Armstrong to give heavy mortgages on property owned by him to relatives in such a manner that the banks were prevented from collecting sums alleged to be due them. The district court held in favor of the defendants but the supreme court held that certain of the mortgages were fraudulent and void on the ground that they operated against collection by the banks of money justly due them.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
