The bank had a prior suspension in 1922 and reopened in April 1923, but the final episode (suspension and closure) occurred in November 1923. Embezzlement by a former cashier was later revealed in court.
Events (5)
1.November 10, 1922Suspension
Cause Details
Initial suspension in 1922; specific cause not stated for this first event.
Newspaper Excerpt
operations of the bank had been suspended since November 10, 1922
Source
newspapers
+5 months
2.April 6, 1923Reopening
Newspaper Excerpt
The doors of the Driscoll State Bank of Driscoll, Burleigh county, were open again today
Source
newspapers
+7 months
3.November 1, 1923*Suspension
Cause
Bank Specific Adverse Info
Cause Details
Embezzlement by former cashier O. R. Billington was later disclosed in court proceedings.
Newspaper Excerpt
The Driscoll State bank has been closed. It has $15,000 capital, $3,000 surplus and $110,000 deposits.
Source
newspapers
+72 days
4.January 12, 1924Other
Newspaper Excerpt
The embezzlement charge against O. R. Billington, formerly cashier of the Driscoll State Bank, was dismissed in district court today
Source
newspapers
+60 days
5.March 12, 1924Receivership
Newspaper Excerpt
L. R. Baird, of Bismarck, North Dakota, as receiver of the Driscoll State Bank of Driscoll, North Dakota
Source
newspapers
Newspaper Articles (14)
1.April 6, 1923The Bismarck TribuneBismarck, Mandan, ND
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DRISCOLL BANK IS REOPENED More Than Double Legal Reserve Is Provided The doors of the Driscoll State Bank of Driscoll, Burleigh county, were open again today after operations of the bank had been suspended since November 10, 1922, it was announced by Gilbert Semingson, state examiner. The bank was reorganized through a 100 percent stock assessment made by the 'stockholders and through other added strength, enabling the bank to reopen with a reserve more than double the legal requirement, Mr. Semingson said. New officers of the bank are: President, J. H. Elwell,' Huron, S. D.; Vice-President, Alice Barnes, Huron, S. D.; Cashier, C. B. Mills, Huron, S. D.; Assistant Cashier, E. J. Erickson Driscoll; directors Alice Barnes, Mr. Elwell and W. L. Mall of Huron, S. D. The Huron people are interested in the Farmers and Merchants Bank of the Squth Dakota city. Mr. Mall, here to complete the details of the reorganization, expressed himself pleased with the result. The capital of the bank is $15,000.
2.November 26, 1923The Bismarck TribuneBismarck, Mandan, ND
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BANKS SUSPENDED. The First State Bank of Hastings, Barnes county, has been put on special deposit by the state guaranty fund commission. The bank has $15000 capital, $6,000 surplus and $160,000_ deposits. The State Bank of Kramer has been closed. It has $10,000 capital, $10,000 surplus and deposits of $110,000. The Driscoll State bank has been closed. It has $15,000 capital, $3,000 surplus and $110,000 deposits.
3.January 12, 1924The Bismarck TribuneBismarck, Mandan, ND
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BILLINGTON SETTLES CASE Former Cashier of Driscoll State Bank Pays $1,200 The embezzlement charge against O. R. Billington, formerly cashier of the Driscoll State Bank, was dismissed in district court today by Judge James A. Coffey on motion of State's Attorney E. S. Allen. A statement presented to the court by the state's attorney said that Billington would make settlement in the sum of about $1,200. The state's attorney said it appeared doubtful if a conviction could be secured, that he had.communicated with the largest stockholders of the bank, with the bankers' association, the state examiner and with L. R. Baird, receiver of the bank, "and have infermed them that certain claims of the bank against the defendant had been adjusted, and they have informed me that they are of the opinion that I would be perfectly justified, under the circumstances, in asking for a dismissal of the said action against the defendant." The state's attorney also said the county would be saved heavy expense involved in a trial. The original examiner's report charged Billington, who now is in South Dakota, with embezzling several thousand dollars, the charge being chiefly of the sale of property mortgaged to the bank. A jury today heard. the case of W. M. Baker against the RussellMiller company, involving suit for possession of disputed grain.
4.March 18, 1924The Bismarck TribuneBismarck, Mandan, ND
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"NOTICE TO CREDITORS In the Matter of the Insolvency of the Driscoll State Bank, Driscoll, North Dakota. Notice is hereby given by the undersigned. L. R. Baird, of Bismarck, North Dakota, as receiver of the Driscoll State Bank of Driscoll, North Dakota,to the creditors of said insolvent bank and to all persons having claims against said insolvent bank to exhibit them and file them with the necessary vouchers with the undersigned receiver at his office at Bismarck, within four months after the first publication of this notice. If said claims are not SO filed, they will be barred from any participation in any dividends which may be paid by the Receiver from the assets of said insolvent bank. Dated March 12th, 1924. L. R. BAIRD, Receiver." First publication on 18th day of March, 1924. 3-18-25 4-1-8
5.March 19, 1924The Bismarck TribuneBismarck, Mandan, ND
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Article Text
"NOTICE TO CREDITORS In the Matter of the Insolvency of the Driscoll State Bank, Driscoll, North Dakota. Notice is hereby given by the undersigned, L. R. Baird, of Bismarck, North Dakota, as receiver of the Driscoll State Bank of Driscoll, North Dakota,to the creditors of said insolvent bank and to all persons having claims against said insolvent bank to exhibit them and file them with the necessary vouchers with the undersigned receiver at his office at Bismarck, within four months after the first publication of this notice. If said claims are not so filed, they will be barred from any participation in any dividends which may be paid by the Receiver from the assets of said insolvent bank. Dated March 12th, 1924. L. R. BAIRD, Receiver." First publication on 18th day of March, 1924. 3-18-25-4-1-8
6.March 25, 1924The Bismarck TribuneBismarck, Mandan, ND
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"NOTICE TO CREDITOR In the Matter of the Insolvency of the Difscoll State Bank, scoll, North Dakota. Notice is hereby given by the undersigned, L. R. Baird, of Bismarck, North Dakota, as receiver of the Driscoll State Bank of Driscoll, North Dakota,to the creditors of hid insolvent bank and to all persons having claims against said insolvent bank to exhibit them and file them with the necessary vouchers with the undersigned receiver ate his office at Bismarck, within four months after the first publication of this notice. If seed claims are not so filed, they wi be barred from any participation in any dividends which may be paid the Receiver from the assets of said insolvent bank. Dated March 12th, 1924 1. R. BAIRD, Receiver." First publication on 18th day of March, 1924. 3-18-25---4-1-8
7.April 1, 1924The Bismarck TribuneBismarck, Mandan, ND
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Article Text
"NOTICE TO CREDITORS In the Matter of the Insolvency of the Driscoll State Bank, Driscoll, North Dakota. Notice is hereby given by the undersigned, L. R. Baird, of Bismarck, North Dakota, as receiver of the Driscoll State Bank of Driscoll, North Dakota,to the creditors of said insolvent bank and to all persons having claims against said insolvent bank to exhibit them and file them with the necessary vouchers with the undersigned receiver at his office at Bismarck, within four months after the first publication of this notice. If said claims are not so filed, they will be barred from any participation in any dividends which may be paid by the Receiver
8.April 8, 1924The Bismarck TribuneBismarck, Mandan, ND
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Article Text
"NOTICE TO CREDITORS In the Matter of the Insolvency of the Driscoll State Bank, Driscoll, North Dakota. Notice is hereby given by the undersigned, L. R. Baird, of Bismarck, North Dakota, as receiver of the Driscoll State Bank of Driscoll, North Dakota,to the creditors of said insolvent bank and to all persons having claims against said insolvent bank to exhibit them and file them with the necessary vouchers with the undersigned receiver at his office at Bismarck, within four months after the first publication of this notice. If said claims are not so filed, they will be barred from any participation in any dividends which may be paid by the Receiver from the assets of said insolvent bank. Dated March 12th. 1924. L. R. BAIRD, Receiver." First publication on 18th day of March, 1924. 3-18-25--4-1-8
9.March 3, 1926The Bismarck TribuneBismarck, Mandan, ND
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Commission Ready to Pay Dividend For Driscoll Bank The Depositors' Guaranty Fund commission is now ready to pay a 10 per cent dividend on guaranteed deposits in the Driscoll State bank of Driscoll, Burleigh county, and has issued instructions regarding the proper presentation of claims. The commission, pursuant to provisions of section 21, chapter 200, session laws of 1923, is ready to pay a 10 per cent dividend on guaranteed deposits in all banks officially closed after September 30 and before November 16, 1923, and the bank at Driscoll is the only one in this county which is included in this list. All deposits must first be allowed by the receiver as a valid claim against the closed bank. Thereafter the Guaranty Fund commission will determine whether or not the deposit is guaranteed. If found to be guaranteed, all deposits of $12 or less will be paid in full; on those over $12 and under $100 a flat dividend of $10 will be paid; on those over $100 a dividend of 10 per cent will be paid. On deposits rejected as not guaranteed, a registered notice will be sent to depositors and under the law he may make application within 90 days for a hearing thereon. Forms and instructions for preparation of claims of depositors against the guaranty fund will be found at every state bank.
10.March 3, 1926The Bismarck TribuneBismarck, Mandan, ND
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NOTICE 'ro THE DEPOSITORS IN CLOSED BANKS Pursuant to provisions of Section 21. Chapter 200, 'Session Laws of 1923, the Depositors Guaranty Fund is now ready to pay a 10 per cent dividend on guaranteed deposits in banks officially closed after September 30 and, before November 16th, 1923: The Driscoll State Bank, Driscoll, is the only bank in Burleigh county included in this list; claims of depositors must be allowed by the receiver before they can be considcred by the Guaranty Fund Commission: Forms and instructions for preparation of claims of depositors against the Guaranty Fund willobe found at every state bank. Bismarek, March 2nd. 1926. Depositors Guaranty Fund Commission 3-3-10
11.March 10, 1926The Bismarck TribuneBismarck, Mandan, ND
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NOTICE TO THE DEPOSITORS IN CLOSED BANKS Pursuant to provisions of Section 21. Chapter 200, Session Laws of 1923, the Depositors Guaranty Fund is now ready to pay a 10 per cent dividend on guaranteed deposits in banks officially closed after September 30 and before November 16th. 1923: The Driscoll State Bank, Driscoll, is the only bank in Burleigh county included in this list; claims of depositors must be allowed by the receiver before they ean be considered by the Guaranty Fund Commission: Forms and instructions for preparation of claims of depositors against the Guaranty Fund will be found at every state bank. Bismarek, March 2nd, 1926. Depositors Guaranty Fund Commission 3-3-10
12.June 5, 1928The Bismarck TribuneBismarck, Mandan, ND
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CIVIL CASES TRIED FIRST AT THIS TERM 24 Jurors Report This Morning-2 More SummonedTentative Schedule Fixed Trial of civil cases was commenced in Burleigh county district court this morning, following the roll call of jurors and the call of the calendar. Criminal cases will not be called until later in the term, reversing the usual order whereby criminal cases are tried first. Only 24 of the panel of 42 jurors were available for duty today, several having been excused and others not having been found by the sheriff. As a result Judge Fred Jansonius ordered another panel of 12 summoned immediately, and these will be drawn sometime today by the sheriff, county treasurer and clerk of court. Jurors who reported for duty this morning include L. H. Richmond, Adrian Asbridge, Joe Brown, A. Thysell, Tony Newgebauer, Dan McDonald, D. J. Warren, Henry A. Jones, P. R. Webb, H. E. Spohn, Tom Cayou and W. G. Worner, Bismarck; K. A. Ersland and W. F. Keeler. Driscoll; E. A. Trygg and Mrs. Jay De Long, Baldwin: Arthur Nelson. Wing; Geo. McMurrich, Brittin; Arnold Peterson, Braddock; Alto Uhde and Eddie Rasche, Regan; H. E. O'Neill, McKenzie; George McIntyre, Arena; Mrs. Bertha Ellison. tSerling. Galliger Arranged Ambrose H. Galliger was arraigned at the opening of today's session on a charge of usury. He was allowed the statutory time in which to enter his plea. Trial of the case of L. R. Baird as receiver of the Farmers & Merchants State bank. Driscoll, vs. M. Syverson was started shortly before noon. The receiver is suing to collect on a note which Syverson had in the Driscoll bank when it closed. The defendant does not deny the note. but claims that he'had a deposit in the bank which would offset the note. Other cases are tentatively scheduled for trial in the following order: L. R. Baird as receiver of Driscoll State bank vs. Chris Junkert. Oscar F. Swenson vs. C. M. Rosson. N. A. Freeburg vs. Interstate Transportation company. Robert Eisenbiesz vs. Henry Plath.
13.June 6, 1928The Bismarck TribuneBismarck, Mandan, ND
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DEFENDANT IS WINNER IN 1ST CASE ON TRIAL Jury Finds in Favor of M. Syverson in Suit Brought to Enforce Payment of Note A verdict in favor of the defendant was returned late yesterday in the first civil case to be tried at the spring jury term of Burleigh county district court which opened here yesterday mor ing. The case was that of L. R. Baird as receiver of the Farmers & Merchants State bank, Drisccoll, vs. M. Syverson and was a suit to enforce payment of a note which the defendant had in the bank when it closed. Syverson claimed he had a deposit in the bank which would offset the amount of the note. This forenoon the court was occupied with the case of L. R. Baird as receiver of the Driscoll State bank vs. Chris Junkert. This is also an action to enforce payment of a note but the defendant claims the note has already been paid through collections made on collateral deposited with it. The case went to the jury about noon.
14.June 7, 1928The Bismarck TribuneBismarck, Mandan, ND
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Siegel-Breslow Case Goes to Jury Today Jake Siegel's suit against Joseph Breslow for commission the plaintiff claims due on the sale of the defendant's residence property in Bismarck was aired in Burleigh county district court yesterday afternoon and today, and the case was given to the jury shortly before noon. Siegel claims a commission of $800. A verdict in favor of the defendant was returned late yesterday in the case of L. R. Baird as receiver of the Driscoll State bank vs. Chris Junkert. Baird brought suit to collect on a note of Junkert's held by the bank when it closed, while Junkert claimed the note had been paid through collections made on collateral deposited with it. Johnnie May Perkins, local negress, was arraigned this morning on two charges, first degree immorality and keeping and maintaining a common nuisance. Her pleading was deferred, however, to await the appearance of her counsel. A. H. Galliger pleaded not guilty when arraigned on a usury charge. Scheduled next for trial is the case of Oscar F. Swenson vs. C. M. Rosson.
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.
