Peoples State Bank (Hatton, ND)

Episode Information

Episode Type
Suspension → Closure
Start Date
December 27, 1920
Location
Hatton, North Dakota (47.640, -97.453)
Bank Type
state
Routing Number
77-0991

Metadata

Episode ID
Bank ID
City ID
381029336
Model
gpt-5-mini
Short Digest

Notes

Bank closed temporarily in Dec 1920, reopened, then closed again Oct 1921 and entered receivership.

Events (3)
1. December 27, 1920 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Depleted reserve/shortage of reserve caused bank to close; reported solvent and would open.
Newspaper Excerpt
Three more Non-partisan League banks closed their doors to-day... the Peoples' State Bank at Hatton.
Source
newspapers
2. October 22, 1921 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Shortage of reserve/depleted reserve compelled directors to close; this was second closing within year.
Newspaper Excerpt
The People's State bank of Hatton closed its doors last Saturday... The bank was closed by the officers, who notified the department of the state examiner of their action.
Source
newspapers
3. December 30, 1921 Receivership
Newspaper Excerpt
The Banking Board has confirmed... O. L. Engen, of Fargo, as receiver for ... the People's State Bank of Hatton.
Source
newspapers

Newspaper Articles (15)
1. December 28, 1920 New-York Tribune New York, NY
Article from New-York Tribune, December 28, 1920

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Chicago Bank Wrecked By Losses in Hold-Ups Special Dispatch to The Tribune CHICAGO, Dec. 27.-The Dressel Commercial and Savings Bank, 2322 West Roosevelt Road, the scene of three holdups in the last two years, was placed in the hands of a receiver to-day by Federal Judge Carpenter. It is believed that the raids of the robbers, which netted them $7,250, placed the bank in an embarrassing position. Special Dispatch to The Tribune FARGO, N. D., Dec. 37.-Three more Non-partisan League banks closed their doors to-day. They were the First Farmers' Bank of Minot, the Security State Bank of Carpio and the Peoples' State Bank at Hatton. In the last two months twenty-seven state banks in North Dakota have closed. The Minot and Carpio banks had aggregate deposits of about $400,000 and capital of $65.000. The Hatton bank had deposits of $100,000 and capital of $50,000. Officials said the institutions were solvent and would open. PRIMEVILLE. Ore., Dec. 27.-The Crook County state bank of this place failed to open its doors to-day. Shrinkage of values of cattle and sheep on which the institution had made loans was said to have been responsible.

2. December 28, 1920 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 28, 1920

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CHICAGO BANK CLOSED; PRESIDENT IS MISSING Chicago, Dec. 28.-Depositors of the Dressel Commercial and Savings Bank waited in vain for its doors to open vesterday and when the president Andrew Dressel, could not be found, creditors petitioned Judge Carpenter in Federal District Court to adjudge the bank bankrupt. The Chicago Tile and Trust Company was appointed receiver, Other bank officials said the Dressel bank's funds had been depleted through the operations of hold un men and burglars during the past two years. Minot. N. D., Dec. 28.-The First Farmers' Bank of Minot was closed yesterday. Depleted reserve was given as the reason. The First Security Bank of Carpio, N. D., associated with the First Farmers of Minot, was closed yesterday afternoon. The closing of the People's State Bank at Hatton, N. D., was announced in Fargo. Princeville, Ore., Dec. 28.-The Crook County State Bank. of this place. failed to open its doors yesterday Shrinkage of values of cattle and sheep on which the institution had made loans was said to have been responsible.

3. December 29, 1920 Every Evening, Wilmington Daily Commercial Wilmington, DE
Article from Every Evening, Wilmington Daily Commercial, December 29, 1920

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CHICAGO BANK CLOSED. Three in North Daketa Also Forced to Shut Doors. Chicago, Dec. 29.-Depositors of the Dressel Commercial and Savings Bank waited in vain for its doors to open Monday and when the president. Andrew Dressel. could not be found. creditors petitioned Judge Carpenter in Federal District Court to adjudge the bank bank rupt. The Chicago Title and Trust Company was appointed receiver Other bank officials said the Dressel bank's funds had been depleted through the operations of hold-up men and burglars during the past two years. Minot. N D. Dec. 29.-The First Farmers Bank of Minot was closed Monday Depleted reserve was given as the reason The first Security Bank of Carpio, \ D., associated with the First Farmers of Minot. was closed Monday afternoon. The closing of the People's State Bank of Hatton. N. D., was announced in Fargo.

4. October 24, 1921 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, October 24, 1921

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HATTON BANK AGAIN CLOSED State Suspends Peoples Business For Second Time Within Year. (Herald Special Service.) Hatton, N. D., Oct. 24.-The People's State bank of Hatton closed its doors last Saturday for the second time during the last year. The bank was closed by the officers, who notified the department of the state examiner of their action. A representative of the examiner's department arrived today to look over the situation. The People's State bank of Hatton was one of the "league banks" which were especially favored with deposits from the Bank of North Dakota. Its capital and surplus was $57,500. It closed early in 1921 but was reopened

5. October 26, 1921 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, October 26, 1921

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ABOUT $100,000 IN CLOSED LEAGUE BANK AT HATTON Deposits in the People's State bank of Hatton which closed its doors several days ago amount to about $100.000 according to word received from the state examiner's office at Bismarck. This marks the second time within the year that the bank has been compelled to close on account of the shortage of its reserve, having closed in December, and opened again last spring. The belief was expressed in Hatton early this week that the directors of the bank would go to the rescue and keep it running until after the recall election fearing the effect which its closing might have on the league vote around Hatton. The People's State bank was one of the string of league banks organized by J. J. Hastings and Thomas Allen Box, formerly in the employ of the Nonpartisan league. At the time of the investigation of the affairs of the Bank of North Dakota last winter tt was found that the Hatton bank had about $30,000 in loans and deposits from the state institution. How much public money it may have now is not known.

6. November 5, 1921 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, November 5, 1921

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NO RECEIVER FOR HATTON BANK No receiver has yet been named for the People's Ctate Bank of Hatton. G. O. Bjore, deputy examiner has been placed in charge temporarily.

7. November 5, 1921 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, November 5, 1921

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No Receiver Yet Named For Closed Hatton Bank Bismarck. N. D., Nov. 5.-No receiver has yet been named for the People's State bank of Hatton. G. O. Bjore, deputy examiner. has been placed in charge temporarily.

8. December 22, 1921 The Ward County Independent Minot, ND
Article from The Ward County Independent, December 22, 1921

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of the Prosper State bank and the People's State bank of Hatton as well. Service of demand by F. B. Wood, trustee, that approximately $98,000 subscribed for capital stock in the league's "shake down" meeting in 1919 be returned to him. Institution of suits against stockholders for the colletion of a 100 per cent levy on their stock, the actions including several against the League Exchange, Inc., several prominent leaguers and several former bank officers. These developments come on the eve of the trial of Frank C. Heaton, former teller of the bank who must answer in the Cass County district court today to the charge of embezzling approximately $77,000 of the bank's funds. The change in receivership of the Fargo bank was ordered by the state banking board at Bismarck. Mr. Engen said that he expects to combine the work of the Fargo bank with that of the Prosper State bank, of which Howard Wood, lieutenant governor, has been receiver. The demand that Mr. Wood, as trustee representing a group of Nonpartisan farmers who were induced to subscribe for stock in the bank at the time of its first closing, has served as the receiver, brings into relief one of the most picturesque of the many and varied undertakings of the league leaders, when they were under fire in connection with their financial operations. Mr. Woods pleads now for the return to him, as trustee, of approximately $98,000 that was deposited in the bank to his credit for the purchase of capital stock at the rate of $210 a share. This money was subscribed at the time of the famous "shakedown" league meeting held in Fargo addressed by Townley and William Langer and Thomas Hall, majority members of the banking board in 1919.

9. December 30, 1921 The Washburn Leader Washburn, ND
Article from The Washburn Leader, December 30, 1921

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associa4. Laws on co-operative tions. 5. The milling situation. 6. Making life on the farm more attractive. The members of those two committees were all drafted for the service and not notified of their appointments until the governor made it public. Five of the members are Leaguers and six Independents. THE LATEST APPOINTMENTS Dr. L. A. Benson, of Rolette, a brother of Senator Benson, a Leaguer, has been appointed by the governor as a member of the Board of Veterinary Examiners: He is an Independent and considered as one of the best in his profession in the state. Joseph Bell DeRemer, of Grand Forks, has been appointed by the gov. ernor as a member of the State Board of Architects to take the place of W. J. Edwards, of Grand Forks, deceased. P. R. Trubshaw, editor and manager of the Valley City Times-Record, has by the governor been appointed vice president of the St. Lawrence-Great Lakes Waterway Commission. The Banking Board has confirmed the following appointments by the state examiner: O. L. Engen, of Fargo, as receiver for the ScandinavianAmerican Bank of Fargo, the Prosper State Bank and the People's State Bank of Hatton. Other appointments in the examiner's office are: Chas. A. Fouts, of Towner; O. T Nelson, of Stanley: and S. C. Hilleboe, of Lakota. Paul Haidorson, former deputy state examiner, and later of the Federal Reserve Bank of Minneapolis, has been appointed as credit manager of the Bank of North Dakota; P. B. Butler, of Lisbon, has been appointed title examiner under Manager DeNault of the farm loan department; F. E. Deal, of Bowman, lawyer, architect and con tractor, has been appointed manager of the Homebuilders' Association.

10. October 26, 1922 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, October 26, 1922

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LEGÁL NOTICES BANK ASSETS FOR SALE Sealed blds for the purchase of all the assets of the closed banks listed below will be received up to November 15, 1922: Farmers State Bank, Greene, North Dakota. W. E. Burgett, receiver, Flaxton. Citizens' State Bank, Edgeley, North Dakota. O. L. Engen, receiver, Fargo. State Bank of Milton, Milton, North Dakota. John Vallely, receiver, Grand Forks, First State Bank, Crystal Springs, North Dakota. H. B. Hanson, receiver, Crystal Springs. Bank of New Rockford, New Rockford, North Dakota. C. H. Reimers, receiver, Carrington. Peoples' State Bank. Leith, North Dakota. C. F. Kellogg, receiver, Bismarck. Peoples State Bank, Grand Forks, North Dakota. John Vallely, receiver, Grand Forks. Crocus State Bank, Crocus, North Dakota. Fred F. Walz, receiver, Egeland. Security State Bank, Courtenay, North Dakota. C. H. Reimers, receiver, Carrington. Prosper State Bank, Prosper. North Dakota. O. L. Engen. receiver, Fargo. Timmer State Bank, Timmer, North Dakota. C. F. Kellogg, receiver, Bismarck. Williston State Bank, Williston, North Dakota. G. R. Van Sickle, receiver, Minot. Citizens' State Bank, Pingree, North Dakota. C. H. Reimers, receiver, Carrington. Citizens' State Bank, Hazen, North Dakota. C. F. Kellogg, receiver, Bismarck. Security State Bank, Brantford, North Dakota. C. H. Reimers, receiver, Carrington. Bank of Leal, Leal, North Dakota. C. I. Buslee, special deputy examiner, Leal. Peoples' State Bank, Hatton. North Dakota. O. L. Engen, receiver, Fargo. Citizens' State Bank, Bathgate, North Dakota. John Vallely, receiver, Grand Forks. Sawyer State Bank, Sawyer, North Dakota. G. R. Van Sickle, receiver, Minot. Itemized lists of the assets are on file in the office of the state examiner at Bismarck, and with the receivers of the above banks. Bids should contain terms of payment and may include time certificates of deposit in going banks in the same community, all bids to be accompanied by certified check of one per cent of the amount of the bid. All bide should be addressed to Gilbert Semingson, state examiner, Bismarck, North Dakota, and the State Banking Board reserves the right to reject any and all bids. (Herald Oct. 26-27; Nov. 2-3.)

11. October 27, 1922 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, October 27, 1922

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IOUSES ARE SOLD EVERY DAY THRU HERALD WANT ADS-LET A HERALD WANT AD SELL YOUR HOUSE FOR YOU HOUSES FOR SALE. FURNITURE. MISCELLANEOUS FOR SALE SITUATIONS WANTED. Peoples' State Bank. Hatton, North of which said complaint is hereunto 12Dakota. O. L. Engen, receiver, Fargo. tached and herewith served upon you. FOR SALE-BROWN WOOL TRICOBARBER-Wants work in city. State Citizens' State Bank Bathgate, North and which complaint will be filed with tine dress, for young woman. Will and in the office of the clerk of the wages. Albert Bollie, Gatske, Minn. Dakota. John Vallely, receiver. Grand Forks. sell very reasonable. 411 Belmont. above named court at the court house Queen Anne Dining in Grand Forks, North Dakota. and to LENNEY'S TRUCK SERVICE. OVERHere Your Chance Sawyer State Bank, Sawyer, North BASE BURNER LARGEST SIDE MADE Room Suite serve & copy of your answer to said comland; all kinds of hauling. 1380-W. Dakota. G. R. Van Sickle, receiver, like new, cheap, Phone 12293. 1116 Minot. plaint upon the subscribers at their ofA REAL BUY! consisting of six chairs, buffet and University Ave. EXPERIENCED HOUSEKEEPER fice in the city of Grand Forks, N. D., Itemised lists of the assets are on file table, practically new. Must be As a Home or Investment wants job. Write 552 Herald. within thirty days after the service of in the office of the state examiner-at seen to be appreciated. Will POTATOES FOR SALE - 250 PER this summons upon youfexclusive of the Biamarck, and with the receivers of the sacrifice for quick sale. bushel; 30c delivered. Phone 2918-W. day of such service: and in case of your above banks. A 7-room home with hardwood TYPEWRITERS FOR SALE Phone 2814-W or 209 Girard St. failure to appear and answer said com1416 Strong Aye. Rids should contain terms of payment floors and painted walls: elecplaint, or do either, as above required, REBUILT MACHINES $30 AND UP: and may include time certificates of detric lights, water. sewer being indument will be taken against you by IRON BED, SPRINGS, MATTRESS, posit in going banks in the same comguaranteed for one year. Send for dug. shed or small barn, shade Y MAHOGANY POOLE PIANO default for the relief demanded 111 the dining room chairs, small coal heater. estalog. trees. House well built: warm munity, all bids to be accompanied by Russell E. Spear, Grand Beautiful tone and touch. Pre-war complaint. Phone 2753-J. Forks. certified check of one per cent of the in winter/and cool in summer. cost $450) Will sell for 8225 cash. Dated at Grand Forks. N. D., this 26th amount of the bid. All blds should be Four lots making a wonderful C. E. Desotell, 12 Stratford block. day of September. 1922. BED. LINOLEUM AND MISCELLANE addressed to Gilbert Semingson, state garden space. 2 blocks from WANTED TO BUY. MURPHY & TONER ous articles. Phone 434-J. Lincoln school. Location. 122 examiner, Biamarck, North Dakota, and BUY, SELL NEW. SECOND HAND Attorneys for Plaintiff. Forest. E. G. F. Don't be afraid the State Banking Board reserves the HERALD WANTED-COPY OF THE furniture, stoves. N. W. Furniture Residence and Postoffice Address, COMPLETE LINE OF J. R. WATKINS of location-but investigate. It's right to reject any and all bids. Morning Herald of-September 10. 1922 Co., 208 8. 3rd. Phone 311-W. Grand Forks, North Dakota Goods. Phone 2280-W. Neil Norman. only 9 blocks from 3rd and (Herald Oct. 26-27; Nov. 2-3.) is wanted. Circulation Dept. Grand (Oct. 20-27. Nov. 8-10-17-24) BUY AND - decenti HAND Forks Hereld DeMark Grand Forks

12. November 3, 1922 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, November 3, 1922

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LEGAL NOTICE BANK ASSETS FOR SALE Sealed bids for the purchase of all the assets of the closed banks listed below will be received up to November 15, 1922: Farmers State Bank, Greene, North Dakota. W. E. Burgett, receiver, Flaxton. Citizens' State Bank, Edgeley. North Dakota. O. L. Engen, receiver, Fargo. State Bank of Milton. Milton, North Dakota. John Vallely, receiver, Grand Forks. First State Bank, Crystal Springs, North Dakota. H. B. Hanson, receiver, Crystal Springs. Bank of New Rockford. New Rockford, North Dakota. C. H. Reimers, receiver, Carrington. Peoples' State Bank, Leith. North Dakota. C. F. Kellogg. receiver. Bismarck. Peoples State Bank, Grand Forks, North Dakota. John Vallely, receiver, Grand Forks. Crocus State Bank, Crocus, North Dakota. Fred F. Walz, receiver. Egeland. Security State Bank, Courtenay, North Dakota. C. H. Reimers, receiver, Carrington. Prosper State Bank, Prosper. North Dakota. O. L. Engen. receiver, Fargo. Timmer State Bank, Timmer. North Dakota. C. F. Kellogg. receiver, Bismarck. Williston State Bank, Williston. North Dakota. G. R. Van Sickle, receiver, Minot. Citizens' State Bank, Pingree, North Dakota. C. H. Reimers, receiver, Carrington. Citizens' State Bank, Hazen. North Dakota. C. F. Kellogg, receiver, Bismarck. Security State Bank, Brantford, North Dakota. C. H. Reimers, receiver, Carrington. Bank of Leal. Leal, North Dakota. C. I. Buslee, special deputy examiner, Leal. Peoples' State Bank, Hatton, North Dakota. O. L. Engen, receiver, Fargo. Citizens' State Bank, Bathgate, North Dakota. John Vallely, receiver, Grand Forks. Sawyer State Bank, Sawyer, North Dakota. G. R. Van Sickle, receiver, Minot. Itemized lists of the assets are on file in the office of the state examiner at Bismarck, and with the receivers of the above banks. Bids should contain terms of payment and may include time certificates of deposit in going banks in the same community, all bids to be accompanied by certified check of one per cent of the amount of the bid. All bids should be addressed to Gilbert Semingson, state examiner, Bismarck, North Dakota, and the State Banking Board reserves the right to reject any and all bids. (Herald Oct. 26-27; Nov. 2-3.)

13. March 24, 1925 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, March 24, 1925

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STOCKHOLDERS PAY DEPOSITORS OF HATTON BANK Depositors of the Peoples State Bank at Hatton, Traill county, are receiving from the office of L. R. Baird, general receiver, the first 100 per cent dividend in a closed bank in North Dakota. The payment is made possible through action of stockholders in advancing funds in the hope that they may be reimbursed in the final windup of the affairs of the institution. Approximately $70,000 is being paid to depositors of the bank, which closed Oct. 22, 1921. There were 175 stockholders in the institution, and stockholders voluntarily contributed funds enough to make reimbursement of depositors possible. Because the bank had been in existence a comparatively short time it is possible that enough may be realized from assets to reimburse stockholders, at least in part, after they have sacrificed their stock and part of the double liability against them. The stockholders, in raising the cash, made one of the conditions that the general receivership system continue to be used in liquidating the affairs of the bank. Credit for working out the method for reimbursing depositors is given by Mr. Baird to O. L. Engen of Fargo, who was individual receiver for the bank and now has it under his charge as district receiver. Another dividend of 30 percent has been paid to stockholders of the Peoples State bank of Leith, which also had been opened a comparatively short time before it closed. A 20 percent and a 10 percent dividend is being followed by the 30 percent dividend, which in addition to the 10 percent dividend of the depositors guaranty fund commission, will give depostors of that bank 70 percent of their money, with prospect of obtaining more. Another dividend of 10 percent to depositors of the Security State bank of Columbus is heing paid by the receiver through the guaranty fund commission.

14. June 9, 1925 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, June 9, 1925

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depositors of the first 58 banks which closed has been increased in several instances by dividends of the receiver of closed banks. Depositors of the People's State bank of Hatton received 100 percention the dollar of their deposits, and depositors of the People's State bank of Leith have received 60 percent in dividends from the receiver and 10 percent from the depositors guaranty fund commission. Other banks on which dividends have been paid by the receiver, in addition to the 10 percent of the depositors guaranty fund commission, are: Security State bank of Columbus, 10 percent; Fortuna State bank, 30 percent; Prosper State bank, 10 percent; Citizens State bank of Hazen, 10 percent; First Farmers of Minot, 10 percent. The first 58 banks which closed. on which the guaranty fund dividend was paid, included several of the largest banks which closed, among them the Scandinavian-American bank of Fargo, the Williams County State bank of Williston and the First Farmers of Minot.

15. June 26, 1925 The Producers News Plentywood, MT
Article from The Producers News, June 26, 1925

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RECEIVER REALIZES CONSIDERABLE The 10 per cent dividend paid to depositors of the first 58 banks which closed has been increased in several instances by dividends of the receivers of closed banks. Depositors of the People's State bank of Hatton received 100 per cent on the dellar of their deposits and depositors of the People's State bank of Leith have received 60 per cent in dividends from the depositors guaranty fund commission. Other banks on which dividends have been paid by the receiver in addition to the 10 per cent of the depositars guarantee fund commission, are: Security State Bank of Columbus, 10 per cent; Fortuna State bank, 30 per cent; Prosper State Bank, 30 per cent; Prosper State bank, 10 per cent; Citizens State bank of Hazen, 10 per cent; First Farmers of Minot, 10 per cent.