Farmers & Merchants Bank (Kindred, ND)

Episode Information

Episode UID
77100971578
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
7710097 routing
Routing Number
77-1009
Start Date
June 17, 1931
Location
Kindred, North Dakota (46.649, -97.017)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
75e91beee7c7fa0b

Response Measures

None

Description

OCR dates vary (some pieces reference July 11/13, 1931; a later suit article has an apparent OCR year 1932).

Events (4)
1. June 17, 1931 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals began after the cashier Adolph Dokken's suicide and revelations of his embezzlement (~$36,000).
Measures
Directors ordered the bank closed after continued heavy withdrawals; examiners recalled for reinspection.
Newspaper Excerpt
The heavy withdrawals started the suicide June 17 following Adolph Dokken, for 11 years cashier the bank.
Source
newspapers
2. July 13, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Board ordered temporary closure after steady run reduced reserves following discovery of cashier's embezzlement and suicide.
Newspaper Excerpt
The Farmers and Merchants bank was ordered temporarily closed July 13 by the directors after steady run had reduced the bank's reserves.
Source
newspapers
3. October 2, 1931 Other
Newspaper Excerpt
Depositors holding $200,000 of funds in the temporarily closed Farmers and Merch. chants State bank here have signed the agreement placing disposition of the bank's affairs in the hands of liquidating committee ... to proceed with the liquidation plans ... the aftermath of Adolph Dokken ... taking his own life ... revelations he had embezzled at least $36,000 of the bank's funds, caused the withdrawals
Source
newspapers
4. December 19, 1931 Receivership
Newspaper Excerpt
Kindred Bank Pays Depositors Dividend Depositors of the closed Farmers and Merchants Bank of Kindred are receiving a 10-per-cent dividend, it is announced by L. R. Baird, state receiver.
Source
newspapers

Newspaper Articles (5)
1. July 14, 1931 The Bismarck Tribune Bismarck, ND
Article from The Bismarck Tribune, July 14, 1931

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Article Text

CLOSED; OFFICERS SCANNING Examiner Who Found No Irregularities Is Ordered Back for Second Inspection Fargo, July Farmers and Merchants bank Kindred, closed Monday, and officers the bank and state banking department deputy are scanning of the institution. Directors of the bank said it was closed their orders to continued heavy withdrawal and percloser checking of the records. Larson, deputy examiner the state department, who recently completed check the records the no irregularities been found, ordered back to Kindred to give the books second inspection. The heavy withdrawals started the suicide June 17 following Adolph Dokken, for 11 years cashier the bank. Dokken left note saying was worrying himself to death "over

2. October 2, 1931 The Fargo Forum, Daily Republican, and Moorhead Daily News Fargo, ND
Article from The Fargo Forum, Daily Republican, and Moorhead Daily News, October 2, 1931

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Article Text

KINDRED BANK FUNDS SIGNED Obtain $200,000 Deposits For Approving Of Liquidation Plan Special to The Fargo Forum Kindred. N. D., Oct. 2-Depositors holding $200,000 of funds in the tempararily closed Farmers and Mer. chants State bank here have signed the agreement placing disposition of the bank's affairs in the hands of liquidating committee is an nounced by Illiam Lemke, attorney for the depositors. The $200,000 represents approxi mately 50 per cent the deposits in bank at the time of its closing, the aftermath of Adolph Dokken, the cashier. taking his own life To proceed with the liquidation plans, 80 per cent of the deposits, less public moneys and accounts of less than $25, must be obtained, Mr. LemIf the required 80 per cent is obtained. the depositors committee will forward six names to the district court for approval as liquidating committee. The court will name three of men, and then guida tion of the bank's assets will PO forward. The Farmers and Merchants bank was ordered temporarily closed July 13 by the directors after steady run had reduced the bank's reserves. Dokken's suicide and subsequent revelations he had embezzled at least $36,000 of the bank's funds, caused the withdrawals Work on an audit of the bank's at fairs is continuing in Bismarck under direction of the state bank examiner's office.

3. December 19, 1931 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, December 19, 1931

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Article Text

Kindred Bank Pays Depositors Dividend Depositors of the closed Farmers and Merchants Bank of Kindred are receiving a 10-per-cent dividend, it is announced by L. R. Baird, state receiver. Payments are being made through the office of O. L. Engen, district manager at Fargo.

4. December 1, 1934 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, December 1, 1934

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Article Text

KINDRED BANK SUIT WILL OPEN TUESDAY L. R. Baird, as Receiver, to Ask $300,000 From Directors in Cass Court Fargo, N. D., Dec. 1. - (AP) The $300,000 damage suit brought by L. R. Baird, as receiver, against directors of the closed Farmers and Merchants Bank of Kindred, N. D., has been set for trial opening Tuesday in Cass county district court before Judge P. G. Swenson of Grand Forks. The action is against Nels Olsgaard, R. Evingson, T. B. Borderud, E. T. Lee and O. M. Huseby, and is for $305,136.77. It is charged that negligence and mismanagement of the bank on the part of the directors and dishonesty on the part of the late Adolph Dokken, cashier who committed suicide and for whose acts the directors are charged with responsibility, were responsible for heavy losses. It is charged the bank was insolvent prior to the time of its closing on July 11, 1932. It is also charged the bank failed to make good its reserves as required by law, due to "the mismanagement and fraudulent acts of managing officers," and that Dokken was permitted to manage the bank without furnishing sufficient bond. The defendants have denied all of the material allegations and contend

5. December 5, 1934 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, December 5, 1934

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Article Text

Suit Against Kindred Bank Directors Opens Fargo, N. D., Dec. 5.-(P)-Taking of testimony will get under way in Cass county district court Wednesday in the case in which the receiver of the closed Farmers and Merchants Bank of Kindred, N. D., is suing six directors charging negligence and mis panagement. The suit is for $305,000.