First State Bank (Philip, SD)

Episode Information

Episode UID
78024871500
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7802487 routing
Routing Number
78-0248
Start Date
December 6, 1924
Location
Philip, South Dakota (44.039, -101.665)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
73dee9c6f328f9ce

Response Measures

None

Description

Articles state the First State Bank of Philip is closed/suspended; no runs are described.

Events (1)
1. December 6, 1924 Suspension
Cause Details
Bank suspended/closed as part of a series of Dakota bank failures; specific trigger not given in articles
Newspaper Excerpt
the closed First State Bank of Philip
Source
newspapers

Newspaper Articles (2)
1. December 6, 1924 Argus-Leader Sioux Falls, SD
Article from Argus-Leader, December 6, 1924

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Article Text

RULINGS ASKED IN BANK CASES Scores of Officials Inquire As to Liability for Funds in Closed Banks Pierre, Dec. 6.—(By The Associated Press)—Liability of county officials for funds of various classes which were temporarily on deposit in their official bank accounts at the time of the suspension of the banks, presents an important issue in an increasing number of court actions which have originated in the last year, according to Attorney General B. F. Jones. No Two Cases Alike In practically every such case that has come to the attention of the attorney general's office, the outcome is clouded by some peculiar feature that renders the official liable to a greater degree than is contemplated in the conduct of his duties. The resulting court actions involve both the official and the state bonding department, which has acted as guarantor of the funds. Suit Against Sheriff In Roberts county suit has been brought by the county commissioners against Sheriff A. G. Wickard and the state bonding department to recover $16,000. The sum was an excess deposit made by the sheriff in the closed Guaranty State Bank of Sisseton. The county commissioners of Haakon county have instituted a court action to recover $986 in delinquent taxes, which was on deposit in the account of Sheriff Fred H. Root in the closed First State Bank of Philip. The sheriff had made out a check in full payment of the amount to the county auditor two days before the bank suspended, but this had not been presented for payment. Numerous Actions Pending Another angle in the general situation, according to Mr. Jones, is involved in an account of $1,516 comprising fines collected from cases in municipal court of Sioux Falls. The amount was on deposit in the account of Sheriff Vincent Knewel of Minnehaha county in the closed Dakota Trust and Savings Bank. No suit has yet been instituted in this case. Numerous other actions of the kind are pending in various parts of the state. In no case is the county official involved in a liability, which is thought to fall upon him as an individual, Mr. Jones said, but the issue all along the line presents the question of what agency of government must stand the loss or await satisfaction through liquidation of the claim.

2. December 8, 1924 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, December 8, 1924

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Article Text

OFFICIALS LOSE IN FAILURE OF DAKOTA BANKS County Officers Liable for Public Funds. (By The Associated Press.) Pierre, S. D., Dec. 6.—Liability of county officials for funds of various classes which were temporarily on deposit in their official bank accounts at the time of the suspension of the banks, presents an important issue in an increasing number of court actions which have originated in the last year, according to Attorney General B. F. Jones. In practically every such case that has come to the attention of the attorney general's office, the outcome is clouded by some peculiar feature that renders the official liable to a greater degree than is contemplated in the conduct of his duties. The resulting court actions involve both the official and the state bonding department, which has acted as guarantor of the funds. In Roberts county suit has been brought by the county commissioners against Sheriff A. C. Wickard and the state bonding department to recover $16,000. The sum was an excess deposit made by the sheriff in the closed Guaranty State bank of Sisseton. The county commissioners of Haakon county have instituted a court action to recover $986 in delinquent taxes, which was on deposit in the account of Sheriff Fred H. Root in the closed First State bank of Philip. The sheriff had made out a check in full payment of the amount to the county auditor two days before the bank suspended, but this had not been presented for payment. Another angle in the general situation, according to Mr. Jones is involved in an account of $1,516 comprising fines collected from cases in municipal court of Sioux Falls. The amount was on deposit in the account of Sheriff Vincent Knewel of Minnehaha county in the closed Dakota Trust and Savings bank. No suit has yet been instituted in this case. Numerous other actions of the kind are pending in various parts of the state. In no case is the county official involved in a liability which is thought to fall upon him as an individual, Mr. Jones said, but the issue all along the line presents the question of what agency of government must stand the loss or await satisfaction through liquidation of the claim.