First National Bank (Rolette, ND)

View Charter #7866 on SPMC View balance sheet

Episode Information

Episode UID
786601564
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
78660 national
Charter Number
7866
Start Date
April 1, 1930*
Location
Rolette, North Dakota (48.661, -99.842)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cb6ad6eef41f2062

Response Measures

None

Receivership Details

Depositor recovery rate
24.5%
Date receivership started
1927-02-19
Date receivership terminated
1931-05-11
OCC cause of failure
Economic conditions
Share of assets assessed as good
17.9%
Share of assets assessed as doubtful
48.0%
Share of assets assessed as worthless
34.1%

Events (4)
1. August 10, 1905 Chartered
Source
historical_nic
2. February 19, 1927 Receivership
Source
historical_nic
3. April 1, 1930* Receivership
Newspaper Excerpt
C. M. Gilbertson, receiver for the First National bank of Rolette, ... suit to recover $90,000 was started ... by C. M. Gilbertson, receiver for the First National bank of Rolette, against ... former directors of the bank, for the alleged liability ... loans which remained in the bank when it was closed in April, on stockholders ... in 1926.
Source
newspapers
4. April 1, 1930* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed due to uncollected/bad loans and unpaid assessments indicating insolvency or deficiency
Newspaper Excerpt
loans which remained in the bank when it was closed in April
Source
newspapers

Newspaper Articles (2)
1. October 7, 1930 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, October 7, 1930

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Article Text

Receiver of Bank Is Suing Directors Grand Forks, N. D., Oct. 7.-(P)Suit to recover $90,000 was started in United States district court here today by C. M. Gilbertson, receiver for the First National bank of Rolette, against Linus Johnson and J. T. Tweton, former directors of the bank, for the alleged liability of directors for uncollected loans and failure to collect certain assessments on stockholders. Liability of the directors is based on alleged loans which remained in the bank when it was closed in April, on stockholders which the receiver claims were made by the comptroller of currency and directors of the bank in 1926.

2. October 9, 1930 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, October 9, 1930

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Article Text

Closed Bank Suit Dismissed by Court Grand Forks, N. D., Oct. 9.-(P)Judge Andrew Miller in federal court here has dismissed the action of C. M. Gilbertson, receiver for the closed First National bank of Rollette, to recover $90,000 in unpaid notes and $16,000 uncollected assessments from Linus Johnson and J. W. Tweton, directors of the bank. The consolidated action of T. O. Holt, Clifford Tuft and W. J. McCabe of Grafton to recover $5,000 in Liberty Bonds from R. W. Bucklin, receiver for the First National bank of Grafton, was started yesterday. The plaintiffs claim the bonds were in the closed bank for safe keeping.