First National Bank (Roundup, MT)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
March 22, 1923
Location
Roundup, Montana (46.445, -108.542)
Bank Type
national
Charter Number
9165

Metadata

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
17.2%
Date receivership started
1923-04-05
Date receivership terminated
1929-02-28
OCC cause of failure
Economic conditions
Share of assets assessed as good
27.5%
Share of assets assessed as doubtful
14.5%
Share of assets assessed as worthless
58.0%

Notes

Government-record receivership date (1923-04-05) differs from press reports of appointment April 14; using official receivership date.

Events (5)

1. June 11, 1908 Chartered
Source
historical_nic
2. March 22, 1923 Run
Cause
Bank Specific Adverse Info
Cause Details
Steady and unusual withdrawals of deposits over preceding months leading to heavy demands for currency
Measures
Bank temporarily closed and comptroller/examiner notified; examiner arrived to examine affairs
Newspaper Excerpt
unusual demands for currency made such move necessary
Source
newspapers
3. March 22, 1923 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension of payments due to heavy withdrawals and unusual demand for currency
Newspaper Excerpt
a notice was posted on the door ... announcing that the bank had suspended business temporarily pending the arrival of an examiner
Source
newspapers
4. April 5, 1923 Receivership
Newspaper Excerpt
appointment of C. W. Greening as receiver of the First National bank, which suspended business here several weeks ago
Source
newspapers
5. April 5, 1923 Receivership
Source
historical_nic

Newspaper Articles (18)

Article from Great Falls Tribune, March 23, 1923

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BUSINESS IS SUSPENDED Billings, March 22.—(By The Associated Pres.)—A notice was posted on the door of the First National bank of Roundup Thursday morning, according to word received here from an authoritative source Thursday announcing that the bank had suspended business temporarily pending the arrival of an examiner who is expected Friday or Saturday. The bank is capitalized at $50,000 and is one of the oldest banking institution in Roundup.


Article from The Butte Miner, March 23, 1923

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Attorneys Puzzled as to What Court Shall Try Man Who Killed Another in Park.

Kalispell, March 22.—(Special.)—The question of jurisdiction in the case of Dave Rauscher, who is charged with the murder of Remi Decraene at Lake MacDonald on March 9, is puzzling County Attorney King, counsel for defense S. M. Logan and Associate United States District Attorney Ronald Higgins, who is now in the city in connection with the matter.

The point involved is that while the crime was committed within the boundaries of Glacier national park, the shooting took place on deeded land, a part of a homestead entered and patented prior to the creation of the park and still privately owned.

The park was created by an act of congress May 11, 1910, but jurisdiction was not formally accepted until 1914, and the act of that year states "Sole and exclusive jurisdiction is hereby assumed by the United States over such territory, saving, however, to the state the right to serve civil or criminal processes within the limits of said park on suits for or on account of rights acquired and obligations incurred or crimes committed in the said state but outside the park."

The act creating the park describes the boundaries by metes and bounds, and while previously deeded lands are excepted, the wording is such that a strict interpretation might give the federal government jurisdiction over all land within the boundaries.

Mr. Higgins in an unofficial opinion stated that he believed the case would have to be tried in federal court, although there is considerable dissent to such opinion among local attorneys.

TEMPORARY SUSPENSION.

Billings, March 22.—A notice was posted on the door of the First National bank of Roundup this morning, according to word received here from an authoritative source today, announcing that the bank had suspended business temporarily pending the arrival of an examiner, who is expected tomorrow or Saturday. The bank is capitalized at $50,000 and is one of the oldest banking institutions in Roundup.


Article from Spokane Chronicle, March 23, 1923

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MONTANA BANK CLOSED, REPORT

BILLINGS, Mont., March 22.—A notice was posted on the door of the First National bank of Roundup this morning, according to word received here from an authoritative source today, announcing that the bank had suspended business temporarily pending the arrival of an examiner who is expected tomorrow or Saturday. The bank is capitalized at $50,000 and is one of the oldest banking institutions in Roundup.


Article from The Roundup Record, March 23, 1923

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FIRST NATIONAL BANK CLOSES

By order of the board of directors the First National Bank of Roundup temporarily closed its doors yesterday morning, a notice posted on the door stating that unusual demands for currency made such move necessary. The comptroller of currency was immediately notified by officials of the bank of the suspension of the bank, and Irwin D. Wright, a national bank examiner arrived and took charge of the affairs of the bank this morning. No statement will be made until the examiner has completed a thoro examination of the bank.

The bank's suspension of payment is due to the steady withdrawal of deposits during the past few months. The bank was the oldest in Roundup, having been established in 1908. It had a capital of $50,000 and was generally regarded as an unusually strong institution.


Article from Miles City Star, March 23, 1923

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NOTICE POSTED ON DOOR BANKING HOUSE, ROUNDUP

(BY THE ASSOCIATED PRESS)

Billings, Mar. 22.—A notice was posted on the door of the First National bank of Roundup this morning, according to word received here from an authoritative source today announcing that the bank had suspended business temporarily pending the arrival of an examiner who is expected tomorrow or Saturday. The bank is capitalized at $50,000 and is one of the oldest banking institutions in Roundup.


Article from The Hardin Tribune, April 13, 1923

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SEN. C. W. GREENING IS ROUNDUP BANK RECEIVER

Senator C. W. Greening has this week received notice of his appointment as receiver for the First National Bank of Roundup. Mr. Greening received word of the appointment while at Grand Meadows, Minn., where he had been called by the serious illness of his mother. The condition of Mrs. Greening is now greatly improved.

Billy Miller was in from his ranch Saturday.

Mrs. "Dutch" Harkness was a shopper in Sheridan Tuesday.

Mrs. Francis Owens and two sons were Sheridan visitors Monday of this week.

Mrs. H. P. Schug and Mrs. A. C. Dill have been on the sick list the past week.

John Stevens visited at his home Sunday from his ranch on upper Lodge Grass.

Mrs. T. B. Martin, who has been spending a few days at the Cottage Hotel, left for Buffalo, Wyo., Tuesday the tenth.

H. W. Lindeen returned home last Thursday evening after a business trip to Cheyenne, Wyo. G. H. Chamber returned to New Castle, Wyo., after substituting for Mr. Lindeen during his absence.

The auction sale at Laub's ranch Saturday were largely attended by the people from town and farmers. A lunch was served by the Ladies' Aid at 12 o'clock.

Cammock-McKinley

Leslie Cammock and Miss Chloe McKinley, both of Lodge Grass, were married in Billings Monday of this week. They intend to make their present home at Joliet, Montana.


Article from Great Falls Tribune, April 15, 1923

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Hardin Man Is Named to Guard Bank Assets

Special to The Tribune.

Roundup, April 14.—Word has been received here of the appointment of C. A. Greening as receiver of the First National bank, which suspended business here several weeks ago. Mr. Greene was formerly located in one of the banks of Melstone and recently has been connected with one of the banks in Big Horn county. He represented Big Horn county in the legislature during the last session.


Article from The Producers News, April 20, 1923

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HARDIN MAN IS NAMED TO GUARD BANK ASSETS Roundup, April 14.-Word has been received here of the appointment of C. A. Greening as receiver of the First National bank, which suspended business here "several weeks ago. Mr. Greening was formerly located in one of the banks of Melstone and recently has been connected with one of the banks in Big Horn county. He represented Big Horn county in the legislature during the last session.


Article from The Producers News, April 20, 1923

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Roundup, April 14.—Word has been received here of the appointment of C. A. Greening as receiver of the First National bank, which suspended business here several weeks ago. Mr. Greening was formerly located in one of the banks of Melstone and recently has been connected with one of the banks in Big Horn county. He represented Big Horn county in the legislature during the last session.


Article from The Kevin Review, November 22, 1923

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Treasure State News In Tabloid Review The grain judging team of Montana tate college won first place at the Northwest Grain and Hay show at 'ortland. This team of three State ollege students competed against eams from other agricultural colleges f the northwest. At the Pacific Inernational Livestock show, held in onnection with the hay and grain how, Miss Helen Noble of Great Falls laced sixth among more than two core livestock judges from northwestrn agricultural colleges. Mr. and Mrs. Walter Askew have eturned, to Missoula from a hunting rip into the country east of Seeley ke. They went out in the hope that ey might get an elk-and they came ack with four black bears. The unters accidentally ran onto a godzed bear and three half-grown cubs. Irs. Askew brought down the big ear and one of the cubs, while her usband shot the other two. The old ear weighed between 250 and 400 'spuno The Roundup flour mill has been urchased by Scott St. Germain, a well hown rancher of Pine Grove district, the Snowy Mountains, from the irst National bank, which has owned e property for some time. C. W. reening, receiver of the bank, recentfiled a petition for permission to ake the sale for $5,000. After prolonged discussion the city uncil of Deer Lodge has decided to it into effect next tourist season a arge of 50 cents on the first day for I tourists making use of the city mp grounds and a charge of 25 cents r every succeeding day of their stáy. John W. Shryock has been appointed succeed the late W. M. Briggs as a ember of the board of county comssioners of Lewis and Clark county, e appointment having been made by dges W. H. Poorman and A. J. Two rsky. thousand seven hundred venty of the country's 441,000 deer e in Jefferson national forest, ac-ding to Supervisor W. E. Willey. her animals in the Jefferson forest e 88 elk, 18 mountain sheep and 180 ars. Northern Montana's third annual n show will be held in Roosevelt inty in November, 1924, it was deed prior to the closing of the second


Article from The Circle Banner, November 23, 1923

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TREASURE STATE BRIEFS

Harry McCarthy, alias Shelby, broke jail at Forsyth and got away.

The train on the White Sulphur Springs branch rushed into Ringling a few days ago without its coaches, dragging in a blazing box car which was placed in the west end of the yards and there consumed by the flames. The train then returned for the coaches, the hurried trip having been made to avoid the obstacles of a burned car on the track. It is supposed the fire started from a hot box on the car.

Information has reached the county attorney and sheriff at Hobson to the effect that turkey thieves are busy in several sections of the county. One instance was reported where a flock of over 70 disappeared during the night.

Charged with the crime of robbing the Selvig pool hall at Outlook, when $600 in currency was taken from the safe, Ed Buchanan, prominent farmer living several miles north of Plentywood, was taken into custody by Sheriff Salisbury.

The twelfth annual show of the Great Falls Poultry association is to be held January 16-20.

Terribly burned when he fell into a bonfire, the 4-year-old son of Mr. and Mrs. Hess of near Chinook, died in spite of all efforts to save him.

The stockholders of the Citizens State bank of Roundup, with the aid of the Roundup Coal Mining company have filed articles of incorporation for the organizing of a new bank which will be known as the Roundup State bank.

Robbers entered the Haines drug store in Whitefish and got away with merchandise valued at from $700 to $800. The fact of the robbery was kept secret in the hope that the thieves would endeavor to dispose of some of the loot in Kalispell, Spokane or Great Falls and thus be arrested.

With the neck broken, the body of Henry L. Locke, a rancher whose place is on McClellan creek, three miles south of East Helena, was found. He was killed when a team of horses he was driving ran away.

Scalds from escaping steam caused the death of Bert Tolly, engineer at the Ragged Point oil test near Melstone. Collapse of the crown plate of the boiler into the firepit filled the enclosure in which Tolly was working with steam. The door was directly in line of the outpouring steam and Tolly made a desperate effort to tear down the walls to escape, but failed.

County taxes are being collected, the mails since November 1 having brought many remittances. Since that date more tax money has been taken in by Miss Bertie Matthews, county treasurer, than in any other similar period.

The Roundup flour mill has been purchased by Scott St. Germain, a well known rancher of Pine Grove district, in the Snowy Mountains, from the First National bank, which has owned the property for some time. C. W. Greening, receiver of the bank, recently filed a petition for permission to make the sale for $5,000.


Article from The Roundup Record, December 28, 1923

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CONTRACT WITH W. A. PENNINGTON DECLARED VOID

ENFORCEMENT FUND OF $800 ALSO SAID TO HAVE BEEN ILLEGALLY WITHDRAWN

State Examiner's Report Says County Attorney Should Make Restitution—Report Discloses Musselshell County Has $278,930.90 in Closed Banks.

The contract entered into by the board of county commissioners of Musselshell county with W. A. Pennington whereby the latter was engaged to prosecute certain cases against former members of the board is declared to be without legal authority according to a report filed this week with County Clerk and Recorder Volney J. Hain by F. E. Williams, a deputy state examiner, who conducted an examination of the affairs of the county in October. A claim filed by Mr. Pennington for $300 for services performed in accordance with the terms of the contract and paid by the board, is stated to be illegal. It is pointed out in the report that both the contract and claim are illegal for the reason that the law provides that the board may provide the county attorney with additional help when necessary.

The payment of $800 to County Attorney Chas. F. Huppe by the board for the purpose of financing detectives engaged in gathering evidence for the enforcement of the prohibition laws, is also declared by the report to be illegal and the money so paid should be returned to the county. In this connection the report says: "The using of this fund in this manner is entirely illegal, and the board of county commissioners should immediately direct that this fund be turned in to the county treasurer. Chapter 116 of the session laws of 1923, amends section 11,071, 11,075 and 11,079 of the revised codes of 1921, and you are referred to section 11,084 of this chapter, which defines the method of distributing the net proceeds of the fine and to what funds, viz., 50% to the general fund of the county and the remaining 50% to the law enforcement fund to be remitted by the county treasurer to the state treasurer. This law became effective March 7, 1923. All monies collected and credited since that date to the general school fund should be transferred to the general fund. You are requested to read carefully the said chapter 116."

The report discloses the fact that Musselshell county has on deposit in closed banks an enormous sum, the names of the banks and the amounts being as follows:

First National, Roundup $55,055.78 Lavina State Bank 24,128.86 Melstone State Bank 18,933.48 Roundup National Bank 32,910.50 Musselshell State Bank 63,702.28 Citizens State Bank 70,274.81

In addition to the above there was $13,925.19 deposited in the Farmers & Merchants Bank of Ryegate, which closed its door since the examination was made, bringing the total amount of funds deposited in banks that are now closed to $278,930.90.

The report commends all the county officials for the efficient manner in which the books and records of their respective offices are kept up. Criticism is confined almost entirely to irregularities of claims, such as failure to itemize properly or failure to sign or endorse.

A new law passed by the last legislature provides that the examiner's report be made a part of the commissioners' minutes at the meeting following its receipt and that it must be published in the official county paper in full as a part of the proceedings.


Article from The Producers News, December 12, 1924

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BANKS ARE RIFLED BEFORE THEY CLOSED

Roundup, Dec. 6.—What is regarded as the first definite step toward the closing up of the receivership of the defunct First National Bank of Roundup has been taken in the form of a court order, issued by Judge George A. Horkan, authorizing Receiver C. W. Greening to sell the bank building and fixtures at public auction on December 19.

It is understood that more than one bidder is expected to be present and that $18,000 is the minimum figure which will be considered. The building is now occupied by the Miners and Merchants bank under a lease which will expire in November, 1925, and it is certain that the Miners and Merchants will be one of the bidders at the sale.


Article from Roundup Record-Tribune, March 12, 1925

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DIVIDEND NOTICE

Checks for first dividend of the First National bank, Roundup, are now ready for distribution. Holders receiver's certificates should pear person at the office of present certificate and


Article from News-Herald, March 12, 1925

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Bank Merger Completed Assets of the First National bank Musselshell have been taken over and Merchants bank Miners the the being Roundup, The pleted recently. carried $100,000 deposits. stitution cashier of the MusselDundas, shell bank, becomes cashand Merchants and the Miners liquidating agent will also due in the accounts the Baker will National bank. First assistant cashier remain miners and the


Article from The Kremlin Chancellor, March 13, 1925

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Bank Merger Completed the First National bank of Assets of Musselshell have been taken and Merchants bank the Miners the transaction being Roundup, The Musselshell pleted recently. carried $100,000 in deposits. stitution cashier of the MusselDundas, becomes assistant cashshell bank, Miners and Merchants and the agent in also act as liquidating due the collecting of accounts the Baker will First National bank. assistant cashier also remain as an miners and Merchants. the


Article from The Valerian, March 13, 1925

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Bank Merger Completed Assets the First National bank been taken over Miners Merchants bank the Roundup, the transaction being recently. The Musselshell pleted carried in deposits. Dundas, cashier of the shell bank, becomes assistant Miners and Merchants and the will also as liquidating agent the collecting of accounts due in the National bank. Baker will First as an assistant miners and


Article from The Denton Recorder, March 19, 1925

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Bank Receiver Pays Dividend A dividend of $50,000 in cash has just been paid to depositors by the receiver of the failed First National bank of Roundup.