gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b2957e4321a911aa
Response Measures
None
Receivership Details
Depositor recovery rate
60.0%
Date receivership started
1926-10-18
Date receivership terminated
1931-05-23
OCC cause of failure
Governance
Share of assets assessed as good
26.9%
Share of assets assessed as doubtful
50.1%
Share of assets assessed as worthless
23.0%
Description
Bank was closed by board order and placed in receivership; subsequently liquidated with partial distributions to depositors.
Events (5)
1.December 31, 1909Chartered
Source
historical_nic
2.October 14, 1926Suspension
Cause Details
Closed by order of the board of directors; no public reason given and examiner placed in charge.
Newspaper Excerpt
CITY NATIONAL BANK OF BISMARCK CLOSES ... closed today No statement as to the reason for closing available.
Source
newspapers
3.October 18, 1926Receivership
Source
historical_nic
4.October 22, 1926Receivership
Newspaper Excerpt
J. M. Riley Named As Bismarck Bank Receiver ... Appointment of receiver ... for the City National ... Arrival of Jay M. Riley to take charge of the closed City National bank here was reported ... appointment came from the comptroller of currency at Washington.
Source
newspapers
5.May 18, 1927Other
Newspaper Excerpt
With 60 per cent of the deposits now available, relief comes to many who were pinched by the closing of the City National Bank. ... 60 per cent of the deposits now available ... partial liquidation and payments being made via First National Bank.
Source
newspapers
Newspaper Articles (18)
1.October 14, 1926Argus-LeaderSioux Falls, SD
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CITY NATIONAL BANK OF BISMARCK CLOSES
Bismarck, D., Oct. City National bank of closed today No statement as to the reason for closing available. was reported that bank officials had received notice morning from banking open business until the arrival The capitalized at $50,000 and had surplus.
ROBT. GOODWIN MARRIES Angeles, Oct. Robert Goodwin, said nephew the late Nat Goodwin, actor, Elizabeth Marks, yesterday, this his eighth trip to the name on the stage. Miss Marks member of cast. was her marriage.
2.October 15, 1926The Bismarck TribuneBismarck, Mandan, ND
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CITY NATIONAL BANK MAY BE REORGANIZED B. K. Patterson. Chief Bank Examiner. in Charge of Institution's Affairs R. K. Patterson of Minneapolis, chief national bank examiner of the ninth Federal Reserve district, arrived in Bismarck last night to take charge of the affairs of the City National bank here, which failed to open its doors Thursday morning. Notices posted on the doors this morning state that the bank was closed by order of the board of directors, and that the national bank examiner is now in charge. Mr. Patterson was in conference the greater part of the forenoon with officers and directors of the institution, and has not yet had an opportunity to make accurate statements as to the bank's future. A' hasty investigation of affairs leads to the belief that a reorganizaion along satisfactory lines is better than a possibility. Negotiations along those lines are under way, and it is possible that definite action will be forthcoming shortly. Hess Will Take Charge Grant H. Hess of Bismarck, national bank examiner for this district, will be actively in charge of the institution a little later, as Mr. Patterson plans to return to Minneapolis probably Sunday. It will be Mr. Hess' duty to perfect the details of reorganization if it is found such a plan is feasible. In the event that a receivership is found necessary, the appointment is made by the comptroller of currency at Washington. The city water works department had approximately $23,000 on deposit in the closed bank, while the Bismarck school district had about $24,000 there. Both of these accounts are covered by a personal bond, according to city and school district officials, and no loss to either the city or the school district is anticipated. Payment of $7,000 interest on city waterworks bonds, due today, will not be delayed although a check drawn on the City National bank had been sent to Minneapolis to cover it. The city had ample funds in other banks here to make the payment and arrangements were made accordingly. No County Funds in Bank No Burleigh county funds have been on deposit in the bank for almost a year, since the bank declined < to furnish a new bond, as provided by law, on July 1. 1925. Officials of a the bank at that time told county e officers that they did not care for county deposits, claiming that the 8 money was non-productive to them, S and consequently county money then e on deposit was gradually withdrawn. The board of county commissioners recently went on record as requiring surety bonds from all depositaries handling Burleigh county funds. Officials of the closed bank had no statements to make today, except that the affairs of the institution were now in the hands of the examiner.
J. M. Riley Named As Bismarck Bank Receiver has receiver for the City National accord ing to information from the comp. troller of the currency Appointment of will not interfere the attempts which made to reorganize the
VERENDRYE BANK CLOSED Bismarek Closing the Farmers the state banking had surplus and $73,000 in deposits.
4.October 22, 1926The Bismarck TribuneBismarck, Mandan, ND
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DEPOSITORS OF CITY NATIONAL CALL MEETING Session Will Be Held at Association of Commerce Rooms Saturday Night RECEIVER IS NAMED Appointment Does Not in Any Way Affect Possibil. ity of Reorganization A meeting of all depositors of the City National bank has been called for Saturday evening at the offices of the Bismarck Association of Com merce. The meeting will be held at 8 o'clock and all persons who are interested in the affairs of the City National bank are urged to attend. An effort will be made at the session to learn the exact status of the situation and whether or not reorganization of the institution can be accomplished. J. M. Riley Is Receiver Jay M. Riley has been appointed receiver for the City National bank here and is expected to arrive in Bismarck today or tomorrow to take active charge of the closed bank's affairs, according to word received today by Grant H. Hess, national bank examiner for this district, who has been in charge of the bank since B. K. Patterson of Minneapolis, chief national bank examiner for the ninth federal reserve district, returned to his home a week ago. Notification of Mr. Riley's appointment came from the comptroller of currency at Washington, but nothing is known here as to who Mr. Riley is or from where he is coming. With Mr. Riley's arrival here, Mr. Hess will be relieved of further active duty in connection with this bank and will again devote his time to work throughout his district. Reorganization Anticipated Conditions still point very favorably toward a possible reorganization (Continued on page seven.)
5.October 22, 1926The Bismarck TribuneBismarck, Mandan, ND
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DEPOSITORS OF CITY NATIONAL CALL MEETING | Continued from page one) of the bank here, according to those in close touch with the situation, and the appointment of a receiver will not in any way affect negotiations now under way toward that end. Mr. Riley will take charge of the bank's affairs until the reorganization is completed or until it is definitely determined that the bank must be placed in liquidation. In the latter event he will, of course, have charge of the liquidation. Officers of the bank are said to be in the Twin Cities at the present time, endeavoring to make arrangements for reopening of the institution.
Man Nearly Escapes By Throwing Pepper In Sheriff's Eyes
Hettinger, N. D., Oct. 26. Throwing pepper in the eyes of W. Rickels. South Dakota sheriff who was taking him by auto to jail, Ernest Swan, charged with stealing about $800 worth of goods from Reeder, N. D., store, almost escaped. Nearly blinded, Rickels lost control of the auto, which went into ditch, while Swan seized the sheriff's warrant and star tried to get his gun. A passing farmer, seeing the struggle, grab. bed the gun, and when each grappier claimed he was sheriff, marched both to town. Swan is being held by South Dakota authorities, investigation developing several South Dakota charges. A few weeks ago Swan completed jail term for tire theft. Goods identified as stolen from the Reeder store were found in Swan's possession.
BIG WILLIAMS RANCH SOLD Buford, N. D., Oct Fred Traeger has bought the ranch of here, by D. Sweetman, for the last 32 years Mr Sweetman is moving to Bainville, Mont. About 2,000 acres of land are involved in the deal, large area having been leased by Mr. Sweetman in connection with his holdings. Mr. Traeger plans to operate the entire area a diversification program.
BANK RECEIVER ARRIVES Bismarck, N. D., Oct. Jay M. Riley of Lincoln. Neb., arrived here Monday charge of the affairs the closed City National bank. Riley came here from Love. land, Colo., where he recently wound up the affairs of national bank which closed last October.
7.November 15, 1926The Bismarck TribuneBismarck, Mandan, ND
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Article Text
PLAN DEVISED TO LIQUIDATE CITY NATIONAL Depositors' Committee Has Tentative Proposal to Keep Bank From Receivership DEPOSITORS TO MEET Will Gather at City Auditorium Tuesday Night to Hear Plan Explained A plan whereby the City National bank of Bismarck, closed several weeks ago, may be liquidated and at least 50 per cent of its deposits be made available to the depositors within the near,future has been devised by the depositors' committee, appointed at a mass meeting of depositors shortly after the bank's closing. This plan will be presented to the depositors for their approval at another mass meeting called for Tuesday night at .8 o'clock at the city auditorium. The First National bank has cooperated with the depositors' committee in arriving at the tentative plan, which provides that at least 50 per cent of each City National depositor's account will be transferred in like kind to the First National bank, where it will be available for use immediately, as a result of funds which would be raised by the depositors' committee and advances by the First National bank on the bills receivable of the City National. This would mean that 50 per cent of a depositor's checking account would be placed on checking account at the First National bank, 50 per cent of one's savings account would be placed on savings account at the First National bank, or if one held a certificate of deposit at the City National, he would be issued a certificate of deposit at the First National for 50 per cent of its amount. May Pay In Full The balance of the deposits in the City National, according to the proposal, would be assigned to the City National Depositors' Holding company. All equity in assets of the would be assigned to this comto be held in and the company bank pany positors, work trust of for converting the would deproceed with the the assets into cash and liquidating this balance. Members of the depositors' committee state they believe the depositors would eventually be paid practically in full, although this would depend somewhat on crop conditions during the next few years, (Continued on page two.)
8.November 16, 1926The Bismarck TribuneBismarck, Mandan, ND
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DEPOSITORSOF A CITY NATIONAL MEET TONIGHT Will Decide Whether Plan Offered By Depositors' Committee Will Be Approved WOULD TRANSFER 60% First National Would Take Over That Percentage of Depositors' Claims Depositors in the City National bank, closed several weeks ago, will meet at the city auditorium tonight to hear a tentative proposal for liquidation of the bank's affairs explained and to decide whether or not it shall be approved. If depositors approve of the plan, they will be asked to sign agreements, thereby putting the proposal in shape to present to the comptroller of currency for his approval. The proposal calls for transfer of 60 per cent of each depositor's claim in like kind to the First National bank. Each depositor would agree to accept the balance of 40 per cent in the form of a certificate of stock to be issued by the Depositors' Holding company. This company will be formed by the depoistors for the purpose of liquidating the bank's assets and if the plan meets with the approval of those attending tonight's meeting, five directors for the holding company will be elected tonight. Approval Believed Certain The 60 per cent would, under this agreement, be available to the depositors as soon as the transfer is completed, in the same form in which the money was on deposit at the City National, and it is believed by members of the depositors' committee will readily of approve the proposition. The which depositors will be reads as asked agreement to sign being follows: "I, the undersigned, a depositor and creditor of the City National Bank of Bismarck, North Dakota, in consideration of the benefits accruing to me, do hereby agree to accept sixty per cent of my claim for deposit or other indebtedness in the City National Bank of Bismarck, in the form of a like deposit or indebtedness in the First National Bank of Bismarck, and to accept forty per cent, the balance of said deposit or other indebtedness in the City National Bank of Bismarck, in the form of a certificate of stock to be issued hy the Depositors Holding Company (a holding company formed by the depositors of said City National Bank of Bismarck for the purpose of liquidating its assets) and I hereby assign said forty per cent of my said deposit, or other indebtedness, in the City National Bonk of Bismarck to said Depositors' Holding Company, and Ihereby authorize the comptroll er of the currency, or J. M. Riley, the receiver of said City National Bank of Bismarck, to dd whatever act or thing is necessary to complete the said assignment of my said deposit or other indebetdness to such holding company. is to "This agreement the become comptroller binding when approved by of the currency at Washington, D. C. All further claim against said City National Bank, the comptroller of the currency, or said receiver, is hereby waived."
9.December 4, 1926The Bismarck TribuneBismarck, Mandan, ND
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DEPOSITORS' SIGNATURES SOLICITED Those Who Have Not Signed Urged to Act Quickly to Hasten Liquidation Work of securing signatures of depositors in the closed City National bank to agreements accepting the proposition presented by the depositors' committee is progressing nicely, according to those who are carrying on the work. Twenty local men are pushing the work, each being assigned a certain group of depositors with whom to confer. Practically every depositor who had a substantial sum in the bank has already signed the agreement, but there a acwhich In owners counts obtained. still these remains for accounts many number signatures instances not of small must be of are even aware of the fact that they have deposits in the bank, and many of the balances are for only a few cents-probably left there due to errors in the depositors' personal bookkeeping. Quick Action Urged , An effort is being made by the depositors' committee to impress those who have not yet signed the agreement with the importance of doing so promptly, since every signature must be obtained before the proposal can be presented to the national banking department for approval and the made soon as the of currency, will per depositors the proposition comptroller plan have receives of 60 effective. the the approval cent As of their use the First balance of 40 cent the through trust by deposits depositors' per available National will commitee be bank. for held The and in returned to the depositors at intervals as the bank's assets are liquidated. Jay M. Riley, receiver placed in charge of the bank's affairs by the national banking department, has just prepared the folowing statement of the institution's resources and liabilities on October 14, the date it was closed by action of the board of directors: Assets $630,108.41 Bills Receivable 19,501.16 Cash on hand Assets other than Bills Receivable and cash on hand 413,785.61 Total $1,063,395.18 Liabilities $864,473.31 Liabilities unsecured Deposits secured by pledge of assets of the bank aggregating $80,000.00 as collateral 76,750.62 Rediscounts secured by pledge of assets of the bank aggregating None, None as collateral Bills Payable secured by pledge of assets of the bank aggregating $160,28,252.39 762.68 as collateral Total $969,476.32
10.January 6, 1927The Bismarck TribuneBismarck, Mandan, ND
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Notice to Creditors Doesn't Hinder Work of Depositors' Body Publication of a notice to creditors of the City National bank concerning the immediate filing of claims, which starts today in the Tribune, in no way affects the work of the depositors' committee, according to Jay M. Riley, receiver in charge of the local institution. This publication simply advises creditors that claims must be filed within three months from date of Inotice, or they may be disallowed. Mr. Riley states, and is printed according to law, regardless of any action pending for liquidation of the bank's affairs. Depositors in the closed bank are urged not to be alarmed concerning the legal notice, as the work of the depositors' committee is progressing nicely and will not be hindered in any way by this notice.
11.March 23, 1927The Bismarck TribuneBismarck, Mandan, ND
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Many new Spring Coats arriving at the Bismarck Cloak Shop. NOTICE AND ORDER FOR PUBLICATION. State :of North Dakota County of Burleigh. In District Court, Fourth Judicial District. In the Matter of the Receivership of City National Bank, Bismarck, N. D. Notice is hereby given that on the 5th day of April, 1927, at the Court Rooms of this Court, in the City of Bismarck, County of Burleigh and State of North Dakota, at the hour of 10 o'clock a. m., of that day or as soon thereafter as counsel can be heard. the following matter will be presented and heard: The petition of Jay M. Riley, Reeeiver of the City National Bank of Bismarck, North Dakota, insolvent, for an order herein granting authority to said Receiver for the sale of assets of the said City National Bank, Bismarck, N. D., as set forth and provided in said petition and upon the terms and conditions as set forth therein, which said petition is on file in the office of the Clerk of the District Court in and for the County of Burleigh and State 75f North Dakota, at Bismarck. North Dakota. It is further ordered. that a copy of this Notice and Order be served upon all parties interested therein, by publication in the Bismarek ribune, a daily newspaper published in Bismarck, Burleigh County, N. D. said publication once each week for a period of two successive weeks. Dated this 22nd day of March, 1927. = By the Court: J. A. COFFEY, of the District Court. Hyland nd Foster, Attorneys for Petitioner, Bismarck, North Dakota. (First publication March 23, 1927.) 3/23-30
12.May 16, 1927The Bismarck TribuneBismarck, Mandan, ND
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CALLED TO NEBRASKA Jay M. Riley, receiver in charge of the City National bank here, went to Lincoln, Neb., Saturday evenimg where he was called as a witness in a bank case now being in court there. He will be away a week or 10 days.
13.May 17, 1927The Bismarck TribuneBismarck, Mandan, ND
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Want Alley Opened The request of property owners to have steps taken to open a 20-foot alley running north and south in block 118, original plat, and block 22. Northern Pacific addition, was referred to the city auditor, who will interview some of the property owners affected. The proposed alley would be in the block between Rosser avenue and Avenue A, and Second and Third streets. An amendment to the zoning ordinance, making certain changes in the boundaries of the city's industrial district to include some of the land adjoining the Soo line tracks, was introduced at the meeting Monday night. The commissioners accepted as to surety the bond of J. C. Young for $1,000. covering the construction of sidewalks in the city. Sidewalk Ordered In A petition signed by John George Gussner and others for the construction of a sidewalk on the north side of Thayer avenue, between Twelfth and Thirteenth streets, was read, and the sidewalk was ordered built. Request of John Nathan and others for a street light at the corner of Avenue F and Eleventh street was referred to Commissioner French. The request of W. P. Lomas for permission to erect gasoline pumps at the corner of Main avenue and Ninth street was given further discussion, but action thereon was deferred. city auditor was instructed to motify owners of business places that there must be a clearance of seven reet between the sidewalk and all awnings, and that those which are at present too low must be raised. Magistrate's Books Audited W. S. Casselman, former police magistrate, collected fines due the city amounting to $714.80 'between the date of the last previous audit and April 30, when his term expired, according to a report presented to the commission by City Auditor M. H. Atkinson and City Treasurer A. J. Arnot, who audited his books. The audit was made from Casselman's check book register, the report said. The former police magistrate turned over to the city treasurer a check for $441.50, and said that there was on deposit in the closed City National bank the sum of $253.30, which consisted of fines he had collected, the report stated. This leaves a discrepancy of $20 in the amounts shown on the check book register and the amounts on deposit in the two banks, according to the auditors. The report was accepted and the auditor instructed to secure from Gasselman the balance due the city, after City Attorney C. L. Young ruled that the former official was liable for the amount on deposit in the closed bank, since he had no authority to deposit money there in the name of the city.
14.May 17, 1927The Bismarck TribuneBismarck, ND
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to Dividend Checks Tonight
Beginning at o'clock tonight, depositors the National bank who had filed claims April will be given dividend checks for the amount of their deposits, together cates of stock in the Depositors' Holding representing company the dividend checks and stock certificates will be given the positors the office the receiver the City National bank building. after the necesreceipts signed. The checks may be taken to the First bank, the balance of the transaction will completed, each payee receiving deposit similar nature the held in the closed bank. Both the receiver's office the banking rooms of the First National be from til o'clock tonight for the venience depositors. Checks for those whose claims were filed after April pected back from Washington within days.
15.May 18, 1927The Bismarck TribuneBismarck, Mandan, ND
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# A Real Community Service
Col. C. B. Little, through the agency of the First National bank, has performed a real community service in connection with the partial liquidation of the affairs of the City National Bank. Together with W. H. Webb, and others, he devised a feasible scheme to thaw out the best of the defunct bank's assets.
It was no easy task to procure some $490,000 and those serving at first on the depositors' committee and now as a holding company worked earnestly to make available 60 per cent of the depositors' money.
The operation of a strong financial institution such as the First National Bank has come home forcibly to many who take the service of a bank as a matter of course, but it always takes a crisis to emphasize the value of an institution with reserves and conservative management.
When the matter of partial liquidation was first broached, Col. Little extended every personal facility at his command to expedite the settlement. His acquaintance in Washington, D. C., especially with the treasury department, materially aided, and a trip to the national capital by Col. Little smoothed over many of the obstacles encountered in the early stages of the negotiations.
With 60 per cent of the deposits now available, relief comes to many who were pinched by the closing of the City National Bank. With good crops and the careful husbanding of other resources and collateral, another dividend should materialize later, but, of course, that is problematical.
Had the receivership been continued and the bank's affairs wound up under such a regime, the depositors would have received much less than is being paid out today over the counters of the First National Bank. Some banks with resources as great as the City National's at the time of closing have paid as little as 25 per cent, many even less. If the depositors take the trouble to investigate, they can consider that the arrangement made was especially good and that it was done through the cooperation of such citizens as Col. Little and Mr. Webb, who took a deep interest in saving every possible cent for the City National Bank depositors.
16.May 26, 1927The Bismarck TribuneBismarck, Mandan, ND
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DEPOSITORS SHOULD GET CHECKS SOON Checks Here Now For Practically All Claims-Payees Must Act Quickly Depositors in the City National bank who have not yet called for their 60 per cent dividend checks and certificates of stock in the Depositors Holding company are urged to do so immediately so that the affairs of the receivership may be closed up at the earliest possible date. The quicker the receivership can be dispensed with, the less expense there will be for the holding company to stand, directors point out. Checks for all claims filed up to and including May 13 have now been returned here from Washington and are awaiting the payees. These cover practically all claims, as only a very few were filed after that date. Jay M. Riley, who has been receiver here for the national banking department. has been transferred to Grafton. where he will be in charge of the affairs of the First National bank which closed a few days ago, but the work of the receiver here will be in charge of his assistant, A. M. Anderson. Checks which are not called for before the work of the eiver is completed here will be returned to Washington, according to Mr Anderson, after which transactions must be carried on by correspondence which will cause much delay and inconvenience. For this reason, depositors should get their checks immediately, he states, urging all who can to call at the bank on Friday or Saturday of this week.
17.May 26, 1927The Bismarck TribuneBismarck, ND
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DEPOSITORS SHOULD GET
Checks Here Now For Practically All Must Act Quickly
Depositors in the City National bank not yet called for their and stock the Holding immediately that the fairs of the receivership closed the earliest possible date. quicker the receivership be dispensed with, the pense there be for the holding company to stand, directors point Checks for all claims filed up and including May from are awaiting the payees. These cover prac ically claims, were filed after that date. Jay Riley, has been ceiver here for the national banking department, has been Grafton where he be charge the affairs the First bank which days the work the charge his assistant, Anderson not called for be fore the work of pleted here will returned according to Ander son, after which transactions must carried on by which will cause delay and reason, positors get their checks mediately, he who the bank on Friday Saturday of this week.
18.August 17, 1927The Bismarck TribuneBismarck, Mandan, ND
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JUDGE CLOSES SWETT ACTION Coffey, at Jamestown, Dismisses Case Against Kidder County Man Jamestown, N. D., Aug. 17.-Judge J. A. Coffey, in district court here Tuesday sustained a demurrer in the case of the Depositors Holding company of the closed City National bank, Bismarck, against Herman Swett, Nonpartisan floor leader in the last session of the legislature, when the case came up for hearing. This will close the case unless an appeal to the state supreme court is taken. The court, in dismissing the action, held that informations filed against Swett do not state a criminal cause for their issuance. Sweet made an assignment in writing of an insurance policy and the policy never had been delivered to the bank. Later, the policy was surrendered to the life insurance company and Swett received $260, it is alleged. The court held that no statute had been perfected to govern assigned property and no violation of the law against the disposal of property with a lien against it was shown. The most the action amounted to, Judge Coffey declared, was a breach of contract.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
