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The Mitchell Capital
Mitchell, Davison County, South Dakota
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In DeSmet, South Dakota, the trial of E. A. Syverson and E. P. Syverson, former president and cashier of the failed Bancroft State Bank, begins next Monday on charges of violating the state banking act through alleged irregularities and accepting deposits while insolvent.
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TO START MONDAY
FORMER BANKERS AT BANCROFT TO FACE CHARGES OF VIOLATION OF STATE BANKING ACT
DeSmet, S. D. An adjourned term of state circuit court for Kingsbury county, which will convene here next Monday, will be of unusual importance, for the reason that the term will be held chiefly for the purpose of trying E. A. Syverson and E. P. Syverson, father and son, for alleged wrongful acts in connection with the failure some months ago of the Bancroft State Bank, of Bancroft of which they were president and cashier, respectively.
The father and son deny many of the irregularities charged against them and are prepared to make a hard fight for their acquittal. They will be represented by leading attorneys of the state and the trials will be notable in the judicial history of South Dakota.
Before engaging in the banking business at Bancroft, the Syversons were residents of Watertown, where they were rated high in financial circles. They conducted a bank in Watertown, which they sold before going to Bancroft. It is charged that when the loans of the Watertown bank which the elder Syverson had guaranteed became due many of them proved worthless and he transferred good paper from the Bancroft bank to make good to the purchasers of the Watertown institution, replacing it with the alleged worthless loans.
It is further charged that the Bancroft bank received deposits up to a short time before it closed its doors and that the officers in receiving these deposits with the alleged knowledge that the bank was insolvent violated the state statutes. Other alleged irregularities are charged against the two defendants.
The report of the Bancroft bank published a short time before it failed listed cash on hand at about $6,000 and including cash in banks the total cash assets were listed at $14,251. The deposits were given at $82,595. The bank had $10,000 capital and at the time of failing had surplus fund of $2,000 and $83,072 in loans and discounts.
The trial of the two defendants will extend over several days and promises to have a number of sensational features.
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Domestic News Details
Primary Location
Desmet, S. D.
Event Date
Next Monday
Key Persons
Outcome
bank failure with $82,595 in deposits; trial expected to last several days with sensational features; defendants deny charges and fight for acquittal.
Event Details
E. A. Syverson and E. P. Syverson face trial for alleged wrongful acts in the failure of the Bancroft State Bank, including transferring good paper to cover worthless loans from their prior Watertown bank and accepting deposits while insolvent, violating state banking statutes.