Merchants National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 4916
Charter Number: 4916
Start Date: August 16, 1933
Location: Wadena, Minnesota (46.442, -95.136)

Metadata

Model: gpt-5-mini
Short Digest: 4534955d

Response Measures

None

Receivership Details

Depositor recovery rate: 82.8%
Date receivership started: 1932-12-16
Date receivership terminated: 1938-02-16
Share of assets assessed as good: 11.0%
Share of assets assessed as doubtful: 88.7%
Share of assets assessed as worthless: 0.4%

Description

Article (Minneapolis Journal, 1933-08-16) states a receiver was appointed for Merchants National Bank at Wadena. No run or prior suspension is mentioned explicitly in the excerpt; appointment of a receiver implies the bank failed/closed permanently. Classified as suspension_closure because the episode ends with closure/receiver assignment.

Events (3)

1. June 24, 1893 Chartered

Source: historical_nic

2. December 16, 1932 Receivership

Source: historical_nic

3. August 16, 1933 Receivership

Newspaper Excerpt: Bank Receiver Named Staples, Minn.- Blanchette for several years cashier in the Bremer bank of this city, has been appointed receiver of the Merchants National Bank at Wadena.
Source: newspapers

Newspaper Articles (1)

1. August 16, 1933 The Minneapolis Journal Minneapolis, MN

Article from The Minneapolis Journal, August 16, 1933

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Article Text

NEWS NOTES COUDERAY, WIS. Residents from Radisson, Ojibwa, Winter, Loretta and Draper have conducted public objecting to the state plan of black topping state highway No. 77, northeast from Hayward, with the $70,000 that was allotted Sawyer county by the government under the federal appropriation plan. The matter was taken up with the state highway commission and the matter will be investigated. Owatonna Knights to Picnic Owatonna, Minn. Owatonna, Waseca and Blooming Prairie members of Owatonna council, No. 945, Knights of Columbus, and their families will attend the annual picnic of the council at St. Olaf lake, near New Richland, Sunday. The affair is expected to attract about 600. Claremont Pastor Arrives Claremont, Minn. Rev. John Meselak, formerly pastor of the Catholic church in Mazeppa, arrived here to take charge of the parish including congregations here, at Mantorville and Derrfield. The parish has been without a regular pastor for year. Morris to See Hometown Shows Morris, Minn. Hometown shows representing wide area will be exhibited the Morris armory Thursday night, new affair to the community. Communities besides Morris taking part in the exhibits will be Valley, Graceville, Herman, Glenwood, Fairmount, N. D., and Sisseton, S. D. Entertainment will embrace circus acts, dancing, singing, magicians' tricks and carnival attractions. The show will be directed by AI Falk of Wheaton. Youth Held in Death Crash Rhinelander, Wis.-As the result of the death of Sergius Torres, 21 years old, of Congress Park, III, which occurred from injuries when his motorcycl collided with an automobile on Vilas county highway Sunday, Charles Leager, 20, of Minocqua, under arrest, His hearing will be conducted at Eagle River August 22. It is claimed Leager's car answered the description of the one which hit Torres. Drowning Inquest Roled Out Menomonie, inquest will be conducted in the drowning of Joseph Bratberg of Onalaska, Wis., which occurred Monday night, Carl Olson, coroner, announced after he had questioned Fred Schults and John Zierl, companions of Bratberg on the fishing trip at the time of his death. The body will be taken to the home of his brother in Galesville for burial. Folkens Golden Wedding Feted Clinton, Minn.-1 and Mrs. Barney Folkens observed their fiftieth anniversary at their home here. Eixty relatives and friends were present, including four sons an dthree daughters, their children and grandchildren, making four generations of the Folkens in the gathering. Pitchfork Pierces Boy's Lung Thief River Falls, Minn. Sands, 16, Annandale, visiting his uncle near St. Hilaire, slipped off load of hay and fell on pitchfork which pierced his lung. He was brought to local hospital, and barring complications, is expected to recover. Lightning Fires Barn, Millhouse Kiester, Minn.- caused by lightning burned the barn, silo and millhouse on the Albert Dahl farm north of town during storm Tuesday evening. Livestock was rescued. 300 Farmers Hear Morse Dawson, Minn. - Approximately 300 farmers attended the community meeting at the Dawson armory last night to hear W. E. Morse of the extension division of the University of Minnesota discuss tthe farm plan. A business meeting of the group signing contracts will be conducted within two weeks. Judge Woods Rites Colducted services were conducted here yesterday for R. E. Woods, 69 years old, forwho died at his home here Sunday morning. Judge Woods had been confined to his bed with broken neck for 3½ years, following fall from the porch of his home while repairing its roof. City officers were closed for the afternoon as a tribute to the former city official. Bank President Sentenced Glenwood City, Wis.-Ketil Stensrud was sentenced ini Federal Court at Superior to term of one year and one day inithe Milwaukee house of correction on his plea of guilty to charge of misappropriating $5,931 from the First National Bank of Frederic, Wis., of which he was president at the time. Tax Collector Appointed Staples, Minn.- Thomas Fitzgerald, a nephew of Joseph Wolf, national democratic has been made deputy collector in the new processing tax department. Bank Receiver Named Staples, Minn.- Blanchette for several years cashier in the Bremer bank of this city, has been appointed receiver of the Merchants National Bank at Wadena. Meeker Farmers Picnic Litchfield, Minn.-The countywide community picnic of Meeker county farmers was being conducted at Lake Minnebelle today. Following luncheon, J. O. Christenson, principal of the school of agriculture was to speak. A program of sports was scheduled. Music was furnished by the Cosmos band and the Strout orchestra. The Greenleaf Community Club was to present a threeact play this evening.