First National Bank - Westbrook, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6412
Charter Number: 6412
Start Date: December 1, 1933*
Location: Westbrook, Minnesota (44.042, -95.436)

Metadata

Model: gpt-5-mini
Short Digest: 853097b2

Response Measures

None

Receivership Details

Depositor recovery rate: 80.4%
Date receivership started: 1931-09-04
Date receivership terminated: 1937-02-15
OCC cause of failure: Economic conditions
Share of assets assessed as good: 47.3%
Share of assets assessed as doubtful: 48.4%
Share of assets assessed as worthless: 4.3%

Description

Articles (Mar 1934) list 'Anoka National bank (receiver)' receiving an RFC loan for December 1933, indicating the bank was in receivership (closed) by that time. No mention of a depositor run or reopening was found.

Events (3)

1. September 6, 1902 Chartered

Source: historical_nic

2. September 4, 1931 Receivership

Source: historical_nic

3. December 1, 1933* Receivership

Newspaper Excerpt: Anoka National bank (receiver), $20,000; (listed among RFC loans during December, 1933).
Source: newspapers

Newspaper Articles (2)

1. March 13, 1934 Star Tribune Minneapolis, MN

Article from Star Tribune, March 13, 1934

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Article Text

R.F.C. Loans to City Banks Announced Washington, D.C., March 12.-(P) -The Reconstruction Finance cor. poration announced Monday $864,000 was loaned to Minnesota banks during December, 1933. The loans and banks follow: Anoka National bank (receiver), $20,000; Columbia National Bank of Columbia Heights, $15,000; Farmers & Merchants State bank, Dassel, $100,000; Ellendale State bank, Ellendale (repaid in full), $8,000; First National bank, Frazee (receiver), $30,000; Calhoun State bank, Minneapolis (receiver), $57,000; Harriet State bank. Minneapolis (receiver), $37,000; Penn Avenue State bank, Minneapolis (receiver), $32,000; Twenty Street State bank. Minneapolis (receiver) $40,000; State Bank & Trust Co., Redwood Falls (receiver) $320,000; Citizens State bank, St Paul (receiver), $15,000; Dayton's Bluff State bank. St. Paul (receiver), $150,000; First National of Westbrook (receiver), $40,000.

2. March 16, 1934 St. Cloud Times Saint Cloud, MN

Article from St. Cloud Times, March 16, 1934

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Article Text

RFC Loan to State Banks Announced Washington (AP)-The Recon struction Finance corporation an nounced $864.000 had been loaned to Minnesota banks during December, 1933. The loans and banks follow: Anoka National bank (receiver), $20,000. Columbia National bank of Columbia Heights, $15,000 Farmers and Merchants State bank, Dassel, $100,000 Ellendale State bank, Ellendale, (repaid in full), $8,000. First National bank, Frazee, (receiver), $30,000. Calhoun State bank, Minneapolis, (receiver), Hariett State bank, Minneapolis, (receiver), $37,000. Penn Avenue State bank, Minneapolis, (receiver) $32,000. Twenty sixth Street State bank, Minneapolis, (receiver). $40,000. State Bank and Trust Co., Redwood Falls, (receiver), $320,000. Citizens State bank, St. Paul, $15,000. Dayton's Bluff State bank, St. Paul, (receiver), $150,000. First National bank of Westbrook, (receiver), $40,000.