10016. State Bank of Commerce (Winnebago, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 5, 1912
Location
Winnebago, Minnesota (43.768, -94.166)

Metadata

Model
gpt-5-mini
Short Digest
9af08787

Response Measures

None

Description

No run is described in the articles. The State Bank of Commerce in Winnebago was insolvent; the state superintendent of banks intended to appoint an outside receiver (government action) and a special examiner/receiver (M. C. Dalton) was placed to close up affairs. Reopening was discussed as a possibility but the articles indicate receivership and winding up rather than successful reopening.

Events (2)
1. June 5, 1912 Suspension
Cause
Government Action
Cause Details
State superintendent of banks to appoint an outside receiver; bank declared insolvent and directed depositors to file claims from June 5, 1912.
Newspaper Excerpt
All those who have claims against the bank should file them with the superintendent of banks in St. Paul within three months from June 5, 1912.
Source
newspapers
2. July 5, 1912 Receivership
Newspaper Excerpt
M. C. Dalton is in Winnebago where he will act as special examiner or receiver for the insolvent State Bank of Commerce. ... He will now confine his attention to the Bank of Commerce at Winnebago and close up the affairs of that institution.
Source
newspapers

Newspaper Articles (3)
1. June 21, 1912 The Mankato Free Press Mankato, MN
Article from The Mankato Free Press, June 21, 1912

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Article Text

REWARD FOR H.W.PARKER A meeting of the depositors of the State Bank of Commerce was held at the G. A. R. hall Friday afternoon, says The Winnebago Enterprise. The attendance was large. Miss Blanche Seger presided over the meeting. Kelsey Chase, state superintendent of banks, and Judge Cray of Mankato were present and gave talks. A number of questions were asked pertaining to the bank. A committee was appointed to solicit funds for a reward for the return of H. W. Parker to Winnebago, the appointment of a lawyer to look after the depositors' interests, etc. Mr. Chase stated that in all probability that he would appoint an outside man receiver for the bank. All those who have claims against the bank should file them with the superintendent of banks in St. Paul within three months from June 5, 1912. The superintendent will act on these claims on September 23, 1912.

2. July 5, 1912 The Mankato Free Press Mankato, MN
Article from The Mankato Free Press, July 5, 1912

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Article Text

WHY THE DEAL IS OFF From Wednesday's Daily. M. C. Dalton is in Winnebago where he will act as special examiner or receiver for the insolvent State Bank of Commerce. As was stated in The Free Press, Mr. Dalton will not be connected with the bank which it is proposed to establish in North Mankato. It is understood that Mr. Dalton wanted to own a controlling interest in the institution, but this was objected to by North Mankato parties who are to take stock in the bank. The capital stock will be $15,000, of which Mr. Dalton desired to own $8,000. Not being satisfied with any other arrangement Mr. Dalton concluded to drop further negotiations. He will now confine his attention to the Bank of Commerce at Winnebago and close up the affairs of that institution. It is said that no effort is being made to locate H. W. Parker, the missing vice president of the insolvent bank. An attempt to raise a fund to be used in a search for Parker resulted in the collection of only a small amount of money-not enough to pay anyone to put forth any effort in that direction. Not the slightest clew to Parker's whereabouts has ever been obtained.

3. July 19, 1912 The Mankato Free Press Mankato, MN
Article from The Mankato Free Press, July 19, 1912

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Article Text

well pleased with his new home. Good Thunder Herald: Miss Anna Weir visited her cousin, Mr. J. W. Harty at Owatonna, last week, her aunt, Miss Mary Daly, of Mankato accompanied her, and her cousin returned with them to Mankato. They stopped at Janesville and called on Mr. and Mrs. V. A. Rirscher and Master Alfred. Found them very busy in the drug store and as they celebrated the Fourth there lots was going on. The Nicollet County Telephone company will improve the system to the extent of $25,000. W. A. Just of Rapidan filed as a candidate for the legislature on the democratic ticket today. P. W. Pitcher has been appointed administrator of the estate of William B. Walker, deceased. The Windom Reporter in its story of the Independence day celebration there, says: "The address of the day was made by Rev. Hobbs of Mankato, who was introduced by C. W. Gillam in a few well-chosen remarks, and made one of the best patriotic addresses it has ever been our fortune to enjoy." Winnebago Enterprise: Thron Lien, Alex. Eckel, W. P. Wallace and Harry Muir went to St. Paul Wednesday morning and had an interview with State Superintendent of Bank Chase, in regard to the reopening of the State Bank of Commerce. An Iowa banker stands ready to take over the bank and run it, providing certain conditions are complied with. Mr. Chase is expected here next Thursday to go over the situation. At this time the outlook for reopening the bank is favorable. Good Thunder Herald: In view of the fact that there is a feeling of dissatisfaction existing in the B. E. and N. League organization and that there may soon be a break up among them, we are looking for some good games there. In fact the Loyola club have already asked for a booking and Manager Ulrich has promised them a date after the list of good teams has been exhausted. The season is now well advanced and the treasury is still intact, with prospects of a big wad in sight if needed. We understand a certain baseball magnate in Mankato has $500 to place on the Loyolas, that's ours if he means business.