Bank of Zumbrota - Zumbrota, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 1, 1900*
Location: Zumbrota, Minnesota (44.294, -92.669)

Metadata

Model: gpt-5-mini
Short Digest: b10265e5

Response Measures

None

Description

Article (May 22–23, 1900) reports the bank 'failed' and a receiver (A. J. Rockne) was appointed and authorized to sell judgments. Failure was tied to large unsecured exposure ($90,000) to the Guaranty Loan Company of Minneapolis, so this is a bank-specific insolvency leading to receivership/closure rather than a run.

Events (2)

1. May 1, 1900* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Failure tied to $90,000 exposure to the Guaranty Loan Company of Minneapolis; accounts uncollectable leading to insolvency.
Newspaper Excerpt: it will be remembered the bank failed on account of the Guaranty Loan company, of Minneapolis, $90,000 of whose securities the bank held.
Source: newspapers

2. May 22, 1900 Receivership

Newspaper Excerpt: Judge F. M. Crosby has filed an order authorizing A. J. Rockne, as receiver of the defunct bank of Zumbrota, to sell at auction Saturday, May 26, at Zumbrota, judgments against the following parties ... the petition of Mr. Rockne ... these accounts are uncollectable ... the bank failed on account of the Guaranty Loan company ...
Source: newspapers

Newspaper Articles (1)

1. May 23, 1900 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, May 23, 1900

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Article Text

Zumbrota Bank Troubles. RED WING, Minn., May 22.-(Special.)Judge F. M. Crosby has filed an order authorizing A. J. Rockne, as receiver of the defunct bank of Zumbrota, to sell at auction Saturday, May 26, at Zumbrota, judgments against the following parties: R. R. Canfield, $16,800; E. V. Canfield, $3,200; Lucius Hancock, $2,000, making a total of $22,000. The petition of Mr. Rockne to dispose of these judgments accompanies the order, and from it it appears that these accounts are uncollectable, and there is no real estate owned by these parties. It will be remembered the bank failed on account of the Guaranty Loan con-pany, of Minneabolis, $90,000 of whose securities the bank held.