Bloomington Lake National Bank (Minneapolis, MN)

View Charter #12972 on SPMC View balance sheet

Episode Information

Episode UID
1297201599
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
129720 national
Charter Number
12972
Start Date
March 6, 1933
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
74af06c3f7b77fcb

Response Measures

None

Events (3)
1. August 2, 1926 Chartered
Source
historical_nic
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
Presidential proclamation (national banking holiday) and state proclamation declaring banks closed
Newspaper Excerpt
there shall be maintained and observed by all banking institutions ... a bank holiday
Source
newspapers
3. March 13, 1933 Reopening
Newspaper Excerpt
Resumption of Full Service Virtually Assured for Monday.
Source
newspapers

Newspaper Articles (3)
1. March 9, 1933 Star Tribune Minneapolis, MN
Article from Star Tribune, March 9, 1933

Click image to open full size in new tab

Article Text

BUSINESS GETS BOOST AS PAY ROLLS ARE MET $100,000 Freed Through Federal Reserves Put Back in Checking Accounts. State Commissioner Authorizes Use of Cashier's Checks as Exchange Media. By J. H. Cleland. Tribune Financial Editor. With more than $400,000 paid in cash to workers Wednesday on pay. roll and living expense checks in Minneapolis, as the most pressing task for relief of hardship entalled by the bank the banks of the city Wednesday night centered their efforts on further plans for restoration of banking service adequate for the needs of business and the In particular, bankers waited eagerly for from authorizing them further to increase their to the people and to start on remaining job, that of the deposits tied up when the holiday forced temporary suspension on last Saturday. In Mindeposits ceed the country they approximate And the next step is to make these huge sums again available for the financing commerce, industry. culture and the needs of everyday life While waiting go-ahead orders from the federal government, the bankers in Minneapolis and the other financial perfected their arrangements for utilizing whatever emergency are authorized by the of the treasury. The banks of the northwest and the United States authorized finally and officially by Washington to begin clearing house certificates or beginning through their local clearing for each local clearing specific for issue from the as had been vided in the plans. Minneapolis hoping that President as he an expansion of the nation's by of according the preliminary plans reported from the White House,

2. March 9, 1933 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, March 9, 1933

Click image to open full size in new tab

Article Text

# The Banking Holiday Order Surprise Local Institutions Functioning to a Limited Degree-Making Change # MAY END TOMORROW Congress Meeting Today In Special Session to Take Drastic Action The economic situation of the country came near breaking point the latter part of last week when extensive runs were being made on a nationwide scope of the larger banking houses of the country. The situation became so aggravated that Saturday morning Lieut. Gov. Solberg, acting as governor during the absence from the State of Gov. Floyd Olson after conferring with the attorney general issued a state-wide proclamation declaring a bank holiday for all banks in Minnesota. A special session of the Minnesota legislature called for Saturday afternoon at 2:00 o'clock, ratified the action of the lieutenant governor. No sooner had President Roosevelt been inaugurated that he issued the following proclamation: WHEREAS there have been heavy and unwarranted withdrawals of gold and currency from our banking institutions for the purpose of hoarding; and WHEREAS continuous and increasingly extensive speculative activity abroad in foreign exchange has resulted in severe drains on the nation's stocks of gold; and WHEREAS these conditions have created a national emergency; and WHEREAS it is in the best interests of all bank depositors that a period of respite be provided with a view to preventing further hoarding of bullion or currency or speculation in foreign exchange and permitting the application of appropriate measures to protect the interests of our people; and WHEREAS it is provided in section 5 (B) of the act of October 6, 1917, (RO Stat. L. 411) as amended, "that the President may investigate, regulate, or prohibit under such rules and regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign exchange and the export, hoarding, melting, or earmarking of gold or silver coin or bullion or currency..."; and WHEREAS it is provided in section 16 of the said act "that whoever shall wilfully violate any of the provisions of this act or of any license, rule, or regulation issued thereunder, and whoever shall wilfully violate, neglect, or refuse to comply with any order of the President issue.l in compliance with the provisions of this act, shall, upon conviction, be fined not more than $10,000, or, if a natural person, imprisoned for not more than 10 years, or both..." NOW, THEREFORE, I, Franklin D. Roosevelt, President of the United States of America, in view of such national emergency and by virtue of the authority vested in me by said act and in order to prevent the export, hoarding, or earmarking of gold or silver coin or bullion or currency, do hereby proclaim, order, direct and declare that from Monday, the sixth day of March, to Thursday, the ninth day of March, both dates inclusive, there shall be maintained and observed by all banking institutions and all branches thereof located in the United States of America, including the territories and insular possessions, a bank holiday, and that during said period all banking transactions shall be suspended. During such holiday, excepting as hereinafter provided, no such banking institution or branch shall pay out export, earmark, or permit the withdrawal or transfer in any manner or by any device whatsoever, of any gold or silver coin or bullion or currency or take any other action which might facilitate the hoarding (Continued on Page Four)

3. March 11, 1933 Star Tribune Minneapolis, MN
Article from Star Tribune, March 11, 1933

Click image to open full size in new tab

Article Text

Resumption of Full Service Virtually Assured for Monday. (Continued From Page 1.) this sort from the reserve bank of its district. Meanwhile, on and after Saturday banks of Minneapolis and other northwest cities can borrow in full from the ninth district Federal Reserve bank government obligations. By this exercise of their rediscount privilege, they can do what is tantamount to exchanging their government paper for currency is sued by reserve bank or, if they prefer, receive the reserve bank credit which they can convert into currency later All this sets the wheels in motion for the expansion of the supply. The wheels will turn and rapidly and the program will go forward with when the banks are to rediscount as sets ather than government paper with the reserve banks. The borrowing privilege is avail able to national banks, all of which must be members of the federal reserve system, to state and savings banks and trust companies which have elected become members and also to other banks that are not members but have opened accounts with Federal Reserve bank in Minneapolis or elsewhere, after meeting the requirements of the federal reserve act in respect to liquidity of assets. Full Service. The strength the financial which now is returned to service in part as of cash and credit for the nation's banks and will to service er when the bank *holiday is ended and the expansion program really gets under way is evidenced by the weekly statements of the Federal Reserve banks. At the close of business Thursday, the 12 reserve banks had total resources of Their rediscounts, in other words loans to other banks, amounted only $1 Cap. Ital totaled 120,000 and surplus funds 000. The Federal Reserve bank of Minneapolis Thursday held total of $14,804,80 of rediscounts or loans to banks its district, Minnesota, the Dakotas, Montana, upper Michigan and northwest Wisconsin. In the postwar deflation year of 1921, its rediscounts exceeded $100,000,000. The other banks are at Bos ton, New York, Philadelphia, Rich. St. Louis, Kansas City, Dallas and San Francisco. Banks Being Classified. The commercial and savings banks of the Twin Cities are ready to open for complete banking service Monday morning, when it is expected that the temporary bank suspension will be lifted by presidential procla mation. They very easily could reopen Saturday but welcome the extra 48 bours, which will give them more time to gear their complex machinery for efficient operation after virtual shut-down of week. The privilege of reopening In full. according to rulings of the secretary of the treasury, will be extended only to banks which are in 100 per cent sound condition. Others will be re. stricted, at least for time, to restricted service and limited with. drawals, based accurately on the degree of or eligibility for rediscount of the bonds, notes and other paper Included in its assets. The federal acting on reports furnished by the Federal Reserve banks in Minneapolis and the other cities, classifying all banks and applying standard "measur. ing stick" ascertain beyond question the strength or weakness of each All Deserving Banks to Share. This applies to all state and sav ings banks as well as to national and other member banks. All deserving banks will be eligible to share in the benefits assured by the new reserve bank which in turn will provide all the currency needed and make possible the termination of the bank holiday. The important stipulation is that the degree of bank's worthiness shall be the fac. tor in determining the help it shall receive. The state banks of Minnesota went ahead rapidly Friday in plans that will permit them to receive assistance from the reserve bank in the form of needed supplies of cash or credit. These will be obtained in most instances through correspond. ent member banks, although some institutions are expected to join the reserve system or open reserve accounts and thus become eligible for loans based on sound collateral. The Minnesota Bankers association has arranged meeting for all bank. ers of the state p. m. Saturday at the Nicollet hotel In Minneapolis. At this the banking ation will be discussed in minute detail and the terms of the new bank relief law analyzed, with While arranging operating detalls of the reopening plans, the banks of Minneapolis and St. Paul completed the legal formalities necessary before full service can be resumed The treasury department has ruled that each bank must file separate application for permission to resume. When notified from Washington that the application has been approved. the bank can reopen soon as President Roosevelt's proclamation ends the holiday. All larger banks of the Twin Cities and all offiliated banks of the great bank groups with headquarters in Minneapolis have made their formal applications and received the gov. ernment's permission to go ahead on basis of unrestricted service. They now need only the of the proclamation to renew their regular operations. The is true of most banks of Minnerota and the northwest. Decker Confident Strong approval of the steps taken by the United States government and the banks to the banking crisis and complete confidence that bank service will soon be on normal and adequate basis in Minneapolis and the northwest were voiced by Edward W. Decker, president of the Northwestern National bank and Northwest Bancorporation, in statement Friday. He "The emergency banking bill passed yesterday gives the control of the banking system of the country and provides the machinery whereby sound banks may open for We are in accord with the provisions of the bill and are co-operating with the President, the federal reserve bank and the secretary of the treasary to the fullest extent. We believe that the situation is in strong and capable hands and are confident of an early resumption of business on normal basis. "The Northwestern National bank and its affiliates are in the position to render the same service as they were before the banking holiday was proclaimed and shall do so as soon as allowed to function fully and normally. In the meantime. we are giving our customers such services as are permitted under the regulations issued by the secretary of the treasury Reopening of the federal reserve banks two in advance of the date for resumption of services by the commercial banks was hailed by bankers Friday as an Ideal from every point of view. The Federal Reserve bank of starting work step ahead of the parade, will be able to get its departments functioning before the flood of business arrives that ending of the bank holiday will release Instant Currency Delivery. Specifically, the reserve bank will be enabled to get currency ready for Instant or shipment to any member bank that may need additional supplies or after the time of reopening Monday The bank also will have to clear its depart ments of the that has been tied up since the holiday began week ago. This includes transit and collection items, which reserve bank handles in huge volume. Every' thing will be ready to handle the deluge of new checks, drafts, transfers of funds and demands for credit and currency that will pour in, start. Monday. The commercial banks of the Twin Cities also will be prepared. Before the reopening date fixed, with practical certainty, for Monday, Minneapolis and St. Paul bankers were determined that no other city's banks should resume 100 per cent service to customers and the public sooner-than they did. Now they are centering only one thing-that the brand of to be offered in the Twin Cities shall be at least equal if not to that which will the bank holi day in any other financial center.