First National Bank (Fergus Falls, MN)

View Charter #2030 on SPMC View balance sheet

Episode Information

Episode UID
203001584
Episode Type
Run Only
Bank Type
national
Bank ID
20300 national
Charter Number
2030
Start Date
December 4, 1931
Location
Fergus Falls, Minnesota (46.283, -96.078)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
226b246ff27986ab

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health

Events (2)
1. August 20, 1872 Chartered
Source
historical_nic
2. December 4, 1931 Run
Cause
Local Banks
Cause Details
Run developed after closing of other local banks (First State and American State banks), prompting heavy withdrawals.
Measures
Kept open past regular hours paying depositors; served coffee and doughnuts to waiting depositors; brought in cash from Minneapolis.
Newspaper Excerpt
Alarmed depositors who Friday started a run on the First National bank ... the First National ... passing out doughnuts and coffee to the line of waiting depositors.
Source
newspapers

Newspaper Articles (6)
1. December 4, 1931 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, December 4, 1931

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Article Text

Scared Depositors Given Free Lunch . Fergus Falls, Minn., Dec. 4.-(AP)Alarmed depositors who Friday started a run on the First National bank because of the closing of two other local banks, not only received their money but also coffee and doughnuts. Following closing of the First State bank Wednesday, depositors began a run on the American State bank which, officials said, also closed because it did not have sufficient time to acquire cash to satisfy depositors' demands. Thursday the First National and the Fergus Falls National banks kept open until 6 o'clock paying depositors. Friday the run continued on both banks, with the First National passing out doughnuts and coffee to the line of waiting depositors.

2. December 5, 1931 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, December 5, 1931

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Article Text

Money Flows Back to Bank In Fergus Falls Depositors Return Funds After Run in Which President Challenged Anyone to Break Institution Depositors in the First National Bank at Fergus Falls, which with the Fergus Falls National Bank Friday suffered heavy run, Saturday returning withdrawn funds the institution. Scenes excitement when long lines of depositors demanded their money were by lunches of cofand icecream served the bank, replaced by quiet returning the bank with their funds to reopen their accounts. The depositors at the height of run Friday were greeted with the challenge from Elmer Adams, president the institution to to break this The line persisted until the bank remaining six hours beyond the regular time return money to the withdrawers. "It's all over now," Mr. Adams said today. 'People are coming return their funds. We showed Continued on Page 2

3. December 5, 1931 The Brainerd Daily Dispatch Brainerd, MN
Article from The Brainerd Daily Dispatch, December 5, 1931

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Article Text

Serve Doughnuts, Coffee to Halt Run on Bank Dec. FOR Dry Fergus cord delivered. Officials local banks today had staved off run by coffee and doughbuts with his eash each The run developed yesterday after the closing of other banks. Ave. Officers of the First National and Forgus Falls National banks backed up their claim that they had ample funds pay all depositors by keeping doors open past the usual closing Phone time as well as serving refreshments.

4. December 18, 1931 The Richland County Leader Lambert, MT
Article from The Richland County Leader, December 18, 1931

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Article Text

Bank Pays Depositors, Serves Lunch (Taken from Poplar Standard) A most interesting bank run occurred just recently in Fergus Falls, Minn. when the First National Bank o f that city served coffee and doughnuts to depositors while they waited their turn to get their money. Although they were paying as fast as they could, the crowd was such that they could not all get inside an d many were waiting on the side walk. Feeling sure they were cold and hungry, the bank arranged to, serve coffee a n d doughnuts to all who W e r e waiting. G. A. Lundeen of Poplar, has just had aninteresting account of the run, which attained national prominence. from h 18 brother, Leonard Lundeen,w resides ergus Falls. The latter writes thatduring h e ruo the bank remained open until night to pay all who waited. In addition t o serving its customersthe lunch the bank's president 8 t o o d outside and assured everyone that their deposits would b e paid as soon as they could get to them Currency in huge amounts was brought in from Minneapolis, by airplanes. Mr. Lundeen writes that $1,000,000.00 was brought in one day, and that $750,000.00 the following day The cash W a 8 rushed to Fergus Falls b y planes, heavily guarded b y machine gunners. Few banks are in 21. position to stand a sustained run, and the fact that this bank could not be broken, along with its serving lunch, was 80 unusual as to gain the institution national prominence.

5. July 18, 1932 Pasadena Star-News Pasadena, CA
Article from Pasadena Star-News, July 18, 1932

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Article Text

WINTER RESIDENT IN CONGRESS RACE E. E. Adams Candidate in Minnesota Elmer E. Adams. Fergus Falls. Minn., who has spent many winters in running for Congress on the ticket in Minnesota. according to informareceived by friends here. Mr. Adams president of the First National Bank in his city, and achieved much publicty by serving coffee and cake and all comers to their money they wanted "run" on his bank threatened. The "run" stopped Before becoming banker Mr. Adams was for many years editor of the Fergus Daily Journal, and is still one of the owners of the paper. CITY PRINTING NOTICE INVITING STREET WORK PROPOSALS OR BIDS PURSUANT TO STATUTES. Resolution No. Board dena, the said Board invites sealed proposals doing the work LAKE AVENUE between Colorado Street Orange Grove Avenue Intention No. 6435 Resolu- Board Directors Pasadena Reference hereby made to said

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

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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)