First National Bank (Minnewaukan, ND)

Episode Information

Episode UID
550001537
Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
55000 national
Charter Number
5500
Start Date
January 1, 1928*
Location
Minnewaukan, North Dakota (48.071, -99.252)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b4ade68b8053bf77

Response Measures

None

Receivership Details

Depositor recovery rate
83.5%
Date receivership started
1928-01-06
Date receivership terminated
1935-08-21
OCC cause of failure
Economic conditions
Share of assets assessed as good
45.8%
Share of assets assessed as doubtful
51.6%
Share of assets assessed as worthless
2.6%

Events (4)

1. July 16, 1900 Chartered
Source
historical_nic
2. January 1, 1928* Suspension
Cause
Government Action
Cause Details
Closed and placed in receivership; a national bank receiver is paying dividends to creditors.
Newspaper Excerpt
The First National bank of Minnewaukan, closed last January, is paying ...
Source
newspapers
3. January 6, 1928 Receivership
Source
historical_nic
4. July 10, 1928 Other
Newspaper Excerpt
Dividends being paid by the two closed banks in the lake region ... First National bank of Minnewaukan ... is paying [dividends].
Source
newspapers

Newspaper Articles (2)

Article from The Fargo Forum, Daily Republican, and Moorhead Daily News, July 10, 1928

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Article Text

Two Closed N. D. Banks Are Paying Dividends Devils Lake. N. D., July nouncement has been made by C. M Gilbertson. national bank receiver with offices at Cando, of dividends being paid by the two closed banks in the lake region. The First National bank of Minnewaukan, closed last January, Is paywhile creditors of the First National bank of Leeds are receiving 20 percent as second dividend The first dividend of the latter institution also was 20 percent. making 40 percent the bank has paid since closing in December, 1926.


Article from The Forum, July 10, 1928

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Article Text

Two Closed N. D. Banks Are Paying Dividends Devils Lake N. D., July 3.-Anbeen made by nouncement Gilbertson. national bank receiver with offices at Cando. dividends being paid by the two closed banks lake region. The First National bank of Minnewaukan, closed last payfirst dividend 30 percent while creditors of the First National bank of Leeds are receiving per. as second dividend. The first dividend of the also was 20 making 40 the bank has paid since closing in 1926.