First National Bank (Montevideo, MN)

View Charter #6860 on SPMC View balance sheet

Episode Information

Episode UID
686001525
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
68600 national
Charter Number
6860
Start Date
January 31, 1927
Location
Montevideo, Minnesota (44.942, -95.724)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
296e8f4d1d355355

Response Measures

None

Receivership Details

Depositor recovery rate
41.5%
Date receivership started
1927-02-05
Date receivership terminated
1932-07-01
Share of assets assessed as good
29.4%
Share of assets assessed as doubtful
50.4%
Share of assets assessed as worthless
20.1%

Events (4)
1. June 30, 1903 Chartered
Source
historical_nic
2. January 31, 1927 Suspension
Cause
Government Action
Cause Details
Bank suspended payments and awaited a national bank examiner to take charge (statement posted on door).
Newspaper Excerpt
The First National Bank of Montevideo ... closed today. A statement posted on the door ... announced that the bank will suspend payment until a national bank examiner arrives to take charge.
Source
newspapers
3. February 5, 1927 Receivership
Source
historical_nic
4. November 5, 1931 Receivership
Newspaper Excerpt
Fred Orth, receiver, is closing up affairs of the bank ... S. B. Duea has purchased the assets of the First National Bank of Montevideo ... Mr. Duea purchased the assets for $775.
Source
newspapers

Newspaper Articles (2)
1. January 31, 1927 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, January 31, 1927

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Article Text

National Bank at Montevideo Closes Montevideo, Minn., Jan. 31-(P) The First National Bank of Montevideo, with deposits in excess of $700,000, closed today. A statement posted on the door and signed by the president, John F. Engel, announced that the bank will suspend payment until a national bank examiner arrives to take charge. Statements issued January 1 said that the bank had a capital of $50,000, surplus of $10,000 and deposits of $721,076.08. with total resources of $892,157.51 as of December 31, 1926.

2. November 5, 1931 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, November 5, 1931

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Article Text

S. B. DUEA PURCHASES MONTEVIDEO ASSETS S. B. Duea has purchased the assets of the First National Bank of Montevideo, which has a face value of about $10,000. Mr. Duea purchased the assets for $775. Fred Orth, receiver, is closing up affairs of the bank and offered the remaining assets to the highest bidder.