First National Bank (Frazee, MN)

View Charter #7024 on SPMC View balance sheet

Episode Information

Episode UID
702401608
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
70240 national
Charter Number
7024
Start Date
December 1, 1933*
Location
Frazee, Minnesota (46.728, -95.701)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d4fac1c2bfd394bd

Response Measures

None

Receivership Details

Depositor recovery rate
66.4%
Date receivership started
1932-09-26
Date receivership terminated
1938-06-16
Share of assets assessed as good
20.7%
Share of assets assessed as doubtful
75.3%
Share of assets assessed as worthless
4.0%

Description

Articles identify a receiver and RFC loan to the bank; no mention of depositor runs.

Events (4)
1. October 29, 1903 Chartered
Source
historical_nic
2. September 26, 1932 Receivership
Source
historical_nic
3. December 1, 1933* Suspension
Cause
Government Action
Cause Details
Bank was in receivership and received an RFC loan; suspended operations under receiver control
Newspaper Excerpt
First National bank, Frazee (receiver), $30,000
Source
newspapers
4. January 9, 1934 Receivership
Newspaper Excerpt
O. M. Westlin, Moorhead, receiver for the First National bank, Frazee, lost in federal court ...
Source
newspapers

Newspaper Articles (3)
1. January 9, 1934 The Forum Fargo, ND
Article from The Forum, January 9, 1934

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Article Text

WESTLIN LOSES SUIT Moorhead Bank Receiver Falls In Legal Battle for $5,200 Fergus Falls, Minn-O. M. Westlin, Moorhead, receiver for the First National bank, Frazee, lost in federal court here In his $5,200 stock assessment suit against Mrs. Louis Hendry, Frazee, Minn., when Judge G. Nordbye ruled the plaintiff had failed to establish a case.

2. March 13, 1934 Star Tribune Minneapolis, MN
Article from Star Tribune, March 13, 1934

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Article Text

R.F.C. Loans to City Banks Announced Washington, D.C., March 12.-(P) -The Reconstruction Finance cor. poration announced Monday $864,000 was loaned to Minnesota banks during December, 1933. The loans and banks follow: Anoka National bank (receiver), $20,000; Columbia National Bank of Columbia Heights, $15,000; Farmers & Merchants State bank, Dassel, $100,000; Ellendale State bank, Ellendale (repaid in full), $8,000; First National bank, Frazee (receiver), $30,000; Calhoun State bank, Minneapolis (receiver), $57,000; Harriet State bank. Minneapolis (receiver), $37,000; Penn Avenue State bank, Minneapolis (receiver), $32,000; Twenty Street State bank. Minneapolis (receiver) $40,000; State Bank & Trust Co., Redwood Falls (receiver) $320,000; Citizens State bank, St Paul (receiver), $15,000; Dayton's Bluff State bank. St. Paul (receiver), $150,000; First National of Westbrook (receiver), $40,000.

3. March 16, 1934 St. Cloud Times Saint Cloud, MN
Article from St. Cloud Times, March 16, 1934

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Article Text

RFC Loan to State Banks Announced Washington (AP)-The Recon struction Finance corporation an nounced $864.000 had been loaned to Minnesota banks during December, 1933. The loans and banks follow: Anoka National bank (receiver), $20,000. Columbia National bank of Columbia Heights, $15,000 Farmers and Merchants State bank, Dassel, $100,000 Ellendale State bank, Ellendale, (repaid in full), $8,000. First National bank, Frazee, (receiver), $30,000. Calhoun State bank, Minneapolis, (receiver), Hariett State bank, Minneapolis, (receiver), $37,000. Penn Avenue State bank, Minneapolis, (receiver) $32,000. Twenty sixth Street State bank, Minneapolis, (receiver). $40,000. State Bank and Trust Co., Redwood Falls, (receiver), $320,000. Citizens State bank, St. Paul, $15,000. Dayton's Bluff State bank, St. Paul, (receiver), $150,000. First National bank of Westbrook, (receiver), $40,000.