Exchange State Bank - Grand Meadow, MN

Episode Information

Episode UID: 75049871582
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 7504987 routing
Routing Number: 75-0498
Start Date: October 3, 1931
Location: Grand Meadow, Minnesota (43.706, -92.572)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: e221745bef942f61

Response Measures

None

Description

Bank was closed and placed in liquidation with a receiver; article describes dividend payments by receiver.

Events (2)

1. October 3, 1931 Receivership

Newspaper Excerpt: PAYMENT of an eight per cent dividend to the creditors of the closed Exchange State Bank of Grand Meadow has been ordered by Judge Norman E. Peterson on petition of the state banking department.
Source: newspapers

2. October 3, 1931 Suspension

Cause: Government Action
Cause Details: Closed and placed in liquidation under action of the state banking department; receiver appointed.
Newspaper Excerpt: The Exchange State Bank of Grand Meadow closed on October 3, 1931.
Source: newspapers

Newspaper Articles (1)

1. July 15, 1935 The Austin Daily Herald Austin, MN

Article Text

PAYMENT of an eight per cent dividend to the creditors of the closed Exchange State Bank of Grand Meadow has been ordered by Judge Norman E. Peterson on petition of the state banking department. This will bring to a total of sixty-eight per cent the distributions made to the depositors of the institution. The petition of the banking department notified the court that the bank's receiver has $30,167 on hand to be paid out as an eight per cent dividend. The Exchange State Bank of Grand Meadow closed on October 3, 1931. In the process of liquidation the closed bank has paid the following dividends: twenty-five per cent on December 22, 1932; five per cent on March 28, 1933; five per cent on December 16, 1933; five per cent on April 7, 1934; five per cent on September