First State Bank - Canton, MN

Episode Information

Episode UID: 75067871586
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 7506787 routing
Routing Number: 75-0678
Start Date: February 1, 1932
Location: Canton, Minnesota (43.530, -91.930)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 328f39405da852fe

Response Measures

None

Description

Article implies the bank was unable to continue normal operations and depositors organized for reorganization; ultimate closure vs. reopening is not stated.

Events (1)

1. February 1, 1932 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Depositors met to appraise assets to provide a basis for reorganization, indicating asset problems and inability to continue normal operations.
Newspaper Excerpt: A meeting of the depositors of the First State bank of Canton was held ... for the purpose of selecting a committee of men to appraise the assets of the institution in order that a basis for reorganization may be had.
Source: newspapers

Newspaper Articles (1)

1. February 1, 1932 The La Crosse Tribune La Crosse, WI

Article Text

COMMITTEE NAMED TO APPRAISE ASSETS OF BANK AT CANTON CANTON, Minn. — (Special) — A meeting of the depositors of the First State bank of Canton was held at the town hall Saturday afternoon for the purpose of selecting a committee of men to appraise the assets of the institution in order that a basis for reorganization may be had. A. Miller, Spring Valley bank receiver, met with them. O. K. Dahl, Spring Grove, gave a brief talk on banks. The men named to appraise the assets were Sam Duxbury, George Course, G. W. Willford, George Snell, and Herbert Wickett. John Reinsvold, Jr., and Mrs. Gilbert Oleson returned from La Crosse where they visited their father, John Reinsvold, Sr., who was injured by an auto Wednesday. Rev. C. N. Hamrin and Rev. L. Anderson met with the Epworth League members at the G. A. Johnson home Thursday night. The three week's old son of Mr. and Mrs. Louis McCabe died at the Cresco hospital Thursday. Burial was in the Plymouth Rock cemetery. Manford Wickett, Howard Wickett and Leo Zeimet returned from a motor trip to Minneapolis Friday. Mr. and Mrs. Lon Pierce returned Friday from a visit with relatives at Decorah. Ludwig Sandsmark returned from Calmar where he attended a grocers' meeting Thursday. Mrs. Herb Pierce was hostess to the Thursday bridge club at her home.