Closure announced by state commissioner; permanence/receiver not detailed in this article.
Events (1)
1.July 18, 1930Suspension
Cause
Government Action
Cause Details
State commissioner of banks announced the closing of the bank.
Newspaper Excerpt
Chisago City Bank Ordered Suspended St. Paul, July (AP)-Closing of the Farmers State bank of Chisago City with deposits of $226,000 was announced today by Veigel, state commissioner of banks.
Source
newspapers
Newspaper Articles (1)
1.July 18, 1930The ForumFargo, ND
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Article Text
Chisago City Bank Ordered Suspended St. Paul, July (AP)-Closing of the Farmers State bank of Chisago City with deposits of $226,000 was announced today by Veigel, state commissioner of banks.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.