8341. Appleton State Bank (Appleton, MN)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
November 1, 1921*
Location
Appleton, Minnesota (45.197, -96.020)

Metadata

Model
gpt-5-mini
Short Digest
93b2346f54462fab

Response Measures

None

Description

Articles describe a depositor run driven by rumors that forced the Appleton State Bank to close and place its affairs in charge of the state banking department (suspension), followed by reorganization under local capital and reopening on Dec 31, 1921. Dates come from the articles: closure in early November 1921 and reopening Dec 31, 1921. The run is attributed to circulating rumors, not a specific discrete false-communication event.

Events (3)
1. November 1, 1921 Suspension
Cause
Rumor Or Misinformation
Cause Details
Closure followed a run precipitated by rumors about the bank's stability; state banking department took charge of affairs.
Newspaper Excerpt
The Appleton State Bank was closed last Thursday morning and its affairs are now in charge of an official of the state banking department.
Source
newspapers
2. November 1, 1921* Run
Cause
Rumor Or Misinformation
Cause Details
Circulation of various rumors about the bank's condition led depositors to demand withdrawals, producing a run.
Measures
Demands exhausted the bank's cash supply; officials found it useless to continue regular business, leading to closure and transfer of affairs to state banking department.
Newspaper Excerpt
the circulation last week of various rumors as to the condition of the bank with the result that the demands of depositors for their money ... reached proportions of a run
Source
newspapers
3. December 31, 1921 Reopening
Newspaper Excerpt
The Appleton State Bank, re-organized and under control of local capital will open for business next Saturday morning, December 31, according to an announcement of the officials of the new organization given out yesterday afternoon.
Source
newspapers

Newspaper Articles (2)
1. November 11, 1921 Morris Tribune Morris, MN
Article from Morris Tribune, November 11, 1921

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Article Text

Appleton Bank Closed Appleton Press.-The Appleton State Bank was closed last Thursday morning and its affairs are now in charge of an official of the state banking department. This result followed the circulation last week of various rumors as to the condition of the bank with the result that the demands of depositors for their money on Saturday and Monday reached proportions of a "run" and with their cash supply exhausted on Monday officials felt it useless to attempt to conduct the regular business of bank further. There appears at this time no indication that the depositors who were unable to withdraw their funds, will suffer any loss other than that occasioned by having them tied up while the bank's affairs are being adjusted. The bank it is held is solvent and was merely a victim of the general condition resulting in slow liquidation of its papers, and a sufficient reserve to meet the demand for cash.

2. January 6, 1922 Morris Tribune Morris, MN
Article from Morris Tribune, January 6, 1922

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Article Text

Appleton Bank Re-Opens. Appleton Press.-- The Appleton State Bank, re-organized and under control of local capital will open for business next Saturday morning, December 31, according to an announcement of the officials of the new organization given out yesterday afternoon The bank closed November 1, following a "run" on its funds by depositors after rumors gained circulation as to its stability, and its affairs since that date have been in charge of an official of the state banking department. Control of the bank previously vested in non-residents of this community has passed to local men in the re-organization of the institution.