8373. Big Lake Farmers State Bank (Big Lake, MN)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
June 12, 1926
Location
Big Lake, Minnesota (45.342, -93.743)

Metadata

Model
gpt-5-mini
Short Digest
80cecfe4fa1fff44

Response Measures

None

Description

Newspaper articles (June 12โ€“13, 1926) report the Big Lake Farmers State Bank was closed and its president arrested on charges related to embezzlement and placing worthless bonds among assets. Articles do not describe a depositor run or a reopening; the coverage describes indictments and closure, supporting classification as a suspension that resulted in permanent closure.

Events (1)

1. June 12, 1926 Suspension
Cause
Bank Specific Adverse Info
Cause Details
President arrested on charges of aiding and abetting embezzlement (~$3,000) and officers accused of placing worthless bonds among the bank's assets.
Newspaper Excerpt
The men are Sam president of the Big Lake Farmers' State bank, which is also-closed... The Wright county grand jury returned several indictments here Friday in connection with the closing of Hanover State bank, the Big Lake Farmers' State bank and Maple Lake State bank...
Source
newspapers

Newspaper Articles (2)

Article from The Albert Lea Tribune, June 12, 1926

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Article Text

BANK CLOSING BRINGS OF PRESIDENT Arrest of Bank President and Results From ing Promoter Closing of Maple Lake, Minn. State Bank. Buffalo, Minn., June were arrested and Minneapolis men here today on charges arraigned growing the closing of the MaLake State bank. ple The men are Sam president of the Big Lake Farmers' State bank, which is also-closed, and Henry Unschuld, mining promoter. Inquiries Continued Tom Welch, Wright county attorney, said investigations in conjunction with Blanchard, Anoka ney, recently appointed special depgeneral, to assist in the case, were not yet completed. Str ad is charged with aiding and abetting an officer of the bank em bozzlement $3,000. He pleaded not and bond was fixed at guilty charged and officers of the closed Maple abetting Lake State bank in placing worthless bonds among the assets. He also pleaded not guilty and bonds were fixed at $20,000. The amount involved in the Unschuld charge is $15,000, At torney Welch said. Several Indictments Returned The Wright county grand jury returned several indictments here Friday in connection with the closing of Hanover State bank, the Big Lake Farmers' State bank and Maple Lake State bank and the First Nation bank Buffalo, all of which were year. The closed during the past State bank institution. The Big Lake Farmers' State bank bank of Maple Lake tate bank.


Article from Leader-Telegram, June 13, 1926

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Article Text

Minnesota Bankers Held for Embezzlement; Others Sought BUFFALO, Minn. June man was held default another furnished bond while out for "several others" tonight following returned the grand the closing four banks, closed within the tenth Henry Minneapolis, held in lieu of ball county jail tonight. charge aiding and abbetting ficers the closed banks worthless bonds among the was placed against him when he arraigned, with trial The other men arrested nection Van Strand, 3351 Colfax the Big Lake Farmers State closed. He charged with and the bank the embezzlement $3,000. He furnished bonds of $5,000 late today after pleading not guilty the charge with Umschuld. His trial was also set for June 22. Tom Welsh Wright county attorney, declared tonight that further arrests will made soon, characthe investigation which had been carried jointly Wright and Anoka authorities, "cleaning up declared, by bank officers gling assets" the order continue their apparent soundness while their