8374. First National Bank (Biwabik, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
8697
Charter Number
8697
Start Date
October 19, 1928
Location
Biwabik, Minnesota (47.533, -92.340)

Metadata

Model
gpt-5-mini
Short Digest
4ab3b69ad137839c

Response Measures

None

Receivership Details

Depositor recovery rate
67.4%
Date receivership started
1927-05-10
Date receivership terminated
1932-07-01
Share of assets assessed as good
52.3%
Share of assets assessed as doubtful
24.7%
Share of assets assessed as worthless
22.9%

Description

Newspaper notices (Oct–Nov 1928) state Daniel Waite is employed by the National Banking Department as Receiver of the First National Bank of Biwabik, indicating the bank was placed in receivership/closed. No articles mention a run or reopening, so classified as suspension leading to closure (receivership). Date taken from the 1928-10-19 article.

Events (3)

1. May 18, 1907 Chartered
Source
historical_nic
2. May 10, 1927 Receivership
Source
historical_nic
3. October 19, 1928 Receivership
Newspaper Excerpt
employed by the National Banking Department of the U. S. Government as Receiver of the First National Bank of Biwabik
Source
newspapers

Newspaper Articles (4)

Article from The Ely Miner, October 19, 1928

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Article Text

CANDIDATE FOR PROBATE JUDGE DANIEL WAITE Daniel Waite, Candidate for Probate Judge of St. Louis County has been a resident and tax payer of this County for over 30 years and, although never before a candidate for public office, is being supported by many voters who feel that a change in this office is desirable. Mr. Waite promises that if elected he will inaugurate much needed reforms that will guarantee greatly reduced expenses in administering small estates and promptness in final settlements. His legal and financial experience have well fitted him for the duties of this office, having practised law in Duluth for many years and at present being employed by the National Banking Department of the U. S. Government as Receiver of the First National Bank of Biwabik.


Article from The Ely Miner, October 26, 1928

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Article Text

# DANIEL WAITE Daniel Waite, Candidate for Probate Judge of St. Louis County has been a resident and tax payer of this County for over 30 years and, although never before a candidate for public office, is being supported by many voters who feel that a change in this office is desirable. Mr. Waite promises that if elected he will inaugurate much needed reforms that will guarantee greatly reduced expenses in administering small estates and promptness in final settlements. His legal and financial experience have well fitted him for the duties of this office, having practised law in Duluth for many years and at present being employed by the National Banking Department of the U. S. Government as Receiver of the First National Bank of Biwabik.


Article from The Ely Miner, November 2, 1928

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Article Text

# DANIEL WAITE Daniel Waite, Candidate for Probate Judge of St. Louis County has been a resident and tax payer of this County for over 30 years and, although never before a candidate for public office, is being supported by many voters who feel that a change in this office is desirable. Mr. Waite promises that if elected he will inaugurate much needed reforms that will guarantee greatly reduced expenses in administering small estates and promptness in final settlements. His legal and financial experience have well fitted him for the duties of this office, having practised law in Duluth for many years and at present being employed by the National Banking Department of the U. S. Government as Receiver of the First National Bank of Biwabik.


Article from The Ely Miner, November 2, 1928

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Article Text

# DANIEL WAITE Daniel Waite, Candidate for Probate Judge of St. Louis County has been a resident and tax payer of this County for over 30 years and, although never before a candidate for public office, is being supported by many voters who feel that a change in this office is desirable. Mr. Waite promises that if elected he will inaugurate much needed reforms that will guarantee greatly reduced expenses in administering small estates and promptness in final settlements. His legal and financial experience have well fitted him for the duties of this office, having practised law in Duluth for many years and at present being employed by the National Banking Department of the U. S. Government as Receiver of the First National Bank of Biwabik.