Article Text
The receiver of the Marine bank of Duluth has begun a suit for $20,000 against F. E. Searle, one of the heavy stockholders. The suit is brought under the doubleliability clause.
8438. Marine Bank (Duluth, MN)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- December 1, 1897*
- Location
- Duluth, Minnesota (46.783, -92.107)
Metadata
- Model
- gpt-5-mini
- Short Digest
d6c5214b6860006d
Response Measures
None
Description
Articles indicate the Marine Bank of Duluth was insolvent and had a receiver by at least Dec 1897 (receiver bringing suit). A 1901 article confirms the bank remained insolvent with state deposits still tied up. No article describes a depositor run prior to suspension; evidence supports failure/receivership and permanent closure.
Events (2)
1.
December 1, 1897*
Receivership
- Newspaper Excerpt
- The receiver of the Marine bank of Duluth has begun a suit for $20,000 against F. E. Searle, one of the heavy stockholders.
- Source
- newspapers
2.
January 3, 1901
Other
- Newspaper Excerpt
- The amount of money tied up in such banks has been reduced from $318,000 ... to $2,700, of which practically two-thirds is in the Marine bank at Duluth ... These two are the only insolvent banks from which the state treasurer has not received what it had deposited in them at the time of the crash.
- Source
- newspapers
Newspaper Articles (2)
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Article Text
KOERNER IS PROUD OF IT RECORD HE HAS MADE WITH THE INSOLVENT BANKS. August T. Koerner, when he retires next Tuesday from the office of store treasurer, which he has held for six years, will have no record that pleases him more highly than that which he has made in connection with the collection of state deposits from banks which failed during the two panics. The amount of money tied up in such banks has been reduced from $318,000, at which figure it at some seasons seriously embarrassed the state, to $2,700, of which practically two-thirds is in the Marine bank at Duluth and the other third in the North St. Paul bank. These two are the only insolvent banks from which the state treasurer has not received what it had deposited in them at the time of the crash. Mr. Koerner has the satisfaction of knowing also, that the state has at this time the largest permanent school fund she has ever had, the fund having increased $1,000,000 in the last two years.