Accommodated withdrawals, Public signal of financial health
Description
Articles (Dec 4–5, 1931) describe depositors running on the Fergus Falls National Bank after two local banks closed. The bank remained open, paid depositors, served refreshments, and customers later redeposited funds — no suspension or receivership is reported.
Events (2)
1.March 15, 1882Chartered
Source
historical_nic
2.December 4, 1931Run
Cause
Local Banks
Cause Details
Run developed after the closing of two other local banks (First State and American State), which spurred depositors to demand funds.
Measures
Kept doors open past usual closing (until ~6pm), paid out cash to depositors, served coffee, doughnuts and ice cream to waiting lines; president publicly challenged anyone to break the institution.
Newspaper Excerpt
Friday the run continued on both banks, with the First National passing out doughnuts and coffee to the line of waiting depositors.
Source
newspapers
Newspaper Articles (3)
1.December 4, 1931The Bismarck TribuneBismarck, Mandan, ND
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Article Text
Scared Depositors Given Free Lunch . Fergus Falls, Minn., Dec. 4.-(AP)Alarmed depositors who Friday started a run on the First National bank because of the closing of two other local banks, not only received their money but also coffee and doughnuts. Following closing of the First State bank Wednesday, depositors began a run on the American State bank which, officials said, also closed because it did not have sufficient time to acquire cash to satisfy depositors' demands. Thursday the First National and the Fergus Falls National banks kept open until 6 o'clock paying depositors. Friday the run continued on both banks, with the First National passing out doughnuts and coffee to the line of waiting depositors.
Money Flows Back to Bank In Fergus Falls
Depositors Return Funds After Run in Which President Challenged Anyone to Break Institution
Depositors in the First National Bank at Fergus Falls, which with the Fergus Falls National Bank Friday suffered heavy run, Saturday returning withdrawn funds the institution. Scenes excitement when long lines of depositors demanded their money were by lunches of cofand icecream served the bank, replaced by quiet returning the bank with their funds to reopen their accounts. The depositors at the height of run Friday were greeted with the challenge from Elmer Adams, president the institution to to break this The line persisted until the bank remaining six hours beyond the regular time return money to the withdrawers. "It's all over now," Mr. Adams said today. 'People are coming return their funds. We showed Continued on Page 2
Serve Doughnuts, Coffee to Halt Run on Bank
Dec. FOR Dry Fergus cord delivered. Officials local banks today had staved off run by coffee and doughbuts with his eash each The run developed yesterday after the closing of other banks. Ave. Officers of the First National and Forgus Falls National banks backed up their claim that they had ample funds pay all depositors by keeping doors open past the usual closing Phone time as well as serving refreshments.
