8476. First National Bank (Frazee, MN)

View Charter #7024 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7024
Charter Number
7024
Start Date
January 9, 1934
Location
Frazee, Minnesota (46.728, -95.701)

Metadata

Model
gpt-5-mini
Short Digest
4bc4ebbd810ebdc0

Response Measures

None

Receivership Details

Depositor recovery rate
66.4%
Date receivership started
1932-09-26
Date receivership terminated
1938-06-16
Share of assets assessed as good
20.7%
Share of assets assessed as doubtful
75.3%
Share of assets assessed as worthless
4.0%

Description

Articles from early 1934 refer to the First National Bank, Frazee, as being in receivership and show an RFC loan made to the bank (receiver). No article describes a depositor run or a reopening; the bank had a receiver (O. M. Westlin) and appears to have been closed and placed in receivership. Dates are from newspaper publication (Jan–Mar 1934); exact suspension date not given in the clippings.

Events (4)
1. October 29, 1903 Chartered
Source
historical_nic
2. September 26, 1932 Receivership
Source
historical_nic
3. January 9, 1934 Suspension
Cause
Government Action
Cause Details
Bank was in receivership (receiver O. M. Westlin) indicating closure by regulatory/receiver action.
Newspaper Excerpt
O. M. Westlin, Moorhead, receiver for the First National bank, Frazee, lost in federal court...
Source
newspapers
4. March 12, 1934 Receivership
Newspaper Excerpt
First National bank, Frazee (receiver), $30,000; ... RFC announced $864,000 was loaned to Minnesota banks during December, 1933. The loans and banks follow: ... First National bank, Frazee (receiver), $30,000, ... (Star Tribune, Mar 13, 1934 / RFC announcement dated Mar 12, 1934).
Source
newspapers

Newspaper Articles (3)
1. January 9, 1934 The Forum Fargo, ND
Article from The Forum, January 9, 1934

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Article Text

WESTLIN LOSES SUIT Moorhead Bank Receiver Falls In Legal Battle for $5,200 Fergus Falls, Minn-O. M. Westlin, Moorhead, receiver for the First National bank, Frazee, lost in federal court here In his $5,200 stock assessment suit against Mrs. Louis Hendry, Frazee, Minn., when Judge G. Nordbye ruled the plaintiff had failed to establish a case.

2. March 13, 1934 Star Tribune Minneapolis, MN
Article from Star Tribune, March 13, 1934

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Article Text

R.F.C. Loans to City Banks Announced Washington, D.C., March 12.-(P) -The Reconstruction Finance cor. poration announced Monday $864,000 was loaned to Minnesota banks during December, 1933. The loans and banks follow: Anoka National bank (receiver), $20,000; Columbia National Bank of Columbia Heights, $15,000; Farmers & Merchants State bank, Dassel, $100,000; Ellendale State bank, Ellendale (repaid in full), $8,000; First National bank, Frazee (receiver), $30,000; Calhoun State bank, Minneapolis (receiver), $57,000; Harriet State bank. Minneapolis (receiver), $37,000; Penn Avenue State bank, Minneapolis (receiver), $32,000; Twenty Street State bank. Minneapolis (receiver) $40,000; State Bank & Trust Co., Redwood Falls (receiver) $320,000; Citizens State bank, St Paul (receiver), $15,000; Dayton's Bluff State bank. St. Paul (receiver), $150,000; First National of Westbrook (receiver), $40,000.

3. March 16, 1934 St. Cloud Times Saint Cloud, MN
Article from St. Cloud Times, March 16, 1934

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Article Text

RFC Loan to State Banks Announced Washington (AP)-The Recon struction Finance corporation an nounced $864.000 had been loaned to Minnesota banks during December, 1933. The loans and banks follow: Anoka National bank (receiver), $20,000. Columbia National bank of Columbia Heights, $15,000 Farmers and Merchants State bank, Dassel, $100,000 Ellendale State bank, Ellendale, (repaid in full), $8,000. First National bank, Frazee, (receiver), $30,000. Calhoun State bank, Minneapolis, (receiver), Hariett State bank, Minneapolis, (receiver), $37,000. Penn Avenue State bank, Minneapolis, (receiver) $32,000. Twenty sixth Street State bank, Minneapolis, (receiver). $40,000. State Bank and Trust Co., Redwood Falls, (receiver), $320,000. Citizens State bank, St. Paul, $15,000. Dayton's Bluff State bank, St. Paul, (receiver), $150,000. First National bank of Westbrook, (receiver), $40,000.