8529. National Bank (Luverne, MN)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
8977
Charter Number
8977
Start Date
February 23, 1926
Location
Luverne, Minnesota (43.654, -96.213)

Metadata

Model
gpt-5-mini
Short Digest
c4ef7f4327b6722b

Response Measures

None

Receivership Details

Depositor recovery rate
43.6%
Date receivership started
1925-12-31
Date receivership terminated
1929-08-29
OCC cause of failure
Economic conditions
Share of assets assessed as good
8.9%
Share of assets assessed as doubtful
65.5%
Share of assets assessed as worthless
25.5%

Description

Articles state the National Bank of Luverne was closed and a receiver (P. C. Heimark) has been in place since Feb 23, 1926. No article describes a depositor run; coverage focuses on settlement of public funds and later embezzlement charges against the receiver. Thus this is a suspension that resulted in closure/receivership.

Events (5)

1. December 30, 1907 Chartered
Source
historical_nic
2. December 31, 1925 Receivership
Source
historical_nic
3. February 23, 1926 Receivership
Newspaper Excerpt
P. C. Heimark, receiver of the National Bank of Luverne since February 23, 1926. pleaded not guilty ... on charge of embezzling $4,396.47 of the funds entrusted to him.
Source
newspapers
4. February 23, 1926 Suspension
Cause
Government Action
Cause Details
Bank closed and a receiver was appointed (receiver in place as of Feb 23, 1926); closure appears to be by regulatory/governmental appointment.
Newspaper Excerpt
P. C. Heimark, receiver of the National Bank of Luverne since February 23, 1926.
Source
newspapers
5. May 11, 1926 Other
Newspaper Excerpt
Matters of with the bonds for county and school men funds in the closed National Bank of Luverne now are being considered by the special committee representing the funds ... The agreed to $30,000 in cash and turn over $10,000 in property ... The total amount involved in the transaction is about ... (Sioux City Journal, May 11, 1926).
Source
newspapers

Newspaper Articles (2)

Article from The Sioux City Journal, May 11, 1926

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Article Text

SEEK TO SETTLE PUBLIC FUND BANK TANGLE Matters of with the bonds for county and school men funds in the closed National Bank of Luverne now are being considered by the special committee representing the funds The agreed to $30,000 in cash and turn over $10,000 in property. as well as to make certain the bank which will make for the bank to pay larger The total amount involved in the transaction is about MAY SPEND $50,000 FOR STORM SEWER Windom. Minn., May City Engineer Cook has recommended the city council that steps be taken the of storm sewer this city: At present the storm water turned into the sanitary with the that basements flooded after hard complete system estimated cost about The city council has taken no official tion. MAN TWICE TRIED SUICIDE NOW AT INSANE ASYLUM Minneapolis. May Morgan. of Mason City, Ia., who at tempted to commit suicide in jall and leaped from second floor window the courthouse Mon day, was the state hospital the insane Rochester, after he had been adjudged mentally incompetent. Pension Mail Carrier. Windom. Minn. May The first carrier Cottonwood county to go on the pension list the Henry Goosen, been carrier out Mountain Lake postoffice for the past 24 years. Celebrate 50th Anniversary. Willmar. Minn., May Mr. Mrs. Pascal H. Frye brated their golden wedding anniverat their home here. Three


Article from Star Tribune, October 23, 1927

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Article Text

Luverne Bank Receiver Denies Embezzlement Mankato, Minn., Oct. 22.-P. C. Heimark, receiver of the National Bank of Luverne since February 23. 1926. pleaded not guilty before United States here today, when arraigned on charge of embezzling $4,396.47 of the funds entrusted to him. Heimark furnished 000 bond and was released until October 28, when he will be given a preliminary hearing.