8542. Maple Lake State Bank (Maple Lake, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 1, 1926*
Location
Maple Lake, Minnesota (45.229, -94.002)

Metadata

Model
gpt-5-mini
Short Digest
3bcfbbbb62107a7e

Response Measures

None

Description

Articles report the Maple Lake State Bank was ordered shut by state banking examiners in spring 1926 and remains closed; subsequent grand-jury indictments relate to placement of worthless paper among assets. No contemporaneous run is described. Closure appears to be by official action following examination rather than a depositor run.

Events (2)
1. March 1, 1926* Suspension
Cause
Government Action
Cause Details
State banking examiner ordered the bank closed after finding poor or worthless assets; examiner and authorities conducted investigation leading to indictments for placing worthless bonds among assets and embezzlement charges against officers and associates.
Newspaper Excerpt
This spring fourth Maple Lake State bank, ordered to shut its
Source
newspapers
2. June 12, 1926 Other
Newspaper Excerpt
Wright county grand jury returned several indictments ... growing out closing of the Maple Lake State Bank ... charged with aiding and abetting officers of the closed Maple Lake State bank in placing worthless bonds among the assets. (Austin Daily Herald, Albert Lea Tribune, Star Tribune, June 12-13, 1926).
Source
newspapers

Newspaper Articles (4)
1. June 12, 1926 The Austin Daily Herald Austin, MN
Article from The Austin Daily Herald, June 12, 1926

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Article Text

MILL MEN ARRAIGNED Arrested On Charges Growing Out Of Maple Lake Loss BOTH ARE OUT ON BOND County Grand Jury Returns Wright Several Indictments With Closing of Other Insttiutions [By Associated Press] Buffalo, June Minneapolis men were arrested and arraigned here charge growing out closing of the Maple Lake of the State Bank. The men are Sam of the Big Lake Strand, president Farmers State Bank, which is also and Henry Unschuld, minclosed, promoter. Tom Welch, Wright county attorstated that his investigation made in special general assist the attorney completed. Strand not with aiding and abetting an officer the bank the embezof He pleaded not guilty and bonds were fixed at Unschuld charged and abetting officers of the closed Lake State Bank in placing Maple bonds among the assets He also pleaded not guilty and bonds fixed at $20,000. The amount involved in the Unschuld charge $15,000 Attorney Welch said. The Wright county grand jury turned several indictments here Friday in connection with the closing of Hanover State Bank, the Big the Lake State Bank, and the First tional Bank of Buffalo, all closed durthe The Buffalo bank past year. $1,000,000 institution. The Big Lake State Bank is correspondent bank of the Maple Lake Bank.

2. June 12, 1926 The Albert Lea Tribune Albert Lea, MN
Article from The Albert Lea Tribune, June 12, 1926

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Article Text

BANK CLOSING BRINGS OF PRESIDENT Arrest of Bank President and Results From ing Promoter Closing of Maple Lake, Minn. State Bank. Buffalo, Minn., June were arrested and Minneapolis men here today on charges arraigned growing the closing of the MaLake State bank. ple The men are Sam president of the Big Lake Farmers' State bank, which is also-closed, and Henry Unschuld, mining promoter. Inquiries Continued Tom Welch, Wright county attorney, said investigations in conjunction with Blanchard, Anoka ney, recently appointed special depgeneral, to assist in the case, were not yet completed. Str ad is charged with aiding and abetting an officer of the bank em bozzlement $3,000. He pleaded not and bond was fixed at guilty charged and officers of the closed Maple abetting Lake State bank in placing worthless bonds among the assets. He also pleaded not guilty and bonds were fixed at $20,000. The amount involved in the Unschuld charge is $15,000, At torney Welch said. Several Indictments Returned The Wright county grand jury returned several indictments here Friday in connection with the closing of Hanover State bank, the Big Lake Farmers' State bank and Maple Lake State bank and the First Nation bank Buffalo, all of which were year. The closed during the past State bank institution. The Big Lake Farmers' State bank bank of Maple Lake tate bank.

3. June 13, 1926 Star Tribune Minneapolis, MN
Article from Star Tribune, June 13, 1926

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Article Text

Five Indicted in Charges Follow Investigation of Affairs of Four Closed Institutions. Minneapolis Under in Hospital, Faces Arrest. Worthless Paper Substituted for Assets, Grand Jury Reports. Three men, two of them from Minneapolis, arrested Saturday on indictments returned the Wright coungrand jury after year's investigation of the affairs of four closed banks Wright and Sherburne counties. Two other also were named in indictments returned by the grand jury. The grand jury at Buffalo returned the after an investigation week which officials of the four banks, state banking examiners and customers were called upon testify. Indictments Made Public. Those indicted HENRY UNSCHULD, 3521 Pillsavenue, mining in the Wright county jail Buffalo lieu He charged with aiding and abetting officers the Maple Lake bank placing worthless bonds among its assets. SAM STRAND, 3351 Colfax avenue south; indicted two counts, charged aiding abetting an officer the Maple in the embezzlement $3,000. He at liberty on $5,000 bond. MILBERG, president of Maple Lake confined Ashury hospital by injuries ceived accident. The charge against him has not been public. SEIVERS, former president the First bank BufWright charged grand larceny sum of and abetting officer of the bank in WILLIAMS of Mankato. indictment against has not been revealed. The indictments came climax investigation conducted by Thom. Wright county into the affairs the four one of them na tional Three Other Banks. The banks, addition to the Maple Lake bank, First National bank of Buffalo, closed January; Seivers, former president. Big bank, closed fall: Strand, president. State bank, closed last Mr. Unschuld was arrested Saturday of aiding officer of the closed Maple He pleadguilty the charge before Dis. trict Judge Giddings of and the for June Satbonds urday night he trying to arrange Strand, who arraigned at same bond night his home "ridiculous" the charges He against will trial River. Closed Almost Year Ago. first of the four banks be closed the Lake Farmers' bank Big A1ago, July 25, Veigel, examiner, ordered the and an inof the for the affairs. the the of the bank were approximately later the bank "poor paper.' January the First National bank Buffalo was by was its failure. He will the fall. This spring fourth Maple Lake State bank, ordered to shut its Jury Conducts Inquiry. At the time the closing of the Big bank, Sherburne jury conducted investigation that bank, other banks the district. Several indictments resulted from the them against Mr. Strand, charging him grand degree. He pleaded not and he under bond. The trial the next of court, which has not yet Authorities Buffalo reluctant discuss Saturday night, satisfying themselve. with the ment arrests would Mr. said there direct defalcations in any the Much Evidence Collected. Mr. Welch being assisted in the inquiry Anoka county, was utized assistant the last There are special investigators of large amount documentary has collected. Veigel, the banking examiner, Saturday night the banks closed Bank county for than month checking the affairs the banks he

4. June 13, 1926 Lincoln Journal Star Lincoln, NE
Article from Lincoln Journal Star, June 13, 1926

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Article Text

ARE Warrants Out for Number lowing Four Closings in Minnesota. BUFFALO, June man held default $20,000 ball, another furnished bond, while warrants "several others" tonight following indictments returned the Wright county grand jury growing closing four banks within the past Henry Minneapolis, held lieu county tonight. charge aiding abetting officers the closed Maple Lake state bank placing worthless bonds among the assets placed against when arraigned, with trial for June NEW WHEAT ON MARKET. Kas., June carloads new intended for sale the open market; arrived here late today. The wheat shipped from Yew. local commission firm will offered for sale Monday morning Wheat both cars dark hard.