8598. Penn Avenue State Bank (Minneapolis, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 1, 1933*
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini
Short Digest
6560c071ae1926e2

Response Measures

None

Description

Newspapers from April 1933 report the Penn Avenue State Bank as closed and depositors meeting to aid liquidation; by December 1933 the bank is listed as in receivership and received an RFC loan (reported March 1934). No explicit run is described in the articles, so this is a suspension that resulted in permanent closure/receivership.

Events (2)
1. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Bank closed and placed into liquidation/receivership (holiday began March; bank closed and being liquidated)
Newspaper Excerpt
Depositors of the closed Penn Avenue State Bank of Minneapolis ... meeting authorized ... to aid liquidation. ... the bank ... closed
Source
newspapers
2. December 1, 1933* Receivership
Newspaper Excerpt
Penn Avenue State bank, Minneapolis (receiver), $32,000; (RFC loans announced March 1934 for loans made during December, 1933). (Star Tribune, 1934-03-13). The Reconstruction Finance corporation announced $864,000 was loaned ... Penn Avenue State bank, Minneapolis (receiver), $32,000 (St. Cloud Times, 1934-03-16).
Source
newspapers

Newspaper Articles (3)
1. April 26, 1933 Star Tribune Minneapolis, MN
Article from Star Tribune, April 26, 1933

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Article Text

DEPOSITORS TO AID BANK LIQUIDATION Depositors of the closed Penn Avenue State Bank of Minneapolis Pile Relief m. Monday at the bank. Penn avenue and West Broadway. Pile sufferers, no longer need select to work with the in doubt for here a time ing the bank's assets. bank developed by wellwas of five state Rectal Specialist neapolis that closed the bank and used practice for 27 years, holiday began March and failed you the assurance that holiday The relief secured. meeting authorized by John be purchased of your druggist. If he does and called the direct Curtis special deputy oratories, 1108 Nicollet Minne of the Avenue bank Adv.

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.