8629. State Bank (Morgan, MN)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
February 1, 1933*
Location
Morgan, Minnesota (44.417, -94.926)

Metadata

Model
gpt-5-mini
Short Digest
3569e447c7a3ec27

Response Measures

None

Description

Articles report a run in late February 1933, a temporary closure (suspension) March 2, 1933, and a reopening in April 1933 after agreements approved by the state banking department. OCR duplicates present; dates inferred from publication date (reopened Monday prior to Apr 13, 1933 = 1933-04-10). Cause described as shaken confidence, interpreted as rumor/market nervousness rather than bank-specific insolvency.

Events (3)
1. February 1, 1933* Run
Cause
Rumor Or Misinformation
Cause Details
General shaken confidence/nervousness among depositors led to heavy withdrawals in late February 1933.
Measures
Bank closed temporarily (suspended payments) March 2; directors and depositors held meetings and reached agreements approved by state banking department.
Newspaper Excerpt
Shaken confidence caused a run on the bank late in February
Source
newspapers
2. March 2, 1933 Suspension
Cause
Rumor Or Misinformation
Cause Details
Temporary suspension resulted from the preceding run driven by shaken depositor confidence; bank closed March 2, 1933 pending arrangements with authorities.
Newspaper Excerpt
it closed temporarily March 2, two days before the state and national bank holiday began.
Source
newspapers
3. April 10, 1933 Reopening
Newspaper Excerpt
the State Bank of Morgan reopened for business Monday and took in $35,000 in new deposits the opening day, according to George M. Davis, president. ... agreements were reached which were approved by the state banking department.
Source
newspapers

Newspaper Articles (2)
1. April 13, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, April 13, 1933

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Article Text

Morgan Bank Reopens; Gets $35,000 in Day The second bank in Redwood county to declare the holiday season over, the State Bank of Morgan reopened for business Monday and took in $35,000 in new deposits the opening day, according to George M. Davis, president. Following meetings of directors and depositors, agreements were reached which were approved by the state banking department. The re-opening of the bank is a boon to business not only in the immediate community but throughout the county. Shaken confidence caused a run on the bank late in February and it closed temporarily March 2, two days before the state and national bank holiday began. The amount of deposits received Tuesday is considered a positive sign that the troubles are over and the community again has confidence in its institution which was considered one of the strongest in this section of Minnesota.

2. April 13, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, April 13, 1933

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Article Text

Morgan Bank Reopens; in Day The second bank in Redwood county to declare the holiday season over, the State Bank of Morgan reopened for business Monday and took in $35,000 in new deposits the opening day, according to George M. Davis, president. Following meetings of directors and depositors, agreements were reached which approved by the state banking department. The re-opening of the bank is boon to business not only in the immediate community but throughout the county. Shaken confidence caused run on the bank late in February and it closed temporarily March 2, two days before the state and national bank holiday began. The amount of deposits received Tuesday is considered positive sign that the troubles are over and the community again has confidence in its institution which was considered one of the strongest in this section of Minnesota.