8633. First National Bank (Mountain Lake, MN)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
national
Bank ID
9267
Charter Number
9267
Start Date
June 7, 1931
Location
Mountain Lake, Minnesota (43.939, -94.930)

Metadata

Model
gpt-5-mini
Short Digest
7341b1bc77f527b7

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
79.9%
Date receivership started
1931-06-12
Date receivership terminated
1935-12-28
OCC cause of failure
Economic conditions
Share of assets assessed as good
64.4%
Share of assets assessed as doubtful
25.4%
Share of assets assessed as worthless
10.2%

Description

Contemporary reports state the First National Bank of Mountain Lake closed its doors following a run by depositors; the state/national examiner took charge, indicating a permanent closure/receivership in June 1931. The exact precise day of the run onset is described as about two weeks ago from the June 7, 1931 article; I do not infer an exact earlier date.

Events (5)

1. November 5, 1908 Chartered
Source
historical_nic
2. June 7, 1931 Receivership
Newspaper Excerpt
Van Brunt national bank examiner, has taken charge ... the bank.
Source
newspapers
3. June 7, 1931 Suspension
Cause Details
Closure/suspension is described as the consequence of the depositor run; article does not attribute closure to government action or voluntary liquidation.
Newspaper Excerpt
Mountain Lake Bank Closes After Run ... The First National bank of Mountain Lake closed its doors to conserve its assets following run ...
Source
newspapers
4. June 12, 1931 Receivership
Source
historical_nic
5. * Run
Cause Details
Article mentions a run by depositors but gives no explicit trigger (rumors or bank-specific failure not specified).
Measures
Bank closed its doors to conserve assets.
Newspaper Excerpt
The First National bank of Mountain Lake closed its doors to conserve its assets following run ... which began about two weeks ago.
Source
newspapers

Newspaper Articles (2)

Article from The Minneapolis Journal, June 7, 1931

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Article Text

Mountain Lake Bank Closes After Run Mountain Lake, Minn., June forbidding The First National bank of Mounthe company to sell coal to any tain Lake closed its doors to conone in which serve its assets following run interested financially and which began about two weeks ago. pledging the to sell its The had deposits of about coal more than one wholesale $300,000, had capital $25,000 purchaser. and of $15,000. Van Brunt national Tunnels are bored for great disbank examiner, has taken charge tances kept in almost perfect the bank.


Article from The Kiester Courier, June 11, 1931

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Article Text

the week beaches opened for the summer. King, state auditor, at the exercises here. annual Farm Bureau picnic of Murray county was held Valhalla. margin of 42 votes, Willmar residents approved Sunday movies at special election. MinneWool Growers' Association gathered here for their annual meeting. St. Paul Approximately 10,750 milk and licenses have been issued by the state during the past year. La new interstate bridge betwen here and La Crosse, Wisconsin, will be built at cost of $123,806. annual Douglas County Dairymen's picnic was held here June 11 with large number attending. Olson has decreed that materials should be used in the state's building program. are being completed for the ninth district American Legion convention here, June 28 and Le than 15,000 Legionnaires and their wives attended business sessions of the third district American Legion. 240-foot dock on the right bank of the Mississippi river for loading crushed rock on barges to be built month. Gordon, Lake Minnetonka resort owner was murdered and his body dumped on the highway here and Orono. persons were injured when an airplane in which they were riding crashed through the roof of the local school. Mountain First National bank of Mountain Lake closed its doors to conserve its assets following the bank by depositors. much pomp and ceremony, University of Minnesota seniors received their diplomas from President Lotus Coffman. in the county jail here made keys from table knives and got into the liquor supply in the basement. attempted to escape. the community garden fund, to be used in supplying the needy with garden space and seeds, has reached $4,200. St. lights on automobiles and motorcycles of the state highway department patrol to signal motorists to have been put into former policeman has been brought the state prison to start his term of from 20 years for the murder of soda clerk. Fort of two wings at the Veteran's Hospital here cost of will be ommended to the veteran's bureau in St. wooden bleachbuilt 1899, concrete and steel ones seating 6,000 persons will be built at the State Fair Grounds summer. of this community have been invitby business men to attend the third annual community festival at Laird Field, June 24. get-to-gether meeting between Paul and Mill City Shriners was held in the auditorium. It was the largest banquet held in the northwest for some time. Park of 4-H clubs from Clearwater, Koochiching, Lake of the Beltrami, Woods and Polk counties attended three day camp at Lake Itaska. has been here that New York bond ceived have withdrawn legal objectorneys tion to the bond issue for highway construction in Minnesota. of and erected by early settlers nearly years ago on Maine eight miles north of here, an settlers picnic planned nervous bandits Lake here, killing held up poker game Anderson of Audubon and Helmer Constable Severt Ebeltoft wounding community. They obtained of this $200. Anderson returned victor over George of Mayor of Leach for the position His margin was the Minneapolis. in the history of this city; biggest than the latter fully votes more will take over the Anderson polled. Kunze on July office from Mayor amendment No. The proposed would authorize the city which 21/2 mill tax annually cil to levy construction of sewage disfinance won sweeping victory posal system also.