8669. First National Bank (Redwood Falls, MN)

View Charter #5826 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5826
Charter Number
5826
Start Date
July 22, 1925
Location
Redwood Falls, Minnesota (44.539, -95.117)

Metadata

Model
gpt-5-mini
Short Digest
fab67073bb05614b

Response Measures

None

Receivership Details

Depositor recovery rate
69.0%
Date receivership started
1925-07-29
Date receivership terminated
1929-12-26
OCC cause of failure
Governance
Share of assets assessed as good
17.1%
Share of assets assessed as doubtful
58.4%
Share of assets assessed as worthless
24.5%

Description

The First National Bank of Redwood Falls was ordered to suspend operations by the national bank examiner in July 1925 and was placed in receivership (L. R. Ewart) with Comptroller notices dated October 7, 1925; subsequent court actions in 1926 show liquidation of assets. Articles describe a suspension by government examiner and permanent closure rather than a standalone depositor run.

Events (4)
1. May 21, 1901 Chartered
Source
historical_nic
2. July 22, 1925 Suspension
Cause
Government Action
Cause Details
Closed by order of the national bank examiner (F. S. McGarvey) due to falling off in deposits and demands on reserves related to failures of firms and individuals doing business with the bank.
Newspaper Excerpt
The First National Bank of Redwood Falls closed its doors Tuesday morning by order of F. S. McGarvey ... it was decided to suspend the business of this institution in the interests of its depositors.
Source
newspapers
3. July 29, 1925 Receivership
Source
historical_nic
4. October 7, 1925 Receivership
Newspaper Excerpt
Notice is hereby given to all persons who may have claims against The First National Bank of Redwood Falls, Minnesota, that the same must be presented to L. R. Ewart, Receiver, ... October 7th, 1925. CHARLES W. COLLINS, Acting Comptroller of the Currency.
Source
newspapers

Newspaper Articles (11)
1. July 22, 1925 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, July 22, 1925

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Article Text

First National Bank Here Is Closed REDWOOD COUNTY'S OLDEST BANKING INSTITUTION CLOSED BY NATIONAL BANK EXAMINER TUESDAY MORNING. The First National Bank of Redwood Falls closed its doors Tuesday morning by order of F. S. McGarvey of Minneapolis, Examiner of National Banks. Following a meeting of the directors with Mr. McGarvey it was decided to suspend the business of this institution in the interests of its depositors. A statement relative to its opening has not been made by the Examiner in charge nor by any of the officials of the Bank. The reason for the failure of this bank is the same general cause that has resulted in the closing of State and National banks in other sections of the state. The falling off in deposits was possibly the chief direct cause for the examiner's action. The First National like many other banks, had apparently weathered the period of inflation and deflation, but finally succumbed to the demands upon its reserve by financial disaster which overtook a number of the firms and individuals doing business with it.

2. August 13, 1925 The Tomahawk White Earth, MN
Article from The Tomahawk, August 13, 1925

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Article Text

News Briefs/rom All the State Condensed Stories of Happenings of the Week in Minnesota Clinton-The Clinton creamery, which opened for business June 1, paid out more than $14,330 for butterfat in June. Windom-Fire, discovered by a small boy at the Tuthill Lumber Company yard caused approximately $15,000 damage. Lake Wilson-Merchandise valued at about $2,000, and $48 in cash was taken from the Stebel & Fussky general store here by truck bandits. Falrmont - Improvements totaling well over $250,000 for the first seven months of 1925 is the record for this city, one not heretofore equaled. Le Sueur-Two unusually tall stalks of corn were exhibited here. One measured 10 feet 4 inches, and the other had reached the height of 11 feet 4 inches. Windom-Thronged with hundreds of old settlers from all parts of the United States, Windom held open house in celebration of Cottonwood county homecoming festival. Fergus Falls-Congressman Knut Wefald, Nonpartisan League congressman from this district, announced that he will be a candidate for re-election to congress. Ada-The First Methodist and German Methodist congregations have been consolidated here under the name of Community Methodist church. Rev. F. W. Henke is the pastor. Northfield-At the annual meeting of voters in the Northfield school district a budget of $84,600 in estimated expenses for the schools of this city during the coming year was approved. Owatonna-Final arrangements have been made by a joint committee of the Steele County Farm Bureau and the Owatonna Chamber of Commerce for a Steele county booth at the Minnesota State fair. Fulda-At their regular meeting conducted at Valhalla, the Murray County Bankers association approved of the "ranger" type of bank protection that is being inaugurated in many nearby counties. New Richland-Leading dairy farmers of the New Richland community will consign a large number of purebred and high grade dairy cattle to a sale to be conducted here at the close of the annual New Richland Dairy day celebration, September 24 and 25. Dennison-Captain Martin E. Trench formerly of Dennison, was ordered to the Virgin Islands as governor in succession to Captain Phillip Williams who has held the post for three years and who is to return to the United States for medical treatment. Redwood Falls-Affairs of the First National bank, recently closed, have been placed in the hands of L. R. Ewart of Wells, Minn., who has been named receiver. Plans for the reorganization of the bank have not been completed. Granite Falls-The levy made by the county commissioners for highway purposes in Yellow Medicine county set a new record. The sum of $150,000 has been appropriated for road and bridge work for the coming = year. Hibbing-A train of more than 50 outomobiles, bearing boosters from St. Louis county, the largest county in the state, arrived here on the eighth annual club booster tour. Nearly 200 members of the St. Louis County Club were in the party. St. Paul-The people of Minnesota have $15,000,000 more in savings accounts in state banks now than they had a year ago, marking an unusual tarengthening of bank conditions and of individual savings, A. J. Veigel, state superintendent of banks reported. Shakopee-Routing of highway No. 5 in a northeasterly direction from the state reformatory for women through Shakopee to connect with Highway No. 51 is contemplated, according to

3. October 7, 1925 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, October 7, 1925

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Article Text

Oct. 7 to Dec. 30 TREASURY DEPARTMENT The Office of the Comptroller of the Currency, Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to L. R. Ewart, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Comrtroller of the Currency. 13-tf

4. October 14, 1925 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, October 14, 1925

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Article Text

Oct. 7 to Jan. 6. TREASURY DEPARTMENT The Office of the Comptroller of the Currency, Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to L. R. Ewart, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Comrtroller of the Currency. 13-tf

5. October 21, 1925 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, October 21, 1925

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Article Text

Oct. 7 to Jan. 6. TREASURY DEPARTMENT The Office of the Comptroller of the Currency,'Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to L. R. Ewart, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Comrtroller of the Currency. 13-tf

6. October 28, 1925 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, October 28, 1925

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Article Text

Oct. 7 to Jan. 6. TREASURY DEPARTMENT The, Office of the Comptroller of the Currency, Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to L. R. Ewart, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Comptroller of the Currency. 13-tf

7. December 30, 1925 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, December 30, 1925

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Article Text

Oct. 7 to Jan. 6. TREASURY DEPARTMENT The Office of the Comptroller of the Currency, Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to i. R. Ewart, Receiver. with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Comrtroller of the Currency. 13 tf.

8. January 6, 1926 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, January 6, 1926

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Oct. 7 to Jan. 6. TREASURY DEPARTMENT The Office of the Comptroller of the Currency, Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of P.edwood Falls," Minnesota, that the same must be presented to i. R. Ewart, Receiver. with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Cometroller of the Currency. 13 tf.

9. April 21, 1926 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, April 21, 1926

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April 21-28 STATE OF MINNESOTA, COUNTY OF REDWOOD, IN DISTRICT COURT, NINTH JUDICIAL DISTRICT. Notice of Hearing to the creditors of The First National Bank of Redwood Falls, of the petition of L. R. Ewart, Receiver, of The First National Bank, to sell Lot Number Twelve (12), of Block Number Sixteen (16), in the Village, now City of Redwood Falls, according to the plat thereof, on file and of record in the office of the Register of Deeds of said Redwood County, to certain persons described in said petition. L. R. Ewart as Receiver of the First National Bank of Redwood Falls, having duly filed in this Court on the 20th day of April, 1926, his petition, wherein and whereby, he respectfully. requests the Court, among other things, to issue its Order, directing him to sell Lot Number Twelve (12), of Block Number Sixteen (16), in the Village, now City of Redwood Falls, according to the plat thereof on file and of record in the office f the Register of Deeds of said Redwood County, to certain persons, for a consideration and on terms fully set forth in said petition, and whereas, said petitioner requests said Court to issue its order for a hearng on said petition, and that due notice of said hearing be given to the creditors of The First National Bank of Redwood Falls. NOW, THEREFORE, IT IS ORDERED by the Court that a hearing be had on said petition at 9 o'clock A. M. on the 1st day of May, 1926, or as soon thereafter as same can be heard, in the Court Room at the Court House in Redwood Falls, Redwood County, Minnesota, and that said notice of hearing be published in the Redwood Gazette, a weekly newspaper, printed at Redwood Falls, Minnesota, for two consecutive publications, and that all known creditors, and all other persons of interest, appear at said time and place and show cause, if any they have, why the prayer in said petition should not be granted to the petitioner, to sell the above land and property to the persons and on terms set forth and described in said petition. Dated this 20th day of April, 1926. Albert H. Enersen, Judge of the District Court. 41-2ts

10. April 28, 1926 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, April 28, 1926

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April 21-28 STATE OF MINNESOTA, COUNTY OF REDWOOD, IN DISTRICT COURT, NINTH JUDICIAL DISTRICT. Notice of Hearing to the creditors of The First National Bank of Redwood Falls, of the petition of L. R. Ewart, Receiver, of The First National Bank, to sell Lot Number Twelve (12), of Block Number Sixteen (16), in the Village, now City of Redwood Falls, according to the plat thereof, on file and of record in the office of the Register of Deeds of said Redwood County, to certain persons described in said petition. L. R. Ewart as Receiver of the First National Bank of Redwood Falls, having duly filed in this Court on the 20th day of April, 1926, his petition, wherein and whereby, he respectfully requests the Court, among other things, to issue its Order, directing him to sell Lot Number Twelve (12), of Block Number Sixteen (16), in the Village, now City of Redwood Falls, according to the plat thereof on file and of record in the office f the Register of Deeds of said Redwood County, to certain persons, for a consideration and on terms fully set forth in said petition, and whereas, said petitioner requests said Court to issue its order for a hearng on said petition, and that due notice of said hearing be given to the creditors of The First National Bank of Redwood Falls. NOW, THEREFORE, IT IS ORDERED by the Court that a hearing be had on said petition at 9 o'clock A. M. on the 1st day of May, 1926, or as soon thereafter as same can be heard, in the Court Room at the Court House in Redwood Falls, Redwood County, Minnesota, and that said notice of hearing be published in the Redwood Gazette, a weekly newspaper, printed at Redwood Falls, Minnesota, for two consecutive publications, and that all known creditors, and all other persons of interest, appear at said time and place and show cause, if any they have, why the prayer in said petition should not be granted to the petitioner, to sell the above land and property to the persons and on terms set forth and described in said petition. Dated this 20th day of April, 1926. Albert H. Enersen, Judge of the District Court. 41-2ts

11. April 27, 1927 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, April 27, 1927

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# COURT NOW AT WORK ON CO.'S CRIMINAL CASES (Continued from page one) continued. Below is given a list of the cases to be heard before the judge in chambers: In the Matter of the Collection of Personal Property Tax for the year of 1925 against State Bank of Lamberton; In the Matter of the Collection of Personal Property Tax for the year of 1926 against P. J. Brantman; John Bendixen against Walter K. Nelson; William Raveling, Receiver of Central Minnesota Loan and Investment Company against F. Shandera, et al; Wm. Raveling, Receiver of Southern Minn. Loan & Investment Co. against Knute Anderson, et al; A. J. Veigel, Commissioner of Banks, Receiver of the First State Bank of Walnut Grove against E. E. Coverse, et al; A. J. Veigel, Commissioner of Banks, Receiver of First State Bank of Walnut Grove against E. E. Converse, et al; First Evangelical Lutheran Congregation of Belview against M. F. Mommsen, et al, continued; A. R. A. Laudon, as Trustee against First National Bank of Redwood Falls and L. R. Ewart, receiver; A. J. Veigel, Receiver of First State Bank of Walnut Grove against Frank B. Pettit; L. R. Ewart, as receiver of the First National Bank against Otto Lindeman; Farmers State Bank of Belview against C. J. Scott, et al; In the Matter of the Appeal by Fred Potzler, from an Order of the Town Board of Morgan Township; H. A. Sodergren against C. J. Mealy, et al; Clara Vierling against John Vierling; John Bittner, et al, against E. P. Eickholt; In the Matter of the Appeal of J. A. Shank from an Order of the County Board; Wm. Kurtz, et al against August F. Bloedow; John Franta against John R. Becker; Marvin Mace against Emma Mace; Courtland State Bank against Pliny Terry, et al; Independent School District No. 84 against Charles P. Goblisch, et al; Hugh McPhee against August Fenske; F. R. Smith, Receiver of Bigstone State Bank, et al against Carrie Hanska, et al; Effie Masche, et al against John Haas, et al; Effie Masche, et al against John Haas, et al; Annie Carkhuff, and K. Neutson against J. M. Little, et al. On the criminal calendar the case of the State of Minnesota against Albert Johnson was continued; In the case of the State of Minnesota against Henry Hoffman the defendant plead guilty to writing checks without funds and was fined $100.00. In the cases of the State of Minnesota against John Bauer and the State of Minnesota against Joe M. Hlarka the defendants plead guilty to issuing checks without funds and were fined $50.00 each and costs.