8670. State Bank (Redwood Falls, MN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
February 1, 1933*
Location
Redwood Falls, Minnesota (44.539, -95.117)

Metadata

Model
gpt-5-mini
Short Digest
4a2759b9309ece7b

Response Measures

None

Description

Articles report a sustained withdrawal/run that forced the State Bank and Trust Company of Redwood Falls to close (failed to open) on February 6, 1933. A receiver was appointed soon after and the bank remained in receivership and liquidated over the following years (RFC loan to receiver, multiple receiver appointments, building sold, dividends paid). No reopening is reported. Cause classified as macro_news/business conditions (depression-driven withdrawals and general loss of confidence). OCR corrections: bank name normalized to State Bank and Trust Company.

Events (9)
1. February 1, 1933* Receivership
Newspaper Excerpt
A receiver has not yet been appointed but it is generally believed that O. A. Stensvad may receive the appointment. G. V. Markey, state bank examiner, arrived Tuesday. O. A. Stensvad began conducting the bank's affairs shortly after it closed February 6 (later replaced). (Article notes receiver activity soon after closing.)
Source
newspapers
2. February 6, 1933 Run
Cause
Macro News
Cause Details
Sustained withdrawals driven by general business conditions and panic during the Depression; depositors moved funds to postal savings and eastern banks; described as a quiet but continual run.
Measures
Bank borrowed from Reconstruction Finance Corporation earlier; board closed bank; depositors' committee later formed to assist liquidation; attempted moratorium/waiver measure was vetoed.
Newspaper Excerpt
Withdrawals over a long period caused the closing; did not open for business Monday morning.
Source
newspapers
3. February 6, 1933 Suspension
Cause
Macro News
Cause Details
Closure ordered after heavy withdrawals and shrinking deposits related to the Depression and loss of confidence.
Newspaper Excerpt
The State Bank and Trust company of Redwood Falls did not open for business Monday morning ... closed by order of the board of directors.
Source
newspapers
4. March 2, 1933 Other
Newspaper Excerpt
Depositors elect committee to aid bank liquidation ... depositors' committee of the State Bank and Trust company of Redwood Falls to help the receiver liquidate the bank's assets.
Source
newspapers
5. September 14, 1933 Receivership
Newspaper Excerpt
New Bank Receiver Fred H. Hahne ... is the new receiver in the closed State Bank and Trust company. He replaces O. A. Stensvad who began conducting the bank's affairs shortly after it closed February 6. Mr. Hahne assumed his new duties last week.
Source
newspapers
6. March 12, 1934 Other
Newspaper Excerpt
Reconstruction Finance corporation announced ... State Bank & Trust Co., Redwood Falls (receiver) $320,000 (RFC loan to receiver).
Source
newspapers
7. August 30, 1934 Receivership
Newspaper Excerpt
G. A. Johnson ... came here this week to succeed Fred H. Hahne as receiver of the State Bank and Trust company of Redwood Falls ... He has been with the banking department since 1926.
Source
newspapers
8. January 17, 1935 Other
Newspaper Excerpt
Liquidation reached 82 percent of deposits; editorial notes no run occurred at other bank; bank's payout brought liquidation to 82 percent of deposits.
Source
newspapers
9. April 4, 1935 Other
Newspaper Excerpt
Sell State Bank Building To Ewart ... purchased the former State Bank building ... following approval of the sale by Judge Enerson; George A. Johnson, receiver, testified.
Source
newspapers

Newspaper Articles (12)
1. February 9, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, February 9, 1933

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George Olson Recalls Thrills of War After Receiving Purple Heart Was Wounded, Gassed in Battle Withdrawals Force of Argonne Forest; Is State Bank Closing Second Honored The State Bank and Trust company Because he was wounded, gassed of Redwood Falls did not open for and in grave danger of losing his life business Monday morning. It was in the World War, George W. Olson of Redwood Falls was awarded a closed by order of the board of directors. Purple Heart by the United States Frozen assets and continued withGovernment in recognition of his drawals over a long period caused the bravery during the war. closing. Time certificates which Mr. Olson says he wil never forget amounted to $542,926.32 December 31, the battle in the Argonne Forest when 1931 had shrunk to $311,543.91 at the he was trapped in a shell hole while end of last year. Savings accounts his company was making a drive over fell off from $100,691.42 to $75,677.82 the top. in the same period and checking acThey had been stationed in the counts fell from $415,386.78 to $311,front lines since September 26 and 543.91. Undivided profits which were were ordered October 3 to make a $16,601.88 in the 1931 report were drive over the top. Bullets started only $3,396.35 at the end of 1932. flying fast and furiously Mr. Olson Most of the withdrawals were due said and the squad divided. He dropto business conditions which forced ped into a shell hole with a fellow many persons to live on savings. named Rogers from North Dakota Much of the money, however, went They had been there several mininto postal savings and was shipped utes when Rogers got out of the hole east or deposited in banks able to buy and started running back to the securities, many of them from the American lines. He was shot by a east, as collateral. The bank borrowGerman sniper before he had gone ed $149,320 from the Reconstruction more than ten yards and died inFinance Corporation some time ago. stantly. A moratorium might have been deAlone in the hole, facing a possiclared and depositors asked to sign bility of the Germans starting a waivers but a measure allowing such march and with the eyes of the snipaction approved by the legislature ers watching, Mr. Olson waited for was vetoed by the governor. some break which might get him back A receiver has not yet been apto the lines. pointed but it is generally believed He edged up the side of the hole that depositors' losses will not be until his head with his steel helmet heavy if the bank's creditors are givwas sticking over the top. A gunner en sufficient time to refund their borsaw him and fired. The bullet struck rowings. G. V. Markey, state bank him above the brim of the helmet and examiner, arrived Tuesday. Although glanced off. no receiver has been announced it is "I decided he was too good a shot understood that O. A. Stensvad may for me to be sticking my head over receive the appointment. the top," Mr. Olson said, "so I pulled L. R. Ewart, vice president of the in my neck." He piled large hunks Citizens State Bank, declared the of dirt at the hole's edge with peep situation is not as bad as it might at holes between the chunks SO he could first seem. He is among those who watch the enemy. "I waited several believe the depositors will get most minutes," Mr. Olson continued, "beof their money-eventually.. fore I saw them leave their trenches "If there was ever a time," he and start toward the hole in which I stated "that civic loyalty was needed, was sitting." it is now. Faith in the community He crawled from the pit on his and its institutions will pay untold hands and knees and started for a pile dividends but losing our heads will of brush several rods to his left. On get us nowhere. the way, he saw a member of his He pointed out that "money investtroop lying on the ground wounded ed within the last five years in anyand groaning. He tried to drag him thing other than government bonds with him but a bomb from the Gerhas suffered a far greater loss than man guns struck close by and cut Mr. money deposited in closed banks. Olson in several places as it spread. Careful consideration of these facts His leg was badly bruised from will in due time solve the situation shrapnel and his canteen was smashin a satisfactory manner." od from his hin Uis helt - also

2. March 2, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, March 2, 1933

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DEPOSITORS ELECT COMMITTEE TO AID BANK LIQUIDATION Weeks, White, Backer, Knudson, Huhnerkoch Named at Meeting Monday Frank Weeks, A. J. White, Charles Huhnerkoch, J. F. Knudson and L. E. Backer were elected members of the depositors' committee of the State Bank and Trust company of Redwood Falls to help the receiver liquidate the bank's assets at a public meeting held in the court rooms in the court house Monday afternoon. About 130 crowded the court rooms and heard A. C. Dolliff, chairman, explain the purpose of the gathering and what can be accomplished with whole-hearted support of the depositors. He explained that the committee would work without pay for the benefit of the depositors. It was moved that the chairman name five persons, including the chairman, who would place ten names before the voters and that the five receiving the highest number of votes make up the committee. The motion was passed. Mr. Huhnerkoch, Rev. J. P. Linn, W. S. Brammer and Mr. Backer were appointed. The committee named the following Mr. Knudson, Mr. White, Mr. Weeks, Mr. Huhnerkoch, B. H. Kuenzli of North Redwood, Dr. A. Asleson, Mr. Brammer, E. W. Currier, H. F. Buechner and Mr. Backer. When the committee was announced someone remarked that five of the men were stockholders of the bank. Leon H. Brown suggested adding new names to the list but Rev. Linn stated that the motion had been passed and these men had been chosen and the result should not be changed. His suggestion was carried out. Parker D. Sanders, George A. Paton and Mr. Brown were chosen to act as tellers. A total of 127 votes were cast but only 126 were counted as one voter voted for six of the ten men. Frank Weeks received 103 votes; Mr. Backer, 93; Mr. Huhnerkoch, 74; Mr. Knudson, 70 and Mr. White, 62. Mr. Dolliff told the group that although Mr. Weeks was a director of the bank and was the second largest depositor and knew the condition of it before it closed, he did not withdraw one cent of money. The group was also told that the stockholders who are on the depositors' committee, do not owe money to the bank.

3. March 16, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, March 16, 1933

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Official Proceedings of the BOARD OF COUNTY COMMISSIONERS Redwood County, Minnesota Commissioners' rooms, Redwood county, Minnesota, Redwood Falls, Minnesota, March 7, 1933. The board of county commissioners convened in a special session at 10 o' clock a. m. on the above given date. All members of the board were present. On motion of E. A. Pease and duly passed, it was recommended that the 1931 personal property tax of the Model Ment Market, Redwood Falls, Minn. be abated and sent to the State Tax Commission for its approval. On motion of J. P. Kragh and duly passed, the principal installments of County Ditch No. 35 was extended for four years, including 1932 taxes. On motion of E. A. Pease and duly passed $4,000.00 was borrowed from the Building Fund for the Revenue Fund and $5,000.00 was borrowed from the Road and Bridge Fund for the Revenue Fund. On motion of Phillip Raveling and duly passed, the additional securities of $6000.00 furnished by Citizens State Bank of Redwood Falls was accepted. E. A. Pease offered the following resolution and moved its adoption: "Whereas, it has come to the attention of the County Board that A. W. Bradley, formerly of Le Sueur county, Minnesota and Mrs. De Groat and family, formerly of Becker County, Minnesota have made applications for poor relief to John Arends, county commisisoner of Redwood county, Minnesota, and Whereas, the said W. A. Bradley and Mrs. De Groat and family are nt residents and have no settlement in the County of Redwood, and the said W. A. Bradley does have settlement in Le Sueur County, Minnesota and the said Mrs. De Groat and family do have settlement in Becker County, Minnesota. Now, therefore, L. J. Kise, Sheriff of Redwood County, is hereby ordered and directed to transport the said W. A. Bradley from Redwood County, Minensota to Le Sueur county, Minnesota, forwith the said Mrs. DeGroat and family from Redwood County to Becker County, Minnesota forthwith, and that if said sheriff does not personally transport the said persons to their respective counties, then he shall authorize and direct to transport said persons, together with their household goods to said respective counties." The above resolution was adopted unanimous vote. by On motion of E. A. Pease and duly passed, the Auditor of Redwood County, Minnesota was ordered to advertise for bids for Barber Work at the County Home, and County Commissioners will receive bids on April 4, 'W "B 10 te 1933 On motion of Herman Muetzel and duly passed, all bids for bridge planks were rejected. On motion of Herman Muetzel and duly passed, the County of Redwood will discontinue paying crow bounty. On motion of J. P. Kragh and duly passed the hearing on petition of Joe Kuelbs asking to have the North half of the Northeast Quarter of Section Three, Township One Hundred Ten, Range Thirty Five set off from School District No. 86 to School District No. 105 be heard at one o'clock p. m., V April On motion of Prilip Raveing and duly passed, the application of Art Crouse for reduction in assessed valuation of personal property be accepted and sent to the State Tax Commission for its approval: E. A. Pease offered the following resolutions. Whereas, the personal property tax of the Model Meat Market located in the City of Redwood Falls for the year 1931 in the sum of eighty and 67-100 ($80.67), tax and penalty, was unpaid and uncollected. And whereas, the said Model Meat Market has filed a petition in bankruptcy and there are no assets in said 'tsn.r And Whereas, Further, the personal property tax levied against said Model Meat Market for 1932 is in the sum of Ffity-six and 83-100 Dollars ($9998) And Whereas, the State Bank and Trust Company of Redwood Falls closed and become insolvent on the 6th day of February, 1933, and said bank has a chattel mortgage on some of said personal property belonging to said Model Meat Market. And Whereas, the receiver of said State Bank and Trust Company has offered to pay the personal property tax levied against said property for the year 1932 providing the 1931 tax abbated. SI Be It Resolved, by the County Board of Redwood County that we recommend to the Tax Commission that said 1931 personal property tax in the sum of Eighty and 67-100 Dollars ($80.67) be abated and cancelled upon payment by the said receiver of said bank of the 1932 personal property tax." Said resolutions being adopted by unanimous vote of the board. On motion of Phillip Raveling and duly passed, the applications of the following abatement of penalties were accepted and sent to the State Tax Commission for their approval:

4. September 14, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, September 14, 1933

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New Bank Receiver Fred H. Hahne, formerly of Mankato, is the new receiver in the closed State Bank. and Trust company. He replaces O. A. Stensvad who began conducting the bank's affairs shortly after it closed February 6. Mr. Hahne assumed his new duties last week.

5. December 28, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, December 28, 1933

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# Effort To Restore Prosperity Big 1933 Story # Annual Summary Reveals Progress Toward Recovery Depression at Bottom as State furniture business over to sons. Bank Closed February 6; Dr. G. A. Alexander's car stolen; Holiday Followed found after crashing into tree. January 19, 1933 Once again the Gazette reporter thumbs back through Gazette files to Fair officials have bad dreams as compile the annual summary of high- budget commissioner at St. Paul pro- lights in the history of Redwood and poses eliminating state support. nearby counties. Once again he finds Business men ask council to adopt an interesting year - perhaps the scrip money. most interesting in history although Cardinals defeat Sleepy Eye 20 to undoubtedly not the happiest. 16. Economic conditions and the efforts Holiday group at Willmar asks debt to restore general prosperity have and tax moratorium. been the "big story of the year," a War and politics to blame for de- story with many chapters and one that pression, Laudon says at tax meet- is still to be concluded, perhaps in 1934. ing. It is a story of interest to every cit- City's personal property tax is izen-one of rebuilding from fallen slightly lower, although some pay standards by the trial and error more. method-a puzzle being fitted togeth- Even firemen had quiet 1932, only er piece by piece by experts while called 24 times. some look on amazed at their skill Highway department announces and others yell for greater speed. split-work program. Cardinals defeat New Ulm 28 to 18. February 2, 1933 The depression was most felt in Redwood Falls the morning of Febru- A. W. Park suggested practical ary 6 when the State Bank and Trust plan of farm relief by summer fal- company failed to open. Below zero lowing, organization similar to weed weather and a cutting wind added to control plan. the gloom that day. By March 4 the Allotment plan, other help needed national bank holiday was accepted as to restore agricultural prosperity, a matter of course, an experience far Trovatten says at Farm Bureau meet- more interesting and less gloomy ing. than the one of a month before. Oil station bandits get $77 in raids here and at Fairfax. Then swift action by the new ad- Scrip plan still under consideration. ministration caught the fancy of all. With banks reopening almost every- where, business started upstream in late March and most firms enjoyed their best summer in recent years. The market for farm products was on the upgrade most of the summer, bringing new money into a hard-press- ed community. Part of the improved price has been attributed to specula- tion and was lost in the late summer although markets are still well above the level of a year ago in almost everything except livestock. From week to week in the follow- ing review, one can trace the efforts made by the administration to bring the nation out of the valley. Many steps have already been taken while others started, are still to be complet- ed. Perhaps the entire story we are speaking of reached a climax late in November when 4,000,000 men receiv- ed the news that jobs are forthcom- ing. Redwood county put its quota on the payroll doing useful work in rec- ord time. The normal number of accidents occurred through the year taking the lives of several persons, in most cases youths or children. Many hardy pio- neers known and revered throughout the county completed their lives on earth. The city's outstanding accomplish- ment of the year was the decision to improve its sewage system. A new church and two new gas stations as well as other business improvements gave employment and added to the beauty of the city. In the face of failure of city scrip money to accomplish the purpose for which it was intended, the Kolbet Dairy performed the outstanding service to the community by issuing a scrip of a different nature which help- ed greatly in keeping business alive and preventing privation during the bank holiday. Even in a busy year of partial re- covery, Redwood Falls found time for sports and enjoyed watching a polish- ed high school basketball team win the district championship and a rapidly improved grid eleven hold Glencoe to a scoreless tie and defeat Montevideo. Professional sport events included the February 9, 1933 Scrip finally adopted to provide work for unemployed. Farm Holiday association makes suggestions to governor. George Olson awarded purple heart. Fred Anthony, city engineer, urged Lions club to get behind sewage dis- posal plant. Thermometer hits 30 below, coldest in 21 years. Spirit of city well below that. The State Bank and Trust is closed. February 16, 1933 M. L. Wilson praises Park plan for farm recovery. Commissioners decide voters can settle county agent question in 1934. Many farmers have difficulty find- ing farms to rent. Council opposes Bell plan for state control of expenditures. Scrip money in circulation, $100 given relief association. Redwood High school lost to New Ulm here 26 to 22. Gazette scores scoop on story of attempt made on Roosevelt's life at Miami. February 23, 1933 Tests show new market for corn as fuel for cars. Redwood finishes district season in second place, Winthrop winning. Stock truck tips over in city with load of cattle and hogs. Fire destroys three buildings on Brookville farm. March 2, 1933 Four fire departments called to serious fire at Milroy. State bank depositors elect com- mittee on liquidation. Mrs. Margaret Leslie, Delhi, ob- serves birthday No. 102. Ring of thieves broken with cap- ture of nine at Montevideo. Quesenberry sale stoppedd by order given to sheriffs. Another scoop: Thomas J. Walsh, auto accident. More births, fewer marriages and deaths in county in 1932. Redwood county farmers comment favorably on farm bill. Annual spring style show held at Redwood theatre. Louise Beauty shop moved into new quarters. Mrs. John Lauterbach Jr. to head P. T. A. April 6, 1933 Commissioners adopt plans for re- lief gardens, determine menus for families "on county." Sanborn woman shot by brother-in- law, recovers; assailant commits sui- eide. Council acts to permit beer sales here under strict ordinance. Bill in legislature rewritten, plac- ing Redwood county in the seventh district. Farm produce prices show steady gain since February lows. April 13, 1933 Chorists of Springfield, Redwood unite for Easter Oratorio. R. V. Ochs elected president of golf club. Thirty-seven garden plots allotted to 32 needy families. Jurors dismissed before convening in unusual term. Mayor, police report less drunken- ness since beer returned. Morgan bank reopens, gets $35,000 first day. F. W. Peck added to farm board staff. April 20, 1933 Legislature adds Morgan road to highway system. Arthur Kortgard of Sacred Heart killed in accident west of city. Penniless family of four enroute to Iowa get help here. Wheat makes six cent gain in week. Central Co-Operative association holds meeting in county. Flames damage Vesta hotel. April 27, 1933 Legality of city's scrip questioned by attorney-general. Mrs. B. H. Kuenzli, 51, dies sudden- ly. Suit brought to stop payment on county printing. High school glee clubs present "Belle of Bagdad." Mr. and Mrs. T. E. Ellingson, Wa- basso, observe golden wedding. Rural students have old-fashioned spelldown. 444 laws passed by legislature, ses- sion closes. May 4, 1933 Wheat reaches 62 cents here as farm bill becomes law. Council grants two beer licenses, closes rest room. Mrs. Clark, sentenced to six months in jail, her husband, John Clark, and two children commit suicide. Commissioners decide to build new bridge at North Redwood. Clerk reports 190 personal property tax delinquencies in the county. May 11 1933 Farm Relief bill ready for Roose- velt's signature. Rev. Claude E. Ireland urged vet- erans loyalty at memorial program. Work begun on new Skelly Oil plant; Webb station sold. Grain dealers of two states meet here. Per capita wealth of county sev- enth from top in state. Redwood to have baseball team in Depression league. May 18, 193 Vicious hail storm does slight dam- age. Seven Belview veterans receive purple hearts. Farmers Elevator at North Red- wood burned to the ground. Charles Dirlam and Logan Fore- man win high honors in the senior class. Jay Potter, Vesta, hurt in 20 foot fall. Plan announced to take 42 Redwood county youths in C. C. C. May 25, 1933 Seaforth girl, 16, kidnaped, releas- ed. Four Gold Star mothers honored at Citizenship club meeting. Mrs. Frank Brau of Lucan, 97, died, Redwood Falls team lost its first two league games. Betty McKay, 9, seriously injur- ed when struck by car, recovering. "Sunshine Lane" presented by sen- ior class. June 1, 1933 Harold N. Rogers, Minneapolis, spoke at Memorial day program. McDonnell urged sensible tax cut- ting at taxpayers picnic. Company L highly praised by ad- jutant-general. Sheriffs arrested jailbreaker and man who aided escape. Joseph R. Keefe appointed Red- wood Falls postmaster. Marriages, divorces run behind prosperous days. June 8, 1933 Roosevelt working biggest jig-saw puzzle, L. S. Kelehan said at Farm Bureau picnic. Forty-two selected for forest camps left from North Redwood. North Redwood Farmers Elevator company purchased Pacific elevator. North Redwood hill road, other jobs gave employment. Redwood Falls won first game in league. Brookville buildings damaged by wind. Seed growers planned to capitalize on weed plan publicity. New era dawning, Dr. Grata told seniors at commencent. Wood Lake school picnic ended in drowning tragedy. Council moved to improve sewage system. June 15, 1933 W. T. Willcox, pioneer merchant, died. Order stopping county printing payment denied. Robert W. Whyte and George T. Freyer elected to high I. O. O. F. of- fices. Carl Feige of Vail, 90, died. Mr. and Mrs. John Hillig completed 50 years of married life. Mayor announced extra police will enforce laws on driving to fires. Fight card planned, Ward Cuff won prizes, diamond ball started, Wabas- so team performed triple play, J. D. Ziegler helped Redwood beat New Ulm with hole-in-one. June 22, 1933 "Million Dollar" rain ended drouth six day heat wave. Fire at Dan Powers farm interrupt- ed Beaver Falls dance. Theodore Christianson spoke at Morgan creamery picnic. Department of agriculture plans to control wheat production announced. June 29, 1933; Prices for grains made substantial gains. Preliminary O. K. given sewage improvement plans by state board. New Webb station to be built. Big Six sluggers collected 94. hits in three games. Redwood golfers third in eight team field at Madison. July 13, 1933 Many farmers marketed gram at greatly improved prices. Council called special election on sewage project. August Carity, 73-year-old pioneer, died. County levy increased $20,000 be- cause of old age pensions. Redwood county wheat allotment 308,600 bushels. Renville justice, farmer fined for dynamiting river. Lucam installed floodlights for dia- mondball. Misss Arlene Sampson named Miss Redwood Falls. July 20, 1933 Many enrolled for swimming class es, carnival planned. (Continued on page six) # WHOOPEE NEW YEAR -at the SPANISH VILLAGE in the RITZ HOTEL! -soft lights . . . a hot floor show and the best dinner in town! -all for $2 per person. -Wire NOW FOR RESERVA- TIONS . . . Second Ave. So., at Washington, Minneapolis.

6. March 13, 1934 Star Tribune Minneapolis, MN
Article from Star Tribune, March 13, 1934

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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.

7. March 16, 1934 St. Cloud Times Saint Cloud, MN
Article from St. Cloud Times, March 16, 1934

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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.

8. August 30, 1934 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, August 30, 1934

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G. A. Johnson is New State Bank Receiver G. A. Johnson, who has been in charge of liquidation of the bank at Scandia, came here this week to succeed Fred H. Hahne as receiver of the State Bank and Trust company of Redwood Falls, the Farmers and Merchants bank at Morgan and the State Bank of Franklin. Mr. Johnson is a brother of J. Albert Johnson and lived here years ago. He has been with the banking department since 1926, first having charge of several closed banks near Thief River Falls and has been at Scandia the last 18 months. He plans to move his family here soon. Mr. Hahne moved to Manistique, Michigan, recently to take charge of a new bank there.

9. January 17, 1935 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, January 17, 1935

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R. C. Sletten, assistant receiver of the State Bank and Trust Company of Redwood Falls, will leave the latter part of this week or the first of next week for his home at Willmar. Mr. Sletten, who succeeded C. C. Enestvedt of Belview last September, explained that the liquidation of the bank has reached such a stage that his services are no longer needed. He will resume farming operations.

10. April 4, 1935 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, April 4, 1935

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Sell State Bank Building To Ewart L. R. Ewart Saturday purchased the former State Bank building on Second street for $12,000, following approval of the sale by Judge Albert H. Enerson who held a hearing on the matter at the court house that morning. Mr. Ewart, vice-president of the Citizens State Bank, bid on the building personally after George A. Johnson, receiver of the bank, testified that the price was a fair one. As yet Mr. Ewart has not announced his intentions in regard to the disposal of the building.

11. August 15, 1935 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, August 15, 1935

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21/ Years OING BACK through Gazette files on an errand last week, we came across G the account of the closing of the State Bank and Trust company two and one-half years ago and an editorial written a day or so later entitled, "Still Looking Up." Intrigued by the coincidence of this discovery and the arrival of the 12 per cent dividend the same day which brought the bank's liquidation to 82 per cent of deposits, we read both the story and the editorial through quite carefully. Comment was made there upon the fact that the incident, while of immense importance to the community, passed with very little excitement. No "run" occurred at the other bank. Sympathy far more than criticism of the bank's officers characterized all discussions of the closing. The editorial predicted, and the prediction has proved correct, that the setback would soon be forgotten in a community which has natural trade advantages and an indomitable spirit to move forward. It also predicted that the bank would pay out most of what depositors then considered "lost," an attitude which was also expressed in an interview given by L. R. Ewart of the Citizens bank at the same time in which he said that depositors would lose less by the closing than most investors had lost or would lose in other investments made before or during the depression period. This has proved true. The opinion has often been expressed recently that "the bank never should have closed," a view based on the payout. This is true if the quiet but continual "run" on the institution could have been stopped by some miracle during the days preceding the closing. It was the frightened depositors that forced the stockholders to take the action they did. Had the drain been allowed to continue, assets would necessarily have been sold on the distressed market of that day at great loss, increasing the eventual loss of loyal depositors unless the moratorium, which no one foresaw, had arrived in time. Today Redwood Falls has recovered and is steadily approaching the day when a second bank will be generally welcomed. In deciding on charter applications, the banking department apparently has felt that the bank which has served through profitless years is entitled to an opportunity to make up for lost time before competition divides its income. When the new bank comes, it should be backed and operated by experienced men with good records, with plenty of resources and independent of all factions and bank groups. Beyond that we have no interest in who gets the charter.

12. May 2, 1940 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, May 2, 1940

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Elsie Howe Resigns Welfare Job; To Wed Chief clerk of the Redwood county welfare office since its establishment six and one-half years ago, Elsie Howe has resigned and plans to leave after May 15. Mary J. Campion began work Wednesday to replace Miss Howe in the auditing department of the office. In 1933, Miss Campion was employed for four months in the State Bank and Trust company of Redwood Falls while it was in receivership. Her home is at Graceville and she has been working at Faribault. She is living at the C. A. Luscher home. Miss Howe who plans to be married this month, was honored at a bridal shower at the home of Jean Tucker, executive secretary to the county welfare board and Margery Nash. A surprise affair, it was attended by members of the welfare staff, Irene Helland, librarian and Miss Howe's friends in the courthouse. Her co-workers presented her with dishes and a table cloth and there were other gifts.