First National Bank (Biwabik, MN)

View Charter #8697 on SPMC View balance sheet

Episode Information

Episode Type
Suspension → Closure
Start Date
May 10, 1927
Location
Biwabik, Minnesota (47.533, -92.340)
Bank Type
national
Charter Number
8697

Metadata

Episode ID
Bank ID
City ID
270660819
Model
gemini-3-flash-preview
Short Digest

Receivership Details

Depositor recovery rate
67.4%
Date receivership started
1927-05-10
Date receivership terminated
1932-07-01
Share of assets assessed as good
52.3%
Share of assets assessed as doubtful
24.7%
Share of assets assessed as worthless
22.9%

Notes

The articles only mention the bank in the context of its receiver's political candidacy; the suspension and closure are inferred from the receivership status.

Events (4)
1. May 18, 1907 Chartered
Source
historical_nic
2. May 10, 1927 Receivership
Newspaper Excerpt
at present being employed by the National Banking Department of the U. S. Government as Receiver of the First National Bank of Biwabik.
Source
newspapers
3. May 10, 1927 Receivership
Source
historical_nic
4. * Suspension
Cause Details
Bank was in receivership, implying a prior suspension and closure.
Source
newspapers

Newspaper Articles (4)
1. October 19, 1928 The Ely Miner Ely, MN
Article from The Ely Miner, October 19, 1928

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Article Text

CANDIDATE FOR PROBATE JUDGE DANIEL WAITE Daniel Waite, Candidate for Probate Judge of St. Louis County has been a resident and tax payer of this County for over 30 years and, although never before a candidate for public office, is being supported by many voters who feel that a change in this office is desirable. Mr. Waite promises that if elected he will inaugurate much needed reforms that will guarantee greatly reduced expenses in administering small estates and promptness in final settlements. His legal and financial experience have well fitted him for the duties of this office, having practised law in Duluth for many years and at present being employed by the National Banking Department of the U. S. Government as Receiver of the First National Bank of Biwabik.

2. October 26, 1928 The Ely Miner Ely, MN
Article from The Ely Miner, October 26, 1928

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Article Text

DANIEL WAITE

Daniel Waite, Candidate for Probate Judge of St. Louis County has been a resident and tax payer of this County for over 30 years and, although never before a candidate for public office, is being supported by many voters who feel that a change in this office is desirable.

Mr. Waite promises that if elected he will inaugurate much needed reforms that will guarantee greatly reduced expenses in administering small estates and promptness in final settlements. His legal and financial experience have well fitted him for the duties of this office, having practised law in Duluth for many years and at present being employed by the National Banking Department of the U. S. Government as Receiver of the First National Bank of Biwabik.

3. November 2, 1928 The Ely Miner Ely, MN
Article from The Ely Miner, November 2, 1928

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Article Text

DANIEL WAITE

Daniel Waite, Candidate for Probate Judge of St. Louis County has been a resident and tax payer of this County for over 30 years and, although never before a candidate for public office, is being supported by many voters who feel that a change in this office is desirable.

Mr. Waite promises that if elected he will inaugurate much needed reforms that will guarantee greatly reduced expenses in administering small estates and promptness in final settlements. His legal and financial experience have well fitted him for the duties of this office, having practised law in Duluth for many years and at present being employed by the National Banking Department of the U. S. Government as Receiver of the First National Bank of Biwabik.

4. November 2, 1928 The Ely Miner Ely, MN
Article from The Ely Miner, November 2, 1928

Click image to open full size in new tab

Article Text

DANIEL WAITE

Daniel Waite, Candidate for Probate Judge of St. Louis County has been a resident and tax payer of this County for over 30 years and, although never before a candidate for public office, is being supported by many voters who feel that a change in this office is desirable.

Mr. Waite promises that if elected he will inaugurate much needed reforms that will guarantee greatly reduced expenses in administering small estates and promptness in final settlements. His legal and financial experience have well fitted him for the duties of this office, having practised law in Duluth for many years and at present being employed by the National Banking Department of the U. S. Government as Receiver of the First National Bank of Biwabik.