8806. First National Bank (Westbrook, MN)

View Charter #6412 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
6412
Charter Number
6412
Start Date
December 1, 1933*
Location
Westbrook, Minnesota (44.042, -95.436)

Metadata

Model
gpt-5-mini
Short Digest
828e74820b169b9e

Response Measures

None

Receivership Details

Depositor recovery rate
80.4%
Date receivership started
1931-09-04
Date receivership terminated
1937-02-15
OCC cause of failure
Economic conditions
Share of assets assessed as good
47.3%
Share of assets assessed as doubtful
48.4%
Share of assets assessed as worthless
4.3%

Description

Articles (Mar 1934) list First National Bank of Westbrook as '(receiver)' and show an RFC loan of $40,000 in December 1933. No article describes a depositor run; the bank was in receivership (i.e., closed) and received RFC assistance. Classified as suspension_closure because the bank suspended payments/operations and a receiver was assigned (closure). Dates inferred from RFC loan month (Dec 1933) and newspaper publication (Mar 1934).

Events (3)
1. September 6, 1902 Chartered
Source
historical_nic
2. September 4, 1931 Receivership
Source
historical_nic
3. December 1, 1933* Receivership
Newspaper Excerpt
First National of Westbrook (receiver), $40,000.
Source
newspapers

Newspaper Articles (2)
1. March 13, 1934 Star Tribune Minneapolis, MN
Article from Star Tribune, March 13, 1934

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Article Text

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.

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

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Article Text

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.