The article states depositors will be paid in full, but the bank is suspending payment and closing.
Events (1)
1.September 2, 1893Suspension
Cause Details
The article does not specify a cause for the suspension, though it occurred during the Panic of 1893.
Newspaper Excerpt
The Bank of Lanesboro will suspend payment tomorrow, Sept. 2.
Source
newspapers
Newspaper Articles (1)
1.September 2, 1893St. Paul Daily GlobeSaint Paul, MN
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Article Text
Small Bank Fails
Special to the Globe. LANESBORO, Minn., Sept. 1.-The Bank of Lanesboro will suspend payment tomorrow, Sept. 2. Depositors will be paid in full.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.