National Bank - Aitkin, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10841
Charter Number: 10841
Start Date: December 1, 1931*
Location: Aitkin, Minnesota (46.533, -93.710)

Metadata

Model: gpt-5-mini
Short Digest: dfade2d3

Response Measures

None

Description

Article (St. Cloud Times, 1932-01-18) reports the National Bank of Aitkin was closed by inspectors in December (1931) for poor collections and its affairs were taken over by the First National Bank of Aitkin; depositors were to be paid in full. No run is mentioned — this is a regulatory closure/takeover.

Events (4)

1. April 21, 1916 Chartered

Source: historical_nic

2. December 1, 1931* Suspension

Cause: Government Action
Cause Details: Closed by bank inspectors in December for poor collections (regulatory action).
Newspaper Excerpt: Because of poor collections, his bank was closed by the inspectors on December last.
Source: newspapers

3. January 18, 1932 Receivership

Newspaper Excerpt: The affairs of the bank have been taken over by the First National bank of Aitkin and that city escapes the tragedy inflicted on many cities by bank failures... provisions were made to pay them 100 per cent on the dollar. The affairs of the bank have been taken over by the First National bank of Aitkin. (St. Cloud Times, 1932-01-18).
Source: newspapers

4. February 2, 1932 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (1)

1. January 18, 1932 St. Cloud Times Saint Cloud, MN

Article from St. Cloud Times, January 18, 1932

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Article Text

WHAT WAS EXPECTED OF HONEST JOHN John B. Galarneault of Aitkin, former resident of Benton and an officer of that county, has been held in high esteem by his many acquaintance of Benton and St. Cloud. They will feel increased confidence in his integrety from his recent experience at Aitkin, where he was at the head of the National Bank of Aitkin. Because of poor collections, his bank was closed by the inspectors on December last. He and other directors of the bank started to protect the depositors and within month the provisions were made to pay them 100 per cent on the dollar. The affairs of the bank have been taken over by the First National bank of Aitkin and that city escapes the tragedy inflicted on many cities by bank failures, where only small percentage of the losses were or will be paid which St. Cloud citizens understand. This from the Aitkin Age: To maintain the honor and integrity of the bank, with which he has been at the head for more than 30 years, Galarneault, and likewise his son, John T. Galarneault turned over and pledged everything they own, borowing on personal assets to meet their own assessments and to assume other assessments delinquent. They put forth every effort to save their depositors from loss and are gratified that this has been successfully accomplished. Their diligent and determined efforts are appreciated by the public.