9468. Appleton State Bank (Appleton, MN)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
November 1, 1921
Location
Appleton, Minnesota (45.197, -96.020)

Metadata

Model
gpt-5-mini
Short Digest
0b435f44

Response Measures

Capital injected, Full suspension, Books examined

Other: Reorganization under local capital; state banking department placed affairs in charge.

Description

Newspapers report a run triggered by circulating rumors that led to the bank's closure and state banking department taking charge. The bank later reorganized under local control and reopened (article gives reopening date Dec 31, 1921). I corrected chronology using dates reported in the articles.

Events (3)
1. November 1, 1921 Run
Cause
Rumor Or Misinformation
Cause Details
Circulation of rumors about the bank's stability prompted heavy withdrawals by depositors.
Measures
None specified beyond bank officials attempting to meet demands until cash supply exhausted.
Newspaper Excerpt
The bank closed November 1, following a run on its funds by depositors after rumors gained circulation as to its stability
Source
newspapers
2. November 1, 1921 Suspension
Cause
Rumor Or Misinformation
Cause Details
Following the run precipitated by rumors, officials closed the bank and the state banking department took charge of its affairs.
Newspaper Excerpt
The Appleton State Bank was closed last Thursday morning and its affairs are now in charge of an official of the state banking department.
Source
newspapers
3. December 31, 1921 Reopening
Newspaper Excerpt
The Appleton State Bank, re-organized and under control of local capital will open for business next Saturday morning, December 31, according to an announcement of the officials of the new organization given out yesterday afternoon.
Source
newspapers

Newspaper Articles (2)
1. November 11, 1921 Morris Tribune Morris, MN
Article from Morris Tribune, November 11, 1921

Click image to open full size in new tab

Article Text

Appleton Bank Closed Appleton Press.-The Appleton State Bank was closed last Thursday morning and its affairs are now in charge of an official of the state banking department. This result followed the circulation last week of various rumors as to the condition of the bank with the result that the demands of depositors for their money on Saturday and Monday reached proportions of a "run" and with their cash supply exhausted on Monday officials felt it useless to attempt to conduct the regular business of bank further. There appears at this time no indication that the depositors who were unable to withdraw their funds, will suffer any loss other than that occasioned by having them tied up while the bank's affairs are being adjusted. The bank it is held is solvent and was merely a victim of the general condition resulting in slow liquidation of its papers, and a sufficient reserve to meet the demand for cash.

2. January 6, 1922 Morris Tribune Morris, MN
Article from Morris Tribune, January 6, 1922

Click image to open full size in new tab

Article Text

Appleton Bank Re-Opens. Appleton Press.-- The Appleton State Bank, re-organized and under control of local capital will open for business next Saturday morning, December 31, according to an announcement of the officials of the new organization given out yesterday afternoon The bank closed November 1, following a "run" on its funds by depositors after rumors gained circulation as to its stability, and its affairs since that date have been in charge of an official of the state banking department. Control of the bank previously vested in non-residents of this community has passed to local men in the re-organization of the institution.