9469. Citizens Bank (Appleton, MN)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 20, 1900
Location: Appleton, Minnesota (45.197, -96.020)

Metadata

Model: gpt-5-mini
Short Digest: 43e41715

Response Measures

None

Description

State superintendent ordered the bank closed for examination; receiver (C. W. Stanton) was appointed 1900-04-10. No article describes a depositor run. Closure appears permanent (receiver winding up business, referred to as defunct). Cause: insolvency/mismanagement and large cashier defalcation (~$10,000).

Events (6)

1. March 20, 1900 Suspension

Cause: Bank Specific Adverse Info
Cause Details: State examiner found the bank in such condition as to warrant closure; insolvency and poor management (books showed large shortages and misapplied assets).
Newspaper Excerpt: The Citizens' bank was ordered closed by Gen. Pope on the report of Assistant Bank Examiner Edward Ekman about three weeks ago
Source: newspapers

2. April 10, 1900 Receivership

Newspaper Excerpt: Gen. E. M. Pope ... was yesterday advised that his motion for the appointment of a receiver for the Citizens' Bank of Appleton had been granted, and that the court had appointed Charles W. Stanton, of Appleton, as the receiver.
Source: newspapers

3. April 28, 1900 Other

Newspaper Excerpt: BANK CASHIER ARRESTED B. K. SALVERSON, OF DEFUNCT APPLETON BANK, IN CUSTODY ... Complaint Alleges Receiving of Deposits When the Bank Was in Insolvent Condition-Shortage About $10,000.
Source: newspapers

4. May 6, 1900 Other

Newspaper Excerpt: A thorough and complete examination of Mr. Salverson's books has been completed ... In his bills receivable account, Mr. Salverson has something like $9,650 to account for ... collections and collateral notes ... $2,100.
Source: newspapers

5. August 9, 1900 Other

Newspaper Excerpt: Receiver Stanton is at present winding up the business of the bank and Cashier Salverson is enjoying his liberty on bail.
Source: newspapers

6. December 14, 1900 Other

Newspaper Excerpt: The receiver of the Citizens' Bank, of Appleton, which failed some time ago, has sent a check to the state treasurer in full of account ... The check amounted to $2,136.37, with interest to the amount of $49.63.
Source: newspapers

Newspaper Articles (7)

1. April 10, 1900 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, April 10, 1900

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Article Text

STANTON IS RECEIVER HE IS PLACED IN CHARGE OF CITIZENS' BANK OF APPLETON STATE MADE APPLICATION Bank Was Closed Three Weeks Ago When Inspected by Assistant State Bank Examiner Ekman. Gen. E. M. Pope, state superintendent of banks, was yesterday advised that his motion for the appointment of a receiver for the Citizens' Bank of Appleton had been granted, and that the court had appointed Charles W. Stanton, of Appleton, as the receiver. Mr. Stanton, beside being a practicing attorney, is editor of the Appleton Fress, and prominent in the State Editorial association, as well as in politics. The Citizens' bank was ordered closed by Gen. Pope on the report of Assistant Bank Examiner Edward Ekman about three weeks ago, its condition being deemed such as to warrant the interposition of the state officials.

2. April 18, 1900 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, April 18, 1900

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Article Text

MAY BE PROSECUTIONS FURTHER DEVELOPMENTS POSSIBLE IN APPLETON BANK FAILURE leraves robel avant medi RUOMA Receiver C.W. Stanton, of the Citizens' Bank of Appleton, that was recently closed by the public examiner, has been at the state house for several days in conference with Gov. Lind and Public® Examiner Pope. It is understocd that the affairs of the institution are in a somewhat deplorable condition, as the result of poor management of the bank's business in the past. Gen. Pope is acting with Receiver Stanton for the protection of the depositors. The available cash assets of the institution are comparatively insignificant, and it is understood that suit is to be instituted upon the cashier's bond, and the stockholders are to be called upon to put up very close to $10,000 in cash, to make good the claims of depositors. It is not at all unlikely that criminal prosecution will be commenced against several officers of the institution. The accounts, securities, etc., or the bank are all being carefully gone over and appraised for the second time.

3. April 28, 1900 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, April 28, 1900

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Article Text

BANK CASHIER ARRESTED B. K. SALVERSON, OF DEFUNCT APPLETON BANK, IN CUSTODY HIS PARTNER MAKES CHARGES Complaint Alleges Receiving of Deposits When the Bank Was in Insolvent Condition-Shortage About $10,000. Gen. Pope was advised yesterday of the arrest of Cashier B. K. Salverson, of the Citizens' Bank of Appleton, Minn. Upon the application of Public Examiner Pope, C. W. Stanton, of Appleton, was appointed receiver' a few weeks ago, and since then both Mr. Salverson and Receiver Stanton have been at the state house a good share of the time going over the books of the institution. From St. Paul Mr. Salverson went to Minneapolis early this week, where he was arrested Thursday by Constable Hayes upon a warrant issued by Justice of the Peace Countryman, of Appleton, a business partner of Mr. Salverson's in the Appleton Tribune. The warrant charges Mr. Salverson with receiving deposits when the bank was in an insolvent condition, and he may also be charged by the receiver with fraudulent and false transaction of the affairs of the institution, and by the public examiner with making false reports of the condition of the bank. Suit will also be instituted upon his bond for $10,000 to secure enough money to make good the apparent shortage which will, the public examiner estimates, aggegate very close to that amount. Since the appointment of the receiver two of Gen. Pope's deputies, as well as Receiver Stanton, have been employed checking up the books, and their labors are very nearly completed. On Mr. Salverson's bond are many of the prominent Republicans of Appleton, who are fully able to take care of the shortage. The depositors are fully protected by Gen. Pope's prompt action in the premises several weeks ago, although the stockholders will doubtless suffer, and, indeed, will be fortunate if they are not called upon to stand an assessment on the amount of their holdings. It is stated that Mr. Salverson lived in excess of his income, and that mismanagement is not responsible for the wrecking of the bank. Politically Mr. Salverson's shortage will have considerable bearing on the political complexion of the county, as he was prominently mentioned as a candidate for secretary of state, and part owner with Mr. Countryman, of the Appleton Tribune, the Republican organ of that locality.

4. May 6, 1900 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, May 6, 1900

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Article Text

67 and 69 East Seventh St. old notes were placed in this account as a live asset. As yet the state has instituted no prosecution whatever. He was, however, arQUEER DEAS OF BANKING rested ten days ago upon the complaint of a number of depositors of the bank, but, pending the result of a second examination of the books which has just CASHIER SALVERSON'S BOOKS been completed, no steps have been taken SHOW HOW IT HAPby the state to institute criminal prosecution. Gen. Pope, Receiver Stanton and PENED the county attorney will go over the books this morning and they will be again returned to Appleton to be used as evidence at the trial. It is likely that Public Examiner Pope, Receiver Stanthe state will prosecute the case vigorton, of the Citizens' Bank of Appleton, ously. and the county attorney of Swift county, With the exception of perhaps $2,000, will hold a confere 100 at the state house Mr. Salverson's personal bond will cover this morning to determine just what steps the full amount of his liability. Papers in a civil suit to hold the bondsmen have to take in the case of Cashier Salverson, been drawn, and it is regarded as quite who is now awaiting his trial, which will probable that the stockholders will not open tomorrow morning at Appleton. be compelled to stand an assessment. A thorough and complete examination The depositors are as stated, quite fully of Mr. Salverson's books has been comprotected by the cashier's personal bond. pleted by the public examiner and the

5. May 6, 1900 The Saint Paul Globe Saint Paul, MN

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Article Text

QUEER IDEAS OF BANKING CASHIER SALVERSON'S BOOKS SHOW HOW IT HAPPENED Public Examiner Pope, Receiver Stanton, of the Citizens' Bank of Appleton, and the county attorney of Swift county, will hold a confere 100 at the state house this morning to determine just what steps to take in the case of Cashier Salverson, who is now awaiting his trial, which will open tomorrow morning at Appleton. A thorough and complete examination of Mr. Salverson's books has been completed by the public examiner and the result made known yesterday afternoon. In his bills receivable account, Mr. Salverson has something like $9,650 to acccunt for and ne also applied collections and collateral notes to the credit of the same account amounting to $2,100. In other words money was collected and the

6. August 9, 1900 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, August 9, 1900

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Article Text

SITUATION AT APPLETON THERE IS CONSIDERABLE FEELING AGAINST CASHIER SALVERSON. County Attorney F. P. Olney of Swift county called on Gov. Lind and Fublic Examiner Pope yesterday to confer regarding the affairs of the Citizens' Bank of Appleton. Receiver Stanton is at present winding up the business of the bank and Cashier Salverson is enjoying his liberty on bail. His case will be heard at the October term of court. It is quite likely the state will succeed in convicting the Appleton banker, as the books have been carefuly examined three times and Receiver Stanton knows to a cent the exact amount of the defalcation The amount runs up into the thousands, and the evidence that has been secured by the officials is of a most incriminating character. Much of it was laid before the grand jury as a basis for the indictment, but a more careful examination of the books makes his escape from conviction quite improbable. The sentiment locally is quite strong against Salverson, as many wage earners lost money through his peculations.

7. December 14, 1900 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, December 14, 1900

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Article Text

State Gets Its Money. The receiver of the Citizens' Bank, of Appleton, which failed some time ago, has sent a check to the state treasurer in full of account, the state being a preferred creditor. The check amounted to $2,136.37, with interest to the amount of $49.63.