9474. First State Bank (Askov, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 1, 1933*
Location
Askov, Minnesota (46.187, -92.782)

Metadata

Model
gpt-5-mini
Short Digest
a1f91791

Response Measures

None

Description

Articles indicate the First State Bank of Askov closed in January 1933 and was in liquidation under a state banking department receiver. No contemporaneous run is described. Receiver transfers and dividend payments from the closed bank's assets are reported in 1937–1938.

Events (4)
1. January 1, 1933* Suspension
Cause
Government Action
Cause Details
Bank closed and placed into liquidation under the State Banking Department (receiver appointed).
Newspaper Excerpt
the institution which has been closed since January, 1933.
Source
newspapers
2. March 18, 1937 Receivership
Newspaper Excerpt
A change has been made in the receivership of the First State Bank of Askov and J. P. Jensen will take over the duties formerly performed by Arthur Rueber. ... The local closed bank, in the last stages of liquidation, is being taken over by Mr. Jensen ... Mr. Jensen is an experienced receiver, having been with the Liquidation Division of the State Banking Department for 12 years.
Source
newspapers
3. April 15, 1937 Receivership
Newspaper Excerpt
Bank Receiver J. P. Jensen, special deputy examiner for the closed First State Bank of Askov, was taken ill shortly after this bank was transferred to his division, and as a result has been here only the day when the remaining assets were transferred to him. ... His home office is at the Peoples State Bank, Cambridge.
Source
newspapers
4. February 22, 1938 Other
Newspaper Excerpt
the depositors of the closed First State Bank of Askov on Tuesday received checks amounting to five per cent dividend on their deposits in the institution which has been closed since January, 1933. The dividend makes a total of 30 per cent which has been paid by the receiver from the closed bank's assets.
Source
newspapers

Newspaper Articles (3)
1. March 18, 1937 Askov American Askov, MN
Article from Askov American, March 18, 1937

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Article Text

RUEBER TRANSFERS TO NEW LOCATION A change has been made in the receivership of the First State Bank of Askov and J. P. Jensen will take over the duties formerly performed by Arthur Rueber. Mr. Rueber, who has been here for more than three years, has been transferred to Lake City in the southeastern part of the state. The local closed bank, in the last stages of liquidation, is being taken over by Mr. Jensen who headquarters at Cambridge in his capacity as special deputy examiner in charge of the liquidation of three other banks. Mr. Jensen expects to make weekly visits here as Mr. Rueber has done in the past, but the exact day on which he will be at the bank has not been announced. Mr. Jensen is an experienced receiver, having been with the Liquidation Division of the State Banking Department for 12 years. He has been located at Cambridge four years.

2. April 15, 1937 Askov American Askov, MN
Article from Askov American, April 15, 1937

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Article Text

ASKOV Bank Receiver III. J. P. Jensen, special deputy examiner for the closed First State Bank of Askov, was taken ill shortly after this bank was transferred to his division, and as a result has been here only the day when the remaining assets were transferred to him. His home office is at the Peoples State Bank, Cambridge, to which address correspondence may be sent. However, it is anticipated that Mr. Jensen will be well enough to be on the job here next Tuesday, and then plans to come here each Tuesday thereafter.

3. February 24, 1938 Askov American Askov, MN
Article from Askov American, February 24, 1938

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Article Text

Askov Bank Pays Another Dividend The depositors of the closed First State Bank of Askov on Tuesday received checks amounting to five per cent dividend on their deposits in the institution which has been closed since January, 1933. The dividend makes a total of 30 per cent which has been paid by the receiver from the closed bank's assets.