First National Bank - Atwater, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10570
Charter Number: 10570
Start Date: October 21, 1925
Location: Atwater, Minnesota (45.139, -94.778)

Metadata

Model: gpt-5-mini
Short Digest: 3911418d

Response Measures

None

Receivership Details

Depositor recovery rate: 35.6%
Date receivership started: 1925-02-14
Date receivership terminated: 1931-09-24
OCC cause of failure: Fraud
Share of assets assessed as good: 19.7%
Share of assets assessed as doubtful: 32.5%
Share of assets assessed as worthless: 47.8%

Description

Article reports criminal investigation and large shortages at the First National Bank of Atwater leading to the bank's failure; no mention of depositor run or temporary suspension/reopening — indicates permanent closure/receivership tied to bank-specific losses (embezzlement/loan losses). OCR errors in article were corrected (e.g., garbled sentence fragments).

Events (3)

1. June 29, 1914 Chartered

Source: historical_nic

2. February 14, 1925 Receivership

Source: historical_nic

3. October 21, 1925 Receivership

Newspaper Excerpt: investigation by federal and state authorities which disclosed losses from the two banks amounting to $386,000...losses the National Bank at Atwater amounting to $286,000...Stene pleaded guilty to the counts...resulted from loss the failure of these banks
Source: newspapers

Newspaper Articles (1)

1. October 21, 1925 The Austin Daily Herald Austin, MN

Article from The Austin Daily Herald, October 21, 1925

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Article Text

Atwater Financier Pleads 34 Minneapolis, Oct. Stene, former president of the First National Bank of Atwater and the Farmers State Bank of Kandiyohi sentenced to 25 years imprisonment place to be designated by the the United States" by District Judge Joseph W. Molyneaux in federal court in Minneapolis today. The sentence followed investigation by federal and state authorities which disclosed losses from the two banks amounting to $386,000. Stene's sentence resulted from lossthe National Bank at Atwater amounting to $286,000 for which ne indicted on counts. Mr. Stene 63 old and years most totally deaf. Stene pleaded guilty to the counts. In statement read by his attorney R. Fletcher Stene described himself as victim of the extravagance of business men of his community and of his own indulgence. want to know that profited in any way in the failure of these banks," said, want to explain to in detail where the you money went. Every dollar of shortage in these banks due loans which have been not