First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11224
Charter Number: 11224
Start Date: May 3, 1928
Location: Avoca, Minnesota (43.949, -95.646)

Metadata

Model: gpt-5-mini
Short Digest: 6c72687c

Response Measures

None

Receivership Details

Depositor recovery rate: 76.2%
Date receivership started: 1928-05-05
Date receivership terminated: 1932-01-02
OCC cause of failure: Economic conditions
Share of assets assessed as good: 17.9%
Share of assets assessed as doubtful: 50.8%
Share of assets assessed as worthless: 31.3%

Description

Article (May 10, 1928) reports the First National Bank of Avoca was closed May 5 by the national bank examiner and that records disappeared two days after the bank suspended business. No mention of a depositor run. I infer the suspension occurred about May 3, 1928 and formal closure/receiver action by the examiner on 1928-05-05.

Events (5)

1. August 23, 1918 Chartered

Source: historical_nic

2. May 3, 1928 Suspension

Cause: Government Action
Cause Details: Bank suspended business and shortly thereafter was closed by the national bank examiner (regulatory action).
Newspaper Excerpt: records ... disappeared during the night, two days after the bank suspended business.
Source: newspapers

3. May 5, 1928 Receivership

Source: historical_nic

4. May 5, 1928 Receivership

Newspaper Excerpt: First National Bank which was closed May 5 by the national bank examiner.
Source: newspapers

5. May 7, 1928 Other

Newspaper Excerpt: Search is being made for records alleged to have been taken from the First National Bank which was closed May 5 ... The records ... disappeared during the night, two days after the bank suspended business.
Source: newspapers

Newspaper Articles (1)

1. May 10, 1928 The Austin Daily Herald Austin, MN

Article from The Austin Daily Herald, May 10, 1928

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Article Text

Seek Records of Bank Removed After Failure Avoca, Minn., May 10.-Search is being made for records alleged to have been taken from the First National Bank which was closed May 5 by the national bank examiner. The records according to officers, disappeared during the night, two days after the bank suspended business.