First National Bank - Biwabik, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 8697
Charter Number: 8697
Start Date: October 19, 1928
Location: Biwabik, Minnesota (47.533, -92.340)

Metadata

Model: gpt-5-mini
Short Digest: 49820f33

Response Measures

None

Receivership Details

Depositor recovery rate: 67.4%
Date receivership started: 1927-05-10
Date receivership terminated: 1932-07-01
Share of assets assessed as good: 52.3%
Share of assets assessed as doubtful: 24.7%
Share of assets assessed as worthless: 22.9%

Description

All articles repeatedly state that Daniel Waite is employed by the National Banking Department as Receiver of the First National Bank of Biwabik (Oct–Nov 1928). No articles mention a run or reopening; appointment of a federal receiver implies the bank failed and was closed. Date taken from the earliest article (1928-10-19).

Events (3)

1. May 18, 1907 Chartered

Source: historical_nic

2. May 10, 1927 Receivership

Source: historical_nic

3. October 19, 1928 Receivership

Newspaper Excerpt: at present being employed by the National Banking Department of the U. S. Government as Receiver of the First National Bank of Biwabik.
Source: newspapers

Newspaper Articles (4)

1. October 19, 1928 The Ely Miner Ely, MN

Article from The Ely Miner, October 19, 1928

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Article Text

CANDIDATE FOR PROBATE JUDGE DANIEL WAITE Daniel Waite, Candidate for Probate Judge of St. Louis County has been a resident and tax payer of this County for over 30 years and, although never before a candidate for public office, is being supported by many voters who feel that a change in this office is desirable. Mr. Waite promises that if elected he will inaugurate much needed reforms that will guarantee greatly reduced expenses in administering small estates and promptness in final settlements. His legal and financial experience have well fitted him for the duties of this office, having practised law in Duluth for many years and at present being employed by the National Banking Department of the U. S. Government as Receiver of the First National Bank of Biwabik.

2. October 26, 1928 The Ely Miner Ely, MN

Article from The Ely Miner, October 26, 1928

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Article Text

# DANIEL WAITE Daniel Waite, Candidate for Probate Judge of St. Louis County has been a resident and tax payer of this County for over 30 years and, although never before a candidate for public office, is being supported by many voters who feel that a change in this office is desirable. Mr. Waite promises that if elected he will inaugurate much needed reforms that will guarantee greatly reduced expenses in administering small estates and promptness in final settlements. His legal and financial experience have well fitted him for the duties of this office, having practised law in Duluth for many years and at present being employed by the National Banking Department of the U. S. Government as Receiver of the First National Bank of Biwabik.

3. November 2, 1928 The Ely Miner Ely, MN

Article from The Ely Miner, November 2, 1928

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Article Text

# DANIEL WAITE Daniel Waite, Candidate for Probate Judge of St. Louis County has been a resident and tax payer of this County for over 30 years and, although never before a candidate for public office, is being supported by many voters who feel that a change in this office is desirable. Mr. Waite promises that if elected he will inaugurate much needed reforms that will guarantee greatly reduced expenses in administering small estates and promptness in final settlements. His legal and financial experience have well fitted him for the duties of this office, having practised law in Duluth for many years and at present being employed by the National Banking Department of the U. S. Government as Receiver of the First National Bank of Biwabik.

4. November 2, 1928 The Ely Miner Ely, MN

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Article Text

# DANIEL WAITE Daniel Waite, Candidate for Probate Judge of St. Louis County has been a resident and tax payer of this County for over 30 years and, although never before a candidate for public office, is being supported by many voters who feel that a change in this office is desirable. Mr. Waite promises that if elected he will inaugurate much needed reforms that will guarantee greatly reduced expenses in administering small estates and promptness in final settlements. His legal and financial experience have well fitted him for the duties of this office, having practised law in Duluth for many years and at present being employed by the National Banking Department of the U. S. Government as Receiver of the First National Bank of Biwabik.