First State Bank - Clearwater, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 23, 1931
Location: Clearwater, Minnesota (45.419, -94.049)

Metadata

Model: gpt-5-mini
Short Digest: 63dc5634

Response Measures

None

Description

Article (St. Cloud Times 1934-06-12) states First State Bank of Clearwater closed on September 23, 1931 and a state commissioner appointed a receiver; the bank remained closed and paid dividends from liquidation. OCR errors in the article were corrected (e.g., 'ceiver' -> 'receiver'). No run is mentioned.

Events (3)

1. September 23, 1931 Suspension

Cause: Government Action
Cause Details: Bank closed Sept. 23, 1931 and the state banking commissioner appointed a receiver to take charge of the closed First State Bank.
Newspaper Excerpt: The Clearwater bank closed on September 23, 1931
Source: newspapers

2. June 12, 1934 Other

Newspaper Excerpt: during which that institution paid out three dividends for five, fifteen, and five percent. ... To date she has collected and turned back to the depositors considerably in excess of $20,000.
Source: newspapers

3. * Receivership

Newspaper Excerpt: she is completing her first year as the receiver of the First State bank of Clearwater ... When Elmer A. Benson, commissioner of banks, was appointed to office ... he named Mrs. receiver the closed bank at Clearwater.
Source: newspapers

Newspaper Articles (1)

1. June 12, 1934 St. Cloud Times Saint Cloud, MN

Article from St. Cloud Times, June 12, 1934

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Article Text

Only Woman Bank Receiver In State Ends First Year of Work Mrs. Arnold H. Kiffmeyer, for 12 years was Julia Vorpahl, school teacher in Minnesota, has not only been the one woman bank ceiver in this state, but very cessful bank at that. She is completing her first year as the receiver of the First State bank of Clearwater, during which that institution paid out three dividends for five, fifteen, and five percent. The Clearwater bank closed on September 23, 1931, A. Shaw, head of the Clearwater State bank, the other bank in the village, was appointed receiver. When Elmer A. Benson, commissioner of banks, was appointed to office, he was at his post for only minutes when he made his first appointment and named Mrs. receiver the closed bank at Clearwater. At that time he felt that woman could not cope with the of closed bank, to say nothing of bank which had ready closed for several years. Now he writes the end of her first year's "Congratulations to you the splendid record you made in the past year, and assure you appreciate the fine work you have done far the First State bank has paid dividends of 55 percent. One dividend had just been paid when Mrs. Kiffmeyer was appointed, and it was up her to get in more money to pay dividends so that the faith in her would justified. To date she has col lected and turned back to the positors considerably in ex$20,000. Mrs. Kiffmeyer attributes her success the excellent operation depositors committee which in cludes Archie Ponsford, chairman, George Thole, C. Benson, Philo Price and W. Gatzke. She says she is firmly convinced that every closed bank should have commit tee of that type which considerable help liquidating assets of closed banks.