Peoples State Bank - Cloquet, MN

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: September 14, 1926
Location: Cloquet, Minnesota (46.722, -92.459)

Metadata

Model: gpt-5-mini
Short Digest: 81adb309

Response Measures

Full suspension

Other: Multiple Cloquet banks (People's State and Northwestern State) closed after runs; three institutions mentioned together with combined deposits.

Description

Newspaper (Minneapolis Star) dated 1926-09-14 states 'Peoples State Bank of Cloquet closed after run.' Other nearby bank closures are mentioned, suggesting contagion from local bank failures prompted the run. No reopening indicated.

Events (2)

1. September 14, 1926 Run

Cause: Local Banks
Cause Details: Run followed recent closings of other institutions (Bankers Loan Co. of Minneapolis; Northwestern State Bank of Cloquet), triggering withdrawals.
Newspaper Excerpt: The Peoples State Bank of Cloquet closed after run
Source: newspapers

2. September 14, 1926 Suspension

Cause: Local Banks
Cause Details: Bank closed its doors following the run; closure appears permanent in the article (no reopening mentioned).
Newspaper Excerpt: Peoples State Bank of Cloquet closed after run
Source: newspapers

Newspaper Articles (1)

1. September 14, 1926 The Minneapolis Star Minneapolis, MN

Article from The Minneapolis Star, September 14, 1926

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Article Text

People's Bank, Cloquet, Is Closed After Run Another bank closed its doors today result the closing Monday the Bankers Loan company of Minneapolis. The latter institution was The Peoples State Bank of Cloquet closed after run this according to A. Veigel, state bank Deposits mately $100,000 and capital $25,000. The Northwestern State Bank of Cloquet closed Monday, less than an hour the closing the pany Deposits in the three institutions totalled W. Gardner president of all three organizations. Osborn vice president of two banks of the loan company. LINCOLN ESTATE PROBATED Washington, Sept. Robert Todd Lincoln, son of President Lincoln, left an estate of $1,125,000. petition for probate of the estate revealed today. Mrs. Lincoln and two daughters, Mary Lincoln Isham, New York, and Jessie Lincoln Johnson. are named as heirs at law.