Merchants National Bank - Crookston, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 3262
Charter Number: 3262
Start Date: April 11, 1924
Location: Crookston, Minnesota (47.774, -96.608)

Metadata

Model: gpt-5-mini
Short Digest: 512686be

Response Measures

None

Receivership Details

Depositor recovery rate: 77.2%
Date receivership started: 1924-03-24
Date receivership terminated: 1932-02-01
OCC cause of failure: Governance
Share of assets assessed as good: 45.5%
Share of assets assessed as doubtful: 33.7%
Share of assets assessed as worthless: 20.8%

Description

Contemporary articles state the Merchants National Bank of Crookston was closed and taken in charge by a national bank examiner (Apr 1924). Later pieces refer to a receiver handling bank assets and bringing suit (Nov 1924 and Nov 1925). There is no explicit mention of a depositor run; therefore this is a suspension that resulted in permanent closure/receivership.

Events (6)

1. November 4, 1884 Chartered

Source: historical_nic

2. March 24, 1924 Receivership

Source: historical_nic

3. April 11, 1924 Suspension

Cause: Government Action
Cause Details: Bank was closed and taken in charge by a national bank examiner (regulatory action).
Newspaper Excerpt: With deposits in excess of $1,000,000, the Merchants' National bank of Crookston, Minn., one of the oldest and largest financial institution in northwestern Minnesota, has been closed and was taken in charge by a national bank examiner.
Source: newspapers

4. July 17, 1924 Other

Newspaper Excerpt: A new national bank to take the place of the Merchants National Bank of Crookston, one of the oldest institutions in northwestern Minnesota, which was forced to close several months ago, will be opened here before the fall harvest, according to the committee in charge.
Source: newspapers

5. November 27, 1924 Receivership

Newspaper Excerpt: The receiver for the Merchants National Bank has bid in the buildings of the Northwestern Minnesota Fair on an execution to satisfy a claim for some $1,600 which the bank held against the fair association.
Source: newspapers

6. November 9, 1925 Receivership

Newspaper Excerpt: An action brought by Richard W. Goodhart, receiver of the Merchants' National bank of Crookston against ... is suit for $358,669.78 for alleged mismanagement of the bank funds.
Source: newspapers

Newspaper Articles (7)

1. April 11, 1924 The Oakley Herald Oakley, ID

Article from The Oakley Herald, April 11, 1924

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TELEGRAPHIC TALES FOR BUSY READERS RESUME OF THE WEEK'S DOINGS IN THIS AND OTHER COUNTRIES Important Events of the Last Seven Days Reported by Wire and Prepared for the Benefit of the Busy Reader WESTERN The discovery near Los Angeles recently of a skull believed by palenotologists to be older than either the Piltdown man or the Neanderthal man, announcement of which was made recently continues to be a topic of discussion among scientists. Frank Siebert, a Winnemucca, Nev., auto driver, was struck by a Western a Pacific train as he sat asleep in his Ford on the railroad track and was Lossed several yards to one side, e while the auto was ground to pieces. $ Siebert was picked up by trainmen d and brought to town His only apfor parent injuries were a cut on the head S and several bruises. r Cutting their way through the roof of the M. S. Robbins jewelry and m clothing store of Los Angeles, thieves fi escaped with diamonds valued at $60,to 000 and $15,000 worth of clothing. si The bulk of their loot consisted of in 600 diamond rings. in m Frank R. Toy, former sheriff of Sheridan county, Wyoming was arrested and charged with accepting to bribes while in office. He was releasH ed on $1000 bond for appearance April to 8. The complaint filed declares that gr Toy promised to Helen Miklovich imre munity from presecution for manupu facturing fllicit liquor. the Danger of a water shortage in Elko an county, Nevada, which, through exbe traordinarily pleasant weather during tor February and early March seemed be threatening, has been averted through rer a snowstorm which blanketed the age Ruby mountains with three feet of Ho snow, and which left from six to nine inches of snow in practically all parts of the county within the past few por days. coo wa J. F. Scott of Missoula, Mont. was the acquitted of a charge of arson in Ch: connection with the fire which desSta troyed the annex of the Ward hotel here on the morning of February 11. H A charge of murder growing out of the the death of Charles Ruchtaechel, $60 who sustained fatal injuries during fav the fire, was dismissed. dia fere Public flogging of bootleggers is Wa urged in the election appeal of Jess H. Stevens, Shelby, Montana, attorney, who has filed with the Montana secretary of state as candidate for J delegate at large to the Republican sign national convention. com or A fresh outbreak of the foot and ship mouth disease in the center of an extensive cattle-raising district in MerT ced county, California, scores of miles has away from the present quarantined the area around San Francisco bay, was dyni announced here officially by officials Gre of the state department of agriculture. TI With deposits in excess of $1,000,ing 000, the Merchants' National bank of gatt Crookston, Minn., one of the oldest Cub and largest financial institution in poin northwestern Minnesota, has been TI closed and was taken in charge by a nurs national bank examiner. the GENERAL at resu William H. Anderson, resigned the state superintendent of the Antikey. saloon league of New York recently are convicted on a charge of forgery must Th go to Sing Sing prison for a term of from one to two years, Supreme ald Court Justice Wagner ruled in denyand of t ing the former dry leader's appeal for a certificate of reasonable doubt. rise ferer Warrants charging Waslov Simek, of 23 of Detroit with malicious threat represent to extort were recommended by the their presecuting attorney's office as a result of investigation into alleged atCu tempt to obtain $1,050,000 from Edsal ty of R. Ford under threat of injuring his the children. in p ant Cash totaling between $135,000 and Lond $150,000 in registered mail pouches was snatched from a lone guardion Th at the Illinois Central station at Har. sena vey, III., by four bandits who escaped gove in an automoble after wrecking a P truck and engaging in a running batcated tle with two men who pursued them

2. July 17, 1924 The Tomahawk White Earth, MN

Article from The Tomahawk, July 17, 1924

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JRM usuneds am 10 dura at their convention here. Duluth-A Duluth fleet boat set a record when the steamer William H. Warner of the Tomlinson line made the run from this city to conneaut, Ohio, in 74 hours. The boat was loaded with ore. The running time included locking at the Soo. Crookston-A new national bank to take the place of the Merchants National Bank of Crookston, one of the oldest institutions in northwestern Minnesota, which was forced to close several months ago, will be opened here before the fall harvest, according to the committee in charge. Duluth-Ore shipments from upper lake ports for the month of June decreased 20.60 per cent, compared to the corresponding month in 1923. Seasonal shipments showed a decrease of 8.36 per cent for the same period last year, according to figures just given out by the Lake Superior Iron Ore Association. 7S JO Conter W Paul, for 10 years connected with the Minnesota state forestry department, was appointed state forester. The state forestry board, in naming Mr. Conzet to succeed W. T. Cox, set his term of office under this appointment at five years "so that annual appointments will not interfere with his program of fire fighting and reforesta. Bemidji-Burt W. Eaton, Rochester attorney, was elected president of the Minnesota State Bar Association at its business session here. Howard Abbott, Duluth attorney, was chosen as vicepresident; Chester L. Caldwell of St. Paul was re-elected secretary. and William G. Graves, St. Paul, was elected treasurer to succeed Roy H. Currie, Paul. 7S St. Paul-A decrease of about 8,000,000 pigs in the spring crop in the corn belt is indicated in the June pig survey of the department of agriculture. The survey shows the flood of hog production in the corn belt that reached its height in the spring pig crop of 1923 is rapidly receding and has about reached a normal level, the report states. Lanesboro-Charles Robert Drake, U. S. N., has been selected as honor "ue 82 JO a 0333 Company JO ивш Drake was born at Laneshoro, on Oct. 16, 1905, where he has made his home since. He enlisted in the navy March 5, 1924. He was selected as honor man because of attitude, neatness, military appearance and good spirit. Eagle Lake-Eight persons of one family, Mr. and Mrs. John Arnold, the mother, father and six children, were killed. while a son, 19 years old, is in a Mankato hospital with a fractured leg and minor injuries as the result of an automobile train collision. The entire family, with the exception of a son, 17 years old were in the machine when the tragedy occurred. St. Cloud-The Northern States Pow. er company, has purchased the properties of the St. Cloud Public Service corporation, valued in excess of $3,500,000. The St. Cloud Public Service corporation, which has annual gross earnings of about $750,000, serves about 35 cities and villages in Stearns, Meeker and Wright counties. It oper ates a streetcar line at St. Cloud and two gas plants. Osseo-For the third time in a week death mocked at love and bitter grief replaced the anticipation of marriage. This was revealed with the identification of a couple killed on the Great Northern railroad crossing near Os. seo. The man was Lester Campbell, 20 years old, and the girl was Lillian Castle, 19, both of Minneapolis. They were to have been married this sumSt. Paut-John J. O'Connor, famous St. Paul chief of police of bygone days, is dead at Glendale, Calif. Chief O'. Connor retired in Mar, 1920, after 40 years in the St. Paul police depart ment and after acquiring a national reputation as one of the most skilled hunters of criminals in the country. His reputation rested not only upon his record for the solution of several puzzling crimes and bringing to justice of many desperadoes, but upon his unique methods. Duluth - Opening of Minnesota trunk highway No. 1 from west Du. luth to Esko's Corner in Carlton county, the first paved link at the northern end of the Duluth-Twin City road took place. Paving of the high ways from Duluth to Carlston has been under way since last fall, and work the road from West Duluth

3. July 18, 1924 The Ely Miner Ely, MN

Article from The Ely Miner, July 18, 1924

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Brevities of World's News Sent by Cable and Wireless. Fairmont-Abou 200 delegaes from all parts of Minnesota were in attendance at the session of Minnesota camp of the Spanish War Veterans, at their convention here. Mankato-Two men are dead and two others injured, one perhaps fatally as the result of an automobile wreck 10 miles northeast of here. The car, running at high speed, went off the road and into a ditch. Crookston-A new national bank to take the place of the Merchants Naof the week tional Bank of Crookston, one of the oldest institutions in northwestern ghout the "State Minnesota, which was forced to close several months ago, will be opened Thousand Lakes" here before the fall harvest, according form to the committee in charge. Moorhead-Negotitions were completed covering the sale of the ware A. Sorenson, cashier house building of the Moorhead StorBank of Oakland, in a age and Transfer Company, of this from A. J. Veigel, place, to the Minnesota Potato Grow. tendent of banks, was ers' Exchange. Announcement of the appointment of deputy sale was made to Leo H. Wright, presiaminer, for the first condent of the company. trict east of Albert Lea. Pipestone-Plans are being made administering here for a homecoming and old set 9 year old son, Mrs. tlers' picnic to be conducted on Satresiding on a farm urday, July 26. The gathering will near the Iowa bortake place at Court House park. The ook a dose of the subdate for the event marks the 50th anwithin a half hour of niversary of the completion of the first building erected in Pipestone county. Plans already have been Cass Lake-Hundreds of Indians production or a three from Cass Lake Indian reservation estival here this fall pulled their tent pegs and started being a gigantic open home, ending one of the most success of De Koven's "Robful pow-wows ever staged here. This several hundred of celebration continued three days, the lovers taking part. Chippewas joining with the Cass Lake the second time in two American Legion post in the program. entered the public A rodeo show, Indian games and races village of Ihlen six occupied the first day. here. More than $600 St. Paul-Fifty-four trustees of the and automobile accesnewly formed Minnesota Potato Grow. arried away by the robers exchange ratified the sale of their visit. last 1924 crop, estimated at $8,000,000, hundred and sevthrough the Federated Fruit and Vege 90 men and 80 women, table Growers, Inc., of New York, an from the Fergus organization formed through the for the insane to the American Farm Bureau federation to llmar. They went in four handle the product of many farmers' ccompanied by 15 nurses. chronic cases. co-operatives throughout the country.

4. November 27, 1924 The Tomahawk White Earth, MN

Article from The Tomahawk, November 27, 1924

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News Briefs from All the State Condensed Stories of Happenings of the Week in Minnesota Mankato-Judges from the state horticultural society have awarded the Mankato Garden Club first prize in the state for its showing. Benson-Dates for the annual poultry show here, under the auspices of the West Central Poultry Association, have been 'set for December 15, 16 and 17. Benson-A verdict for $8,000 was returned in District Court here in favor of Peter Scheid of this city in his personal injury suit against the Great Northern railway. Austin-During the four days of the twenty-sixth annual Mower County Poultry Show, which opened here, 50 local merchants will co-operate in a "bargain festival." Thief River Falls-Thomas H. Chittick, chief clerk in the postoffice, after 15 years services here, has been made a postal inspector with headquarters at Spokane, effective at once. Slayton-About 300 township. village and school district officers met here to confer as to the best mode of procedure to ward off smallpox in this district. East Grand Forks-Men excavating for the building of the Red River Valley Sugar Company plan to finish their work soon enough SO that the warehouse for storing sugar can be completed soon after January 1. Tracy-Workmen are constructing a high line from Slayton to this city to connect with the electric light plant here which was recently purchased by the Northern States Power Company. Chatfield-At the Olmstead County Sunday School convention here, the following officers were elected: H. P. Thurber, Chatfield, president; Miss Lucile Lillie, Chatfield, secretary and C. W. Shepherd, Rochester, treasurer. Madison-To be thrown half way through the windshield of his sedan and remain in that position while his car rolled down a 10 foot embankment, was the experience of Arnold Lee of Madison. Fergus Falls-The case of Cal-Falls tax rate, for the coming year will be reduced from 79 mills, the rate this year, to 71.80 mills. Both the city and the schools made reductions in estimates for running expenses. Stillwater-Mrs. Maria Bolles, pioneer of pioneers in the St. Croix valley, died at Lakeview Memorial hespital here, 89 years old. Mrs. Bolles came to what is now Stillwater on June 29, 1841. Maple Bay-Helmer Gudmunson, 28 years old, walked from Bagley to Crookston, a distance of 18 miles for the purpose of being examined by physicians, and dropped dead in the physician's office. The cause was given as heart disease, exaggerated by exertion. St. James-The total business of creameries in this county for 1923 was $727,951.4 according to figures recently made public by Chris Heen, state dairy and food commissioner. This includes the business of nine cooperative and two privately owned creameries. Crookston-The receiver for the Merchants National Bank has bid in the buildings of the Northwestern Minnesota Fair on an execution to satisfy a claim for some $1,600 which the bank held against the fair association. There are other claims against the association amounting in all to about $5,000, exclusive of the claim of the bank. Hibbing-Predicting that the Ninth Rotary district conference in Hibbing, April 23, 24, 1925, will be the biggest Rotary convention ever conducted in the northwest, Edward Flynn, St. Paul, addressing the chairman of the convention committee at a banquet tendered in his honor, stated that 1,500 Rotarians from the two Dakotas, Wisconsin and Minnesota, will be in attendance. St. Paul-County organizations were perfected all over the state as the brief campaign for funds for a memorial statue for the late Knute Nelson opened. Citizens were asked to contribute small sums so the entire state will be represented in the memorial to be erected on the State Capitol grounds. The c mpaign will be for two weeks, and the goal set is $50,000. Mankato-W. R. Adams of this city has been appointed supervisor of the fifth district of Minnesota by the United States department of commerce, and will take the census of agriculture this winter, starting about December. The following counties will be comprised in the census: Blue Earth, Brown, Cottonwood, Faribault, Jackson, Le Sueur, Lincoln, Lyon, Martin, Nicollet, Pipestone, Nobles. Redwood, Rock, Waseca, and Watonwan. of Northfield - Lloyd Tallakson Willmar was elected to head the staff which will produce the 1926-27 Viking, St. Olaf College Student bi-annual, Dorothy Dahl of Jackson, was named associate

5. November 27, 1924 The Sauk Centre Herald Sauk Centre, MN

Article from The Sauk Centre Herald, November 27, 1924

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News Briefsfrom All the State Condensed Stories of Happenings of the Week in Minnesota Mankato-Judges from the state horticultural society have awarded the Mankato Garden Club first prize in the state for its showing. Benson-Dates for the annual poultry show here, under the auspices of the West Central Poultry Association, have been set for December 15, 16 and 17. Benson-A verdict for $8,000 was returned in District Court here in favor of Peter Scheid of this city in his personal injury suit against the Great Northern railway. Austin-During the four days of the twenty-sixth annual Mower County Poultry Show, which opened here, 50 local merchants will co-operate in a "bargain festival." Thief River Falls-Thomas H. Chittick, chief clerk in the postoffice, after 15 years services here, has been made a postal inspector with headquarters at Spokane, effective at once. East Grand Forks-Men excavating for the building of the Red River Valley Sugar Company plan to finish their work soon enough so that the warehouse for storing sugar can be completed soon after January 1. Tracy-Workmen are constructing a high line from Slayton to this city to connect with the electric light plant here which was recently purchased by the Northern States Power Company. Chatfield-At the Olmstead County Sunday School convention here, the following officers were elected: H. P. Thurber, Chatfield, president; Miss Lucile Lillie, Chatfield, secretary and C. W. Shepherd, Rochester, treasurer. Madison-To be thrown half way through the windshield of his sedan and remain in that position while his car rolled down a 10 foot embankment, was the experience of Arnold Lee of Madison. Fergus Falls-The case of Cal-Falls tax rate, for the coming year will be reduced from mills, the rate this year, to 71.80 mills. Both the city and the schools made reductions in estimates for running expenses. Stillwater-Mrs. Maria Bolles, pioneer of pioneers in the St. Croix valley, died at Lakeview Memorial hospital here, 89 years old. Mrs. Bolles came to what is now Stillwater on June 29, 1841. Alexandria-Work has started on Alexandria's new $30,000 theater which is being built for the Jacobson. Peterson Company of this city. The structure will have a seating capacity of 700. Maple Bay-Helmer Gudmunson, 28 years old, walked from Bagley to Crookston, a distance of 18 miles for the purpose of being examined by physicians, and dropped dead in the physician's office. The cause was given as heart disease, exaggerated by exertion. St. James-The total business of creameries in this county for 1923 was $727,951.47, according to figures recently made public by Chris Heen, state dairy and food commissioner. This includes the business of nine cooperative and two privately owned creameries. Crookston-The receiver for the Merchants National Bank has bid in the buildings of the Northwestern Minnesota Fair on an execution to satisfy a claim for some $1,600 which the bank held against the fair association. There are other claims against the association amounting in all to about $5,000, exclusive of the claim of the bank. Hibbing-Predicting that the Ninth Rotary district conference in Hibbing,

6. November 28, 1924 The Ely Miner Ely, MN

Article from The Ely Miner, November 28, 1924

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Austin-During the four days of the twenty-sixth annual Mower County Poultry Show, which opened here, 50 local merchants will co-operate in a "bargain festival." Thief River Falls-Thomas H. Chittick, chief clerk in the postoffice, after 15 years services here, has been made a postal inspector with headquarters at Spokane, effective at once. East Grand Forks-Men excavating for the building of the Red River Valley Sugar Company plan to finish their work soon enough so that the warehouse for storing sugar can be completed soon after January 1. Tracy-Workmen are constructing a high line from Slayton to this city to connect with the electric light plant here which was recently purchased by the Northern States Power Company. Chatfield-At the Olmstead County Sunday School convention here, the following officers were elected: H. P. Thurber, Chatfield, president; Miss Lucile Lillie, Chatfield, secretary and C. W. Shepherd, Rochester, treasurer. Madison-To be thrown half way through the windshield of his sedan and remain in that position while his car rolled down a 10 foot embankment, was the experience of Arnold Lee of Madison. Fergus Falls-The case of Cal-Falls tax rate, for the coming year will be reduced from 79 mills, the rate this year, to 71.80 mills. Both the city and the schools made reductions in estimates for running expenses. Stillwater-Mrs. Maria Bolles, pioneer of pioneers in the St. Croix valley, died at Lakeview Memorial hospital here, 89 years old. Mrs. Bolles came to what is now Stillwater on June 20, 1841. Alexandria-Work has started on Alexandria's new $30,000 theater which is being built for the JacobsonPeterson Company of this city. The structure will have a seating capacity of 700. Maple Bay-Helmer Gudmunson, 28 years old, walked from Bagley to Crookston, a distance of 18 miles for the purpose of being exan.ined by physicians, and dropped dead in the physician's office. The cause was given as heart disease, exaggerated by exertion. Rochester-The Rochester-Twin Cities state highway will be kept open for automobile, bus and truck traffic this winter, even though there are heavy snows. Snow fences, similar to those erected aong railroad rights of way are being set up. St. James-The total business of creameries in this county for 1923 was $727,951.47, according to figures recently made public by Chris Heen, state dairy and food commissioner. This includes the business of nine cooperative and two privately owned creameries. Crookston-The receiver for the Merchants National Bank has bid in the buildings of the Northwestern Minnesota Fair 0.1 an execution to satisfy a claim for some $1,600 which the bank held against the fair association. There are other claims against the association amounting a all to about $5,000, exclusive of the claim of the bank. Hibbing-Predicting that the Ninth Rotary district conference in Hibbing, April 23, 24, 1925, will be the biggest Rotary convention ever conducted in the northwest, Edward Flynn, St. Paul, addressing the chairman of the convention committee at a banquet tendered in his honor, stated that 1,500 Rotarians from the two Dakotas, Wisconsin and Minnesota, will be in attendance. St. Paul-County organizations were perfected all over the state as the brief can paign for funds for a memorial statue for the late Knute Nelson opened. Citizens were asked to contribute small sums so the entire state will be represente: in the memorial to everected on the State Capitol grounds. The c mpaign will be for two weeks, and the goa. set is $50,000. Mankato-W. R. Adams of this city has been appointed supervisor of the fifth district of Minnesota by the United States department of commerce, and will take the census of agriculture this winter, starting about December. The following counties will be comprised in the census: Blue Earth, Brown, Cottonwood, Faribault, Jackson, Le Sueur, Lincoln, Lyon, Martin, Nicollet, Pipestone, Nobles, Redwood, Rock, Waseca, and Waton wan, Barnesville-Transfer of all stock in the closed Citizens State Bank of Barnesville to depositors and the payment of a 100 per cent assessment thereon by the former owners was effected at a meeting of depositors and stockholders here. Thief River Falls-President Cool idge was urged to raise the present tariff on butter to 12 cents a pound temporarily until

7. November 9, 1925 Star Tribune Minneapolis, MN

Article from Star Tribune, November 9, 1925

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$350,000 Suit Brought by Bank Receiver Heads Fergus Falls Court Docket Fergus Falls, Minn., Nov. 8.-The fall term of United States district court will open here November 10 with an un usually long civil calendar and con siderable number of criminal cases in prospect. One of the largest civil cases is an action brought by Richard W. Good. hart, receiver of the Merchants' National bank of Crookston against A. D. Stephens, president: W. E. McKen zie, vice president: V. L. McGregor, cashier: Marcus Stephens, and C. E. Gildersleeve, directors of the bank. This is suit for $358,669. 78 for alleged mismanagement of the bank funds. The recent decision of the United States circuit court of appeals annulling the penalty clause in the immigration law will result in the dismissal of a large number of criminal actions against immigrants who have come into this country illegally The criminal cases in prospect are nearly all bank cases, postoffice cases and liquor cases