First National Bank - Crosby, MN

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 9838
Charter Number: 9838
Start Date: January 2, 1933
Location: Crosby, Minnesota (46.482, -93.958)

Metadata

Model: gpt-5-mini
Short Digest: bff8cd50

Response Measures

None

Description

Article (The Daily Worker, 1933-01-02) states the 'defunct First National Bank, which just re-opened its doors after robbing the workers of 55 per cent of their savings.' This indicates the bank had been closed/defunct and then recently reopened; no explicit run is described. Cause of prior suspension is not given in the text (treated as 'other'). The reopening is described as recent relative to the article date (recorded here as 1933-01-02).

Events (3)

1. September 7, 1910 Chartered

Source: historical_nic

2. January 2, 1933 Reopening

Newspaper Excerpt: defunct First National Bank, which just re-opened its doors after robbing the workers of 55 per cent of their savings.
Source: newspapers

3. * Suspension

Cause Details: Article gives no clear reason for the bank's prior failure/suspension; only describes it as 'defunct' and having deprived depositors of 55% of savings.
Newspaper Excerpt: Most of the funds of the city are tied up in the defunct First National Bank, which just re-opened its doors after robbing the workers of 55 per cent of their savings.
Source: newspapers

Newspaper Articles (1)

1. January 2, 1933 The Daily Worker New York, Chicago, NY

Article from The Daily Worker, January 2, 1933

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Article Text

Communist Mayor's Plan. MINNEAPOLIS, Minn., Jan. 1.Mayor-elect Emil Nygard came here to meet with the Provisional Committee for the Minnesota State Hunger March, which will proceed to St. Paul in February to demand relief for thousands of hungry unemployed. While here he gave an interview to the representatives of the Daily Worker and other workers' papers, and outlined his plans for carrying out the working-class program on which he was elected by the miners of Crosby. He said: "I am the only Communist on the City Council, and my fight in the council for unemployment relief will have to be backed up by organized mass pressure of the workers themselves. I will call upon the unemployed workers in Crosby to join the Unemployed Council, and their committee will receive official recognition from me. I will ask them to draw up their own proposals for unemployment relief to present to the City Council, and I will fight for these demands." Nygard revealed that ady the bourgeoisie in Crosby are preparing to conduct an open fight against his administration. The Relief Commission, the Red Cross and the charity organizations are already telling the workers that they will discontinue their relief activities the day Nygard assumes office. When workers come to them asking for relief, they are told "Go to the Communist Mayor for relief." Asked how he intended to fight these sabotaging activities, Nygard declared: "I am going to organize a Workers' Advisory Council, with representatives from all workers' organizations in Crosby, to meet with me and help me formulate a policy in the best interests of the working class. The mayors of other cities, who were elected by the capitalist parties, also have advisory committees, but these consist of bankers and business men, the exploiters of labor. My advisory committee will consist of miners, uriemployed workers and small taxpayers. This Advisory Council will call frequent mass meetings of the workers of Crosby, where I will report on municipal questions of interest to the workers, and where the opinions of the workers will get full expression and will be listened to. I will expose the sabotage of the Red Cross and private relief agencies, and the workers will see for themselves how the bosses act when a workers' candidate is elected to office." Nygard will propose to the new City Council that the amount of relief to the unemployed be increased by the city at least 50 per cent and ways and means found to finance it at the expense of the employers. Most of the funds of the city are tied up in the defunct First National Bank, which just re-opened its doors after robbing the workers of 55 per cent of their savings. "Who will be the new Chief of Police?" Nygard was asked. He replied: "The miners themselves will be asked to propose some one whom they can trust and who will not use his office against the interests of the workers." No Spoils System. "How will other municipal employees be selected? Will Communists get preference on city jobs?" was the next question. The answer was, "There will be no spoils SVStem' such as capitalist politicians practice. Municipal work will be given out to unemployed workers according to need.' "What will you do when the funds of the city for relief are run out?" he was asked. Nygard replied: "We will declare a moratorium on debts owed for bonds. We will demand state aid, and a share of the Reconstruction Finance Corporation Funds." Nygard also stated he would lead a Crosby delegation of unemployed on the State Hunger March to the Legislature and Governor Olson. The Communist Mayor will take over his duties on Jan. 3. His inauguration speech before the opening session of the new City Council will be published in these columns in a few days.