9543. First National Bank (Delano, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
9903
Charter Number
9903
Start Date
November 9, 1927
Location
Delano, Minnesota (45.042, -93.789)

Metadata

Model
gpt-5-mini
Short Digest
23db932e

Response Measures

None

Receivership Details

Depositor recovery rate
73.2%
Date receivership started
1925-12-12
Date receivership terminated
1931-09-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
21.8%
Share of assets assessed as doubtful
59.1%
Share of assets assessed as worthless
19.1%

Description

Newspaper items from Nov 9-10, 1927 refer to R. E. Schumacker as receiver of the First National Bank of Delano, Minn., indicating the bank was placed in receivership and thus closed. No article text mentions a depositor run; therefore classified as a suspension (receivership) leading to closure. Dates use the publication dates as evidence of receivership by Nov 9-10, 1927.

Events (4)

1. December 9, 1910 Chartered
Source
historical_nic
2. December 12, 1925 Receivership
Source
historical_nic
3. November 9, 1927 Receivership
Newspaper Excerpt
R. E. Schumacker, receiver of the First National Bank of Delano, Minn., vs. C. N. Lee. (federal court docket reference).
Source
newspapers
4. November 9, 1927 Suspension
Cause
Government Action
Cause Details
Bank placed in receivership (court-appointed receiver R. E. Schumacker).
Newspaper Excerpt
R. E. Schumacker, receiver of the First National Bank of Delano, Minn., vs. C. N. Lee.
Source
newspapers

Newspaper Articles (2)

Article from The Bismarck Tribune, November 9, 1927

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Article Text

TAIX DAMAGE SUIT DROPPED Plaintiff Moves For Dismissal in View of Recent High Court Decision Dismissal of the case of Josephine Taix, Bismarck, suing the Northern Pacific railway for $50,000 damages as a result of the death of her husband some time ago in a crossing accident in Bismarck, on motion of the plaintiff's attorney, was granted by Judge Andrew Miller in the fall term of the federal district court Tuesday. It is understood that dismissal of the case was asked for by the plaintiff as a result of a recent ruling of the supreme court of the United States holding the driver of an automobile responsible in accidents on railway crossings. Law Violators Fined Four violators of the liquor laws entered pleas of guilty and were sentenced by Judge Miller today. Roy Dietrich, Fort Yates, N. D., was fined $1,000 for manufacturing liquor on an Indian reservation. Bert Wells and L. J. Seidel, both of Fort Yates, were fined $250 each for having liquor in their possession on an Indian reservation, and Peter Geis, Bismarck, was fined $5 when he pleaded guilty to having liquor in his possession. Completion of the second case on the docket, that of the Northern Pacific railway vs. Barth and Hummel, in which the plaintiffs allege an undercharge on a fruit shipment to Gackle, N. D., was expected this afternoon. The third case. that has been called is that of R. E. Schumacker, receiver of the First National Bank of Delano, Minn., vs. C. N. Lee, involving payment of a note. It is expected that the federal district court will be in session for the next 10 days.


Article from The Bismarck Tribune, November 10, 1927

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Article Text

# Verdicts in Favor of Plaintiffs Directed by Judge And. Miller Verdicts in favor of the plaintiffs were directed by Judge Andrew Miller in the federal district court Wednesday in the case of the Northern Pacific railway vs. Barth and Hummell and R. E. Schumacker, receiver of the First National Bank of Delano, Minn., vs. C. N. Lee. Suing for $61,000, J. W. Breanard, Mandan, is the plaintiff in a damage suit brought against the Northern Pacific railway as the result of an accident in a gravel car in the Mandan railway yards in May, 1924, in which the plaintiff claims that he suffered permanent disability. Hearing of the case which began at 10 a. m. today is expected to occupy the attention of the court for at least two days, according to court officials. William Wolfe, Kulm, N. D., was fined $250 by Judge Miller today when he pleaded guilty to engaging in the liquor traffic. Federal court will not be in session during the forenoon on Armistice day but will convene at 2 o'clock in the afternoon.