Farmers State Bank - Denham, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 19, 1931
Location: Denham, Minnesota (46.364, -92.943)

Metadata

Model: gpt-5-mini
Short Digest: 4931788e

Response Measures

None

Description

The Farmers State Bank at Denham closed by directors in mid-December 1931 (article dated 1931-12-24 reports it 'closed its doors Saturday night') and the State Banking Department involved a receiver; later county minutes (1932) state the bank is 'now in process of liquidation.' No article describes a depositor run prior to suspension — closure appears permanent with receiver/liquidation.

Events (3)

1. December 19, 1931 Suspension

Cause: Macro News
Cause Details: Closed due to effects of the Great Depression: dwindling deposits and patrons' inability to meet obligations, directors ordered closure.
Newspaper Excerpt: The Farmers State Bank at Denham ... closed its doors Saturday night after a meeting of the directors had so ordered. The State Banking Department was notified and two of the examiners ... were in the bank Monday and Tuesday to check up the records.
Source: newspapers

2. December 22, 1931 Receivership

Newspaper Excerpt: The bank will be closed until next Tuesday when Mr. Baakeon, a receiver will be in charge. ... The State Banking Department was notified and two of the examiners ... were in the bank Monday and Tuesday to check up the records.
Source: newspapers

3. June 14, 1932 Other

Newspaper Excerpt: It appearing said Mr. Larson had some money on deposit in the Farmers State Bank, Denham, now in process of liquidation.
Source: newspapers

Newspaper Articles (4)

1. December 24, 1931 Askov American Askov, MN

Article from Askov American, December 24, 1931

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Article Text

MAY WORK OUT CONSOLIDATION Denham Bank Closed Saturday Night, Having Felt Depression; Also Talk of Re-Organization. The Farmers State Bank at Denham having felt the sting of the depression like so many other business institutions closed its doors Saturday night after a meeting of the directors had so ordered. The State Banking Department was notified and two of the examiners, J. H. Spieker and a Mr. Johnson, were in the bank Monday and Tuesday to check up the records. The bank will be closed until next Tuesday when Mr. Baakeon, a receiver will be in charge. Having made arrangements for a Christmas vacation his services could not be secured until next Tuesday. There is some talk of re-organization of the bank on the part of local people in the Denham community, as they would not like to be without banking services in the community. There is also a possibility that the bank may be consolidated with some neighboring bank. The Denham bank was organized in 1910 with F. L. Olson in charge as cashier, and he has held that post ever since. Joseph Bochek of Willow River, has been its president, and Joseph Suk, Denham, its vice president, ever since organization. A. W. Wenborg was assistant cashier. The capital stock was $10,000 and surplus fund $5,000. At the time of closing the deposits were about $72,000, including time deposits and checking accounts. With the dwindling of deposits and the difficulty on the part of patrons to meet their obligations it was deemed best by the directors to close the doors and make other arrangements.

2. January 14, 1932 Askov American Askov, MN

Article from Askov American, January 14, 1932

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Article Text

Auditor's Office, Pine City, Minnesota. January 6th, 1932. Nine o'clock a. m. The board of county commissioners met this day pursuant to adjournment. All members present. Mr. Churchill from the Extension division appeared before the board in regard to county extension work in the county. A certificate of status of the County Farm Bureau was filed with the board. Commissioner John Ettel offered the following resolution and moved its adoption: WHEREAS: The county of Pine is holding an assignment of a $5,000.00 Liberty bond as security for county funds deposited in the Markville State Bank now closed. AND WHEREAS, The Banking Department has signified its readiness to take action and sell this bond and turn over the proceeds to the County of Pine. THEREFORE, BE IT RESOLVED: That the county treasurer is hereby authorized to surrender his receipt for safekeeping to the banking department for the purpose of selling said bond and turn the proceeds to the county. AND BE IT FURTHER RESOLVED. That the county treasurer be and is hereby authorized to surrender the receipt for securities held assigned by the Farmers State Bank of Denham when the banking department is ready to reimburse the county for the funds deposited in said Farmers State Bank of Denham. The question being on the adoption of this resolution, there were five yeas and no nays as follows: John Ettel, yea; E. L. Wilcox, yea; Nels Oakland, yea; F. W. Stepan, yea; Nels Matson, yea; and SO the resolution was adopted this 6th day of January, 1932. The report of the county extension committee was taken from the table, said report recommended an appropriation of $1,500.00 from the county. After due consideration, their request was voted down. There were four votes

3. January 21, 1932 Askov American Askov, MN

Article from Askov American, January 21, 1932

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Article Text

Auditor's Office, Pine City, Minnesota. January 6th, 1932. Nine o'clock a. m. The board of county commissioners met this day pursuant to adjournment. All members present. Mr. Churchill from the Extension division appeared before the board in regard to county extension work in the county. A certificate of status of the County Farm Bureau was filed with the board. Commissioner John Ettel offered the following resolution and moved its adoption: WHEREAS: The county of Pine is holding an assignment of a $5,000.00 Liberty bond as security for county funds deposited in the Markville State Bank now closed. AND WHEREAS, The Banking Department has signified its readiness to take action and sell this bond and turn over the proceeds to the County of Pine. THEREFORE, BE IT RESOLVED: That the county treasurer is hereby authorized to surrender his receipt for safekeeping to the banking department for the purpose of selling said bond and turn the proceeds to the county. AND BE IT FURTHER RESOLVED. That the county treasurer be and is hereby authorized to surrender the receipt for securities held assigned by the Farmers State Bank of Denham when the banking department is ready to reimburse the county for the funds deposited in said Farmers State Bank of Denham. The question being on the adoption of this resolution, there were five yeas and no nays as follows: John Ettel. yea; E. L. Wilcox, yea; Nels Oakland. yea; F. W. Stepan, yea; Nels Matson, yea; and so the resolution was adopted this 6th day of January, 1932. The report of the county extension committee was taken from the table, said report recommended an appropriation of $1,500.00 from the county. After due consideration, their request was voted down, There were four votes

4. June 23, 1932 Askov American Askov, MN

Article from Askov American, June 23, 1932

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Article Text

PROCEEDINGS OF COUNTY BOARD Official Minutes From County Commissioners Meeting Held at the Court House in the Village of Pine City. Auditor's Office, Pine City, Minnesota. June 14th, 1932. Ten 'clock a. m. The board of county comm ssioners of Pine county, met this day pursuant to adjournment. All members present. A resolution was passed authoriz ng the county auditor to file a claim with the banking department in the amount of $379.60. said amount being claimed by this county for board. keep and burial of one Mr. Swan Larson. It appearing said Mr. Larson had some money on deposit in the Farmers State Bank, Denham. now in process of liquidation. The county auditor reported that Town of Barry had deposited a town order in the amount of $350.00 to apply on a county aid road in said town. Mr. Mike Novratill applied for a change in his dance hall permit so as to allow him to hold two dances a week instead of one. He having deposited with the county auditor the addit onal fee of $10.00, his request was grante.i. A letter from Mr. Jul Eklund in regard to two culverts needed at "Eklund's Beach" was referred to Engineer Jorgensen. A letter from E. L. Losensky in regard to house rent for William McHa e was referred to Commissioner Stepan. A resolution was passed au horizing the county auditor to issue a duplicate warrant to Minnesota State Sanatorium. Said sanatorium having filed its affidavit of loss as required by law. Applications for county aid were rereived from the following persons: George Robinson, Kerrick; Mrs. Helen Nordstrom. Pokegama; and Margaret Swartz. Belden. A petition was received for the formation of a new Independent School District out of part the unorganized territory described as follows. to-wit: All of Sections 25. 26, 27. 33, 34. 35. 36 and E1/4 of 28 and Section 22 in Townsh D 45. Range 18, and all of Sections 27. 28. 29. 30. 31. 32. 33 and 34 in Township 45. Range 17, and the E½ of NW1 and NW14 of NE%. Section 3, Township 44. Range 18, and the NW of NE% and the East 20 acres of NE14 of NW 4. Section 6. Township 44. Range 17. P This petition was signed by W. Hogan and 25 others. freeholders who are qualified to vote for school officer residing upon the territory above de scribed. It was on motion duly carried ordered that a hearing on said petition will be had on the 11th day of July. 1932, at one o'clock p. m. at a meeting of this board on that day. The county auditor was instructed to send bill for printing primary election ballots to the Public Printer for his certificate thereon. Engineer Jorgensen was instructed to prepare plans and specifications for repairing six bridges in Town of Keene. A resolution was passed releasing lots 39, 40. 41. 42. 61, 62. 63, 64. 73. 74. 75 76. 95. 96. 97. and 98, Block 5, in Rose Hill cemetery to the Rose H 11 Cemetery Association in exchange 101 lots 1, 2, 3, 4. 31. 32, 33, 34, Block 5 and Lots 61, 62, 63. 64, 65. 92. 93 and 94, Block 6. The said cemetery association to give Pine county a deed to these lots. The said Rose Hill Cemetery Association was also authorized to change the road leading through these lots as agreed to with Engineer Jorgensen. Engineer Jorgensen was also instructed to make an estimate of cost of constructing three miles of road in Town of Keene beginning at the southwest corner of Section 33, Townsh P 43, Range 17. running north two miles. thence east one mile. Minutes of the last session of this board approved as read. Notice of relief of non-resident poor was received from Leonard Kingsley, county clerk of Dunn county Wiscon sin. It was ordered placed on file. A complaint of a neglected and impassable road described as 'Beginning at the northeast corner of NW14 of NW 1/4 Section 2. Township 39. Range 20. thence running east one and onefourth miles to the north quarter corner of Section 1. Township 39. Range 20. was filed with the board. This petition was signed by C. E. Peterson and ten others, freeholders residing in said towns. A resolution was passed setting the 11th day of July 1932, at one o'clock p. m., as the time for hearing complainants also the officers of said towns. This hearing to be held in the county auditor's office in the village of Pine City. Following applications for abatements of taxes and corrections of assessments were favorably recommended to the Minnesota Tax Commission: C. R. Grace, E½ of NW Sec. 2445-16; Ralph J. Shute, W½ of NW 1/4 Sec. 42-17; Archie Schmidt. 2 acres in SW½ of SW Sec. 9-42-17; Anna M. Van Alstine, NW14 of NE1/4 Sec. 1642-17; James Wheelan, N½ of NE1/4 1/4 SE% of NW and NE½ of SW1 Sec. Otto Koecher. S½ of NW14 1/4 Sec. 18; J. A. Ennerstrom. SW 1/4 of NE1/4 Sec. 21 Frank B. Johnson, NW1/4 of SW½ Sec 21-43 17: W. M. Englund. E½ of NW14 Sec. 2-43-18; Anton Martichuski, Lot 20, Auditor's Subdiv. of Sec. 15-21 Wm. Meger. NE1/4 of SE1/4 and Lot 3. Sec. 11-45-20; Swan Nelson. S½ of N½ of SE%. Sec. 45-21; Frank Swarmer NW½ of NW 1/4 and SW of NW1/4 Sec. 34 45-21; August Schubert, Lot Blk. 1. McMahon's Add. to Rutledge; Annie Jensen, S½ of SW½ Sec. 11-43-19; L. H. Bakken. receiver. N½ of NW1/4 Sec. 11 -44-20; Shreve M. Archer W½ of NE1/4 and NW 1/4 of SE Sec. 34-44-20; Stanley Dobosenski. NW½ of SE14 Sec. 33 and SE½ of SE%. Sec. Joseph Aanerud, north 2.24 acres of Lot 3. E. of R. W. Sec 19-43-20; Fred A. Swan. NW14 NE1/4 and S½ of NE% Sec. 38 Louis Zeman, NW½ of SW 1/4 Sec. 22-41-21; Eph. Sandstrom. W½ of NW1/4 Sec. 32-39- 22; David Waschenbecke N½ of NW1/4 Sec. 40 Alice C. Skinner, SE1/4 of NW Sec. 18-40 Louis Novy SW 1/4 of SW 1/4. Sec. 10 and NW½ of NW Sec. 15-40-21. Following applications were laid over: Mildred Frederick. SW 1/4 of SW 1/4 W of R. W. Sec. 25 43 Bert L. Clarke. SE 1/4 of NE1/4 Sec. 33 18; Olaf Benson, NW 1/4 of SE14 Sec. 1-43-16; John H. Coy. SW 1/4 of SW 1/4, Sec. 3043-15; W. J. Hahn, S½ of NE½ of SW Sec. 22, and NE 1/4 of NW½ Sec. Mrs. John Peura, NW 1/4 of SW 1/4 less R. W., Sec. 8-43- Wm. Shoberg. S½ of Lot 13 and all of Lot 14. Block 150. Hinckley: Eddie Jackson. W½ of E½ of SW 1/4 of SE 1/4 W½ of SW 1/4 of SE 1/4 and E½ of SE 1/4 of SW14. Sec. 35-41-21. Following applications were rejected: John A. Tornberg. E½ of NW Fec. 32-39-22; Carl A. Roatz, W½ of SE%. less R. W., Sec. 39 Cecil B. Kelsey, Lots 7 and 8. Block 3. Brook