Marine Bank - Duluth, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 3, 1901
Location: Duluth, Minnesota (46.783, -92.107)

Metadata

Model: gpt-5-mini
Short Digest: 7dbfa945

Response Measures

None

Description

Article (1901-01-03) describes the Marine Bank of Duluth as one of two insolvent banks from which the state treasurer had not recovered deposits after the prior panics. The text does not describe a depositor run or a reopening; it indicates insolvency/closure (funds tied up) so I classify this as a suspension leading to closure. There is limited detail and no explicit receivership date given.

Events (1)

1. January 3, 1901 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Described as insolvent after the earlier panics; deposits 'tied up' and state treasurer has not recovered funds
Newspaper Excerpt: the amount of money tied up in such banks has been reduced from $318,000 ... to $2,700, of which practically two-thirds is in the Marine bank at Duluth
Source: newspapers

Newspaper Articles (1)

1. January 3, 1901 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, January 3, 1901

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Article Text

KOERNER IS PROUD OF IT RECORD HE HAS MADE WITH THE INSOLVENT BANKS. August T. Koerner, when he retires next Tuesday from the office of store treasurer, which he has held for six years, will have no record that pleases him more highly than that which he has made in connection with the collection of state deposits from banks which failed during the two panics. The amount of money tied up in such banks has been reduced from $318,000, at which figure it at some seasons seriously embarrassed the state, to $2,700, of which practically two-thirds is in the Marine bank at Duluth and the other third in the North St. Paul bank. These two are the only insolvent banks from which the state treasurer has not received what it had deposited in them at the time of the crash. Mr. Koerner has the satisfaction of knowing also, that the state has at this time the largest permanent school fund she has ever had, the fund having increased $1,000,000 in the last two years.