Citizens National Bank - Faribault, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1863
Charter Number: 1863
Start Date: March 4, 1933
Location: Faribault, Minnesota (44.295, -93.269)

Metadata

Model: gpt-5-mini
Short Digest: 41883a08

Response Measures

None

Receivership Details

Depositor recovery rate: 45.5%
Date receivership started: 1934-08-14
Date receivership terminated: 1940-10-02
Share of assets assessed as good: 33.2%
Share of assets assessed as doubtful: 61.5%
Share of assets assessed as worthless: 5.3%

Description

Article states the bank has been closed since March 4, 1933, and that a receiver (Frank W. Shandorf) was appointed effective immediately (reported 1934-08-16) by the Controller of the Currency. No run is described. Classification: suspension leading to receivership/closure (government action).

Events (4)

1. August 16, 1871 Chartered

Source: historical_nic

2. March 4, 1933 Suspension

Cause: Government Action
Cause Details: Bank closed (suspended) beginning March 4, 1933; later overseen by federal authorities (Controller of the Currency involved).
Newspaper Excerpt: The bank has been closed since March 4, 1933.
Source: newspapers

3. August 14, 1934 Receivership

Source: historical_nic

4. August 16, 1934 Receivership

Newspaper Excerpt: Frank W. Shandorf of Northfield has been appointed receiver for the Citizens National Bank, effective immediately according to word received here from J. F. T. O'Connor, controller of currency at Washington The bank has been closed since March 4. 1933. and since then efforts have been made to reorganize and reopen the bank (Minneapolis Journal, 1934-08-16).
Source: newspapers

Newspaper Articles (1)

1. August 16, 1934 The Minneapolis Journal Minneapolis, MN

Article from The Minneapolis Journal, August 16, 1934

Click image to open full size in new tab

Article Text

NEWS NOTES program of the Minnesota Law and Order League. the Kiwanis Club here authorized the appointment of law and order committee. Bank Receiver Named Faribault- Frank W. Shandorf of Northfield has been appointed receiver for the Citizens National Bank, effective immodiately according to word received here from J. F. T. O'Connor, controller of currency at Washington The bank has been closed since March 4. 1933. and since then efforts have been made to reorganize and reopen the bank Canners to Compete Owatonna- Steels county's prize canning team, Mildred Racek and Florence Erdman. will represent the sub-district in the 4-H club state fair caning team contest Rites at Clearwater Clearwater Funeral services were held here for Mrs. Lucy Webster 89 years old. resident of this place for 60 years. one of the oldest settiers of Wright county and one of the early day school teachers. Woodstock Merchant Dies Woodstock Charles Lindsay. pioneer local merchant, and for many years postmaster. is dead here. Loses Hand at Mill Hastings William O'Brien of Hastings, an employee at the King Midas mill here. suffered injuries to his right hand when was caught in roller that necessitated Virginia Merchant Drowns Virginia Harry John George 65 years old, one of Virginia's earliest pioneers and long prominent hardware merchant here, drowned in Silver lake He was member ginia chapter Royal Arch Masons the Scottish Rite Masonic bodies and the Shrine at Duluth Do you know that used cars are lower in price right now than they have been for long time The car ads in the Minneapolis Journal will prove it to you-Adv. Passing on our volume purchase prices direct to consumers, we are prepared for the greatest wave of popular buying that any tire store has witnessed-a sweeping sale unlike anything seen before in a retail place. We are aiming at the biggest sales total we have ever experienced. Crude rubber has advanced from 3c to 16c per pound.