First National Bank - Frazee, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 7024
Charter Number: 7024
Start Date: December 1, 1933*
Location: Frazee, Minnesota (46.728, -95.701)

Metadata

Model: gpt-5-mini
Short Digest: d7141b9f

Response Measures

None

Receivership Details

Depositor recovery rate: 66.4%
Date receivership started: 1932-09-26
Date receivership terminated: 1938-06-16
Share of assets assessed as good: 20.7%
Share of assets assessed as doubtful: 75.3%
Share of assets assessed as worthless: 4.0%

Description

Articles from Jan–Mar 1934 indicate the First National Bank of Frazee was in receivership (receiver O. M. Westlin) and received an RFC loan listing as 'First National bank, Frazee (receiver) $30,000' in December 1933. No newspaper text describes a depositor run; the bank is in receivership (closed) so classified as suspension_closure. I inferred closure from the assignment of a receiver; no explicit suspension sentence was found in the provided excerpts.

Events (4)

1. October 29, 1903 Chartered

Source: historical_nic

2. September 26, 1932 Receivership

Source: historical_nic

3. December 1, 1933* Receivership

Newspaper Excerpt: First National bank, Frazee, (receiver), $30,000; (RFC loan list).
Source: newspapers

4. January 9, 1934 Other

Newspaper Excerpt: O. M. Westlin, Moorhead, receiver for the First National bank, Frazee, lost in federal court in his $5,200 stock assessment suit...
Source: newspapers

Newspaper Articles (3)

1. January 9, 1934 The Forum Fargo, ND

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Article Text

WESTLIN LOSES SUIT Moorhead Bank Receiver Falls In Legal Battle for $5,200 Fergus Falls, Minn-O. M. Westlin, Moorhead, receiver for the First National bank, Frazee, lost in federal court here In his $5,200 stock assessment suit against Mrs. Louis Hendry, Frazee, Minn., when Judge G. Nordbye ruled the plaintiff had failed to establish a case.

2. March 13, 1934 Star Tribune Minneapolis, MN

Article from Star Tribune, March 13, 1934

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Article Text

R.F.C. Loans to City Banks Announced Washington, D.C., March 12.-(P) -The Reconstruction Finance cor. poration announced Monday $864,000 was loaned to Minnesota banks during December, 1933. The loans and banks follow: Anoka National bank (receiver), $20,000; Columbia National Bank of Columbia Heights, $15,000; Farmers & Merchants State bank, Dassel, $100,000; Ellendale State bank, Ellendale (repaid in full), $8,000; First National bank, Frazee (receiver), $30,000; Calhoun State bank, Minneapolis (receiver), $57,000; Harriet State bank. Minneapolis (receiver), $37,000; Penn Avenue State bank, Minneapolis (receiver), $32,000; Twenty Street State bank. Minneapolis (receiver) $40,000; State Bank & Trust Co., Redwood Falls (receiver) $320,000; Citizens State bank, St Paul (receiver), $15,000; Dayton's Bluff State bank. St. Paul (receiver), $150,000; First National of Westbrook (receiver), $40,000.

3. March 16, 1934 St. Cloud Times Saint Cloud, MN

Article from St. Cloud Times, March 16, 1934

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Article Text

RFC Loan to State Banks Announced Washington (AP)-The Recon struction Finance corporation an nounced $864.000 had been loaned to Minnesota banks during December, 1933. The loans and banks follow: Anoka National bank (receiver), $20,000. Columbia National bank of Columbia Heights, $15,000 Farmers and Merchants State bank, Dassel, $100,000 Ellendale State bank, Ellendale, (repaid in full), $8,000. First National bank, Frazee, (receiver), $30,000. Calhoun State bank, Minneapolis, (receiver), Hariett State bank, Minneapolis, (receiver), $37,000. Penn Avenue State bank, Minneapolis, (receiver) $32,000. Twenty sixth Street State bank, Minneapolis, (receiver). $40,000. State Bank and Trust Co., Redwood Falls, (receiver), $320,000. Citizens State bank, St. Paul, $15,000. Dayton's Bluff State bank, St. Paul, (receiver), $150,000. First National bank of Westbrook, (receiver), $40,000.