First National Bank - Glenwood, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 7742
Charter Number: 7742
Start Date: August 2, 1928
Location: Glenwood, Minnesota (45.650, -95.390)

Metadata

Model: gpt-5-mini
Short Digest: afcf68d9

Response Measures

None

Receivership Details

Depositor recovery rate: 60.2%
Date receivership started: 1926-07-14
Date receivership terminated: 1929-10-31
OCC cause of failure: Governance
Share of assets assessed as good: 21.1%
Share of assets assessed as doubtful: 43.1%
Share of assets assessed as worthless: 35.7%

Description

Article (St. Cloud Times, 1928-08-02) states a receiver (Mr. Cary) will maintain offices for banks he is receiver for, including Glenwood. This indicates the First National Bank at Glenwood was placed in receivership (permanent closure). No run or temporary suspension is described in the provided text.

Events (3)

1. May 15, 1905 Chartered

Source: historical_nic

2. July 14, 1926 Receivership

Source: historical_nic

3. August 2, 1928 Receivership

Newspaper Excerpt: ceiver of the First National banks at Brandon and Alexander. Mr. Cary will maintain offices at the four banks he is now receiver for, Glenwood, Benson, Brandon and Alexander, but will continue his residence at Benson.
Source: newspapers

Newspaper Articles (1)

1. August 2, 1928 St. Cloud Times Saint Cloud, MN

Article from St. Cloud Times, August 2, 1928

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Article Text

ceiver of the First National banks at Brandon and Alexander. Mr. Cary will maintain offices at the four banks he is now receiver for, Glenwood, Benson, Brandon and Alexander, but will continue his residence at Benson. Frank Hinsley, formerly of the First National bank here, receiver for the banks at Brandon and Alexander, recently resigned, and Mr. Cary has been appointed in his place.