First National Bank - Granada, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11606
Charter Number: 11606
Start Date: April 12, 1928
Location: Granada, Minnesota (43.696, -94.348)

Metadata

Model: gpt-5-mini
Short Digest: 64c01d3f

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1926-05-27
Date receivership terminated: 1928-03-24
OCC cause of failure: Governance
Share of assets assessed as good: 51.7%
Share of assets assessed as doubtful: 46.4%
Share of assets assessed as worthless: 1.9%

Description

Article (Wells Mirror, 1928-04-12) states Ewart was receiver of the First National Bank of Granada and that the Granada bank has been closed. No mention of a depositor run; a receiver was appointed and the bank was closed, so classify as a suspension leading to closure/receivership (government action). OCR errors in the article were corrected for clarity.

Events (4)

1. February 13, 1920 Chartered

Source: historical_nic

2. May 27, 1926 Receivership

Source: historical_nic

3. April 12, 1928 Receivership

Newspaper Excerpt: Ewart, receiver of the two Banks ... receiver of the First National Bank of Granada. The Granada bank has been closed. In addition to the banks named, Mr. Ewart acted ... receiver of the First National Bank of Granada . . . paid out 100 per cent . . . the receiver ... will continue in connection with the trusts (OCR-corrected).
Source: newspapers

4. April 12, 1928 Suspension

Cause: Government Action
Cause Details: Bank was closed and a receiver (Ewart) was appointed to handle the institution.
Newspaper Excerpt: the First National Bank of Granada. The been closed.
Source: newspapers

Newspaper Articles (1)

1. April 12, 1928 The Wells Mirror Wells, MN

Article from The Wells Mirror, April 12, 1928

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Article Text

Receiver to Open New InstituRedwood Falls Some Time tion in Early in May. Ewart, receiver of the two Banks and also other banks, bank in Redwood starting new and to have the Falls, Minn., expects institution for business new open in May. Mr. Ewart sometime early receiver of bank there, and also the fine opening for recognizing new bank and being asked by citizens applied for charter to start one, and successful in obtaining is other bank there, There only one it town of 3,000 in good and The bank will be called territory. State Bank and Trust the Citizens Company. receiver of the two Besides being banks and the at Redwood Wells Ewart also was receiver Falls, Mr. National Bank of Minthe First Lake the First National nesota and Bank of Granada. The been closed. of the last two Lake paid out 86 cent Minnesota Granada bank 100 per cent. and the his work receiver of In addition to named, Mr. Ewart acted the banks examiner of insolvent special tional banks of Minnesota. Mr. Ewart's resignation here took effect April His family will remain out. The receiver until school banks is Ferdinand of the Wells at is the Ringoen, who present ceiver of the First National Bank of of which trust he James, Minn., connection with the will continue in trusts