9626. Farmers State Bank (Grygla, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 22, 1918
Location
Grygla, Minnesota (48.301, -95.618)

Metadata

Model
gpt-5-mini
Short Digest
bfc5c5ea

Response Measures

None

Description

Articles (1919 and 1920 county records) state Farmers State Bank of Grygla became insolvent and the Superintendent of Banks of this State took charge of its assets and affairs on June 22, 1918. There is no description of a depositor run prior to suspension; the matter is described as liquidation/insolvency with claims allowed and surety companies paying. Thus classified as a suspension followed by closure/receivership (permanent).

Events (2)
1. June 22, 1918 Receivership
Newspaper Excerpt
the Superintendent of Banks of this State took charge of its assets and affairs ... in such liquidation proceedings, and this county has filed its claim on said certificate of deposit with said Superintendent of Banks. and the same has been allowed by said Superintendent of Banks at the sum of $7,313.20 (Bemidji Daily Pioneer, 1920-05-28).
Source
newspapers
2. June 22, 1918 Suspension
Cause
Government Action
Cause Details
Bank became insolvent and the State Superintendent of Banks took charge and placed the bank in liquidation/receivership.
Newspaper Excerpt
said bank, on the 22nd day of June, 1918, became insolvent and the Superintendent of Banks of this State took charge of its assets and affairs, and the same is now under the control of said Superintendent of Banks in such liquidation proceedings
Source
newspapers

Newspaper Articles (2)
1. March 5, 1919 Warren Sheaf Warren, MN
Article from Warren Sheaf, March 5, 1919

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Article Text

meeting of the County February 25th, 1919. called to order by the Chair10 o'clock A. M. nembers present. of Annual Meeting read and as read. nissioner A. N. Lodoen offered lowing resolution in writing and adoption: That the County Board of County, Minnesota, hereby to pay forty per cent of the cost bridge to be built across the River in Sections 7 and 8, TownRange 49, this Board to agree price on letting of contract, noletting to be given them in time being present, and payment completion of the work and by Committee of this Board. nissioner Ole Torgerson secondmotion and the same being put a majority of the votes of the of the County Board and was and was by the Chairman, residing, SO declared. nissioner C. T. Olson offered the resolution in writing and its adoption: Resolved, That State Road No. tended as follows: nencing at the Northeast corner 10, Township 157, Range 43; east along the Section line beSections 2 and 11, 1 and 12, 157, Range 43, and between 6 and 7. 5 and 8, 4 and 9, 3 and 11, 1 and 12, Township 157, 42, and Sections 6 and 7, 5 and 9, 3 and 10, 2 and 11, Township 41; thence south between 11 and 12, Township 157, thence east between Sections 13, Township 157, Range 41; east between Sections 7 and 18, 9 and 16, 10 and 15, 11 and 14, Township 157; Range 40, and Sections 7 and 18, 8 and 17, 9 10 and 15, 11 and 14, 12 and 13, 157, Range 39, and terminthe boundary line between and Beltrami Counties. missioner Ole Torgerson secondmotion and the same being put a majority of the votes of the of the County Board and was ried and was by the Chairman, residing, SO declared. missioner A. S. Rokke offered the resolution in writing and adoption: Resolved, That Gotfred Erickappointed Roreman on ConJob No. 1807 and given auto superintend Mr. John Julin's nissioner C. T. Olson seconded and the same being put rea majority of the votes of the of the County Board and was rried and was by the Chairman, residing, so declared. nissioner A. N. Lodoen offered lowing resolution in writing and adoption: Resolved, That Carl T. Olson be hereby is appointed as one of ectors of Marshall County Farm Association. nissioner Ole Torgerson secondmotion and the same being put a majority of the votes of the of the County Board and was rried and was by the Chairman, residing, so declared. nissioner C. T. Olson offered the resolution in writing and adoption: It appears that F. Bakke Treasurer of Marshall Couninesota, had on deposit in the State Bank of Grygla, Minnethe 22nd day of June, 1918, the Eight Thousand One Hundred and 61-100 Dollars and It appears that on said Bank was closed by the duly and acting Superintendent of the State of Minnesota, and demand has been made upBank and its representatives ccessors by said Bakke as such Treasurer for the payment of of money, and The same has been refused, Said F. Bakke, County holds indemnity bond of Ballard, Levi Hawkins, AnCuno, John A. Sandberg, EdOlson, William Paskewitz, Otto and Otto Bremer, in the sum of Thousand Dollars guaranteedeposits, and Otto Bremer, one of the ireties stands ready to pay the nount due said County provided claim against the said FarmBank of Grygla be assigned to that all rights under the said also assigned, Therefore Be It Resolved: That payment of the sum of Eight One Hundred Sixty three and Dollars with interest thereon at of three per cent per annum 1st, 1918, to F. Bakke as Treasurer of Marshall County, ard of County Commissioners of County by O. Enge as Chairsaid F. Bakke as County are hereby authorized and by appropriate agreement to sell, transfer, and assign unto Bremer the said claim against Farmers State Bank of Grygla amount so required to be paid, its rights under and by virtue bond, together with every right of every name and nature in thereto, and all actions and for actions for the collection or thereof.

2. May 28, 1920 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, May 28, 1920

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Article Text

OFFICIAL PROCEEDINGS OF THE BOARD OF COUNTY COMMISSIONERS OF BELTRAMI COUNTY, MINNESOTA, MAY 4TH, 1920. The Board of County Commissioners of Beltrami County met on Tuesday, May 4th, 1920, at o'clock in the forenoon, pursuant to adjournment Members present Edward Paulson, Hans B. Imsdahl James F. Hayes, Wm Lennon, and S. W Ellis. The minutes of the previous meeting on rrection page a with were read, the seventh paragraph, relating to the establishment of a county road in Wabanica and Wheeler townships, which should read: (Commencing encing at the NE corner of the SE% of Section 24, Township of Wheeler, and running west 3-4 of mile and thence south 1/2 mile, thence west of a mile along the section line, thence south miles, thence east 1 mile and there ending) and a correction on page 68, the second paragraph, the amount shown is $493.30, and should read ($2968. 79 be transferred to the Construction Fund of State Rural Highway No. 62.) Upon motion of Ellis, seconded by Paulson, the minutes were approved as corrected Commissioner Ellis offered the following resolution and moved its adoption: Whereas, the Farmers State Bank of Grygla, during the year 1918, was duly designated as one the depositories of the funds of this County, and on the 9th day of March, 1918, there was deposited in said bank by this County the sum of $8,000, and said bank issued to this county its certificate of deposit, dated on said day, for said sum of $8,000 payable one year after date, with interest at the rate of four per cent per anand num, Whereas, to secure the repayment to this County of said deposit said bank executed and delivered to this county two bonds, one for the sum of Five Thousand Dollars, with Lion Bonding & Surety Company as surety, and the other for $3,000, with Fidelity & Deposit Company, of Maryland, as surety, and Whereas, said bank, on the 22nd day of June, 1918, became insolvent and the intendent of Banks of this State took charge of its assets and affairs, and the same is now under the control of said Superintendent of Banks in such liquidation proceedings, and this county has filed Its claim on said certificate of deposit with said Superintendent of Banks. and the same has been allowed by said Superintendent of Banks at the sum of $7,313.20, being the amount of said certificate of deposit, and interest to the date of the closing of said bank, less a credit of $778.36, Sak being the amount of claim Erickson, owing and by one to this county assigned by said Erickson to said bank, and unpaid by this county to said bank at the time of closing said bank, and Whereas the Lion Bonding & Surety Company has paid to this county its proportionate share under its bond on said deposit, being 8ths of the amount of the claim of this county against said bank, with interest, amounting to the sum of Five Thousand twenty dollars and eighty cents ($5 ($5,020 80), And whereas the Fidelity & Deposit Company, of Maryland, has paid to this county its proportionate share under its bond on said deposit, being 3-8th of the amount of the claim of this county against said bank, with interest amounting to the sum of Three Thousand Twelve dollars and fifty one cents Now, ($3,012.51 therefore, be is resolved. that the County Treasurer of this County forthwith file with said Superintendent of Banks said original certificate of deposit, and that said Superir erintendent of Banks be and he is hereby authorized said the Lion to to directed and pay Bonding & Surety Company that five-eighths dividends all and of any may (5-8th) become due and payable on the claim of this county against said bank, SO filed and allowed, as they become due and payable, and that said Superintendent of Banks be and he is hereby authorized and directed to pay to the said Fidelity & Deposit Company of Maryland eighths (3-8ths) of any and all dividends that may become due and payable on the claim of this county against said bank, so filed and allowed, as they become due and payable, and that a certified copy of this resolution be transmitted, with said original certificate of deposit, to said Superintendent of Banks forthwith. Said resolution was seconded by Commissioner Imsdahl and being put to vote was unanimously adopted, and by the chairman then presiding so declared The application for road money from the Towns of Turtle River, Eugene, and Sugar Bush were laid on the table until funds became available in the County Road and Bridge Fund, when the mattaken be would of up propriation ter by this Board and disposed of A petition for re-survey of Sections 25. Township 149, Range 31, was presented and same being in due form, was set for hearing on June 1st, 1920, at 11 clock in the forenoon, In the commissioners room in the Court House at Minn Bemidji. Whereas, a petition has been presented to this board, signed by O. E. Rundell, et asking that the N½ of Section and all of Section in all of and 56, No. Sections District the 35 and 36 in the District No. 46, be included in District No. 108. all in the Township of Durand. Therefore, be resolved that hearing upon said petition will be had by this board at its regular meeting on Tuesday the 1st day of June, 1920. at 2:00 o'clock in the afternoon, in the commissioners' room in the Court House, in Bemidji, and that said Board will hear all that may be sald in favor of and against the granting of said petition and that notices be posted of said hearing as provided by law Commissioner Ellis moved the adoption of the resolution, the same was seconded by Commissioner Hayes, and being put to vote duly carried. Whereas, a petition was presented to this board by Martin Sorenson, et al., praying for the establishment of a county road beginning at the SE corner of Section 3, Township 146, Range 35, and running thence north between Sections 2 and 3, Township 46, Range 35, Sections 34 and 35, 26 and 27 of Township 147, Range 35, to the east quarter corner of Section Township 147, Range 35, and there ending. Therefore, be resolved that hearing will be held upon the above mentioned petition in the commissioners' room in Court House in Bemidji, on Monday July 12, at clock in the afternoon, at which time and place said board will hear all that may be said in favor of or against the granting of said petition and that Commissioners Paulson and Hayes, members of this Board, be and they are hereby appointed a committee to examine the route of said road and that this committee meet upon the route of this road at the SE corner of the NE% of Section 27. Township of Lammers, on Tuesday, the 22nd day of June, 1920, at 4 o'clock in the afternoon, for the purpose of examination of said road and make report before said meeting of said board hereintofore specified and that notices be posted by law as provided Whereas, the petition of E. C. Bergh, et al., praying for the vacation of the road, beginning at the NE corner sections 25and running west mile