First National Bank - Hallock, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6934
Charter Number: 6934
Start Date: January 1, 1932*
Location: Hallock, Minnesota (48.774, -96.946)

Metadata

Model: gpt-5-mini
Short Digest: 37aeebed

Response Measures

None

Receivership Details

Depositor recovery rate: 42.5%
Date receivership started: 1925-10-16
Date receivership terminated: 1933-04-01
OCC cause of failure: Economic conditions
Share of assets assessed as good: 22.2%
Share of assets assessed as doubtful: 58.9%
Share of assets assessed as worthless: 19.0%

Description

Article (May 13, 1932) discusses the First National Bank of Hallock being in receivership and a receiver's lawsuit and settlement. No run is mentioned; the bank had a receiver (closure). The suit was brought in January (presumably January 1932) against the former receiver; the May 13 article orders acceptance of settlement.

Events (4)

1. August 22, 1903 Chartered

Source: historical_nic

2. October 16, 1925 Receivership

Source: historical_nic

3. January 1, 1932* Receivership

Newspaper Excerpt: Amundson, receiver of the First National bank of Hallock, Minn., was ordered ... Amundson brought suit against Thorson and the surety company last January on the basis of alleged irregularities by Thorson in the administration of his duties as receiver of the Hallock bank.
Source: newspapers

4. May 13, 1932 Other

Newspaper Excerpt: Minneapolis, May 13 (AP) - G. J. Amundson, receiver of the First National bank of Hallock, Minn., was ordered by federal district Judge W. A. Cant to accept $867 in full settlement of the action brought by Amundson against Orrin I. Thorson, former receiver of the bank, and the National Surety company of New York, for $3,100.
Source: newspapers

Newspaper Articles (1)

1. May 13, 1932 St. Cloud Times Saint Cloud, MN

Article from St. Cloud Times, May 13, 1932

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Article Text

Order Bank Receiver to Accept Settlement Minneapolis, May 13(AP)-G J. Amundson, receiver of the Frst National bank of Hallock, Minn., was ordered by federal district Judge W. A. Cant to accept $867 in full settlement of the action brought by Amundson against Orrin I. Thorson, former receiver of the bank, and the National Surety company of New York, for $3.100. The order conformed to a petition in the matter by Amundson, who said the expenses of a trial of the case and the uncertainty of obtaining the verdict for the full amount sought made it advisable to accept the offer of the defendants for a settlement. Mr. Amundson brought suit against Thorson and the surety company last January on the basis of alleged irregularities by Thorson in the administration of his duties as receiver of the Hallock bank.