9641. First National Bank (Jasper, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
6523
Charter Number
6523
Start Date
April 28, 1925
Location
Jasper, Minnesota (43.850, -96.399)

Metadata

Model
gpt-5-mini
Short Digest
54d81853

Response Measures

None

Receivership Details

Depositor recovery rate
34.0%
Date receivership started
1925-05-01
Date receivership terminated
1930-06-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
16.3%
Share of assets assessed as doubtful
43.6%
Share of assets assessed as worthless
40.1%

Description

Directors ordered the bank closed in April 1925; a receiver was in place (and later resigned) by July 1926, indicating the bank did not resume normal operations and went into receivership. Closure was by the board of directors rather than a government-ordered closing; treated as voluntary/management closure leading to receivership.

Events (4)

1. December 8, 1902 Chartered
Source
historical_nic
2. April 28, 1925 Suspension
Cause
Voluntary Liquidation
Cause Details
Board of directors ordered the bank closed; capitalization noted as $30,000. Closure appears to be an internal/management decision rather than a run or regulatory seizure.
Newspaper Excerpt
DIRECTORS CLOSE BANK Minn., April, First National bank of Jasper, was closed today by order of the board of directors of the institution.
Source
newspapers
3. May 1, 1925 Receivership
Source
historical_nic
4. July 13, 1926 Receivership
Newspaper Excerpt
Bank Receiver Resigns. Jasper, Minn., July Birch, who has been receiver the First National bank, Jasper, since April year, has signed and Peter Highmark, has had charge of the Rock County bank, Luverne, Minn., since closed, been appointed temporary receiver.
Source
newspapers

Newspaper Articles (2)

Article from Livingston Enterprise, April 28, 1925

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Article Text

DIRECTORS CLOSE BANK Minn., April, First National bank of Jasper, was closed today by order of the board of directors of the institution. The bank's capitalization $30,000. In the call the national examiner's fice, reason for the closing given


Article from The Sioux City Journal, July 13, 1926

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Article Text

AUTO DRIVER VICTIM OF CRASH WITH TRAIN Windom. Minn., July automobile was struck by his passenger train at grade crossing here. Chris Hanson, of Jackson, Minn., suffered possibly fatal injuries. The injured man was taken to the hospital here where attending physiexpressed doubt that Hanson could recover. automobile reached the grade crossing was struck by train, which hurled the automobile about feet and carried driver along the trackage nearly feet before the mangled body was thrown clear of the train. FORESTERS INITIATE CANDIDATE CLASS New Ulm. Minn., July Members the Catholic Order For. esters from wide territory attended special meeting of St. John court, of New Ulm. Ceremonies connected with the initiation of large class of candidates were conducted, and in the evening banquet served which several prominent visiting Foresters delivered addresses. The new members taken into the order members of the New Ulm, Springfield and Sleepy Eye courts. HEART ATTACK TO MAN IN AUTO Granite Falls, cial: Anderson, old, died of heart disease while riding an automobile to this city from Tracy, where he had paid visit the cemetery where his wife was buried years ago. Mr. Anderson had only recently come Granite for visit at the home of his son, Alderman B. Anderson, from Miama, Fla., where he had spent the winter. BOARD ACCEPTS SCHOOL HEAD'S Minn., July long controversy the board of has accepted resignation of Supt. Wahl, of the Appleton and has named of Mahnomen, Minn., his successor. With the faculty list now complete stated that salary roll for the coming school year will be $1,000 than that paid during the last year. FIRES SHOT AT CHICKEN THIEF Adrian, Minn., July charge buckshot was administered by Frank Smith, farmer of east Adrian, when he- awoke to discover someone attempting to rob his chicken house. howl answered the charge of but by the time Smith reacshed the yard, the invader had caped. Firm Buys Elevator. Ellsworth, Minn., July The Spracher elevator under lease year the Stockdale interests of Estherville, passed this week to the management of the Sharp Elevator company Sioux Falls, John has been retained manager. Bank Receiver Resigns. Jasper, Minn., July Birch, who has been receiver the First National bank, Jas. per, since April year, has signed and Peter Highmark, has had charge of the Rock County bank, Luverne, Minn., since closed, been appointed temporary receiver.