9655. First National Bank (Lamberton, MN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
7221
Charter Number
7221
Start Date
April 1, 1927*
Location
Lamberton, Minnesota (44.231, -95.264)

Metadata

Model
gpt-5-mini
Short Digest
0bc78e65

Response Measures

Full suspension

Other: Directors voluntarily closed the bank after runs; receiver later appointed and dividends paid to depositors in subsequent years.

Receivership Details

Depositor recovery rate
61.6%
Date receivership started
1927-07-06
Date receivership terminated
1930-03-31
OCC cause of failure
Losses
Share of assets assessed as good
0.0%
Share of assets assessed as doubtful
44.1%
Share of assets assessed as worthless
55.9%

Description

Multiple April 1927 newspapers report the First National Bank of Lamberton closed by voluntary action of directors following series of runs on the bank and heavy loss of deposits. A 1929 local paper notes the bank remained closed with a receiver (Fred Orth) in charge and dividends paid, confirming permanent closure/receivership.

Events (6)

1. April 21, 1904 Chartered
Source
historical_nic
2. June 8, 1926 Voluntary Liquidation
Source
historical_nic
3. April 1, 1927* Run
Cause Details
Series of runs on the bank leading to heavy loss of deposits; article does not specify an initiating rumor or other trigger.
Newspaper Excerpt
series of runs on the bank and heavy loss of deposits
Source
newspapers
4. April 26, 1927 Suspension
Cause Details
Directors voluntarily suspended operations after series of runs and heavy deposit losses; described as a voluntary closure/suspension.
Newspaper Excerpt
was closed Tuesday by voluntary action on the part of its directors. The decision to suspend operations came as sequel to series of runs on the bank and heavy loss of deposits.
Source
newspapers
5. July 6, 1927 Receivership
Source
historical_nic
6. January 9, 1929 Receivership
Newspaper Excerpt
Many a family was made happy at the Christmas time with a twenty per cent dividend paid by the closed First National bank. ... Fred Orth of Redwood Falls is in charge as receiver.
Source
newspapers

Newspaper Articles (5)

Article from The Albert Lea Tribune, April 27, 1927

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Article Text

National Bank at Lamberton Closes Minneapolis, April The First National Bank of Lamberton, Minn., was closed Tuesday voluntary action the part directors, according reaching Minneapolis. The decision suspend operations came sequel to series runs the bank and heavy loss posits. The bank held total posits of $175,000, with capital and surplus of $5,000, time of closing.


Article from The Forum, April 27, 1927

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Article Text

Fargo Plumbing Gets Regan Bakery Contract The Plumbing and Heating Fargo has awarded and plant and the Great of concern contract Monday Work begin just material arrives on the grounds. as MINNESOTA BANK CLOSED Minneapolis, April First National bank of Lamberton. Minn., was closed today by voluntary action on the part of its directors, according to word Minnea The erations came on the heavy runs The bank held total of capital posits of at the $25,000 and surplus time of its closing.


Article from Star Tribune, April 27, 1927

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Article Text

First National Bank at Lamberton Closes Lamberton, Minn., April -The First National bank of Lamberton, Minn., was closed Tuesday by voluntary action on the part of its directore. The decision to suspend oper. ation came as sequel to series of runs on the bank and heavy loss of deposits. THE bank held total deposits of $175,000. with capital of $25,000 and surplus of $5,000, at the time of its closing.


Article from The Minneapolis Star, April 27, 1927

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Article Text

MINNEAPOLIS IN BRIEF The Burr Mortuary and reasonable. Gladstone 1213.Coliseum Roller Rink, St. Paul. Now open and Advertisement Lucky prize dance tonight at Con way's Arcadia. Free parking in our -Ljusne-Bersjo together old time party at So. Side Auditorium, 12th ave. S., 3rd st. Thur. eve., April 28. Coffee and lunch tickets With Daylight Saving Time in Chiengo, the popular train from Minne apolis should the Burlington's new Commercial Limited. leaving here 6.20 p.m., arriving Chicago at 6:55 a.m., Central Standard Time (7:55 a.m. Daylight Time). in time for full business WOMEN ELECT OFFICERS Dr. Nellie Welch represident of the Fourth District Minnesota of Wo. clubs, the annual meeting held in St. Paul. Other officers first vice president: Mrs. Cheney. second vice Mrs. Bernard Andrus, recording secretary Mrs. L. Smith, corre sponding Mrs. Feul ing. county secretary: Mrs. T. D. sell E. VanKirk, member of the state nominating G. 0. P. RALLY THURSDAY The Twelfth Ward Republican club sponsoring rally Thursday night at Iverson hall. 3745 Minnehaha ave nue, at which all Republications are candidates for city offices will an opportunity to speak Cedergren Brothers orchestra will play musical program TROOP AWAITS SKAHEN Following his arrest in Pullman apartment Portland Monday. Jos Troop, former vice president and cashier of the Liberty State bank of Minneapolis, being held in that city today awaiting the arrival of Paul Skahen, assistant county who to bring Troop Troop is under grand larceny in dictment in connection with the closing the bank GRAIN FIRM INCORPORATES The Malmquist company Minneapolis grain commission firm, today filed articles of incorporation with the secretary of state. listing $50,000 capital. The incorporators are Karl D. and Malmquist of Winthrop. Minn Edith Malmquist of Minneapolis, and Peter and Christma Billigmeier of Kulm, LAMBERTON BANK CLOSES Following series of runs on the bank and heavy loss of deposits, the First National bank of Lamberton Minn., today closed by voluntary action of its directors. The bank's total $175,000. with capital of $25,000 and surplus of $5,000 the time of MISSION GROUT MEETS The Minneapolis division of the Women's Foreign Missionary society of the Methodist Episcopal church today was holding its semi-annual conference in Central Park church, St. Paul. The meeting was to close this afternoon after talks by Mrs. H. F. Frank. Chinese missionary, and Miss Alice Bowen, daughter of the president of Nanking university. WOL BAN RIVER ICE The council committee health and hospitals is to recommend the city council Friday an amend ment to the health which would prevent the sale of river ice for any purpose At present the is sold for refrigeration purposes only DR. SMITH TO SPEAK At meeting of the Church club of the of Minnesota at the St. Paul Athletic club Thursday night. Rev Roy Smith pastor of will be the principal speaker COFFEY SPEAKS AT HAMLINE The faculty and student body of Hamline university will be addressed by Dean W. Coffey of University farm at meeting at the university Thursday at 10 a.m. He will discuss "Farming as Profession RECEPTION AT CHURCH class of 37 new members will be by reception and program at the Pilgrim church 705 Fourteenth avenue N., Thursday short will be by the program and refreshments The ceived into the congregation Easter Sunday ROBB ADDRESSES CLUB Alderman Walter C. Robb of the Thirteenth ward will address mem bers of the Commonwealth club at meeting in the West hotel at 12:15 p.m. Thursday, on the subject. "What Minneapolis Needs.' Alderman A. Fruen will speak on the new incinerator plant.


Article from The Redwood Gazette, January 9, 1929

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Article Text

at the pavilion Friday night by Misses Ruth Kuntz, Emily Clausen, Margaret Miesen and Florence Senst, An orchestra composed of Florence Senst, Russel Schmid and Everett Wilt furnished the music. About thirty couples were present and much enjoyed the evening. Many of the guests were young people home for the holidays. John Steinle of Lily, N. D. is at home with his family for a few days. School opened Monday morning under slightly different weather conditions than which they closed two weeks ago when April weather was the order of the day. Mrs. Carl Nobauch, Mrs. Richard Mueller and Mrs. Max Rennert of Springfield were guests Thursday at the Carl Bauch home. Mrs. Carl Nobauch and Mrs. Carl Bauch are sisters. William Krog of Stillwater was in Lamberton on business, Friday. Many a family was made happy at the Christmas time with a twenty per cent dividend paid by the closed First National bank. This makes a total of forty per cent paid out by this institution. Fred Orth of Redwood Falls is in charge as receiver. Carl Witt, who teaches in the Marshall schools, returned there Saturday, after a pleasant vacation spent at home. Mrs. Albin Zindel left Friday for a visit with her sister, Mrs. William Jung of Minneapolis, but finding them ill with the flu continued on to Ladysmith, Wisconsin to visit anóther sister, Mrs. L. Erickson. But the flu had preceded her, so deciding there was no use in being fearful, Mrs. Zindel remained for the promised visit. WILLIAM MEEK DIES AFTER LONG ILLNESS The holiday season is passing and other than many cases of flu, the days passed merrily. Only one death occurred that of William Meek, who passed away at the Union Hospital, New Ulm, following a long illness. Mr. Meek had been a resident of Lamberton community over thirty years, coming from Vienna, Dane County, Wisconsin, where he was born, August 9, 1862. He was married there in 1889 to Miss Mary Roberts, who survives him. He is alSO survived by one son, Clyde Meek of Lamberton and three daughters, Mrs. Frances Campbell of St. Paul, Mrs. George Beaty of Lamberton and Mrs. Joseph Private of Graceville. He is also survived by one sister, Mrs.