State Bank - Lamberton, MN

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: May 9, 1924
Location: Lamberton, Minnesota (44.231, -95.264)

Metadata

Model: gpt-5-mini
Short Digest: 47dfd641

Response Measures

None

Description

Articles (May 1924) report the State Bank of Lamberton had failed (twice within ~2.5 years) and former officers were indicted on grand larceny. A January 22, 1925 brief states a holding company was formed to facilitate reopening the State Bank of Lamberton, indicating the bank suspended and is being prepared to reopen. No explicit contemporaneous run is described in the provided clippings.

Events (3)

1. May 9, 1924 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Former officers indicted for first degree grand larceny; bank had failed previously within last two and a half years, indicating bank-specific insolvency/scandal.
Newspaper Excerpt: Lamberton - Leonard Redding, Otto Schmid and L. J. Wilt, former officers of the State bank of Lamberton, were indicted by the grand jury on a first degree grand larceny charge. The bank has failed twice within the last two and a half years.
Source: newspapers

2. January 22, 1925 Other

Newspaper Excerpt: Lamberton-To facilitate reopening the State Bank of Lamberton, a holding company has been formed to take over the real estate held by the bank. The capital stock of the new organization has been fixed at $100,000 with shares of $100 each.
Source: newspapers

3. January 22, 1925 Reopening

Newspaper Excerpt: To facilitate reopening the State Bank of Lamberton, a holding company has been formed to take over the real estate held by the bank.
Source: newspapers

Newspaper Articles (3)

1. May 8, 1924 The Tomahawk White Earth, MN

Click image to open full size in new tab

Article Text

station of the Standard Oil company was robbed here. The robbers escaped with about $150. Tracy-D. H. Evans has been elected bank president of the Citizens State here, succeeding the late S. P. Hicks, Chicawho was accidentally killed in go a few days ago. Fergus Falls-The Ninth District anBankers' association will hold its The nual convention here May 15. officers of the association were in Fergus Falls making arrangements. Currie-Huge snapping turtles have appeared in such large numbers on the shores of Lake Shetek that Oscar Beal of Valhalla and others are finding it profitable to capture them and where ship them alive to eastern cities, there is a ready market for them. Hibbing - Although plans may the be somewhat curtailed because of drop in iron ore prices, it is rumored that the Oliver Iron Mining company the is going ahead with its plans for new ore crushing plant to be erected in the vicinity of the Morton road. Faribault-A porker tipping the at 1,100 pounds, was shipped of the from scales Faribault by John Mullen, The Faribault Shipping Association. which is the largest ever shipped A. B. hog, from Faribault, was raised by Kinney, of Walcott township. Marshall - Marshall's radio broadcasting station owned by J. C. Miller, Word has undergone its first test. from Spokane, Wash., brought the clear- information that the program was call ly heard in that city. A station will soon be assigned. Two Harbort-The 1924 iron and ore season on the Duluth shipping Range railroad was officially the Iron here with the arrival of steamopened ore boat of the season, the St. first er Mullen, which was loaded with James ore. Lamberton - Leonard Redding, former Schmid and L. J. Wilt, Lamberofficers Otto of the State bank of jury were indicted by the grand ton, first degree grand larceny charge. the on The a bank has failed twice within last two and a half years. Little Falls-Fire did considerable comto the Herald Printing in the damage plant. The fire started metal basement, pany's probably from the and paThe presses, machinery wapot. per were damaged by smoke and ter. Albert Lea - The city council series has of two local bands for a the hired to be given here during concerts The two bands, one students a junior summer. organization of high school band, the other the local Elks' proand provide semi-weekly concert the sumwill grams on evenings during mer. strip of land lying beAustin-A the Shaw Memorial gymnasium State tween and the Horace Austin the city for boys, has been presented to Banfield, park dual purpose by N. F. The for Sr., a prominent will be used local both resident. as a public property and a boys playground. park Lea - A regional confer- WaAlbert child welfare boards Freeborn of ence of Faribault, Steele and the First seca, will be held at Judge counties church here, May and 9. Mrs. Methodist Waite, Minneapolis, the WomE. F. Gilman, director of speak. Robert Co-operative alliance, will of much en's business merger when Balaton-A in this section occurred State interest National bank and First The state the First were consolidated. business bank has taken over the consoliinstitution national bank and the the First dated of the bank will be known as State Bank of Balaton. Rochester-Ward T. Van III, Orman, which of the balloon Goodyear three sucpilot is declared contestants to be one in of the the national cessful balloon race, presented American elimination post of the which the Rochester with the American flag race at a Legion carried during the honor. The his craft tendered in his his banquet presented Van Orman and loving cup legion E. Wollan, with a silver unexpected aid, as C. a souvenir of their visit here. Hjbbing-Reports having gone ore out are that great and that the quantities of iron ranges are to be shipped in abundant prosperity a again rejoicing that there has been who with the result unemployed to the range. with rush of do not want to work away. Those and shovel should other keep skilled pick office help and will draw Engineers, the mining companies organizations largely labor from their employees. own The pen- are ing or from for this former class of employment sister of the few. Montevideo-Mrs. Thomas late King Rev. of Thomas this city, J. a Gibbons who before his

2. May 9, 1924 The Ely Miner Ely, MN

Click image to open full size in new tab

Article Text

Tracy-D. H. Evans has been elected president of the Citizens State bank here, succeeding the late S. P. Hicks, who was accidentally killed in Chicago a few days ago. Fergus Falls-The Ninth District Bankers' association will hold its annual convention here May 15. The officers of the association were in Fergus Falls making arrangements. Waconla-At a special election here, Waconia voted on a waterworks and sewer bond issue, both being carried by substantial majorities. It is estimated the total cost will be about $50,000. Hibbing - Although plans may be somewhat curtailed because of the drop in,iron ore prices, it is rumored that the Oliver Iron Mining company is going ahead with its plans for the new ore crushing plant to be erected in the vicinity of the Morton road. Faribault-A porker tipping the scales at 1,100 pounds, was shipped from Faribault by John Mullen, of the Faribault Shipping Association. The hog, which is the largest ever shipped from Faribault, was raised by A. B. Kinney, of Walcott township. Marshall - Marshall's radio broadcasting station owned by J. C. Miller, has undergone its first test. Word from Spokane, Wash., brought the information that the program was clearly heard in that city. A station call will soon be assigned. Two Harbors-The 1924 iron ore shipping season on the Duluth and Iron Range railroad was officially opened here with the arrival of the first ore boat of the season, the steamer Mullen, which was loaded with St. James ore. Lamberton - Leonard Redding. Otto Schmid and L. J. Wilt, former officers of the State bank of Lamberton, were indicted by the grand jury on a first degree grand larceny charge. The bank has failed twice within the last two and a half years. Little Falls-Fire did considerable damage to the Herald Printing company's plant. The fire started in the basement, probably from/ the metal pot. The presses, machinery and paper were damaged by smoke and water. Albert Lea - The city icil has hired two local bands for a series of concerts to be given here during the summer. The two bands, one a junior organization of high school students and the other the local Elks' band, will provide semi-weekly concert programs on evenings during the summer. Austin-A strip of land lying between the Shaw Memorial gymnasium for boys, and the Horace Austin State park has been presented to the city for a dual purpose by N. F. Banfield. Sr., prominent local resident. The property will be used both as a public park and a boys' playground. Albert Lea - A regional conference of child welfare boards of Waseca, Faribault, Steele and Freeborn counties will be held at the First Methodist church here, May 9. Judge E. F. Waite, Minneapolis, and Mrs. Robert Gilman, director of the Women's Co-operative alliance, will speak. Balaton-A business merger of much interest in this section occurred when the First National bank and First State bank were consolidated. The state institution has taken over the business of the national bank and the consolidated bank will be known as the First State Bank of Balaton. Hibbing-Reports having gone out that great quantities of iron ore are to be shipped and that the ranges are again rejoicing in abundant prosperity with the result that there has been a rush of unemployed to the range. Those who do not want to work with pick and shovel should keep away. Engineers, office help and other skilled labor the mining companies will draw largely from their own organizations or from former employees. The pening for this class of employment are few. Faribault-In line with the policy of the Faribault Chamber of Commerce to attractively present the lake resources- of this community to the public, the tourist committee of the chamber has arranged for a window display at the office of the Ten Thousand Lakes association in St. Paul the last two weeks in May. Mankato-The funeral of Mr. and Mrs. Albert E. Kohler of this city, marked the close of two lives that had been something out of the ordinary. They lived happily together for 70 years, and died on the same day. Minneapolis A recommendation that the receivership of the Minneapolis & St. Louis railroad be continued until Jan. 1, 1927, was received Ly Minneapolis bondholders from the New York committee representing the bondholders' interests. Eveleth-Through the courtesy of the Oliver Iron Mining company, the city of Eveleth is paying $90,000 in old bills. Councilman Owens stated that the Oliver company advanced $90,000 on their taxes in order to help the present council relieve the situation existing among merchants and

3. January 22, 1925 The Tomahawk White Earth, MN

Article from The Tomahawk, January 22, 1925

Click image to open full size in new tab

Article Text

MINNESOTA BRIEFS Hibbing-Hibbing will have a modern 50 apartment flat building, one of the largest in northern Minnesota, work on the new building to start next spring. Mankato-A survey of Mankato industries for the year 1924 shows they reached a total of approximately $25,000,000. Fairmont-Dr. G. W. Dewey of this city has accepted appointment as assistant surgeon at the state soldiers home, Lafayette. Ind. Sauk Center-This city will have a municipal skating rink through the cooperation of the light and power commission. Boy Scouts and other organizations. Lamberton-To facilitate reopening the State Bank of Lamberton, a holding company has been formed to take over the real estate held by the bank. The capital stock of the new organization has been fixed at $100,000 with shares of $100 each. Willmar-Maynard Linn, who recently received an appointment to West Point from the war department through Congressman Kvale of the seventh district, has declined the honor. Mr. Linn declared he has decided to complete his collegiate studies. St. Paul-Lad's Goldy Y, member of the staff of University Farm, is credited with being the most stared at of all things feminine or otherwise on the college campus. She is a Jersey in her sixteenth year with a record of 81,000 pounds of milk and 4,500 pounds of butterfat in her time. Currie-The work of making the fill for the dam which is to be constructed at the outlet of Lake Shetek has been completed and the work of running the concrete will be starte! this spring. Vernon Center-Funeral services were conducted here for Mrs. Ellen Porter, Congressman Frank Clague's mother-in-law, who died in Minneapolis at the age of 82. Minneapolis-United States Senatorelect Thomas D. Schall, Mrs. Schall and their son. Richard. were driven from their home by a fire which threatened the residence.