Citizens State Bank - Litchfield, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 24, 1922
Location: Litchfield, Minnesota (45.127, -94.528)

Metadata

Model: gpt-5-mini
Short Digest: e321bf0a

Response Measures

None

Description

Article (Associated Press) reports the Citizens State Bank of Litchfield was closed by order of the state banking department (R. B. Rathbun) on November 24, 1922 due to severe losses from bad management. No run is mentioned; closure appears to be by government action and permanent (receivership or formal closing procedures implied).

Events (1)

1. November 24, 1922 Suspension

Cause: Government Action
Cause Details: Closed by order of the state banking department because the bank sustained severe losses due to bad management.
Newspaper Excerpt: The Citizens State Bank of Litchfield was closed late yesterday by order of the state banking department, according to R. B. Rathbun, superintendent of state banks.
Source: newspapers

Newspaper Articles (1)

1. December 1, 1922 The Mankato Free Press Mankato, MN

Article from The Mankato Free Press, December 1, 1922

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Article Text

STATE BANK CLOSED Litchfield Institution Is Ordered To Suspend Business. [Associated Press Dispatch] St. Paul, November 24.-The Citizens State Bank of Litchfield was closed late yesterday by order of the state banking department, according to R. B. Rathbun, superintendent of state banks. The banks sustained severe losses due to bad management, Mr. Rathbun said. The losses if any, to depositors, could not be determined at this time but officials are checking the accounts and will make their report soon.