Citizens State Bank - Mahnomen, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 29, 1923
Location: Mahnomen, Minnesota (47.316, -95.969)

Metadata

Model: gpt-5-mini
Short Digest: c4251de4

Response Measures

None

Description

Article (Associated Press dispatch) reports the state banking department closed the Citizens' State Bank of Mahnomen for depleted reserves. Closure appears to be permanent (receiver/closure by authority), no run is mentioned.

Events (1)

1. August 29, 1923 Suspension

Cause: Government Action
Cause Details: Closed by order of the state banking department because of depleted reserves
Newspaper Excerpt: The Citizens' State bank of Mahnomen was closed this morning by order of the state banking department... Depleted reserves are given as the cause for the closing.
Source: newspapers

Newspaper Articles (1)

1. August 31, 1923 The Mankato Free Press Mankato, MN

Article from The Mankato Free Press, August 31, 1923

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Article Text

STATE BANK CLOSED Depleted Reserves Causes Suspension Mahnomen Institution [Associated Press Dispatch] St. Paul, August 29.-The Citizens' State bank of Mahnomen was closed this morning by order of the state banking department, it S announced in the bank examiners office. Depleted reserves are given as the cause for the closing. The bank's capital was $25,000, with a surplus of $10,000. A. J. Rogalski, is the president and H. S. Frazer, cashier. The closing of the citizens State bank leaves the county seat of Mahnomen county without a bank. The Security State bank of Mahnomen was closed because of depleted reserve by the state banking department on June 25. The closing today is the fifth state bank to suspend business Ruring the present month and the fourteenth to be closed since January 1.