Maynard State Bank - Maynard, MN

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: September 21, 1931
Location: Maynard, Minnesota (44.907, -95.469)

Metadata

Model: gpt-5-mini
Short Digest: 192bbb48

Response Measures

Full suspension

Other: Closed by board action after runs triggered by closure of affiliated Clarkfield State Bank; described as 'closed today' in article.

Description

Article (Albert Lea Tribune, 1931-09-23) reports the Maynard State Bank was part of the Orwoll chain and was closed after heavy runs developed following the prior closing of the Clarkfield State Bank. Runs were triggered by information about other local banks in the same ownership (lack of confidence). Directors closed the banks to conserve assets; closure appears permanent in context.

Events (2)

1. September 21, 1931 Run

Cause: Local Banks
Cause Details: Heavy withdrawals/ runs developed after the Clarkfield State Bank (another bank in the Orwoll chain) was closed, producing loss of confidence in affiliated banks.
Measures: None specific for the run noted; directors subsequently decided to close banks to conserve assets.
Newspaper Excerpt: Immediate after closing of the Clarkfield State bank, heavy runs developed the other banks of chain
Source: newspapers

2. September 23, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Directors closed the banks following runs and because the affiliated chain ownership (Orwoll) caused loss of confidence; closure was a defensive action to conserve assets after runs and affiliation issues were revealed by prior bank's closing (closure cited by commissioner).
Newspaper Excerpt: the Maynard State Bank ... were closed today Peyton, state banking commissioner, announced.
Source: newspapers

Newspaper Articles (1)

1. September 23, 1931 The Albert Lea Tribune Albert Lea, MN

Article from The Albert Lea Tribune, September 23, 1931

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Article Text

CLOSES 4 COUNTIES Institutions With $1,300,000 In Deposits In Orwoll Chain Bank Closing Causes Run. Paul, Sept. state banks in four ties with total deposits of almost $1,300,000 were closed today Peyton, state banking commissioner, announced. Four of the banks, according to Peyton, belong to affiliated chain in which Orwoll of Minneapolis held controlling interest. Banks That Closed They the Farmers State Bank Hanley Falls, the Farmers State Bank Echo, Yellow Medicine county, the Cottonwood State Bank Cottonwood, Lyon county representing total deposits of and the Maynard State Bank county with The fifth bank was the First State Bank of Clearwater, Wright county, with deposits of $98,000. fifth bank of the so-called Orwoll chain, the Clarkfield State Bank of Clarkfield, Yellow Medicine county, was closed Monday. bank with deposits of described by Peyton as the bank of the affiliated chain. Runs Follow Closing "Owing to an affiliated ership in the ley and Cottonwood banks, the department has been obliged to announce that the board of directors of those banks have taken definite action and decided to close institutions,' Commissioner Peyton said. "Immediateafter closing of the Clarkfield State bank, heavy runs developed the other banks of chain cause the public in the towns in banks were located thoroughly conversant with the fact that the same ownership controlled all the institutions and this developed lack of confidence.' directors of these institutions believed was more desirable to close the banks immediateand conserve assets."