9692. Security State Bank (Milaca, MN)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
August 22, 1921
Location
Milaca, Minnesota (45.756, -93.654)

Metadata

Model
gpt-5-mini
Short Digest
9b1af965

Response Measures

Full suspension, Books examined

Other: Multiple brief closures: an initial voluntary temporary closure in Aug. 1921; later closed by state examiner after a run in Dec. 1921.

Description

In Aug 1921 the bank voluntarily closed its doors temporarily (article says may reopen). In Dec 1921 a run occurred (around Dec 28) and the state bank examiner ordered the bank closed (Dec 29). The December closure was by the examiner; no article here confirms a permanent receivership or later reopening, so classification is run -> suspension with outcome uncertain.

Events (3)

1. August 22, 1921 Suspension
Cause Details
Voluntary temporary closing of doors; officials conferred with state superintendent and examiner assisting with accounts.
Newspaper Excerpt
The Security State bank of Milaca voluntarily closed its doors Monday noon; it is reported that the bank has suspended business only temporarily and will reopen within ten days.
Source
newspapers
2. December 28, 1921 Run
Cause
Bank Specific Adverse Info
Cause Details
Reported heavy indebtedness and large borrowings relative to deposits (Oct statement: deposits $35,000, borrowed money $65,000) and recent change of controlling interest; these conditions preceded the run.
Measures
State bank examiner ordered closure; examiner assisted officials in checking accounts.
Newspaper Excerpt
Following run on institution examiner orders doors of Security State Bank closed. For the second time in a few months the Security State bank of Milaca was closed by the Minnesota state bank examiner yesterday, following a run on the institution the previous day.
Source
newspapers
3. December 29, 1921 Suspension
Cause
Government Action
Cause Details
Minnesota state bank examiner ordered the bank closed after the run.
Newspaper Excerpt
Following run on institution examiner orders doors of Security State Bank closed.
Source
newspapers

Newspaper Articles (3)

Article from The Princeton Union, August 25, 1921

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Article Text

BANK-CLOSES DOORS. Security State Bank of Milaca Voluntarily Closed its Doors Monday Noon; May Reopen. The Security State bank of Milaca voluntarily closed its doors Monday noon. It is reported that the bank has suspended business only temporarily and will-reopen within ten days. Tuesday the bank officials had a conference with the state superintendent of banks and Wednesday the state bank examiner was in Milaca assisting the officials in checking over the accounts. According to present plans, the stockholders will meet next Monday.


Article from The Tomahawk, September 8, 1921

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Article Text

trance aged opened III a for Papke, Rochester- Theodore and Mrs. Emil Papke, over by 13, died son at a of hospital Mr. after being run Hanley truck. Falls-An carrying unidentified a Finnish man, passport, was about 25 years killed old, by a westbound atfreight train. than 80 lawyers of the Waseca-More the annual convention Bar associatended Southeastern Minnesota held here. which was Kroefskey of a here followElgin, died in consciousness, having tion Rochester-Whospital regained automobile accident. without 14, of ing an Earl Rose, aged the Terrebonne- Falls, was drowned here, near when Red Labe Water river dem he slipped in Clear off a Medford log in deep will water. decide a village whether Medford it - will election incorporate called as for Sept. com12 at by a special the Steele county board of county missioners. Rochester-E. W. M. Munson, C. A., resigned. for the Y. conditions in the secretary Owing to a financial successor will not be apwas county pointed for the present. farmer, Windom-San Sam injured Franz, a when a trac- a probably fatally turned over on tor he was driving north of here, pinning country road machine. him beneath the Owatonna's Opening of school $600,000 Owatonna- Junior-Senior to high have taken building, on Tuesday, which was Sept. 19. 6, will be delayed place until Sept. 12 or cents street car of Minneapolis-Sex Seven as a measure fare for Minneapolis beginning September temporary relief the State Railroad granted by commission. the Min1 and was Warehouse sessions of Paul-First will take St. Waterways congress Senate chamnesota place of October the Capitol, 7 in according the Preus. to an announcement ber by Governor mill of the Rainy Virginia- The company big will be closed and Lake Lumber while mill No. 2 will No open wage Sept. rnu day 1, and night be made, shifts. officers said. of reductions The will Security State bank and a Milaca- with a capital of $25,000 closed its of in charge Milaca, surplus $7,000, was taken voluntarily of banks. by S. doors and superintendent B. Duea, is Barnesville-A state today hearing on a petition being to coun- con- esducted here preserve in Clay by Carlos tablish a hearing game is being conducted and fish ty. The Avery, state game Preus, commissioner. St, Preus Paul-Governor and their J. where little A. O. son the Jack Govleft Mrs. for Grand Marais, relief from hay fever the from ernor which will seek he has suffered for past few days. Jo and Mickelson Rochester- Oscar hospital here in are in the result sept Werich, condition a as Chicago Great of being a serious hit by a special St. Charles, about Western train northeast near of here. was washBovey-Claude miles the Ball, school-house who 25 ing windows two in skylights and the landed here, sash fell in a through swimming was pool supporting when himself with which he was only scratched. 4,850,000 gave Moorhead- that way. Clay He and is predicted Cass counties of by potato will harvest bushels, men a with potato This an is estimated crop an increase value cent. of in $5,000,000. between 20 and 25 per of Lanesyield Rochester-Pet of was killed; his Thoen hospital brother, with Gilbert, a a Asbury, broken boro, is in arm, Rochester and Dr. of Rochester, proprietor of the Northern an automobile hotel accident Robert was bruised John in Edward and arrested Luverne- transients, were county and by White, Sheriff two Wiggins of of Nobles Rock county from on Sheriff Edwards of stealing dynamite miles of the the charge quartzite quarries, three spars north here. -Thousands insane of hosFergus killed on the by state the heavy rain The and rows, pital electric grounds storm, here trees were was buried. shoveled carpeted ground dead under birds. the They were with into wheelbarrows. Minnesota branch Rochester-The Foreign church Missionary will of the Women's of the Methodist convention, Sept. society here in annual to announce29 meet to Oct. 2, according Minnesota, North ment made South here. Dakota, are the The dynamite miles Quartzite complete Dakota, in district. blast included of north the 75 A Luverne- quarries, a three success. wide, wall of here, was 25 feet was deep of solid and granite, about feet, 400 feet when long 5,000 This feet about 100 used. thrown dynamite was dynamite at ever pounds of charge of part exploded was the heaviest one time in this of the state. aul-Wilheim Michelet by of Their State St. was appointed be state suRiver Falls Chase to is Auditor Rap P. farm. lands. It Chase a perintendent of that created Mr


Article from The Princeton Union, December 29, 1921

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Article Text

BANK CLOSED AT MILACA. Following Run on Institution Examiner Orders Doors of Security State Bank Closed. For the second time in a few months the Security State bank of Milaca was closed by the Minnesota state bank examiner yesterday, following a run on the institution the previous day. About 10 days ago E. A. Magnuson purchased the controlling interest in the institution from President Geo. H. Niles. This was the interest formerly owned by the late A. H. Turrittin. Mr. Magnuson had been in the real estate business in Milaca for a number of years. Previous to the disposal of the major portion of the stock to A. H. Turritin Carl Sholin was president of the bank. The October statement of the Security State bank of Milaca shows the amount of indebtedness to depositors to have been at that time $35,000, and the amount of borrowed money $65,000.