Millville State Bank - Millville, MN

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: June 3, 1931
Location: Millville, Minnesota (44.245, -92.296)

Metadata

Model: gpt-5-mini
Short Digest: 4de94da5

Response Measures

None

Description

Board closed the bank on June 3, 1931 to conserve assets because of slow real-estate loans; article explicitly says 'There has been no run' and that the closing 'would be only temporarily.' Examiner from state banking department was working in the bank.

Events (1)

1. June 3, 1931 Suspension

Cause: Local Shock
Cause Details: Slow turnover on real-estate loans and a great deal of outstanding paper led directors to close the bank to conserve assets; no run occurred according to the article.
Newspaper Excerpt: The Millville State bank, of Millville, in Wabasha county, was closed today by its board of directors to conserve assets
Source: newspapers

Newspaper Articles (1)

1. June 3, 1931 Post-Bulletin Rochester, MN

Article from Post-Bulletin, June 3, 1931

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Article Text

STATE BANK CLOSES AT MILLVILLE TODAY Slow Real Estate Loans Given As Reason-Only Bank in Wabasha Village The Millville State bank, of Millville, in Wabasha county, was closed today by its board of direc-\ tors to conserve assets, according to an announcement made in St. Paul by J. N. Peyton, state banking commissioer. The bank had deposits of $133,000, capital of $10,000 and surplus of $8,000. John C. Springer, president of the institution reached by long distance telephone today, told the Post-Bulletin that the bank "has a great deal of paper out and has experienced a slow turn-over on real estate transactions" which was the cause for the closing. He said that the closing, so far as he knew now, would be only temporarily. "There has been no run on the bank," he emphatically declared. Millville is a village of about 200 popuation. It has only one bank. Springer said that an examiner from the state banking department was working in the bank today. As of January 1, this year, the bank reported capital of $10,000, surplus of $10,200, and deposits of $139,750. Officers, in addition to the president are H. Engel, vice president, and M. H. Wadley,, cashier.