9698. American Exchange Bank (Minneapolis, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 1, 1895*
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini
Short Digest
ee9fa6a4

Response Measures

None

Description

Articles state the American Exchange Bank of Minneapolis 'became insolvent and went into liquidation' (mentioning suspension around Jan 1895). By 1901 it appears in receivers'/assignees' accounting. No article describes a depositor run prior to suspension; therefore this is classified as a suspension that led to closure/receivership.

Events (2)

1. January 1, 1895* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank became insolvent and went into liquidation (bank-specific insolvency).
Newspaper Excerpt
It is admitted that three of these banks, the State Bank of Minneapolis, the American Exchange Bank of Minneapolis and the Farmers' and Merchants' State Bank of Minneapolis, became insolvent and went into liquidation.
Source
newspapers
2. January 8, 1901 Receivership
Newspaper Excerpt
American Exchange Bank, Minneapolis, suspended 18,035.97 (book accounts in process of collection ... in hands of assignees and receivers).
Source
newspapers

Newspaper Articles (2)

Article from The Saint Paul Globe, November 17, 1900

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Article Text

Saunders, Robert A. Smith and William Dawson, came up before Judge Kelly in chambers yesterday. The suit is to recover moneys of the state, on deposit in certain banks at the time of their suspending payment, less amounts recovered since from the receivers of these institutions. The complaint was filed in December, 1898, by Attorney General Childs, and yesterday's proceedings were on a demurrer to the answer. The complaint alleges the election and installation of Mr. Bobleter as treasurer, January, 1893, and his occupancy of the office for two years. That there was due the state on the first Monday in January, 1895 from Mr. Bobleter $1,330,779.17, of which he turned over $1,193,352.47, leaving a balance due the state of $137,426.70, which sum it demands, less the aggregate sum of $40,473.64 received in the partial payments. The answers of the defendants deny the personal responsibility of Mr. Bobleter. The state money, it is alleged, was properly deposited in designated depositories, whose official bonds to the state were approved by the board of auditors, composed of the governor, secretary of state and attorney general. It is admitted that three of these banks, the State Bank of Minneapolis, the American Exchange Bank of Minneapolis and the Farmers' and Merchants' State Bank of Minneapolis, became insolvent and went into liquidation. The answers deny either the negligence or the personal responsibility of Mr. Bobleter. For the state, Attorney General Douglas and his assistant appeared. Frank B. Kellogg and M. V. Seymour appeared for Mr. Saunders, Mr. Merriam and F. A. Seymour. J. D. O'Brien represented R. A. Smith, and Mr. Briggs, A. B. Stickney, assignee of William Dawson.


Article from The Saint Paul Globe, January 8, 1901

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Article Text

$754,632.06 Received as certified checks on eightynine banks, total, $754,632.06. Also book accounts in process of collection against the following banks which appear in bank accounts in hands of assignees and receivers: State Bank, of Minneapolis, suspended $49,528.10 Farmers' and Merchants' Bank, Minneapolis, suspended 14,582.69 American Exchange Bank, Minneapolis, suspended 18,035.97 Marine National Bank, Duluth : 1,771.56 Bank of North St. Paul 937.36 Also bonds in vault and belonging to the state trust funds, the numbers of which are shown by bond register, total, $7,111,918.84. Per university fund $931,500.00 Internal improvement land fund, Virginia funding bonds 30,000.00 Also items on deposit with the state treasurer and held in trust and safe keeping, total, $147,220.72.