Bankers' Exchange Bank - Minneapolis, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 13, 1899
Location: Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model: gpt-5-mini
Short Digest: cea8f7b9

Response Measures

None

Description

Article (Apr 13, 1899) describes the bank in receivership and removal of the receiver for mismanagement. No mention of a depositor run or an earlier suspension explicitly in the excerpt, but the assignment and discussion of a receiver indicate the bank remained closed and in receivership (closure).

Events (1)

1. April 13, 1899 Receivership

Newspaper Excerpt: Otto Rood, receiver for the Bankers' Exchange bank, has been removed. ... it is not proper for Rood to remain receiver, and it is ordered that he be removed from that position. Rood is allowed $300 for fees as receiver. His attorney, A. B. Darellus, who is appointed in his place, is allowed $2,000 for his services, $1,396 already having been paid. Mr. Darellus is required to furnish a bond for $3,000.
Source: newspapers

Newspaper Articles (1)

1. April 13, 1899 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, April 13, 1899

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Article Text

LOBE'S MINNEAPOLIS OFFICE, 20 WASHINGTON AV. SOUTH. Otto Rood, receiver for the Bankers' Exchange bank, has been removed. The grounds for his removal are novel, and are set forth in the following extract from the order of the full bench as filed yesterday morning: It appears to the court that the management of this estate by the receiver has been such as to show utter incapacity on his part for the handling of affairs of this kind. He appears to have misconceived his position entirely, and to have submitted all of his actions to the approval of John H. Field, who, for all practical purposes, has been the receiver, notwithstanding the fact that he is the largest debtor of the estate. This becomes apparent when we note that, although Field was indebted to the estate in a large sum, no attempt whatever was made by Rood to enforce the payment of any part of it. This being the case, in the judgment of the court. it is not proper for Rood to remain receiver, and it is ordered that he be removed from that position. Rood is allowed $300 for fees as receiver. His attorney, A. B. Darellus, who is appointed in his place, is allowed $2,000 for his services, $1,396 already having been paid. Mr. Darellus is required to furnish a bond for $3,000.