9745. Merchants & Manufacturers State Bank (Minneapolis, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 1, 1926*
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini
Short Digest
52d3b28c

Response Measures

None

Description

Articles indicate the Merchants & Manufacturers State Bank of Minneapolis was closed and placed in receivership (closed in 1926 per article 5). Cause appears to be bank-specific adverse information (unsatisfactory securities and an allegedly deceptive note transaction). No article describes a depositor run.

Events (3)
1. January 1, 1926* Receivership
Newspaper Excerpt
Investor Awarded $3,046 Against Bank Receiver... Ole P. Larson was awarded damages ... against A. J. Veigel, state commissioner of banks and receiver for the closed Merchants & Manufacturers bank.
Source
newspapers
2. January 1, 1926* Suspension
Cause
Bank Specific Adverse Info
Cause Details
State bank examiner found $27,000 in securities unsatisfactory; bank made a dubious transaction with German American Finance Co. (note arranged to conceal assets), leading to closure.
Newspaper Excerpt
In 1926, the bank was closed and the receiver brought suit against the finance company for collection of the note.
Source
newspapers
3. June 7, 1929 Other
Newspaper Excerpt
The state supreme court today upheld a district court decision awarding the receiver of the closed Merchants and Manufacturers State bank of Minneapolis principal and interest of a note ... the receiver was awarded verdict of $9,410.13, representing principal and interest of the note.
Source
newspapers

Newspaper Articles (5)
1. August 11, 1927 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, August 11, 1927

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Article Text

# NOTICE OF SPECIAL EXECUTION SALE. WHEREAS heretofore judgment and decree in mortgage foreclosure were duly entered on July 25th, 1927, in the office of the Clerk of the District Court for County of Burleigh, North Dakota, wherein Merchants and Manufacturers State Bank, of Minneapolis, Minn., by A. J. Veigel, Com. of Banks of the State of Minnesota, and W. A. Smith, Examiner in charge of liquidation of closed banks for state of Minnesota is plaintiff, and Elmer J. Anderson, Ebba H. Anderson and L. R Baird, as Receiver of Farmers and Merchants State Bank of Driscoll, N. D., are Defendants, and wherein it was adjudged and decreed, that Plaintiff recover from Defendants, Elmer J. Anderson and Ebb H. Anderson, the sum of Fifteen Hundred Thirty-eight & 64/100 ($1538.64) DOLLARS, and decreeing that said claim is a valid first mortgage lien upon the real estate therein described, and that said real estate be sold to satisfy the same, and the said lien foreclosed thereby, NOW, THEREFORE, NOTICE IS HEREBY GIVEN that by virtue of a writ of special execution issued out of said Court and directed and delivered to me and now in my hands, and describing said judgment, I, the undersigned, Sheriff, shall offer for sale and sell at public auction to the highest bidder for cash the premises herein described and said sale will be held on the 10th day of September, 1927, at 2 p. m., at the front door of the Court House in the City of Bismarck, North Dakota, to satisfy said judgment and special execution. The real estate above mentioned and to be sold is situated in the County of Burleigh, and State of North Dakota, and is known and described as follows: All of Lot One (1) and North Twenty-three (23) feet of Lot Two (2), in Block Eight (8), and all of Lots One (1), Two (2) and Three (3) in Block Ten (10) in First Addition to the Village of Driscoll, County of Burlegih and State of North Dakota, as per plat on file with the Register of Deeds in and for said County and State. Dated at Bismarck, North Dakota, this 3rd day of August, 1927. ROLLIN WELCH, Sheriff of Burleigh County, State of North Dakota. Dickinson and Johnson, Attorneys for Plaintiff, Minot, North Dakota. 8/4-11-18-25-9/1-8

2. September 1, 1927 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, September 1, 1927

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Article Text

# NOTICE OF SPECIAL EXECUTION SALE. WHEREAS heretofore judgment and decree in mortgage foreclosure were duly entered on July 25th, 1927, in the office of the Clerk of the District Court for County of Burleigh, North Dakota, wherein Merchants and Manufacturers State Bank, of Minneapolis, Minn., by A. J. Veigel, Com. of Banks of the State of Minnesota, and W. A. Smith, Examiner in charge of liquidation of closed banks for state of Minnesota is plaintiff, and Elmer J. Anderson, Ebba H. Anderson and L. R Baird, as Receiver of Farmers and Merchants State Bank of Driscoll. N. D., are Defendants, and wherein it was adjudged and decreed that Plaintiff recover from Defendants, Elmer J. Anderson and Ebb H. Anderson, the sum of Fifteen Hundred Thirty-eight & 64/100 ($1538.64) DOLLARS, and decreeing that said claim is a valid first mortgage lien upon the real estate therein described, and that said real estate be sold to satisfy the same, and the said lien foreclosed thereby, NOW, THEREFORE, NOTICE IS HEREBY GIVEN that by virtue of a writ of special execution issued out of said Court and directed and delivered to me and now in my hands, and describing said judgment, I. the undersigned, Sheriff, shall offer for sale and sell at public auction to the highest bidder for cash the premises herein described and said sale will be held on the 10th day of September, 1927, at 2 p. m., at the front door of the Court House in the City of Bismarck, North Dakota, to satisfy said judgment and special execution. The real estate above mentioned and to be sold is situated in the County of Burleigh, and State of North Dakota, and is known and described as follows: All of Lot One (1) and North Twenty-three (23) feet of Lot Two (2), in Block Eight (8), and all of Lots One (1), Two (2) and Three (3) in Block Ten (10) in First Addition to the Village of Driscoll, County of Burlegih and State of North Dakota, as per plat on file with the Register of Deeds in and for said County and State. Dated at Bismarck, North Dakota, this 3rd day of August, 1927. ROLLIN WELCH, Sheriff of Burleigh County, State of North Dakota. Dickinson and Johnson, Attorneys for Plaintiff, Minot, North Dakota. 8/4-11-18-25-9/1-8

3. September 8, 1927 The Bismarck Tribune Bismarck, Mandan, ND
Article from The Bismarck Tribune, September 8, 1927

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Article Text

# NOTICE OF SPECIAL EXECUTION SALE. WHEREAS heretofore judgment and decree in mortgage foreclosure were duly entered on July 25th, 1927, in the office of the Clerk of the District Court for County of Burleigh, North Dakota, wherein Merchants and Manufacturers State Bank, of Minneapolis, Minn., by A. J. Veigel, Com. of Banks of the State of Minnesota, and W. A. Smith, Examiner in charge of liquidation of closed banks for state of Minnesota is plaintiff, and Elmer J. Anderson, Ebba H. Anderson and L. R Baird, as Receiver of Farmers and Merchants State Bank of Driscoll, N. D., are Defendants, and wherein it was adjudged and decreed that Plaintiff recover from Defendants, Elmer J. Anderson and Ebb H. Anderson, the sum of Fifteen Hundred Thirty-eight & 64/100 ($1538.64) DOLLARS, and decreeing that said claim is a valid first mortgage lien upon the real estate therein described, and that said real estate be sold to satisfy the same, and the said lien foreclosed thereby. NOW, THEREFORE, NOTICE IS HEREBY GIVEN that by virtue of a writ of special execution issued out of said Court and directed and delivered to me and now in my hands, and describing said judgment, I. the undersigned, Sheriff, shall offer for sale and sell at public auction to the highest bidder for cash the premises herein described and said sale will be held on the 10th day of September, 1927, at 2 p. m., at the front door of the Court House in the City of Bismarck, North Dakota, to satisfy said judgment and special eexcution. The real estate above mentioned and to be sold is situated in the County of Burleigh, and State of North Dakota, and is known and described as follows: All of Lot One (1) and North Twenty-three (23) feet of lot Two (2), in Block Eight (8), and all of Lots One (1), Two (2) and Three (3) in Block Ten (10) in First Addition to the Village of Driscoll, County of Burlegih and State of North Dakota, as per plat on file with the Register of Deeds in and for said County and State. Dated at Bismarck, North Dakota, this 3rd day of August, 1927. ROLLIN WEICH, Sheriff of Burleigh County, State of North Dakota. Dickinson and Johnson, Attorneys for Plaintiff, Minot, North Dakota. 8/4-11-18-25-9/1-8

4. April 3, 1928 Star Tribune Minneapolis, MN
Article from Star Tribune, April 3, 1928

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Article Text

Investor Awarded $3,046 Against Bank Receiver Ole P. Larson was awarded damages in the sum of $3,046.78 by a jury in District Judge Mathias Baldwin court Monday in an action he had brought against A. J. Veigel, state commissioner of banks and receiver for the closed Merchants & Manufacturers bank. Larson claimed he had purchased from agents of the

5. June 7, 1929 The Minneapolis Star Minneapolis, MN
Article from The Minneapolis Star, June 7, 1929

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Article Text

BANK RECEIVER WINS DECISION Supreme Court Upholds Award in Note Case The state supreme court today up hel da district court decision award ing the receiver of the closed Merchants and Manufacturers State bank of Minneapolis principal and interest of a note which was given the bank by the German American Finance company of Minneapolis with the understanding It should not be collected for five years and should bear no interest. During the trial, it was charged the finance company gave the bank, which was located on West Broad way, the note for the purpose of making an appearance of assets and deceiving the state bank examiner. In 1923. the state bank examiner informed officials of the Merchants and Manufacturers State bank that $27,000 in securities It held were not satisfactory. The bank traded the securities to the German American Finance company for $20,000 in first mortgages and 7,000 in second mortgages The examiner. in turn. ruled the second mortgages not satisfactory. The finance company then took back the second mortgages and gave the bank note for $6,648, with the understanding that the note was not to be collected for five years and should bear no Interest. In 1926, the bank was closed and the receiver brought suit against the finance company for collection of the note. In District Judge W. W. Bard well's court, the receiver was awarded verdict of $9,410.13. represent. ing principal and interest of the note. Rent your summer cottage now to the early bird. Use want ad in The Star. Call Atlantic 3111.