9780. State Bank (Minneapolis, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 1, 1900*
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini
Short Digest
72b253c1

Response Measures

None

Description

Articles state the State Bank of Minneapolis 'suspended' and 'became insolvent and went into liquidation' with receivers handling assets. No article describes a depositor run prior to suspension, and receivers are referenced, so this is a suspension leading to closure/receivership.

Events (2)
1. November 1, 1900* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank became insolvent and went into liquidation; state funds and deposits were involved and receivers were appointed.
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 Other
Newspaper Excerpt
$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 ...
Source
newspapers

Newspaper Articles (3)
1. November 17, 1900 The Saint Paul Globe Saint Paul, MN
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.

2. November 28, 1900 Willmar Tribune Willmar, MN
Article from Willmar Tribune, November 28, 1900

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Article Text

In Re The Old State Bank. S E. Olson and A. E. Rice, two of the bondsmen for the State Bank of Minneapolis, have made a proposition to pay their pro rata share of the amount due to the state from said bank, which is about $15,065. It appears that there is due to the state $36,045, but to offset this there is on hand: Cash in hands of receiver Reed, $31,350; cash in hands of receiver Hendricks, $13,350; cash in hands of receiver Hahn, $700. Total, $45,400. Of this $8,000 will be paid to the American Exchange Bank, leaving $37.400 to the credit of the state on account of the State Bank. This would pay the state in full and leave a balance of $1,355. But there are the claims of receivers, lawyers, etc., to the amount of about $16,400, leaving a deficiency of about $15,045, the pro rata share of which Messrs. Olson and Rice have offered to pay. It is understood that tne receivers and attorneys have already been paid in fees and costs more than double the amount of the unpaid bills now presented as due said parties for their services.

3. January 8, 1901 The Saint Paul Globe Saint Paul, MN
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.