9789. Union National Bank (Minneapolis, MN)

View Charter #2795 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2795
Charter Number
2795
Start Date
March 20, 1897
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini
Short Digest
a86a600c

Response Measures

None

Receivership Details

Depositor recovery rate
95.8%
Date receivership started
1897-03-20
Date receivership terminated
1901-05-25
OCC cause of failure
Losses
Share of assets assessed as good
2.1%
Share of assets assessed as doubtful
65.2%
Share of assets assessed as worthless
32.7%

Description

The Union National Bank of Minneapolis was declared insolvent and placed in the hands of a receiver (Charles W. Sexton) on March 20, 1897 and never reopened; subsequent records show receiver actions, asset sales and foreclosure suits through 1899. No article describes a depositor run preceding suspension—this is a suspension leading to permanent closure/receivership.

Events (10)
1. October 12, 1882 Chartered
Source
historical_nic
2. March 20, 1897 Receivership
Source
historical_nic
3. March 20, 1897 Receivership
Newspaper Excerpt
placed in the hands of Charles W. Sexton, receiver.
Source
newspapers
4. March 20, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Comptroller determined assets insufficient to pay debts; bank declared insolvent and receiver appointed.
Newspaper Excerpt
The Union National bank of Minneapolis, Minn., was on March 20, 1897, placed in the hands of Charles W. Sexton, receiver.
Source
newspapers
5. February 6, 1898 Other
Newspaper Excerpt
Charles W. Sexton, as receiver of the Union National Bank of Minneapolis, has brought an action ... to enforce his liability as the owner of 150 shares of the Union National bank capital stock.
Source
newspapers
6. February 9, 1899 Other
Newspaper Excerpt
Charles W. Sexton, as receiver of the Union National bank, of Minneapolis, yesterday commenced two suits ... for the foreclosure of a $720 mortgage.
Source
newspapers
7. July 22, 1899 Other
Newspaper Excerpt
Edmund G. Walton yesterday offered Receiver Thornton, of the Union National bank, $31,000 in cash for the old bank property ... the offer is about $10,000 higher than any previous one made for the property.
Source
newspapers
8. October 19, 1899 Other
Newspaper Excerpt
Receiver Thornton, of the Union National bank, states that the stockholders of the bank will soon receive 50 per cent of the assessment they were forced to pay to the comptroller of the currency.
Source
newspapers
9. October 22, 1899 Other
Newspaper Excerpt
The remaining assets of the Union National Bank of Minneapolis, listed at $500,000, were sold yesterday morning by the receiver for $52,500.
Source
newspapers
10. November 19, 1900 Other
Newspaper Excerpt
The affairs of the Union National bank, of Minneapolis, will be closed at an early date. The receivers' report is expected daily.
Source
newspapers

Newspaper Articles (9)
1. April 2, 1897 The Herald Los Angeles, CA
Article from The Herald, April 2, 1897

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Article Text

of the currency contains the following notifications: Resumption-The First National bank of Sloux City, Iowa, which was declared insolvent on the 7th of January, 1897, and placed in the hands of a receiver, has been rectored to solvency and permitted to reopen its doors for business March 16, 1897. Liquidation-The Manufacturers' National bank of Pittsburg, Kas., has gone into voluntary liquidation by resolution of its stockholders dated March 16, 1897. Insolvent-The Union National bank of Minneapolis, Minn., was on March 20, 1897, placed in the hands of Charles W. Sexton, receiver. The Merchants' National bank of Jacksonville, Fla., was on March 17, 1897, placed in the hands of E. T. Shubrick, receiver. Arizona-The Prescott National bank. Prescott; Walter C. Brandon elected assistant cashier. California-The First National bank of Redlands; S. C. Haver elected vicepresident in place of A. L. Park.

2. February 6, 1898 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 6, 1898

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Article Text

UNION BANK HOLDINGS Are a Liability, Not an Asset, Accord. ing to This Suit. Charles W. Seeton, as receiver of the Union National Bank of Minneapolis, has brought an action in the United States circuit court against John A. Stees, to enforce his liability as the owner of 150 shares of the Union National bank capital stock. Last July the comptroller of the currency determined that the assets of the bank were not sufficient to pay its debts, and that it was necessary to enforce the individual liability of the stockholders of the bank. Thereupon the comptroller ordered an assessment on the shareholders of $50 on each share of capital stock, to be paid on or before Aug. 23, 1897. It is alleged that Mr. Stees became the owner of 150 shares of the stock in April, 1892, and that he has refused to pay the assessment of $7,500. TO 1:4

3. February 24, 1898 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, February 24, 1898

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NEWS IN MINNESOTA A bonspie' is being held at Minneapolist this week. St. Paul lawyers have organized a bar association. The Lake Benton News has been sold to J. E. Tucker & Son. The state paid $208.58 bounty for 54 wolf pelts during January. Olivia has voted to expend $6,000 for an addition to her present school building. An order has been issued establishing a postoffice at Center Grove, Otter Tail county. State officials are preparing to enforce the "pure food laws" of the last legislature. Warden Wolfer urges that special arrangements be made to care for the criminal insane. Mr. and Mrs. Andrew Hess of Cordova have celebrated their 65th wedding anniversary. A new steam planing mill with a daily capacity of 75,000 feet has been put in operation at Frazee. The prison investigating commission that the charges state prison are not reported proven. against the The state board of corrections and charities is expected to elect a successor to Secretary Hart this week. Justice Buck of the Minnesota supreme court announces that he will not be a candidate for re-election. The jury in the Tiberg case at Madison rendered a verdict of murder in the first degree. They had been out 23 hours. Secretary Bliss has approved for patent to the state a list of swamp land selections embracing 24,407 acres in the Duluth district. About 75 car loads of binder twine been at prison twine the to have already plant, ordered sales amounting the nearly 1,800,000 pounds. The second annual executive meeting of the Pythian Veteran association was held Saturday afternoon at the Masonic temple, Minneapolis. Bondsmen for the private bank of A. C. Matthews of Lake Benton have tled with Lincoln county for $2,000, the amount of the county's deposit. There is a prospect that Albert Lea college will have a new building at no distant day-a dormitory accommodating girls who desire to board themselves. The Minnesota and Dakota elevator at Waverly burned, together with from 8,000 to 10,000 bushels of wheat and some other grain. The loss is estimated at about $10,000. The Duluth Whist club will chal. lenge, through the national secretary, the Minneapolis Whist club to play for the national trophy which the Minneapolis club won from Chicago. Controller Dawes has declared the seventh dividend of 6 per cent in favor of the creditors of the Union National bank of Minneapolis, making in all 75 per cent on claims proved amounting to $282,145. The executive committee of the Southeastern Minnesota Educational association has decided to omit the semi-annual meeting of the association in Winona this spring, and to hold the meeting next fall. The postoffice and store at Runeberg, was burned Saturday night. PostO.at Karlunen, who was consumed, building, master There is together slept evidence in with the his faithful dog. no of foul play, and the fire is thought to be the result of an accident. Measles are said to be epidemic at the State Agricultural college, St. Anthony Park. Twenty-three of the young men to show the the ravages of are that said reveal strawberry of the the disease, marks but as yet the complexion young ladies has been spared. None of the patients are seriously ill. were elected at annual of edThe the following meeting officers President, the state S. association: E Preston; vice E. C. Windom, Laugum, torial Huntington, Winona; presidents, W. J. Munro, Joseph Leicht. secreC. P. Stine, St. ing Leslie Morris, tary, secretary Matthews, Paul; correspond- Litchfield; treasurer, David Ramaley, St. Paui. The trials of two of the county commissioners of Itasca county, with auditing of falsely the accounts charged the came to a very were They county, George Lydeck sudden and that Henry end. It was expected they make a very vigorous and in of their extensive acquaintance Logan. would view thought fight, that the county, it was conwould be men, guilty. were fined viction however, n plead difficult. They office. Both $100 each and both resigned A N. w Firm. Al. Reader and 11 N. Baldwin have associ-

4. February 25, 1898 Little Falls Herald Little Falls, MN
Article from Little Falls Herald, February 25, 1898

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Article Text

NEWS IN MINNESOTA A bonspie' is being held at Minneapc lis this week. a St. Paul lawyers have organized bar association. The Lake Benton News has been sold to J. E. Tucker & Son. The state paid $208.58 bounty for 54 wolf pelts during January. Olivia has voted to expend $6,000 for an addition to her present school building. An order has been issued establishing Tail a postoffice at Center Grove, Otter county. State officials are preparing to last enforce the "pure food laws" of the legislature. Warden Wolfer urges that special the arrangements be made to care for criminal insane. Mr. and Mrs. Andrew Hess of Cordova have celebrated their 65th wedding anniversary. A new steam planing mill with a daily capacity of 75,000 feet has been put in operation at Frazee. The prison investigating commission the reported that the charges against state prison are not proven. The state board of corrections and charities is expected to elect a succes. sor to Secretary Hart this week. Justice Buck of the Minnesota will sucourt announces that he preme not be a candidate for re-election. The jury in the Tiberg case at Mad- in rendered a verdict of murder 23 ison the first degree. They had been out hours. Secretary Bliss has approved for to the state a list of swamp land the patent selections embracing 24,407 acres in Duluth district. About 75 car loads of binder twine already been ordered at the prison to twine have plant, the sales amounting nearly 1,800,000 pounds. The second annual executive meetof the Pythian Veteran association the ing held Saturday afternoon at Masonic was temple, Minneapolis. Bondsmen for the private bank of A. Matthews of Lake Benton have tled C. with Lincoln county for $2,000, the amount of the county's deposit. There is a prospect that Albert Lea will have a new building at no distant college day- dormitory accommodat- theming girls who desire to board selves. Minnesota and Dakota elevator from The Waverly burned, together with and at to 10,000 bushels of wheat 8,000 some other grain. The loss is estimated at about $10,000. Duluth Whist club will chalThe through the national secretary, for lenge, Minneapolis Whist club to play Minnethe the national trophy which the apolis club won from Chicago. Controller Dawes has declared favor the dividend of 6 per cent National in seventh creditors of the Union in all 75 of the of Minneapolis, making to $282,14 bank per cent on claims proved amounting executive committee of the The Minnesota Educational the Southeastern has decided to association omit association semi-annual meeting of the hold the in Winona this spring, and to meeting next fall. The postoffice and store at Runeberg, Postburned Saturday night. in was Olat Karlunen, who slept with the master was consumed, together evidence building, faithful dog. There is no to of his foul play, and the fire is thought be the result of an accident. Measles are said to be epidemic at the Agricultural college, St. Anthony men State Twenty-three of the young marks Park. to show the strawberry disease, are said reveal the ravages of the young that the complexion of the of the ladies but as yet has been spared. None patients are seriously ill. following officers were state elected edThe annual meeting of the S. E. at the association: Pr sident, E. itorial Preston; vice presidents, J. Munro, Langum, Huntington, Windom, W. secreC. Joseph Leicht, Winona; correspondMorris, C. P. Stine, St. Paul; Litchtary, Leslie Matthews, St. Paul. ing field; secretary, treasurer, David Ramaley, trials of two of the county charged comThe of Itasca county, accounts of missioners falsely auditing the sudden end. with came to a very and Henry the county, were George Lydeck that they They It was expected fight, and Logan. make a very vigorous would their extensive acquaintance that conin view of it was thought Both men, in the county, would be difficult. fined viction plead guilty. They office. were $100 however, each and both resigned BLISS OPPOSES - IT. Decision Against Reservation School Sections For Minnesota in the Claim

5. February 9, 1899 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 9, 1899

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Article Text

To Foreclose a Mortgage. Charles W. Sexton, as receiver of the Union National bank, of Minneapolis, yesterday commenced two suits in the district court against Ethan A. Austin and Grace W. Austin, in each case for the foreclosure of a $720 mortgage.

6. July 22, 1899 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, July 22, 1899

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RISES IN VALUE. E. G. Walton Offers $1,500 a Foot For a Minneapolis Corner. Edmund G. Walton yesterday offered Receiver Thornton, of the Union National bank, $31,000 in cash for the old bank property at the corner of Third street and First avenue south, Minneapolis. The offer is about $10,000 higher than any previous one made for the property. The lot is a very small one, only 23x78, and the offer is therefore about $1,500 a front foot. This is the largest bid for First avenue property in a long time.

7. October 19, 1899 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, October 19, 1899

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# MINNEAPOLIS BREVITIES. Receiver Thornton, of the Union National bank, states that the stockholders of the bank will soon receive 50 per cent of the assessment they were forced to pay to the comptroller of the currency. After being a patient at the city hospital eighteen months, death relieved the sufferings of Maurice Blondy. When admitted his malady was given as inflammation of the bladder, and he has since been unable to leave the hospital. The funeral of Mrs. Burton N. Gray took place yesterday afternoon. Services were held at Walsh Presbyterian church, Seventeenth avenue south and Franklin. A score or so of the Minneapolis council and city officials made a trip of inspection to the beet sugar factory at St. Louis Park yesterday afternoon. The party left town in a chartered car at 1:30, chaperoned by ex-Senator Theden. Included in the party were Congressman Fletcher and R. G. Evans. George W. York, for many years a police officer in this city, has been committed to the insane asylum at St. Peter. A banquet was tendered last evening to the returned members of Company F, Thirteenth Minnesota, at the Holmes hotel. The board of education held a short meeting yesterday afternoon, but no important business was transacted, only four members being present. Every Gordon Hat is warranted perfect.

8. October 22, 1899 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, October 22, 1899

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BANK'S ASSETS SOLD. ! Half Million-Dollar Lot Purchased for Fifty Thousand Dollars. The remaining assets of the Union National Bank of Minneapolis, listed at $500,000, were sold yesterday morning by the receiver for $52,500. The sale of the old bank's location, the northwest corner of First avenue and Third street, did not attract the attention which the value of the property really demanded, and there was but one bidder, Edmund G. Walton, who bought the property for $33,000. There was more spirit when the assets of the bank were offered for sale. The receiver stated that there was fully $500,000 worth of property represented in the assets which were about to be sold. Of the amount $100,000 was in real estate, the remainder in collateral and other securities which had cost the bank every dollar represented by the face of the securitles. W. B. Arnold, of St. Louis, bid in the assets at $52,500.

9. November 19, 1900 Vilas County News Eagle River, WI
Article from Vilas County News, November 19, 1900

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Notre Dame was destroyed by fire. Th building was of steel and brick an was one of the largest college gyn nasiums in the world. The German foreign office emphati cally denies a statement cabled from London that negotiations for an ex tension of the Anglo-German agree ment are in progress. Arrangements are said to have beer completed whereby Rev. G. Campbel Morgan of London will come to the United States to become the succes sor of Dwight L. Moody. The affairs of the Union Nationa bank, of Minneapolis, will be closed a an early date. It is known what th final dividends will show, but the re ceivers' report is expected daily. In his annual report Rear-Admira Crowninshield finds fault with th slow progress made in the work of re building the naval academy and con demns the training ship Chesapeake. Joseph Buckingham Canffeid, sor of a rich manufacturer of Bridgeport Conn., will wed during thanksgiving week Miss Maie Kathryn Donnell, wh until recently worked in a mill in tha city. Marcus Daly, the "copper king, and Henry Villard, railroad builde and finacier, died, the former at the Hotel Netherland, New York, and th latter at his home near Dobbs Ferry N. Y. In Logan county, West Virginia Albert Stinson killed Adam McCoy Stinson then attempted to escape in : small boat to Kentucky, but his boa was swamped in Tug river and he wa drowned. The presbytery of Philadelphia voted against a revision of the West minster faith and recommended to th general assembly that the whole mat ter of revision of the faith be dis missed. In Chicago, Justice Kehoe rules tha Miss Hattie Gano must return t Harry Miller the presents-rings, auto mobile cloaks, bicycles and jewels-h gave her when they were engaged t be married. Bishop Potter told the industria commission at Washington that SO ciological conditions in New York City have improved. He does not favo compulsory arbitration, but prefers i to a strike. The date of the national convention of the Benevolent and Protective Order of Elks, which meets in Mil waukee next year, has been change from the week of July 16 to that o July 23. President McKinley in his messag will ask for legislation to maintain th army at its present force SO long a the war in the Philippines continues and to provide for a reduction whe the war is over. The Central Coal and Coke company of Kansas City purchased the Sweet water Coal Mining company's property at Rock Springs, Wyo., and voted to increase its capital stock from $3,000, 000 to $3,750,000. A. E. Stillwell is to be president of a trust company, incorporated under the laws of Mexico, with a capita stock of $1,000,000. The company has been granted concessions by the Mexican government. At Chester, Pa., Mercer Palmer, 4-year-old boy picked up a telephon wire which the wind had blown dow and instantly fell dead. The wire wa crossed with one of the main cables o the electric light system. Rear-Admiral Crowninshield, Chief of the Navigation Bureau, reports that the navy needs four times as many of ficers and men to fight a first-class power, and "demands" that congress repeal recent legislation. The Army of Northern Virginia Camp of Confederate Veterans has repudiated the action of its delegates to the last reunion in voting $250 for the erection of a monument over the grave of Jefferson Davis. In the Chicago city council Walter Butler introduced a resolution, which was adopted, urging the next legisla ture to pass a law for the establish ment of a state commission regulating the price of gas and electric light. In Chicago "Barley King" Henry J O'Neill was discharged of debt