9797. Chippewa County State Bank (Montevideo, MN)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
May 29, 1924
Location
Montevideo, Minnesota (44.942, -95.724)

Metadata

Model
gpt-5-mini
Short Digest
8450f03d

Response Measures

None

Description

The bank was closed by the Minnesota state superintendent on May 29, 1924 due to depleted reserves (insolvency). Newspaper items in Feb 1925 report stockholders/depositors meeting to consider reopening/reorganization. No article mentions a depositor run prior to or after the suspension.

Events (3)

1. May 29, 1924 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed by state superintendent because of depleted reserves (insolvency/insufficient reserves).
Newspaper Excerpt
The Chippewa County State bank at Montevideo ... was closed today because of depleted reserves, A. J. Veigel, state superintendent of banks, announced.
Source
newspapers
2. February 26, 1925 Other
Newspaper Excerpt
Plans for reopening the Chippewa County State Bank will be considered at a meeting. The call for the meeting has been issued by both groups of stockholders and depositors and it is stated that a new start toward the reorganization of this bank will be taken at this time.
Source
newspapers
3. February 26, 1925 Reopening
Newspaper Excerpt
Plans for reopening the Chippewa County State Bank will be considered at a meeting ... a new start toward the reorganization of this bank will be taken at this time.
Source
newspapers

Newspaper Articles (3)

Article from The Birmingham Age-Herald, May 30, 1924

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Article Text

MINNESOTA BANK CLOSES Depleted Reserves Assigned As Cause Of Action ST. PAUL, Mini.. May 29.-The Chippewa County State bank at Montevideo, with a capital of $60,000 and deposits of approximately $600,000, was closed today because of depleted reserves, A. J. Veigel, state superintenaeut of banks, announced.


Article from Askov American, February 26, 1925

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Article Text

MINNESOTA NEWS Olivia-A new church, to cost in the neighborhood of $125,000.00. will be erected here during the coming summer by St. Aloysius Catholic parish of Olivia. Jackson-Workmen are pumping air under the ice in Loon, Clear and Pearl lakes in an effort to save the game fish which are dying by the hundreds daily for lack of oxygen. Montevideo-At the annual meeting here of the Leenthrop Mutual Fire Insurance Company, O. P. Flaten of East Granite Falls and Norman F. Nelson of Rosewood were elected directors and H. F. Teigen of Big Bend was elected secretary. Duluth-Congressional authority to construct a $350,000 bridge linking Duluth and Superior will be asked immediately. it was indicated by J. B. Finch, an official of the newly organized Twin Ports Bridge Company. Le Sueur Center-Reports read at the Le Sueur Center Farmers Co-operative Creamery Association showed that $263,684.40 was received for butter in 1924. An average of $600 per day was paid out to patrons. the reports showed. St. Cloud-The city of St. Cloud is the owner of what is known as the Lake George tract of property, after 40 years of almost continual effort. The final purchase of 21 acres cost $20,000, which is considered about $5,000 less than its real value. Hibbing-In preparing for the distriet meeting of Rotarians of Minnesota, North and South Dakota here April 23 and 24, committees of the Hibbing Rotary Club will visit all the Rotary Clubs in this part of Minnesota. Hallock-Alex Masloski has set what is believed to be a record for killing coyotes when be bagged seven of them in one week. The sale of the pelts together with the bounty received netted Mr. Masloski the neat sum of $231.00. Henderson - Sibley county's net gain under the Babcock highway plan was $264,379.87, according to official figures of the highway department. In the period in which the plan has been in operation, approximately four years, the county spent $457,118.47 in maintenance and improvement. Montevideo-Plans for reopening the Chippewa County State Bank will be considered at a meeting. The call for the meeting has been issued by both groups of stockholders and depositors and it is stated that a new start toward the reorganization of this bank will be taken at this time. Hallock-Roland Sutton immigration department patrolman. who shot and seriously wounded E. D. Ostenson, of this city, near Humboldt, Minn., when a car in which Ostenson was riding did not stop when ordered to, is held charged with second degree assault with a dangerous weapon. Montevideo-An innovation in church services was inaugurated at the First Methodist church here when the first of a series of addresses to be given by laymen took place, Mayor Jesse J. Brown spoke on "The Church and the Community." Other laymen talks will follow. St. Cloud-The Great Northern railway has announced tentative plans for a gas electric car schedule. A single car, under the proposed plan. will run from Sauk Center to Bemidji, on a trial trip. Later it may run from Brainerd to Little Falls and from St. Cloud to the Twin Cities. Red Wing-Business men of Red Wing cleared decks and prepared to launch an intensive "drive of progress" aimed to develop Red Wing, not only as an industrial city but as a winter sports town. a summer park place and as one of the leading beauty spots in the state. Bemidji-Work of rebuilding the planning mill of the Crookston Lumber Company was begun and will be rushed to completion in order that planning operations may be resumed as early as possible. Clearing away


Article from The Ely Miner, February 27, 1925

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Article Text

# MINNESOTA NEWS Olivia—A new church, to cost in the neighborhood of $125,000.00, will be erected here during the coming summer by St. Aloysius Catholic parish of Olivia. Jackson—Workmen are pumping air under the ice in Loon, Clear and Pearl lakes in an effort to save the game fish which are dying by the hundreds daily for lack of oxygen. Montevideo—At the annual meeting here of the Leenthrop Mutual Fire Insurance Company, O. P. Flaten of East Granite Falls and Norman F. Nelson of Rosewood were elected directors and H. F. Teigen of Big Bend was elected secretary. Duluth—Congressional authority to construct a $350,000 bridge linking Duluth and Superior will be asked immediately, it was indicated by J. B. Finch, an official of the newly organized Twin Ports Bridge Company. Le Sueur Center—Reports read at the Le Sueur Center Farmers Co-operative Creamery Association showed that $263,684.40 was received for butter in 1924. An average of $600 per day was paid out to patrons, the reports showed. St. Cloud—The city of St. Cloud is the owner of what is known as the Lake George tract of property, after 40 years of almost continual effort. The final purchase of 21 acres cost $20,000, which is considered about $5,000 less than its real value. Hibbing—In preparing for the district meeting of Rotarians of Minnesota, North and South Dakota here April 23 and 24, committees of the Hibbing Rotary Club will visit all the Rotary Clubs in this part of Minnesota. Hallock—Alex Masloski has set what is believed to be a record for killing coyotes when he bagged seven of them in one week. The sale of the pelts together with the bounty received netted Mr. Masloski the neat sum of $231.00. Henderson — Sibley county's net gain under the Babcock highway plan was $264,379.87, according to official figures of the highway department. In the period in which the plan has been in operation, approximately four years, the county spent $457,118.47 in maintenance and improvement. Montevideo—Plans for reopening the Chippewa County State Bank will be considered at a meeting. The call for the meeting has been issued by both groups of stockholders and depositors and it is stated that a new start toward the reorganization of this bank will be taken at this time. Hallock—Roland Sutton immigration department patrolman, who shot and seriously wounded E. D. Ostenson, of this city, near Humboldt, Minn., when a car in which Ostenson was riding did not stop when ordered to, is held charged with second degree assault with a dangerous weapon. Montevideo—An innovation in church services was inaugurated at the First Methodist church here when the first of a series of addresses to be given by laymen took place, Mayor Jesse J. Brown spoke on "The Church and the Community." Other laymen talks will follow. St. Cloud—The Great Northern railway has announced tentative plans for a gas electric car schedule. A single car, under the proposed plan, will run from Sauk Center to Bemidji, on a trial trip. Later it may run from Brainerd to Little Falls and from St. Cloud to the Twin Cities. Red Wing—Business men of Red Wing cleared decks and prepared to launch an intensive "drive of progress" aimed to develop Red Wing, not only as an industrial city but as a winter sports town, a summer park place and as one of the leading beauty spots in the state. Bemidji—Work of rebuilding the planning mill of the Crookston Lumber Company was begun and will be rushed to completion in order that planning operations may be resumed as early as possible. Clearing away the debris of the $60,000 fire already has been accomplished.