First National Bank - Montevideo, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6860
Charter Number: 6860
Start Date: January 31, 1927
Location: Montevideo, Minnesota (44.942, -95.724)

Metadata

Model: gpt-5-mini
Short Digest: 99134f8b

Response Measures

None

Receivership Details

Depositor recovery rate: 41.5%
Date receivership started: 1927-02-05
Date receivership terminated: 1932-07-01
Share of assets assessed as good: 29.4%
Share of assets assessed as doubtful: 50.4%
Share of assets assessed as worthless: 20.1%

Description

Article (1927-01-31) reports the First National Bank of Montevideo suspended payment and awaited a national bank examiner to take charge (government intervention). Later (1931-11-05) a receiver is liquidating assets and sold remaining assets, indicating permanent closure and receivership.

Events (4)

1. June 30, 1903 Chartered

Source: historical_nic

2. January 31, 1927 Suspension

Cause: Government Action
Cause Details: Bank closed and suspended payments pending arrival of a national bank examiner to take charge (regulatory intervention).
Newspaper Excerpt: The First National Bank of Montevideo... closed today. A statement posted on the door and signed by the president, John F. Engel, announced that the bank will suspend payment until a national bank examiner arrives to take charge.
Source: newspapers

3. February 5, 1927 Receivership

Source: historical_nic

4. November 5, 1931 Receivership

Newspaper Excerpt: Fred Orth, receiver, is closing up affairs of the bank and offered the remaining assets to the highest bidder. S. B. Duea has purchased the assets of the First National Bank of Montevideo... Mr. Duea purchased the assets for $775.
Source: newspapers

Newspaper Articles (2)

1. January 31, 1927 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, January 31, 1927

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Article Text

National Bank at Montevideo Closes Montevideo, Minn., Jan. 31-(P) The First National Bank of Montevideo, with deposits in excess of $700,000, closed today. A statement posted on the door and signed by the president, John F. Engel, announced that the bank will suspend payment until a national bank examiner arrives to take charge. Statements issued January 1 said that the bank had a capital of $50,000, surplus of $10,000 and deposits of $721,076.08. with total resources of $892,157.51 as of December 31, 1926.

2. November 5, 1931 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, November 5, 1931

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Article Text

S. B. DUEA PURCHASES MONTEVIDEO ASSETS S. B. Duea has purchased the assets of the First National Bank of Montevideo, which has a face value of about $10,000. Mr. Duea purchased the assets for $775. Fred Orth, receiver, is closing up affairs of the bank and offered the remaining assets to the highest bidder.