First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 7292
Charter Number: 7292
Start Date: February 23, 1932
Location: Mora, Minnesota (45.877, -93.294)

Metadata

Model: gpt-5-mini
Short Digest: 1f5c2adb

Response Measures

None

Receivership Details

Depositor recovery rate: 64.3%
Date receivership started: 1931-09-14
Date receivership terminated: 1936-10-28
Share of assets assessed as good: 30.1%
Share of assets assessed as doubtful: 68.1%
Share of assets assessed as worthless: 1.8%

Description

Article (Feb 18, 1932) states the Quamba State Bank will open in the former First National Bank building, which was 'recently purchased from the receiver of the First National Bank.' That indicates the First National Bank in Mora had been placed in receivership (closed) prior to this article. No run is described. The sale of the building to a state bank is evidence the bank remained closed and in receivership. Exact dates of suspension/receivership are not provided in the article.

Events (4)

1. June 7, 1904 Chartered

Source: historical_nic

2. September 14, 1931 Receivership

Source: historical_nic

3. February 23, 1932 Other

Newspaper Excerpt: The new bank will be known as the Kanabec State Bank, and will open for business in Mora on Tuesday, Feb. 23, in the former First National Bank building.
Source: newspapers

4. * Receivership

Newspaper Excerpt: the former First National Bank building, which was recently purchased from the receiver of the First National Bank.
Source: newspapers

Newspaper Articles (1)

1. February 18, 1932 Askov American Askov, MN

Article from Askov American, February 18, 1932

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Article Text

THE QUAMBA BANK MOVES TO MORA In keeping with present day trends in banking and other similar lines of business, the management of the Quamba State Bank has deemed it wise to transfer it's location to Mora, so as to better care for it's rapidly growing number of customers. Permission for this transfer was obtained from the State Securities Commission at a hearing held in St. Paul on February 9, and a meeting of the Quamba State Bank stockholders will be held on February 20, to ratify this action. The Charter will be amended, changing the name, location and increasing the ,Capital set-up. The new bank will be known as the Kanabec State Bank, and will open for business in Mora on Tuesday, Feb. 23, in the former First National Bank building, which was recently purchased from the receiver of the First National Bank. Considerable re-modeling is being done this week to the interior of the building. The Kanabec State Bank will have $25,000 capital, $10,000 surplus, and approximately $17,000 in undivided profits and reserves, which will provide an unusually strong financial institution for the community. A number of farmers and business men subscribed for some of the additional 100 shares of stock that were authorized. and all stock in the bank will be owned by home people, who live in Pine and Kanabec counties. When the Quamba State Bank was taken over by the present management in 1919, it had total deposits of $13,000 and capital and net surplus of $11,000. It's deposits are now over $325,000 and capital, surplus, undivided profits and reserves are in excess of $36,000, the increase having all been accumulated out of it's profits during these years, while it has not missed paying a dividend annually since 1920. During this period it had about 25 local stockholders, who have consistently worked together with it's other friends for its advancement and the results have been very gratifying especially in times like the present. The officers of the Kanabec State Bank will be Frank P. Powers, president: Art C. Rentz, vice president and Mary R. Powers, cashier. The board of directors will consist of Frank P. Powers, Art C. Rentz, Otto Allman, J. P. Gotfredson, Kleo McIlhargey and John G. Dahlman.