9810. Farmers & Merchants State Bank (Morgan, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 16, 1931
Location
Morgan, Minnesota (44.417, -94.926)

Metadata

Model
gpt-5-mini
Short Digest
849d55bf

Response Measures

None

Description

Articles report the Farmers & Merchants State Bank of Morgan closed (suspended) on November 16, 1931, a receiver (C. G. Knowles) was named and depositors organized a committee to assist the state banking department in liquidating the bank. No run or depositor panic is described — this is a closure with receivership.

Events (2)

1. November 16, 1931 Suspension
Cause
Government Action
Cause Details
Bank closed and state banking department involved; receiver later appointed and liquidation proceedings commenced.
Newspaper Excerpt
Said Bank closed on the 16th day of November, 1931
Source
newspapers
2. December 7, 1931 Receivership
Newspaper Excerpt
C. G. Knowles is the bank receiver. The depositors of the closed Farmers and Merchants State Bank held a meeting...
Source
newspapers

Newspaper Articles (3)

Article from The Redwood Gazette, December 17, 1931

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Article Text

Morgan, December 7-The depositors of the closed Farmers and Merchants State Bank held a meeting in the City Hall Monday evening of last week. Five men were elected as a depositors committee to appraise the assets of the institution and to assist the state banking department in liquidating the bank. C. G. Knowles is the bank receiver. The following are the men elected on the committee: F. H. Schiffert, John Gluth, Fred J. Fenske, Carl Christensen and Olaf Simonsen. Attorney Albert Flor of New Ulm gave a resume of the history of the bank since its organization up to the time of its closing. Mr. and Mrs. Henry Reding spent Sunday with relatives in Wanda. Rev. H. A. Pothoff, pastor of the local M. E. church went to Springfield where he visited his daughter at the hospital. Miss Pothoff was seriously injured in an auto accident near Springfield a week ago last Friday. Although her condition is somewhat improved the injured lady is still suffering from bruises and mental shock. She was able to be moved to her home and is being cared for by her mother. While Al. Vohs and Ed Steffl were returning in a large truck from a trip to the Twin City stock market where they disposed of a truck load of livestock, they met with a collision that threw their truck into a ditch. As they approached Cologne a hit and run driver overtook them on a highway guarded by white posts and the truck landed in a ditch. Both the driver and passenger were able to crawl out and escaped with only a few minor injuries. The Woman's Study club held its annual Christmas party at the home of Mrs. George Davis Friday afternoon. Music appropriate to the Yuletide season was a pleasing feature of the meeting. Mmes. Shank, E. H. Albrecht, W. W. Carlile and F. S. Pollard were entertained at the home of Mrs. Robert Henton at Morton Tuesday afternoon. A large audience greeted Miss Margaret Burmeister, a returned missionary from Japan Sunday evening. The service was held in the Methodist Episcopal church. Her message concerning the work among the people of Japan was very interesting and was doubly SO because of her residence at Redwood Falls. Her appeal for help, through money and prayers for the. people in Japan closed her splendid talk. The needy relief fund for the Morgan community was a success in its first venture Tuesday afternoon and evening. As a result of the benefit movie talkie, "The Sidewalks of New York," the sum of $161 was realized in the sale of tickets. The weather remained favorable and a large number of the audience came from the country around Morgan. W. J. Bandemer, the local movie picture man, began his new duties as regular mail carrier on the Star Route between here and Redwood Falls December 1. Mrs. Jay Patterson and daughter, Mrs. A. W. Hartwick, and Mrs. Harley Hartwick of Springfield attended the Presbyterian Aid on Thursday afternoon. Nels Rans has purchased the agency for the Sunlight Produce company lately operated by Erwin Otto. Mr. and Mrs. Erwin Otto, daughter Lorraine, are leaving soon for Hartford, Wisconsin. Mr. and Mrs. Otto will practice chiropractic in Wisconsin. Mr. and Mrs. H. M. Sherman were called to Faribault Wednesday by a message from the State school. Their daughter Sarah who is a patient at the hospital at that place has been ill for sometime, suffering with a tumor on the head. Her condition remains serious. W. W. Carlile accompanied the Shermans to Faribault and returned home the same day. Paul Zaska was found dead in his bed by his mother when she went to call him Saturday morning. He had been subject to heart troubles lately but he appeared to be in usual health when he retired Friday evening. Apparently the young man passed away in his sleep soon after retiring. Funeral arrangements have not been made until a brother from the west can be heard from. The Morgan community was surprised Thursday to learn that Mrs. Edward Zastrow (nee Genevieve Carlile) of St. Paul, had died in the


Article from The Redwood Gazette, December 17, 1931

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Article Text

Morgan Closed Bank Elects Appraisers Morgan, December 7-The depositors of the closed Farmers and Merchants State Bank held a meeting in the City Hall Monday evening of last week. Five men were elected as a depositors committee to appraise the assets of the institution and to assist the state banking department in liquidating the bank. C. G. Knowles is the bank receiver. The following are the men elected on the committee: F. H. Schiffert, John Gluth, Fred J. Fenske, Carl Christensen and Olaf Simonsen. Attorney Albert Flor of New Ulm gave a resume of the history of the bank since its organization up to the time of its closing. Mr. and Mrs. Henry Reding spent Sunday with relatives in Wanda. Rev. H. A. Pothoff, pastor of the loeal M. E. church went to Springfield where he visited his daughter at the hospital. Miss Pothoff was seriously injured in an auto accident near Springfield a week ago last Friday. Although her condition is somewhat improved the injured lady is still suffering from bruises and mental shock. She was able to be moved to her home and is being cared for by her mother. While Al. Vohs and Ed Steffl were returning in a large truck from a trip to the Twin City stock market where they disposed of a truck load of livestock, they met with a collision that threw their truck into a ditch. As they approached Cologne a hit and run driver overtook them on a highway guarded by white posts and the truck landed in a ditch. Both the driver and passenger were able to crawl out and escaped with only a few minor injuries. The Woman's Study club held its annual Christmas party at the home of Mrs. George Davis Friday afternoon. Music appropriate to the Yuletide season was a pleasing feature of the meeting. Mmes. Shank, E. H. Albrecht, W. W. Carlile and F. S. Pollard were entertained at the home of Mrs. Robert Henton at Morton Tuesday afternoon. A large audience greeted Miss Margaret Burmeister, a returned missionary from Japan Sunday evening. The service was held in the Methodist Episcopal church. Her message concerning the work among the people of Japan was very interesting and was doubly so because of her residence at Redwood Falls. Her appeal for help, through money and prayers for the. people in Japan closed her splendid talk. The needy relief fund for the Morgan community was a success in its first venture Tuesday afternoon and evening. As a result of the benefit movie talkie, "The Sidewalks of New York," the sum of $161 was realized in the sale of tickets. The weather remained favorable and a large number of the audience came from the country around Morgan. W. J. Bandemer, the local movie picture man, began his new duties as regular mail carrier on the Star Route between here and Redwood Falls December 1. Mrs. Jay Patterson and daughter, Mrs. A. W. Hartwick, and Mrs. Harley Hartwick of Springfield attended the Presbyterian Aid on Thursday afternoon. Nels Rans has purchased the agency for the Sunlight Produce company lately operated by Erwin Otto. Mr. and Mrs. Erwin Otto, daughter Lorraine, are leaving soon for Hartford, Wisconsin. Mr. and Mrs. Otto will practice chiropractic in Wisconsin. Mr. and Mrs. H. M. Sherman were called to Faribault Wednesday by a message from the State school. Their daughter Sarah who is a patient at the hospital at that place has been ill for sometime, suffering with a tumor on the head. Her condition remains serious. W. W. Carlile accompanied the Shermans to Faribault and returned home the same day. Paul Zaska was found dead in his bed by his mother when she went to call him Saturday morning. He had been subject to heart troubles lately but he appeared to be in usual health when he retired Friday evening. Apparently the young man passed away in his sleep soon after retiring. Funeral arrangements have not been made until a brother from the west can be heard from. The Morgan community was surprised Thursday to learn that Mrs. Edward Zastrow (nee Genevieve Carlile) of St. Paul, had died in the Swedish hospital Wednesday night following the birth of a baby son. The body of the young mother and her infant son were brought to Morgan Saturday. Funeral services were held from the W. W. Carlile home Sunday afternoon followed by services held at the Presbyterian church. Rev. J. D. Keith, pastor of the church, had charge of the funeral services. The church choir with Mrs. Clarence Ragan at the piano played the music. Burial was made in the Carlile family lot in the cemetery at Redwood Falls. The deceased was the oldest daughter of Mr. and Mrs. Arthur Carlile. Born in Morgan over 24 years ago she received her education in the local public schools. Later she specialized in tonsorial art and followed the trade before and after her marriage to Edward Zastrow on January 22, 1928. Clarence Hagaman, Roland Rans, Dick Hanson, Lloyd and Claude Goodell with James Adams of St. Paul acted as pall bearers. A large company of relatives from Parkers Prairie and Alexandria attended the sevices.


Article from The Redwood Gazette, September 14, 1933

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Article Text

L ½9 n 3/19 On motion of E. A. Pease and duly passed, that bid of the Botsford Lumber Company for snow fence be acOn cepted. motion of E. A. Pease and duly passed, that bid of the Botsford Lumber Company on 6½ ft. U steel posts be accepted. On motion of E. A. Pease and duly passed, that final estimate for graveling of Wm. Schottenbauer in North Hero Township, Job No. 33, $846.52 be allowed. On motion of Phil Raveling and duly passed, that final estimate for graveling of Wm. Schottenbauer of Lamberton, Job No. 33 K, $826.10 be allowed. On motion of J. P. Kragh and duly passed, the final estimate for gaveling of Wm. Schottenbauer of Gales, Job No. 33, $527.18 be allowed. On motion by J. P. Kragh and duly passed, that final estimate for graveling on C. A. R. 12 and 21 for Wm. Schottenbauer for $42.14 be allowed. On motion of J. P. Kragh and duly passed, that final estimate for gravel88 ON 18 R. A 0 uo But W for Wm. Schottenbauer for $270.28 be allowed. On motion by Herman Muetzel and duly passed, that final estimate for graveling on State Aid Job 33.01 for Wm. Schottenbauer for $459.27 be allowed. On motion by J. P. Kragh and duly passed, that the report of the Board of Audit be accepted. The following Resolution regarding the Farmers & Merchants State Bank of Morgan was on motion of E. A. Pease and duly passed: "Whereas, On the 29th day of October, 1931, the Farmers and Merchants State Bank of Morgan assigned as collateral security for public money of the County of Redwood deposited in the Farmers and Merchants State Bank of Morgan, certain mortgages described as follows: "One mortgage dated May 20th, 1931, in the sum of Forty Five Hundred Dollars ($4,500.00) executed by Fred W. Penning and Frances Penning, his wife, to the Farmers and Merchants State Bank of Morgan, covering the following described premises: The Northwest Quarter (NW) of the Southeast Quarter (SE1/4) and the Southwest Quarter (SW) of the Northeast Quarter (NE) of Section Thirty-three (33) excepting therefrom a tract described as follows: Commencing at a point 12.47 chains north of the nortneast corner of the Southeast Quarter (SE 1/4) of the Southwest Quarter (SW) of said section, thence north 581/2 degrees east, 6 chains, thence north 48 degrees west, 7.85 chains, to a point in the public highway, 1.42 chains north of the center of said section, thence south 9 chains to the point of beginning, containing 2.32 acres more or less, all of said real estate being situated in Brown County, Minnesota; which said mortgage was duly recorded in the office of the Register of Deeds in and for the County of Brown and State of Minnesota on the 22nd day of May, 1931 at 11 o'clock A. M. in Book 61 of 460,00 Page uo "And a certain mortgage executed by F. H. Albrecht and Antoinette Albrecht, his wife in the sum of Five Thousand Dollars ($5,000.00) payable to the Farmers and Merchants State Bank of Morgan. dated the 6th day of September, 1930, covering the lands described as follows: Lots Eleven (11) and Twelve (12) of Block Two (2) of Gerstman's Re-Arrangement of Block Ten (10) of the Village of Morgan, Redwood County, Minnesota: which said mortgage was duly recorded in the office of the Register of Deeds in and for the County of Redwood and State of Minnesota on the 4th day of November, 1930 at 9:35 o'clock A. M. in Book 103 of Mort172: Page uo serves "AND WHEREAS, Said Bank closed on the 16th day of November, 1931, and an action was commenced against said County to return said "AND mortgages; WHEREAS, The Court held that said mortgages were not lawfully assigned as security for said deposit; "Be it Resolved, That A. P. Falk, County Treasurer of Redwood County, Assignee of said mortgages hereinbefore described, be and hereby is authorized and directed to re-assign said mortgages to the Farmers and Merchants State Bank of Morgan, and if said mortgages have already been assigned, then we as the County Board of Redwood County hereby ratify and confirm said assignments in all things as the free act and deed of the County of Redwood and State of Minnesota.' The above resolution was unanimously adopted. On motion of E. A. Pease and duly passed, applicaton of E. J. Bellig personal for