9811. Farmers & Merchants State Bank (Morgan, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 19, 1933
Location
Morgan, Minnesota (44.417, -94.926)

Metadata

Model
gpt-5-mini
Short Digest
1f87e6bd

Response Measures

None

Description

Newspaper items (Oct 1933, May & Aug 1934) refer to a Receiver of the Farmers & Merchants State Bank of Morgan, settlements of depository bond judgments, and appointment of a new state bank receiver. No article describes a depositor run; the bank was in receivership (closed) and handled by the state banking department.

Events (2)
1. October 19, 1933 Suspension
Cause
Government Action
Cause Details
Bank placed in receivership by state banking department; receiver handling settlements of depository bond judgments.
Newspaper Excerpt
the Receiver of the Farmers and Merchants ... State Bank of Morgan
Source
newspapers
2. August 30, 1934 Receivership
Newspaper Excerpt
G. A. Johnson ... to succeed Fred H. Hahne as receiver of the ... Farmers and Merchants bank at Morgan (appointment of new state bank receiver).
Source
newspapers

Newspaper Articles (3)
1. October 19, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, October 19, 1933

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Article Text

"AND WHEREAS. It has been re- Min A presented and stated to the Board of I County Commissioners by the Receiver of the Farmers and Merchants Cha State Bank of Morgan that said Defendants are indebted to said bank for and to the State of Minnesota for Art F large sums of money, which said C. I sums of money together with the fa judgment in favor of said Redwood Art County aggregate the sum of $56,F 000.00, M. "AND WHEREAS, Said Defendants desire to make a settlement L Osc with said Banking Department, State of Minnesota and Redwood County, p should "NOW, THEREFORE, Be it reO. I solved that subject to the approval of S the Judge of the District Court of the Mrs Ninth Judicial District, Redwood ca County. Plaintiff in said action settles Lou said judgment for an amount of E money in proportion and pro-rated on all said indebtedness, the State of Sam A. 1 Minnesota and the Farmers and MerN chants State Bank of Morgan to get H. : the same percentage as the County V of Redwood, it being deemed by the Will County Board of Redwood County that such a settlement is for the best W interests of all concerned." Mrs fo The above resolution was unanimously adopted. Ber The following bids were opened for flour: M The Mill of Franklin, $5.88 per barrel. M Springfield Milling Co., $5.40 per barrel. Mrs E National Tea Co., $6.76 per barrel. Mar On motion of J. P. Kragh and duly fo passed, the bid of the Springfield John Milling Co. was accepted. fo On motion of E. A. Pease and duly E. ( passed, $800.00 was appropriated to K the Redwood County Fair AssociaW. ! tion. sa The following bills were allowed: Klu Revenue

2. May 17, 1934 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, May 17, 1934

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Article Text

of potatoes. Herman Muetzel offered the following resolution: "WILLEAS, Certain persons against whom the County of Redwood has a judgment in connection with depository bonds of the Farmer's and Merchants State Bank of Morgan have offered a settlement of said judgment, which settlement has been accepted by Redwood County and approved by the Judge of the District Court. "Now, THEREFORE, Be it resolved that where any of said defendants and persons liable have paid the money to the Receiver of the Farmer's and Merchant's State Bank of Morgan in connection with said settlement, that then and in that case the Chairman of the County Board and the County Auditor be and hereby are authorized to issue satisfactions and releases of any property belonging to such persons having made such payments. This resolution was unanimously adopted. J. P. Kragh offered the following resolution: "Whereas, The Board of County Commissioners of this County has been informed that one, Annie Car- koff, now receiving old age pension has recently received a large sum of money in dividends. "Now, THEREFORE, Be it resolved than any further payments of old age pension to said Annie Car- koff be suspended until further action of the Board. On Motion by E. A. Pease, and duly passed, the auditor was instructed to issue a warrant to the American Artstone Company, to the amount of $872.87 for material used at the County Home. On motion by Herman Muetzel and duly passed, the auditor was instructed to transfer $6931.32 from C. A. R.

3. August 30, 1934 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, August 30, 1934

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Article Text

G. A. Johnson is New State Bank Receiver G. A. Johnson, who has been in charge of liquidation of the bank at Scandia, came here this week to succeed Fred H. Hahne as receiver of the State Bank and Trust company of Redwood Falls, the Farmers and Merchants bank at Morgan and the State Bank of Franklin. Mr. Johnson is a brother of J. Albert Johnson and lived here years ago. He has been with the banking department since 1926, first having charge of several closed banks near Thief River Falls and has been at Scandia the last 18 months. He plans to move his family here soon. Mr. Hahne moved to Manistique, Michigan, recently to take charge of a new bank there.