9812. State Bank (Morgan, MN)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
February 1, 1933*
Location
Morgan, Minnesota (44.417, -94.926)

Metadata

Model
gpt-5-mini
Short Digest
91786cfb

Response Measures

Full suspension, Books examined

Description

Articles report a run in late February 1933, a temporary closure (suspension) March 2, 1933, and reopening in April 1933 with $35,000 in new deposits after agreements approved by the state banking department. The run is described as shaken confidence (no specific misinformation event is given). Reopening likely occurred Monday April 10, 1933 (article dated April 13, 1933).

Events (3)
1. February 1, 1933* Run
Cause
Rumor Or Misinformation
Cause Details
Shaken confidence in late February led depositors to withdraw funds; article does not specify concrete insolvency or a discrete misinformation incident.
Measures
Meetings of directors and depositors; agreements reached and approved by the state banking department.
Newspaper Excerpt
Shaken confidence caused a run on the bank late in February
Source
newspapers
2. March 2, 1933 Suspension
Cause
Rumor Or Misinformation
Cause Details
Temporary closure (suspension) was a consequence of shaken depositor confidence and the run in late February.
Newspaper Excerpt
it closed temporarily March 2, two days before the state and national bank holiday began.
Source
newspapers
3. April 10, 1933 Reopening
Newspaper Excerpt
the State Bank of Morgan reopened for business Monday and took in $35,000 in new deposits the opening day, according to George M. Davis, president.
Source
newspapers

Newspaper Articles (2)
1. April 13, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, April 13, 1933

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Article Text

Morgan Bank Reopens; Gets $35,000 in Day The second bank in Redwood county to declare the holiday season over, the State Bank of Morgan reopened for business Monday and took in $35,000 in new deposits the opening day, according to George M. Davis, president. Following meetings of directors and depositors, agreements were reached which were approved by the state banking department. The re-opening of the bank is a boon to business not only in the immediate community but throughout the county. Shaken confidence caused a run on the bank late in February and it closed temporarily March 2, two days before the state and national bank holiday began. The amount of deposits received Tuesday is considered a positive sign that the troubles are over and the community again has confidence in its institution which was considered one of the strongest in this section of Minnesota.

2. April 13, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, April 13, 1933

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Article Text

Morgan Bank Reopens; in Day The second bank in Redwood county to declare the holiday season over, the State Bank of Morgan reopened for business Monday and took in $35,000 in new deposits the opening day, according to George M. Davis, president. Following meetings of directors and depositors, agreements were reached which approved by the state banking department. The re-opening of the bank is boon to business not only in the immediate community but throughout the county. Shaken confidence caused run on the bank late in February and it closed temporarily March 2, two days before the state and national bank holiday began. The amount of deposits received Tuesday is considered positive sign that the troubles are over and the community again has confidence in its institution which was considered one of the strongest in this section of Minnesota.