First National Bank - Mountain Lake, MN

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 9267
Charter Number: 9267
Start Date: May 24, 1931
Location: Mountain Lake, Minnesota (43.939, -94.930)

Metadata

Model: gpt-5-mini
Short Digest: 1fc9d8af

Response Measures

Full suspension, Books examined

Other: Examiner Van Brunt took charge; bank closed to conserve assets.

Receivership Details

Depositor recovery rate: 79.9%
Date receivership started: 1931-06-12
Date receivership terminated: 1935-12-28
OCC cause of failure: Economic conditions
Share of assets assessed as good: 64.4%
Share of assets assessed as doubtful: 25.4%
Share of assets assessed as worthless: 10.2%

Description

Article (Minneapolis Journal, 1931-06-07) reports the First National Bank of Mountain Lake closed following a run that began about two weeks earlier; the national bank examiner has taken charge, indicating a permanent closure/receivership. The exact start date of the run is not given, so I estimate two weeks before publication.

Events (5)

1. November 5, 1908 Chartered

Source: historical_nic

2. May 24, 1931 Run

Cause Details: Article does not specify a trigger for the withdrawals; only states a run began about two weeks earlier.
Measures: Closed its doors to conserve assets.
Newspaper Excerpt: closed its doors to conserve its assets following run began about two weeks ago.
Source: newspapers

3. June 7, 1931 Receivership

Newspaper Excerpt: Van Brunt national bank examiner, has taken charge of the bank.
Source: newspapers

4. June 7, 1931 Suspension

Cause Details: Bank closed following the run; examiner (regulatory authority) took charge of the bank.
Newspaper Excerpt: The First National bank of Mountain Lake closed its doors ... Van Brunt national bank examiner, has taken charge
Source: newspapers

5. June 12, 1931 Receivership

Source: historical_nic

Newspaper Articles (1)

1. June 7, 1931 The Minneapolis Journal Minneapolis, MN

Article from The Minneapolis Journal, June 7, 1931

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Article Text

Mountain Lake Bank Closes After Run Mountain Lake, Minn., June forbidding The First National bank of Mounthe company to sell coal to any tain Lake closed its doors to conone in which serve its assets following run interested financially and which began about two weeks ago. pledging the to sell its The had deposits of about coal more than one wholesale $300,000, had capital $25,000 purchaser. and of $15,000. Van Brunt national Tunnels are bored for great disbank examiner, has taken charge tances kept in almost perfect the bank.