State Bank - New Ulm, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 5, 1927
Location: New Ulm, Minnesota (44.312, -94.461)

Metadata

Model: gpt-5-mini
Short Digest: 064086ac

Response Measures

None

Description

Article (Mar 5, 1927) reports the State Bank of New Ulm had suspended and is referred to as a 'closed bank'; county recovered funds via a surety bond. No explicit mention of a depositor run; therefore classified as a suspension leading to closure. Cause inferred as bank-specific adverse information (insolvency/misconduct) due to reference to surety bond and county claims.

Events (2)

1. March 5, 1927 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank had suspended operations and was closed; county recovered funds via a surety bond against the bank's liabilities or claims, indicating bank-specific insolvency/claims issues.
Newspaper Excerpt: COUNTY RECOVERS FUNDS CLOSED BANK ... State Bank ... suspended ... closed.
Source: newspapers

2. * Other

Newspaper Excerpt: COUNTY RECOVERS FUNDS CLOSED BANK ... the county had nearly paid in the bond ... the amount the county claims bank.
Source: newspapers

Newspaper Articles (1)

1. March 5, 1927 The Sioux City Journal Sioux City, IA

Article from The Sioux City Journal, March 5, 1927

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Article Text

COUNTY RECOVERS FUNDS CLOSED BANK New Ulm, March Brown been nearly signed the surety bond for State Bank Sleepy closed. When the bank suspended county had nearly the paid in the bond has the amount the county claims bank. Two Missionaries Marry. Canby, Minn., March here tells the marriage Miss daughter and Conn. of Correll, Malaysia. Miss Conn. formerly Canby, engaged Straits Malaysia, since 1921.