Security State Bank - North Redwood, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 26, 1927
Location: North Redwood, Minnesota (44.563, -95.094)

Metadata

Model: gpt-5-mini
Short Digest: dcc783ba

Response Measures

None

Description

Article (The Redwood Gazette, 1927-10-26) reports the State Banking Department closed Security State Bank and appointed a receiver; closure is permanent with liquidation. Cause: state action due to bank insolvency from borrowers' inability to pay.

Events (2)

1. October 26, 1927 Receivership

Newspaper Excerpt: Mr. O. A. Stensvad of Redwood Falls has been appointed receiver of the closed bank and will begin duties in that capacity immediately. Liquidation will start at once.
Source: newspapers

2. October 26, 1927 Suspension

Cause: Government Action
Cause Details: Closed by order of the State Banking Department due to inability of the bank's debtors to pay their loans.
Newspaper Excerpt: Security State Bank is Closed by State On last Saturday morning the Security State Bank of North Redwood closed its doors from future business by an order from the State Banking Department of Minnesota.
Source: newspapers

Newspaper Articles (1)

1. October 26, 1927 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, October 26, 1927

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Article Text

Security State Bank is Closed by State On last Saturday morning the Security State Bank of North Redwood closed its doors from future business by an order from the State Banking Department of Minnesota. Mr. O. A. Stensvad of Redwood Falls has been appointed receiver of the closed bank and will begin duties in that capacity immediately. Reason for closing as stated by Mr. Stensvad was the inability of the debtors of the bank to pay that which they borrowed. Li. quidation will start at once.