Peoples First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 9063
Charter Number: 9063
Start Date: March 16, 1927
Location: Olivia, Minnesota (44.776, -94.990)

Metadata

Model: gpt-5-mini
Short Digest: dd9ed449

Response Measures

None

Receivership Details

Depositor recovery rate: 45.5%
Date receivership started: 1927-02-05
Date receivership terminated: 1931-09-30
Share of assets assessed as good: 17.7%
Share of assets assessed as doubtful: 69.1%
Share of assets assessed as worthless: 13.2%

Description

Article (The Redwood Gazette, 1927-03-16) reports the bank is closed and a receiver (W. S. Furlow) has been appointed to settle affairs. No mention of a depositor run; closure with receiver implies suspension leading to permanent closure/receivership.

Events (4)

1. March 12, 1908 Chartered

Source: historical_nic

2. February 5, 1927 Receivership

Source: historical_nic

3. March 16, 1927 Receivership

Newspaper Excerpt: He will make frequent visits to Olivia to confer with W. S. Furlow, receiver.Olivia Times.
Source: newspapers

4. March 16, 1927 Suspension

Cause: Government Action
Cause Details: Bank closed and a receiver (W. S. Furlow) was appointed to settle its affairs.
Newspaper Excerpt: settling up affairs in connection with the closed People's First National Bank of Olivia. . . . W. S. Furlow, receiver.
Source: newspapers

Newspaper Articles (1)

1. March 16, 1927 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, March 16, 1927

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Article Text

Attorney Geo. A. Barnes of Redwood Falls has been appointed to act as counsel in the matter of settling up affairs in connection with the closed People's First National Bank of Olivia. Mr. Barnes is well known to many here and his appointment will meet with general approval. He will make frequent visits to Olivia to confer with W. S. Furlow, receiver.Olivia Times.