9839. Plainview State Bank (Plainview, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 4, 1925
Location
Plainview, Minnesota (44.165, -92.172)

Metadata

Model
gpt-5-mini
Short Digest
56329547

Response Measures

None

Description

The articles describe the Plainview State Bank as closed with a receiver appointed, criminal indictments against officers, embezzlement/defalcation by President Edwin L. Sylvester (who disappeared) and related prosecutions. There is no mention of a depositor run or crowd withdrawals; the closure appears driven by bank-specific fraud and insolvency and the bank was placed in receivership and remained defunct.

Events (2)
1. April 4, 1925 Receivership
Newspaper Excerpt
C. L. Mikkelson ... was appointed receiver for involuntary bankruptcy petition filed yesterday United States Court here ... examiner in charge the affairs of the closed Plainview State bank was appointed receiver for involuntary bankruptcy petition ...
Source
newspapers
2. April 4, 1925 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed after discovery of missing president Edwin L. Sylvester, alleged fraud/embezzlement and insolvency; indictments for falsified entries and wrecking the institution (~$120,000).
Newspaper Excerpt
deputy bank examiner in charge the affairs of the closed Plainview State bank, was appointed receiver ...
Source
newspapers

Newspaper Articles (6)
1. April 4, 1925 The Winona Daily News Winona, MN
Article from The Winona Daily News, April 4, 1925

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Article Text

NAME RECEIVER BANKRUPTCY OF SYLVESTER Judge Sanborn Appoints C. L. MikkelDeputy Bank son, Examiner, In Case of Missing Body at Lanesboro Not Sylvester. deputy bank C. examiner in charge the fairs of the closed Plainview State bank, was appointed receiver for involuntary tabkruptcy petition filed yesterday United States Court here. by Federal Judge John R. Sanborn in Paul yesterday, according County Attorney John R. Foley Wabasha county This immediate action on the Judge Sanborn will enable County Attorney Foley, and Examiner to proceed once in their preparation of Mr. Sylvester's affairs bankruptcy court here. Mr. Foley, while Plainview this morning in connection with the bankrupt interviewed several persons there regarding semblances between the body of the unknown man burled yesterday Lanesboro and that the missing bank president. They were positive that the body was not that he said. Among those who were positive in their statements that the body was not Sylvester and who viewed Lenesboro are Dr. cumb, Sylvester's family physician. Kennedy, assistant cashier of the closed bank of which Sylvester was E. deuggist, whose place of business Is next door to the Sylvester bank Dr. Smith. close friend the Sylvester family and Mr Sylvestor's dontist

2. August 19, 1925 The Minneapolis Star Minneapolis, MN
Article from The Minneapolis Star, August 19, 1925

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Article Text

Indicted Bank Officer Dies; Brother Sought Winona, Aug. 19.-George F. Syl. vester, 60, cashier of the Plainview State bank, died Monday while at work at home, it was learned today. He was brother of Edwin L. Syl vester, the bank's president, who disappeared and is still missing The two, with two other bank offi cers, had been indicted because of cir. cumstances of the closing.

3. November 24, 1925 The Winona Daily News Winona, MN
Article from The Winona Daily News, November 24, 1925

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Article Text

BANK CASHIER AIDS RECEIVER, EVIDENCE SHOWS Kennedy Said to Have Co-operated in Untangling Affairs-To Take Deposition of A. Appel, Maker of Notes in Question, in Hospital. SPECTATORS FILL THE COURTROOM Wabasha. Nov. to the condition Appel. who is patient hospital here, the court and jury will not to his bedside tes timony the trial of Arthur S. Kennedy. was planned to go to the hospital to take his testimony, Judge Karl Finkeinburg ruled against such action However, his deposition to be taken by attorneys for both sides. Mikkelson still was on the stand this afternoon under cross examination. "standing room only' sign has hung the courthouse. as citizens Plainview and surround. ing country occupy all available space in courtroom. Mr. Appel, now patient the hospital, is said to been maker of notes which are the basis of the present trial. in dictment returned by the grand jury against Kennedy charges that tales payments made the note by Appel were falsified by Kennedy. Bank During the morning session court, John Schutz. bank exam described the closing of the bank and certain records introduced in the case. He was fol lowed by Mikkelson. receiver the bank He identified the AD notes His brought out the fact that the difference the amount of the interest due notes the amount actually credited on the bank's books was On Mikkelson declared that Kennedy had ated freely with him the effort straighten out the affairs of the stitution. until last Friday At that time Kennedy said to have de clared that would consult his attorney before he could proceed further in his work. State Presents Minn. the evidence upon which the state hopes to win its hrst the case of the state Arthur Kennedy. assistant cashier of the closed Plainview State Bank, required the greater part this morning's session of district court here. being tried on one the indictments returned against him Wabasha county grand jury last May. The specific dictment charges that he made false entries the books of the the of January received him from Appel The points that Appel paid while only $32 was credited on the books of the bank County Attorney John Foley in opening address the jury brief history the Sylvester and his special case under this Jury Selected. the required all of last chosen The jury follows: West John R. Gray, retired auto dealer, Bert Zumbro ford. Holden Lake Lake John wood. prospective jurors called before the jury box filled. and each Attorney Thomas one of Kennedy's attorneys, and Attorney John R. County work required the entire attention of the court yesterday.

4. December 16, 1925 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, December 16, 1925

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Article Text

# HOW SYLVESTER # JUGGLED NOTES How Edwin L. Sylvester, missing president of the closed Plainview State Bank, "robbed Peter to pay Paul," was told by C. L. Mikelson, receiver of the defunct institution in the trial of Adolph Stoltz, assistant cashier, in district court at Wabasha. The most striking example of Sylvester's alleged methods Mikkelson declared, was in the case of Christian Umbright whom Sylvester had given a personal note for $5,000. When he demanded payment Sylvester gave Umbright a $5,000 mortgage of the latter's son and daughter-in-law, Henry and Ella Umbright, which was held by the bank. In order to square the bank's records, Sylvester took an $8,200 mortgage which was locked in the safety deposit box of Mrs. Anna Rich, and listed it on the assets of the bank. By doing this he had $3,200 more assets on the bank's records than there should have been, and he therefore took out of the bank's assets a note for $3,400 signed by Henry and Ella Umbright. As this amount was $200 too much to take out, he evened things up by making a notation on the note that $200 had been paid on it,

5. March 7, 1926 The Billings Gazette Billings, MT
Article from The Billings Gazette, March 7, 1926

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Article Text

MISSING BANKER FOUND IN SOUTH AS DAY LABORER Fleeing Financier Charged With Wrecking Plainview, Minn., Institution to Tune of $120,000, Arrested While Working as Stoker in Hotel Heating Plant for Pittance, Board. New Orleans, March Central picture fleeing bank presidents as living a gay life of wine, women and song. Look at me and tell me if they' right!" In the Orleans parish prison, Edwin L. Sylvester, 66, fugitive president the Plainview State bank of Plainview, Minn., charged with wrecking his institution to the tune of $120,000, held out scarred and work-stained hands. year he has worked farm and man. He arrested Gulfport. Miss., working stoker in hotel MASSIE DEATH heating plant for day, room and board. little, faded, gray man, in old clothes hung loosely from his shrunken had scuttled through Mississippi and Alamaba PROBE HALTED EDWIN L. SYLVESTER. then at menial tasks, for year before card ternal organization betrayed his idenHe went under the name of fled with less than $100 in said never made out of all this trouble. Bad loans my bank close failure. Trying it, plunged improved lands $200 acre. They dropped to $100 couldn't face the shame of failure 1882 had quit school and $200 year janitor the bank which president body respected me. was the Church Christ. taught its Sunday school. People looked in my wife, my two sons, my two daughters. went of shame pending exposure. fled south.'

6. March 8, 1926 Post-Bulletin Rochester, MN
Article from Post-Bulletin, March 8, 1926

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Article Text

Attairs of Defunct Plainview Bank Injected into Politics; Candidate Issues Statement Candidate for President of Council Admits Loan at Bank; Seeks to Settle Claims Bank Owes Him $14,500 in Clean-up of Debt; Raps Critics Affairs of the defunct Plainview States Bank have been injected into the political race, at Plainview through the candidacy of Charles Posz, who is one of the men in the race for president of the village council. So tense has the situation become, that Mr. Posz has found it necessary to issue a statement making clear his stand in the political race. There are three other candidates for president of the couneil. The others are W. Lea, H. H. Nichols, and Franz C. Peters. Mr. Nichols is former Rochester man who has lived at Plainview. for a number of years past. Part of Mr. Posz' pre-election statement is as follows: "Since filing for the office of president of the village council, there has been considerable propaganda as to how much Charles Posz owes the Plainview State Bank, and whether that fact would make him unfit to hold the office he has filed for. In order to put the people right in this matter, wish to state few facts. 'According to the books of the State, Bank, with another party, owe them $10,000. Two of these notes they hold were gotten by lying and misrepresentation. We will, however, waive that part of it. wi-uld owe $5,000 as my share but am willing to assume the whole load for the sake of getting the matter straightened out. "I am herewith submitting a schedule of the whole deal, including an affidavit from H. C. Anderson. "The Plainview State Bank owes this same Charles Posz the following: "Due on the Posz Addition (approximately), $17,000 "Check stolen by State Bank from the Lakeside Canning Co., belonging to me, and credited to the personal account of E. L. Sylvester, $2,500. "Forged mortgage on the Posz Storage House $,000; making a total of $24,000. "Less amount due the bank, $10,000. "Balance due me, $14,500. "On top of this, my family lost $2,000 in deposits, $2,000. "They hold $4,000 worth of my life insurance, $4,000. "They hold $3,000 worth of my stock which is worth at least $5,000 today, $3,000. "The bank receivers have to date drawn close to $500 in dividends from the securities belonging to me, which they are holding, $500. "I borrowed $700 from Mr. Kennedy on some property own at Winthrop which is worth $3,000 or better, making It worth $2,300 over and above the amount owe on it, $2,300. "Making a total that rightfully be-