Bank of Redwood Falls - Redwood Falls, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 29, 1903
Location: Redwood Falls, Minnesota (44.539, -95.117)

Metadata

Model: gpt-5-mini
Short Digest: ef6e3ce1

Response Measures

None

Description

Article (1903-09-02) describes the Bank of Redwood Falls ceasing independent operations and its accounts, passbooks and certificates being transferred to the Gold-Stabeck Bank (action dated Aug. 29). No run or depositor panic is mentioned; this appears to be a planned transfer/takeover (voluntary liquidation/assumption) and a permanent closure of the original institution.

Events (1)

1. August 29, 1903 Suspension

Cause: Voluntary Liquidation
Cause Details: Accounts, passbooks and certificates of the Bank of Redwood Falls were to be handled by Gold-Stabeck Bank following an arrangement/transfer; shareholders subscribed to Gold-Stabeck stock, indicating an organized takeover/assumption of business.
Newspaper Excerpt: a circular was issued calling attention to the fact that the capital stock of the latter institution had been increased... A request for a continuance of business is made, and an assumption of interest on interest bearing certificates from the date of certificates was admitted.
Source: newspapers

Newspaper Articles (1)

1. September 2, 1903 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, September 2, 1903

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Article Text

would be found with the Gold-Stabeck bank, and checks on the accounts against the Bank of wood Falls would be paid over the counter of the former institution. It was followed with a request that all bank pass books be left with the Gold-Stabeck bank as soon as possible that they may be properly balanced and the account reconciled. Certificates of deposit should be brought there and changed, without loss of interest by the change. The following day, Aug. 29th, over the signature of W. H. Wallace, cashier of the Gold-Stabeck bank, a circular was issued calling attention to the fact that the capital stock of the latter institution had been increased to $35,000, the larger part of the increased stock having been purchased by Mr. John P. Cooper, who takes partin the active management of the bank as vicepresident. Attention was also called to the fact that several of the old stockholders of the Bank of Redwood Falls have also subscribed for stock in the Gold-Stabeck bank, together with three or four influential farmers, making it one of the strongest banking institutions in southern Minnesota. A request for a continuance of business is made, and an assumption of interest on interest bearing certificates from the date of certificates was admitted. Thus ends the long career of the financial institution established by the late W. F. Dickinson, for many years regarded as a Gibraltar against panics and financial depression. George W. Dickinson, the cashier, may join a party of men in handling lumber land near Butte, Montana. Fred. H. Wilson, the assistant, is not yet certain of his future.