9852. First National Bank (Redwood Falls, MN)

View Charter #5826 on SPMC

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 5826
Charter Number: 5826
Start Date: July 22, 1925
Location: Redwood Falls, Minnesota (44.539, -95.117)

Metadata

Model: gpt-5-mini
Short Digest: f02e091a

Response Measures

None

Receivership Details

Depositor recovery rate: 69.0%
Date receivership started: 1925-07-29
Date receivership terminated: 1929-12-26
OCC cause of failure: Governance
Share of assets assessed as good: 17.1%
Share of assets assessed as doubtful: 58.4%
Share of assets assessed as worthless: 24.5%

Description

The First National Bank of Redwood Falls was closed by the national bank examiner (government action) on July 22, 1925 and placed in receivership (L. R. Ewart). Multiple Treasury/receiver notices and court proceedings follow; final dividend paid in 1929 indicates the bank never reopened and was wound up. No clear contemporaneous description of a depositor run is given, so classified as a suspension (examiner-ordered) leading to permanent closure/receivership.

Events (7)

1. May 21, 1901 Chartered

Source: historical_nic

2. July 22, 1925 Suspension

Cause: Government Action
Cause Details: Closed by the national bank examiner (F. S. McGarvey) due to falling off in deposits and demands on reserves amid wider financial distress.
Newspaper Excerpt: First National Bank Here Is Closed ... closed its doors Tuesday morning by order of F. S. McGarvey of Minneapolis, Examiner of National Banks. Following a meeting of the directors with Mr. McGarvey it was decided to suspend the business of this institution in the interests of its depositors.
Source: newspapers

3. July 29, 1925 Receivership

Source: historical_nic

4. August 13, 1925 Receivership

Newspaper Excerpt: Affairs of the First National bank, recently closed, have been placed in the hands of L. R. Ewart of Wells, Minn., who has been named receiver. Plans for the reorganization of the bank have not been completed.
Source: newspapers

5. October 7, 1925 Other

Newspaper Excerpt: Notice is hereby given to all persons who may have claims against The First National Bank of Redwood Falls, Minnesota, that the same must be presented to L. R. Ewart, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed.
Source: newspapers

6. May 1, 1926 Other

Newspaper Excerpt: Notice of Hearing to the creditors of The First National Bank of Redwood Falls, of the petition of L. R. Ewart, Receiver, of The First National Bank, to sell Lot Number Twelve (12)... hearing be had on said petition at 9 o'clock A. M. on the 1st day of May, 1926.
Source: newspapers

7. December 4, 1929 Other

Newspaper Excerpt: The final dividend of the First National Bank of Redwood Falls is being paid today. Fred R. Orth, receiver of the bank, will be in his office ... With this payment, the closed bank will have paid back to its depositors a total of sixty-nine per cent.
Source: newspapers

Newspaper Articles (13)

1. July 22, 1925 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, July 22, 1925

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First National Bank Here Is Closed REDWOOD COUNTY'S OLDEST BANKING INSTITUTION CLOSED BY NATIONAL BANK EXAMINER TUESDAY MORNING. The First National Bank of Redwood Falls closed its doors Tuesday morning by order of F. S. McGarvey of Minneapolis, Examiner of National Banks. Following a meeting of the directors with Mr. McGarvey it was decided to suspend the business of this institution in the interests of its depositors. A statement relative to its opening has not been made by the Examiner in charge nor by any of the officials of the Bank. The reason for the failure of this bank is the same general cause that has resulted in the closing of State and National banks in other sections of the state. The falling off in deposits was possibly the chief direct cause for the examiner's action. The First National like many other banks, had apparently weathered the period of inflation and deflation, but finally succumbed to the demands upon its reserve by financial disaster which overtook a number of the firms and individuals doing business with it.

2. August 13, 1925 The Tomahawk White Earth, MN

Article from The Tomahawk, August 13, 1925

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News Briefs/rom All the State Condensed Stories of Happenings of the Week in Minnesota Clinton-The Clinton creamery, which opened for business June 1, paid out more than $14,330 for butterfat in June. Windom-Fire, discovered by a small boy at the Tuthill Lumber Company yard caused approximately $15,000 damage. Lake Wilson-Merchandise valued at about $2,000, and $48 in cash was taken from the Stebel & Fussky general store here by truck bandits. Falrmont - Improvements totaling well over $250,000 for the first seven months of 1925 is the record for this city, one not heretofore equaled. Le Sueur-Two unusually tall stalks of corn were exhibited here. One measured 10 feet 4 inches, and the other had reached the height of 11 feet 4 inches. Windom-Thronged with hundreds of old settlers from all parts of the United States, Windom held open house in celebration of Cottonwood county homecoming festival. Fergus Falls-Congressman Knut Wefald, Nonpartisan League congressman from this district, announced that he will be a candidate for re-election to congress. Ada-The First Methodist and German Methodist congregations have been consolidated here under the name of Community Methodist church. Rev. F. W. Henke is the pastor. Northfield-At the annual meeting of voters in the Northfield school district a budget of $84,600 in estimated expenses for the schools of this city during the coming year was approved. Owatonna-Final arrangements have been made by a joint committee of the Steele County Farm Bureau and the Owatonna Chamber of Commerce for a Steele county booth at the Minnesota State fair. Fulda-At their regular meeting conducted at Valhalla, the Murray County Bankers association approved of the "ranger" type of bank protection that is being inaugurated in many nearby counties. New Richland-Leading dairy farmers of the New Richland community will consign a large number of purebred and high grade dairy cattle to a sale to be conducted here at the close of the annual New Richland Dairy day celebration, September 24 and 25. Dennison-Captain Martin E. Trench formerly of Dennison, was ordered to the Virgin Islands as governor in succession to Captain Phillip Williams who has held the post for three years and who is to return to the United States for medical treatment. Redwood Falls-Affairs of the First National bank, recently closed, have been placed in the hands of L. R. Ewart of Wells, Minn., who has been named receiver. Plans for the reorganization of the bank have not been completed. Granite Falls-The levy made by the county commissioners for highway purposes in Yellow Medicine county set a new record. The sum of $150,000 has been appropriated for road and bridge work for the coming = year. Hibbing-A train of more than 50 outomobiles, bearing boosters from St. Louis county, the largest county in the state, arrived here on the eighth annual club booster tour. Nearly 200 members of the St. Louis County Club were in the party. St. Paul-The people of Minnesota have $15,000,000 more in savings accounts in state banks now than they had a year ago, marking an unusual tarengthening of bank conditions and of individual savings, A. J. Veigel, state superintendent of banks reported. Shakopee-Routing of highway No. 5 in a northeasterly direction from the state reformatory for women through Shakopee to connect with Highway No. 51 is contemplated, according to

3. October 7, 1925 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, October 7, 1925

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Oct. 7 to Dec. 30 TREASURY DEPARTMENT The Office of the Comptroller of the Currency, Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to L. R. Ewart, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Comrtroller of the Currency. 13-tf

4. October 14, 1925 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, October 14, 1925

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Oct. 7 to Jan. 6. TREASURY DEPARTMENT The Office of the Comptroller of the Currency, Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to L. R. Ewart, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Comrtroller of the Currency. 13-tf

5. October 21, 1925 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, October 21, 1925

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Oct. 7 to Jan. 6. TREASURY DEPARTMENT The Office of the Comptroller of the Currency,'Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to L. R. Ewart, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Comrtroller of the Currency. 13-tf

6. October 28, 1925 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, October 28, 1925

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Oct. 7 to Jan. 6. TREASURY DEPARTMENT The, Office of the Comptroller of the Currency, Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to L. R. Ewart, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Comptroller of the Currency. 13-tf

7. November 25, 1925 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, November 25, 1925

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8. December 2, 1925 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, December 2, 1925

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9. April 21, 1926 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, April 21, 1926

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April 21-28 STATE OF MINNESOTA, COUNTY OF REDWOOD, IN DISTRICT COURT, NINTH JUDICIAL DISTRICT. Notice of Hearing to the creditors of The First National Bank of Redwood Falls, of the petition of L. R. Ewart, Receiver, of The First National Bank, to sell Lot Number Twelve (12), of Block Number Sixteen (16), in the Village, now City of Redwood Falls, according to the plat thereof, on file and of record in the office of the Register of Deeds of said Redwood County, to certain persons described in said petition. L. R. Ewart as Receiver of the First National Bank of Redwood Falls, having duly filed in this Court on the 20th day of April, 1926, his petition, wherein and whereby, he respectfully. requests the Court, among other things, to issue its Order, directing him to sell Lot Number Twelve (12), of Block Number Sixteen (16), in the Village, now City of Redwood Falls, according to the plat thereof on file and of record in the office f the Register of Deeds of said Redwood County, to certain persons, for a consideration and on terms fully set forth in said petition, and whereas, said petitioner requests said Court to issue its order for a hearng on said petition, and that due notice of said hearing be given to the creditors of The First National Bank of Redwood Falls. NOW, THEREFORE, IT IS ORDERED by the Court that a hearing be had on said petition at 9 o'clock A. M. on the 1st day of May, 1926, or as soon thereafter as same can be heard, in the Court Room at the Court House in Redwood Falls, Redwood County, Minnesota, and that said notice of hearing be published in the Redwood Gazette, a weekly newspaper, printed at Redwood Falls, Minnesota, for two consecutive publications, and that all known creditors, and all other persons of interest, appear at said time and place and show cause, if any they have, why the prayer in said petition should not be granted to the petitioner, to sell the above land and property to the persons and on terms set forth and described in said petition. Dated this 20th day of April, 1926. Albert H. Enersen, Judge of the District Court. 41-2ts

10. April 28, 1926 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, April 28, 1926

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April 21-28 STATE OF MINNESOTA, COUNTY OF REDWOOD, IN DISTRICT COURT, NINTH JUDICIAL DISTRICT. Notice of Hearing to the creditors of The First National Bank of Redwood Falls, of the petition of L. R. Ewart, Receiver, of The First National Bank, to sell Lot Number Twelve (12), of Block Number Sixteen (16), in the Village, now City of Redwood Falls, according to the plat thereof, on file and of record in the office of the Register of Deeds of said Redwood County, to certain persons described in said petition. L. R. Ewart as Receiver of the First National Bank of Redwood Falls, having duly filed in this Court on the 20th day of April, 1926, his petition, wherein and whereby, he respectfully requests the Court, among other things, to issue its Order, directing him to sell Lot Number Twelve (12), of Block Number Sixteen (16), in the Village, now City of Redwood Falls, according to the plat thereof on file and of record in the office f the Register of Deeds of said Redwood County, to certain persons, for a consideration and on terms fully set forth in said petition, and whereas, said petitioner requests said Court to issue its order for a hearng on said petition, and that due notice of said hearing be given to the creditors of The First National Bank of Redwood Falls. NOW, THEREFORE, IT IS ORDERED by the Court that a hearing be had on said petition at 9 o'clock A. M. on the 1st day of May, 1926, or as soon thereafter as same can be heard, in the Court Room at the Court House in Redwood Falls, Redwood County, Minnesota, and that said notice of hearing be published in the Redwood Gazette, a weekly newspaper, printed at Redwood Falls, Minnesota, for two consecutive publications, and that all known creditors, and all other persons of interest, appear at said time and place and show cause, if any they have, why the prayer in said petition should not be granted to the petitioner, to sell the above land and property to the persons and on terms set forth and described in said petition. Dated this 20th day of April, 1926. Albert H. Enersen, Judge of the District Court. 41-2ts

11. April 27, 1927 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, April 27, 1927

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# COURT NOW AT WORK ON CO.'S CRIMINAL CASES (Continued from page one) continued. Below is given a list of the cases to be heard before the judge in chambers: In the Matter of the Collection of Personal Property Tax for the year of 1925 against State Bank of Lamberton; In the Matter of the Collection of Personal Property Tax for the year of 1926 against P. J. Brantman; John Bendixen against Walter K. Nelson; William Raveling, Receiver of Central Minnesota Loan and Investment Company against F. Shandera, et al; Wm. Raveling, Receiver of Southern Minn. Loan & Investment Co. against Knute Anderson, et al; A. J. Veigel, Commissioner of Banks, Receiver of the First State Bank of Walnut Grove against E. E. Coverse, et al; A. J. Veigel, Commissioner of Banks, Receiver of First State Bank of Walnut Grove against E. E. Converse, et al; First Evangelical Lutheran Congregation of Belview against M. F. Mommsen, et al, continued; A. R. A. Laudon, as Trustee against First National Bank of Redwood Falls and L. R. Ewart, receiver; A. J. Veigel, Receiver of First State Bank of Walnut Grove against Frank B. Pettit; L. R. Ewart, as receiver of the First National Bank against Otto Lindeman; Farmers State Bank of Belview against C. J. Scott, et al; In the Matter of the Appeal by Fred Potzler, from an Order of the Town Board of Morgan Township; H. A. Sodergren against C. J. Mealy, et al; Clara Vierling against John Vierling; John Bittner, et al, against E. P. Eickholt; In the Matter of the Appeal of J. A. Shank from an Order of the County Board; Wm. Kurtz, et al against August F. Bloedow; John Franta against John R. Becker; Marvin Mace against Emma Mace; Courtland State Bank against Pliny Terry, et al; Independent School District No. 84 against Charles P. Goblisch, et al; Hugh McPhee against August Fenske; F. R. Smith, Receiver of Bigstone State Bank, et al against Carrie Hanska, et al; Effie Masche, et al against John Haas, et al; Effie Masche, et al against John Haas, et al; Annie Carkhuff, and K. Neutson against J. M. Little, et al. On the criminal calendar the case of the State of Minnesota against Albert Johnson was continued; In the case of the State of Minnesota against Henry Hoffman the defendant plead guilty to writing checks without funds and was fined $100.00. In the cases of the State of Minnesota against John Bauer and the State of Minnesota against Joe M. Hlarka the defendants plead guilty to issuing checks without funds and were fined $50.00 each and costs.

12. May 25, 1927 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, May 25, 1927

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Charles Armour of St. Paul was a Friday caller here. A. J. Weldon of Wabasso was a Saturday caller in Redwood Falls. Deputy Sheriff Harry Beatty was a Monday business caller at Milroy. Mrs. Ken Byram is spending this week at Olivia visiting at the home of her parents. Attorney A. J. Praxel of Lamberton attended to legal matters Monday at the Court House. Mrs. J. J. Farrell has been confined to her room for the past two weeks suffering with influenza. Mr. and Mrs. Walter T. Serkland of Winthrop were Sunday guests at the R. W. Serkland home. Miss Prescott of Sleepy Eye was a weekend visitor at the home of Rev. and Mrs. E. P. Gabriel. Mrs. Herman of Winthrop arrived here Wednesday for a visit with her daughter, Mrs. J. K. Lamberton. Mrs. W. G. Weldon will go to Marshall today for a short visit at the home of her sister, Mrs. R. F. Laythe. Mrs. Marjorie Lipscomb will go to Bigstone City, S. D., Saturday to remain until after Memorial Day with her mother, Mrs. Alice Gold. Bert Marsh spent Saturday afternoon at Winthrop where he installed a system of books for the Sibley Appliance Co. Mr. and Mrs. L. R. Ewart of Blue Earth were Monday over night visitors in Redwood Falls. While here Mr. Ewart attended to business matters pertaining to the closed First National Bank. Commissioner Jens Schou who has been a patient at the Redwood Falls hospital for several weeks was able to return to his home at Morgan last week. His friends here are glad to know that he has recovered his health. Judge of Probate, A. R. A. Laudon held the following hearings Monday morning in his office; Hearing on Claims in the estates of Amelia Owens, Henry Jaehning, Rosa Gamble and Ole Anderson and Hearing on Administration in estate of Lars Lamp. Mrs. Lilliam Lamberton and her daughter, Miss Helen Lamberton will have as their guests from Saturday until Memorial Day, Mr. and Mrs. F. M. Iverson and daughter, Miss Grace Iverson and Mr. and Mrs. Wilbur Iverson and son Roger of Minneapolis. Mrs. Anna Scherff of Winthop came here Wednesday for a visit at the Jay McPhee home. She a'so went to Redwood Falls to visit her daughter, Mrs. Jay McPhee, who is a patient at the hospital following an operation for appendicitis, returning to Winthrop Thursday. - Franklin Tribune. Miss Edna Larson of Lucan closed her school Monday in District No. 11 Sheridan Township with a picnic for the children and their parents. Miss Larson was reelected for the coming school year but has accepted a position for next year at Green Valley where she will teach in the Primary Department. Nothing pays better than business. Why not prepare for it? Prepare with us and we will help you secure a position. Write Minneapolis Business College, Minneapolis, Minn. 46-1t Mrs. Dupen of Clacton-On-Sea, England arrived in Redwood Falls Thursday for a visit with her son and daughter-in-law, Mr. and Mrs. S. A. Appleton. She was accompanied by her son Harold Appleton of Minneapolis who was a visitor here until Saturday. Mrs. Dupen will go to Minneapolis this week to visit at the home of her son and will return to Redwood Falls later for an extended visit. D. W. Gold and his son Donald Jr. and Mrs. Marjorie Lipscomb returned Friday from a visit in the Twin Cities. Mr. Gold and his son were guests at the home of Mr. Gold's brother, G. W. Gold in St. Paul and Mrs. Lipscomb was a guest at the home of her brother, Paul Gold. Mr. Gold while ther also attended the Sixty-Second Annual Conclave of the Grand Commandery held in St. Paul from May 17 until May 19th. Miss Gladys Crimmins a senior at Northwestern University at Evanston Ill., was one of the three hundred, women to attend the Matrix banquet the big event of the year for campus women. This banquet was held last Tuesday evening. To it were invited by the Theta Sigma Phi, three hundred women who have gained distinction in campus activities, Chicago women active in news-

13. December 4, 1929 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, December 4, 1929

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Redwood Falls Shoppers Find Solution to Gift Problems . First National Bank STREETS DRESSED to Pay Final Dividend UP FOR HOLIDAYS The final dividend of the First National Bank of Redwood Falls is being paid today. Fred R. Orth, receivMany Dollars Spent by Local er of the bank, will be in his office Merchants to Dress Up for the balance of the week making Streets in Yule Attire payments of the final nine per cent dividend. With this payment, the MERCHANTS HAVE GOODS closed bank will have paid back to its depositors a total of sixty-nine Redwood Falls Stores Radiate per cent.