First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11709
Charter Number: 11709
Start Date: September 19, 1929
Location: Rice, Minnesota (45.752, -94.220)

Metadata

Model: gpt-5-mini
Short Digest: f1e29134

Response Measures

None

Receivership Details

Depositor recovery rate: 97.6%
Date receivership started: 1928-05-12
Date receivership terminated: 1931-12-15
OCC cause of failure: Economic conditions
Share of assets assessed as good: 44.9%
Share of assets assessed as doubtful: 43.4%
Share of assets assessed as worthless: 11.7%

Description

Article (1929-09-19) names B. C. Schram as receiver of First National Bank of Rice and records a conveyance by the receiver. No run is mentioned in the clipping; receiver indicates the bank was closed and in receivership, so classified as suspension leading to closure. OCR corrected nothing significant.

Events (3)

1. May 8, 1920 Chartered

Source: historical_nic

2. May 12, 1928 Receivership

Source: historical_nic

3. September 19, 1929 Receivership

Newspaper Excerpt: Rec. D.-B. C. Schram, as Receiver of First National Bank of Rice, Minn., to H. C. Rasmussen. Cons. $1000.00. W½ of SE½ and SW1/4 of NE1/4 of Sec. 2-41-18. Clover.
Source: newspapers

Newspaper Articles (1)

1. September 19, 1929 Askov American Askov, MN

Article from Askov American, September 19, 1929

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Article Text

PINE COUNTY REAL ESTATE TRANSFERS W. D.-William Sperling and wife to George Bosley. Cons. $275.00. Lot 9 in Block 5, Cloverton. W. D.-Helen E. Rolle and husband to Philip J. Mattocks. Cons. $1.00. Lot 15 of second Re-arrangement of Lots 5, 6, 7, and SE½ of SE½ of Sec. 27-39-21. Pine City. W. D.-John D. Phillips and wife to David H. Keefe. Cons. $1.00. Undivided 1/2 of SE1/4 of NE1/4, SW1/4 of NE1/4 and W½ of SE1/4 of Sec. 541-19. Arlone. W. D.-Farmers & Merchants State Bank of Hinckley to R. W. Hurtig. Cons. $500. Lots 13 and 14, Block 125, Hinckley. Rec. D.-B. C. Schram, as Receiver of First National Bank of Rice, Minn., to H. C. Rasmussen. Cons. $1000.00. W½ of SE½ and SW1/4 of NE1/4 of Sec. 2-41-18. Clover. W. D.-Ella M. Frelin and husband to Felix Wilson and wife. Cons. $2300.00. Lot 13 and East 2 ft. of Lot 14, Blk. 7, Pine City.