First National Bank - Rush City, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6954
Charter Number: 6954
Start Date: February 13, 1930
Location: Rush City, Minnesota (45.686, -92.965)

Metadata

Model: gpt-5-mini
Short Digest: d5986d5b

Response Measures

None

Receivership Details

Depositor recovery rate: 63.5%
Date receivership started: 1927-02-21
Date receivership terminated: 1934-10-31
Share of assets assessed as good: 39.4%
Share of assets assessed as doubtful: 32.9%
Share of assets assessed as worthless: 27.7%

Description

The article (Askov American, 1930-02-13) lists a property transaction executed by 'First National Bank of Rush City, by its Receiver,' indicating the bank was in receivership and its affairs being wound up. The snippet shows a receiver was appointed; there is no mention of a run or of reopening. Therefore this episode is classified as a suspension leading to closure/receivership. No specific suspension date given beyond the newspaper date.

Events (4)

1. September 12, 1903 Chartered

Source: historical_nic

2. February 21, 1927 Receivership

Source: historical_nic

3. February 13, 1930 Other

Newspaper Excerpt: Q. D.-First National Bank of Rush City, by its Receiver to Thomas Mach. Consideration $3,700.00. (real estate transfer recorded)
Source: newspapers

4. February 13, 1930 Receivership

Newspaper Excerpt: Q. D.-First National Bank of Rush City, by its Receiver to Thomas Mach. Consideration $3,700.00. Lots 7-8-9 and S½ of Lot 10, Block 34. Pine City.
Source: newspapers

Newspaper Articles (1)

1. February 13, 1930 Askov American Askov, MN

Article from Askov American, February 13, 1930

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Article Text

PINE COUNTY REAL ESTATE TRANSFERS Guard. D.-Chas. S. Batchelder to H. E. Shafer. Consideration $800.00. W½ of NW½ of Section 14-43-21. Pine Lake. W. D.-H. E. Shafer and wife to Emil Hamalainen and others. Consideration $1,471.89. N½ of NW½ of Section 14-43-21. Pine Lake. W. D.-Albert Waletzo and wife to Harold D. Strand. Consideration $400.00. SW1/4 of SW1/4 of Section 33-45-19. Windemere. Q. D.-Mary Wolf to State Bank of Willow River, Minn. Consideration $1.00. SE½ of NE1/4 or Lot 1 of Section 11-44-20. Kettle River. Q. D.-Fred A. Erickson to Philip H. Michnowski. Consideration $1.00. W½ of SW1/4 of Section 22-39-22. Pokegama. Q. D.-First National Bank of Rush City, by its Receiver to Thomas Mach. Consideration $3,700.00. Lots 7-8-9 and S½ of Lot 10, Block 34. Pine City. W. D.-Carrie M. Sower and husband to M. G. Sower as Trustee. Consideration $1.00. SE½ of SW1/4 of Section 31-39-21, South of Snake River. Pokegama. SE½ of SW1/4 of Section 4-38-21. Pine City.