State Bank - Sargeant, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 21, 1926
Location: Sargeant, Minnesota (43.805, -92.802)

Metadata

Model: gpt-5-mini
Short Digest: 7a3248e2

Response Measures

None

Description

Article (Albert Lea Tribune, 1926-12-22) reports the State Bank at Sargeant was closed by the state banking department. No run is described; closure was by government action after the bank had been in weak condition for about two years. Closure likely occurred the previous Tuesday (1926-12-21).

Events (1)

1. December 21, 1926 Suspension

Cause: Government Action
Cause Details: Closed by the state banking department due to weak condition after about two years; deposits near $40,000 at time of closing.
Newspaper Excerpt: Bank Closed-The State bank at Sargeant in Mower county was closed Tuesday morning by the state banking department.
Source: newspapers

Newspaper Articles (1)

1. December 22, 1926 The Albert Lea Tribune Albert Lea, MN

Article from The Albert Lea Tribune, December 22, 1926

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Article Text

Dance Promenade Wed night. Dixie Land Entertainers. 299-2r A silk scarf will make "Him" dandy present. Some beautiful ones 299-3r Christmas are still few numbers of the Tribune's Christmas edition left. Better put your order in now. Call 72. Spent the Day-Mrs. Margaret McAllister and Mrs. Lynn Gunderson of Lake Mills were Albert Lea callers yesterday They did some shopping and visited with friends. For Few Kjerland who is engaged with the Al Olson orchestra left today for Northwood where he will spend a few days' vacation with his parents. Inspection Trip-N, A. Blaisdell of the industrial commission of was in the city today attending to business matters and making his regular in spection of the elevators of the city. From St. Olaf's-Miss Mildred Opening Roads-A fleet of three Stensrud, Freshman student at snow plows, constructed on FordSt. Olaf's College at Northfield son tractors, have nearly opened came down to Albert Lea last evethe Jefferson Highway to its reguning and spent the night with her lar width, with only several places aunt, Miss Marie Bergeson. She between Owatonna and Faribault left today for Freeborn to be the yet to be cleared this week. The guest of her parents, Mr. and Mrs. gigantic Jefferson Highway TransStensrud during the two portation company plow opened weeks vacation. much of the road during last week, and with state plows aiding, Ready at Last-We are mighty the remainder of the snow on the glad to announce today that the long promised skating rink will be pavement is soon expected to be removed by Saturday, at least. ready at last and all those who several places tween here and like to skate can enjoy the sport Faribault, there were huge drifts tomorrow. The place at Fuller's on the pavement that have been Bay has been cleared and was flooded this afternoon. It is hoped opened only far enough to allow one car to go through at time, that it will be sufficiently cold to and it is on these spots that the freeze it good tonight and all will be in readiness tomorrow. The big plows will be concentrated this "kids" have been waiting patiently week. The thaw of Sunday and for a long time and will be mighty Monday did much to aid in the work which is soon expected to be pleased to hear that the rink is an completed. Owatonna actuality. The weather man prodicts zero weather! Press. Calendar Pads for 1927 are ready for delivery, Albert Lea Publishing 270-10r company. The most beautiful showing of neckwear in the city is shown at 299-3r From St. Paul-Miss Borghild Johnson arrived from St. Paul last evening to spend Christmas at the home of her mother, Mrs. Evan Johnson on Summer street. She has not definitely decided whether she will return cities after the Holidays or not. For Christmas-E. L. Brewer of the Western Grocery Co. at Dubuque arrived here today to enjoy Christmas at the home of his parents, Mr. and Mrs. F. E. Brewer, of Lake Boulevard. About the Same-Mr. Martin Whelan who is confined to his home at the corner of Water and Ermina streets is reported to be about the same today. For several days he has been quite ill. Remember notices must be handed in to the Tribune office not later than Friday morning as there Tribune on Saturday. The church notices will be published on Friday. For the Gladys Fox and her little daughter Beverly, who have been staying with her mother, Mrs. Frank Raymore at her home on North Pearl street, left today for Lakota, Iowa, to spend the holidays with Mrs. Fox's brother, Guy Beemer. Lecture On Rev. Knud R. Jensen, formerly of this city will return to tell of his experiences as missionary of the United Lutheran Church in Liber ia, Africa. Mr. Jensen has completed his first term of service, and is home on furlough. He will speak at the Salem Lutheran church Thursday evening at 7:30, on the subject, "The Lure of Liberia." The public is cordially invited. Big Verdict-A verdict for $37, 500 was returned for the plaintiff, James H. Thomas, of Cedar Rapids, Ia., for injuries, against the Chicago, Rock Island & Pacific Railway company last evening. The-verdict was brought in by the jury after deliberating some hours and 40 minutes. It was given the case in which Thomas asked for $60,000 damages for injuries, at 2:15 o'clock Monday afternoon after receiving instructions by Judge Senn and listening to the outburst of oratory by the attorneys in summing up their sides of the case. On receiving the verdict court adjourned until this Tuesday morning at Daily People's Press. 1927 Calendar Pads now in stock. Albert Lea Publishing company. 270-6r You will soon need your 1927 Calendar pad. We have them at the Albert Lea Publishing company Had Annual Supper-The Bancroft Betterment club had their annual supper week ago Friday night, December 10. very large crowd attended and very fine time was reported by all. Sister and Mrs. Paul Wiggers received telegram from the Christ Jensen family in Minneapolis bearing the sad news of the death of their daughter Dagmar. Jensen is a sister of Mrs. Wiggers. For Marie Sorenson daughter of Mr. and Mrs. P. K. Sorenson of Geneva who underwent an operation yesterday for the removal of a goitre at Rochester hospital is getting along today as well as can be expected. From Harriet Thykeson, daughter of Mr. and Mrs. S. Thykeson, arrived home from Winona this noon to enjoy the Christmas vacation from her teaching duties at her home north of the city. In Arizona-Walter Steiler, son of Mr. and Mrs. Otto Steiler, So. Broadway, who is in the west for his health, is now located at Phoneix, Ariz. His present address is Route Box 657. Walter writes that he is feeling much bet ter. Enroute Marjorie Shields of Minneapolis came to Al bert Lea last evening and stopped with her friend Miss Derothy Gray of West Main street over before going on to Alden where she will spend the holidays with her parents, Mr. and Mrs. Verne Linder. Nice City Relief society has just received some very substantial checks from three of our local citizens for which they are very. grateful. The thanks of the whole organization go to Jensen, and Mr. and Mrs. Petran all of whom have given very liberally. From St. Olaf's College-Miss Evelyn Thykeson, who is senior at St. Olaf's college at Northfield, Minn., arrived here last evening she was enroute to her home at Manchester to spend the Christmas holidays with her parents, Mr. J. Thykeson. Her cousin Ralph Thykeson motored to Manchester her. Get Share-A portion of the monwhich was donated by local citizens during the "Open Your Heart Campaign" been turned over to the city Relief society to carry on their very good work. The organization wishes to publicly thank every one their part in helping to raise this fund and assures them that the money will be well spent in their work with the poor. Bank Closed-The State bank at Sargeant in Mower county was closed Tuesday morning by the state banking department. This came as no surprise as the institution had been in week condition for the past two years. The bank was established in 1906 with capital stock of $10,000. At the time it closed its deposits were close to $40,000. W. Nolan is in charge present. The officers are: president, Charles Schwartz of Austin; vice-president, Frank Mar tin of Dexter; cashier, Theodore Knutson. Charles Schwartz has done all in his power to keep the bank going and has put in thou sands of dollars of his life's savings and Cashier Knutson has worked hard at his end to keep things running. The bank was hard hit when Ferdinand Schwartz suddenly left Mower county a couple of years ago. His father, Charles Schwartz, at that time came to the rescue and saved the institution, so it is understood.