9885. Peoples National Bank (Shakopee, MN)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
national
Bank ID
11685
Charter Number
11685
Start Date
May 13, 1931
Location
Shakopee, Minnesota (44.798, -93.527)

Metadata

Model
gpt-5-mini
Short Digest
2bd6f5a5

Response Measures

Full suspension

Other: Board of directors ordered closure; articles give ambiguous OCR text about 'frozen assets'.

Receivership Details

Depositor recovery rate
63.8%
Date receivership started
1931-05-13
Date receivership terminated
1935-07-09
Share of assets assessed as good
21.0%
Share of assets assessed as doubtful
78.6%
Share of assets assessed as worthless
0.4%

Description

Newspaper items from May 13-14, 1931 note a minor run on the bank the past few days and that the board of directors ordered the People's National Bank of Shakopee closed. The paper states there was no indication whether the bank would be able to reopen. Thus a run occurred followed by a board-ordered suspension; reopening is not reported.

Events (4)

1. April 19, 1920 Chartered
Source
historical_nic
2. May 13, 1931 Receivership
Source
historical_nic
3. May 13, 1931 Run
Cause Details
Article only reports a minor run in the days preceding the closure; no specific trigger (rumor, correspondent failure, or bank-specific scandal) is given.
Newspaper Excerpt
minor run on the bank the past few days.
Source
newspapers
4. May 13, 1931 Suspension
Cause Details
Board of directors ordered the bank closed (suspension) after the recent run; newspaper notes no indication whether it would reopen.
Newspaper Excerpt
On orders the board of directors, the People's National bank of Shakopee... was closed today.
Source
newspapers

Newspaper Articles (2)

Article from The Minneapolis Star, May 13, 1931

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Article Text

Motorist Hurt in Auto-Truck Crash City Authorizes Garage Building The board of estimate and taxation late today released $35,000 for construction of garage for school board vehicles at the bureau of buildings. street and Broadway N.E. The will be 80 by 120 feet and will house 27 cars. SHAKOPEE BANK CLOSES On orders the board of directors, the People's National bank of authorities said today. "It's all perfectly legal whatever Shakopee, with deposits of $175,000, The strange wedding was made the Canadian authorities think." A 419 N. Fairview ave. was closed today as result of "fro. necessary by the fact that Crudde's Judge Watts made sure St. was injured late and minor run on the zen assets" $30 estate suit between Joseph Mexican divorce was not legal in stay on my side of the line, and day when the car in which he was bank the past few days. No indiLeiter and his sister. Lady Marguer Canada and American border guards took care that the young riding collided with Kronick laun- cation given in statement is. would not let his prospective wife ring finger was in the United States dry truck at Twenty-eighth street sued by the board as to whether the enter the United States because she when I pronounced the words." and Pleasant avenue. bank would be able to reopen.


Article from The Minneapolis Star, May 14, 1931

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Article Text

SIX CAUGHT IN RAID SENT TO 'WORKS' One woman and five men tured as result of police raid at apartment on E. Seventeenth to the work. house today when man and the woman pleaded guilty to charges of maintaining liquor and the other four men pleaded guilty to vagrancy charges. Although the men viewed by 40 victims of recent holdups they not identified. SHAKOPEE BANK CLOSES On orders of the board of directors. the People's National bank of Shakopee, with deposits of $175,000.