Security State Bank - Shakopee, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 20, 1922
Location: Shakopee, Minnesota (44.798, -93.527)

Metadata

Model: gpt-5-mini
Short Digest: 22cb66a6

Response Measures

None

Description

Article (AP dispatch) reports the Security State Bank of Shakopee was closed on April 20, 1922 by the state superintendent due to severe losses and closed for reorganization. No run or depositor panic is mentioned; closure appears involuntary by regulator and outcome uncertain but described as closed (suspension) with intent to reorganize. Classified as suspension leading to closure.

Events (1)

1. April 20, 1922 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Severe losses experienced by the bank prompted closure by the state superintendent for reorganization.
Newspaper Excerpt: Severe losses experienced by the Security State bank of Shakopee caused its closing today by R. B. Rathbun, state superintendent of banks.
Source: newspapers

Newspaper Articles (1)

1. April 21, 1922 The Mankato Free Press Mankato, MN

Article from The Mankato Free Press, April 21, 1922

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Article Text

SHAKOPEE BANK CLOSED Security State Institution Suspends On Account Severe Losses [Associated Press Dispatch.] St. Paul, April 20.-Severe losses experienced by the Security State bank of Shakopee caused its closing today by R. B. Rathbun, state superintendent of banks. The bank has a capital stock of $25,000. a surplus of $10,000 and deposits totalling $175,000. The bank was closed for the purpose of reorganizing the institution, according to bank officials. A meeting of stockholders will be held. they said, at some future date to discuss the reorganization plan.