First National Bank - Granada, MN

Episode Information

Episode UID: 1160601517
Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 116060 national
Charter Number: 11606
Start Date: May 27, 1926
Location: Granada, Minnesota (43.696, -94.348)

Metadata

Model: gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest: faaa1809d8b48027

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1926-05-27
Date receivership terminated: 1928-03-24
OCC cause of failure: Governance
Share of assets assessed as good: 51.7%
Share of assets assessed as doubtful: 46.4%
Share of assets assessed as worthless: 1.9%

Description

The article confirms the bank was in receivership and has since been closed after paying out 100 percent to depositors.

Events (3)

1. February 13, 1920 Chartered

Source: historical_nic

2. May 27, 1926 Receivership

Source: historical_nic

3. May 27, 1926 Receivership

Newspaper Excerpt: Mr. Ewart also was receiver of the First National Bank of Minnesota Lake and the First National Bank of Granada. The receivership of the last two banks has been closed.
Source: newspapers

Newspaper Articles (1)

1. April 12, 1928 The Wells Mirror Wells, MN

Article from The Wells Mirror, April 12, 1928

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Article Text

EWART STARTING BANK Wells Receiver to Open New Institution in Redwood Falls Some Time Early in May. L. R. Ewart, receiver of the two Wells Banks and also other banks, is starting a new bank in Redwood Falls, Minn., and expects to have the new institution open for business sometime early in May. Mr. Ewart was also receiver of a bank there, and recognizing the fine opening for a new bank and being asked by citizens to start one, applied for a charter and was successful in obtaining it. There is only one other bank there, and it is a town of 3,000 in a good territory. The bank will be called the Citizens State Bank and Trust Company. Besides being receiver of the two Wells banks and the one at Redwood Falls, Mr. Ewart also was receiver of the First National Bank of Minnesota Lake and the First National Bank of Granada. The receivership of the last two banks has been closed. Minnesota Lake paid out 86 per cent and the Granada bank 100 per cent. In addition to his work as receiver of the banks named, Mr. Ewart acted as special examiner of insolvent national banks of Minnesota. Mr. Ewart's resignation here took effect April 5. His family will remain until school is out. The new receiver of the Wells banks is Ferdinand Ringoen, who at present is the receiver of the First National Bank of St. James, Minn., of which trust he will continue in connection with the two trusts here.