Bank of Zumbrota (Zumbrota, MN)

Episode Information

Episode UID
4390031391121
Episode Type
Suspension → Reopening
Bank Type
trust
Bank ID
439003139 hash
Start Date
May 17, 1893
Location
Zumbrota, Minnesota (44.294, -92.669)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
045b8c0de2240311

Response Measures

None

Description

Bank suspended in May 1893 and reopened after ten days, but subsequently went into receivership (Feb 1894).

Events (4)
1. May 17, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy holdings of $80,000 in questionable paper/unsound securities made it unable to continue payments.
Newspaper Excerpt
the Bank of Zumbrota, Goodhue county, has suspended...It had $30,000 in cash on hand at the time of its suspension, but its load of $80,000 in paper was too heavy.
Source
newspapers
2. May 28, 1893 Reopening
Newspaper Excerpt
After the suspension of ten days the Bank of Zumbrota was opened for business with double the amount of stock carried before.
Source
newspapers
3. February 8, 1894 Receivership
Newspaper Excerpt
Receiver Scofield, of the insolvent Bank of Zumbrota, has filed the following statement of the assets and liabilities of the bank:
Source
newspapers
4. February 9, 1894 Other
Newspaper Excerpt
report of Receiver Schofield upon the condition of the bank of Zumbrota shows that it went down because of its faith in that gigantic Minneapolis swindle, the Northwest Guaranty Loan company.
Source
newspapers

Newspaper Articles (21)
1. May 18, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, May 18, 1893

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More Go Down. LONDON, May 18.-Advices from Australia show that the financial crisis is still acute. A dispatch announces that the Royal bank of Queensland, limited, has saspended. Minneapolis.-A good deal of surprise was manifested yesterday when the Citizens' bank suspended payment. A notice on the door says depositors would be paid in full. A Red Wing, Minn., special to the Journal says that the Bank of Zumbrota, Goodhue county, has suspended payment. It had $30,000 in cash on hand at the time of its suspension, but its load of $80,000 in paper was to heavy. Its capital stock is $25,000.

2. May 18, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, May 18, 1893

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May Be Paid in Full. RED WING, May 17.-The Bank of Zumbrota, the suspension of which OCcurred yesterday, holds $80,000 in paper, hnd had $30,000 in cash on hand when it suspended, and there is a possibility that the depositors will be paid in full. Fortunately, no other banks are involved. Hon. S. B. Barteau Sr. is president and Hon. E. V. Canfield cashier.

3. May 18, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 18, 1893

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Knight & Jillson, 75 and 77 R PENNSYLVAN LA 87 ities of over $13,500,000. The company has LO bonded debt. NEW YORK, May 16.-Erastus Wiman has made a general assignment to lawyer David Bennett King. The assignment was signed by Mr. Wiman and assignee King at Mr. King's office. NEW YORK, May 17.-An attachment for $95,000. against the West Superior Iron and Steel Company, in favor of the Atlantic Trust Company. has been granted by Judge Andrews. ZUMBROTA, Minn., May 17.-The Bank of Zumbrota has suspended payment. De positors, it is said, will be paid in full. GARRETTSVILLE, O., May 17.-The firm of Crane Bros., dealers in dry goods and general merchandise, failed for $28,000.

4. May 18, 1893 The Herald Los Angeles, CA
Article from The Herald, May 18, 1893

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MINNEAPOLIS BANKS. The Run on One of Them Exhausts Itself-Two Suspensions. MINNEAPOLIS, Minn., May 17.-Therup on the Farmers & Merchants bank, which began Saturday afternoon and which reached its climax yesterday, completely exhausted itself today. The Citizens' bank suspended payment this morning, a notice on the door saying the depositors will be paid in full. The officials declare the bank is perfectly solvent, and that the suspension is simply due to inability to realize on securities. The cashier says the bank will resume by Monday next at the outside. The Citizens' bank is one of the smaller state banks, and has a capital of $250,000. The deposits on May 4th amounted to $283,943. A special says the Bank of Zumbrota has suspended payment. It has $30,000 cash on hand, but its load of $80,000 in paper was too heavy. The capital stock is $25,000.

5. May 18, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, May 18, 1893

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AMINNESOTA BANK Redwing, Miun. May 17.-The bank of Zumbrota, Goodhur county, suspended. It had $30,000 cash on hand at the time of suspense 0. but $80,000 in paper that was too heavy. The capital is $25.000. Depositors will be paid in full, it is claimed.

6. May 20, 1893 Baxter Springs News Baxter Springs, KS
Article from Baxter Springs News, May 20, 1893

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THE LATEST. THE 17th was Norwegian day at the world's fair. The Minnesota building was dedicated the same day. THE president has appointed Robert T. Hough. of Ohio, to be solicitor of internal revenue and John Daggett. of California. to be superintendent of the mint at San Francisco. THE National Cordage Co. claims to have many millions of assets over liabilities. A CALL for $2,500,000 more gold has been made for export to Europe. THE South Carolina liquor law has been sustained by the state supreme court. THE Citizens' bank of Minneapolis, Minn., has suspended. JUDGE H. D. TWIGGS, of Augusta, Ga., who recently secured a divorce at Sioux Falls, S. D., was married at the Stanton, house, Chattanooga, Tenn., to Mrs. Cornelia A. Harrison. a charming young widow of Charleston. S.C. THE report of the piano committee calling for the resignation of Director of Music Theodore Thomas, was adopted by the world's fair national commission by 38 to 20. A COMPROMISE has been effected between the imprisoned St. Clair county, Mo., judges and the bondholders at 50 cents on the dollar at 4 per cent. interest. This makes the debt $400,000 with $16,000 annual interest. CONGRESSMAN WILSON, of West Virginia, who is to be chairman of the committee on ways and means, is busily engaged in framing a new tariff bill. THE Bank of Zumbrota at Zumbrota, Minn., has suspended payment. It had $30,000 in cash on hand at the time of suspension, but its load of $80,000 in paper was too heavy. THE contract for the sale of the Cherokee strip was signed at Washington on the 17th. THE president was not satisfied with the findings of the court martial on Capt. W. A. S. Johnson at Fort Leavenworth. Johnson was charged with not paying his debts. IN the Bohemian diet there was a col. lission between the Germans and Czechs which ended in a scene of riot and disorder. THE most important happenings in Honolulu, recently is the appointment of Thurston to succeed J. Mott Smith as minister to Washington. THE schooner Pelican was capsized in Lake Erie. off Ashtabula, O., and three men were drowned. By the capsizing of a tug and dredge boat on Lake Conneaut, O., five persons were drowned.

7. May 22, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, May 22, 1893

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Farmers as Bankers. KENYON. Minn., May 22.-The farmers of the town of Wanamingo. who organized under the name of the First State bank of Zumbrota, met with the directors of the Bank of Zumbrota, suspended, with a view of buying the building. The result is unknown.

8. May 25, 1893 River Falls Journal River Falls, WI
Article from River Falls Journal, May 25, 1893

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WEST AND SOUTH. THE doors of the First national bank at Cedar Falls, Ia., were closed, with liabilities of $100,000. LOCAL directors of the World's Columbian exposition decided to abrogate their contract with congress by which they bound themselves to close the fair on Sunday by returning the money and to throw open the entire exhibition on the Lord's day with or without the sanction of the national commission. FIRE destroyed O. F. Day, Son & Co.'s harness and unk factory at Baltimore, the loss being $150,000. IN Chicot county, Ark., 100 feet of levee near Grand Lake collapsed, flooding many plantations and causing immense loss, AT Conneaut, O., the tug Continental and scow were washed out into the lake and foundered and seven men and two women who were on board were drowned. NEGROES lynched Will Neal (colored) near Williamsville, Miss., for assaulting the 6-year-old daughter of Jackson Conly, also colored. WHILEON his way from Smyrna. Mich., to Bowling Green, O., Charles R. Griner, a timber buyer, was waylaid and robbed of $1,200. THE Charles Pope Glucose company's factory at Geneva, III., blew up, wrecking the building and killing seven workmen and terribly injuring four other men. The property loss was $150,000. JOHN JOHNSON. Albert Currier, Nicho las Servas and Chester Simons, mem bers of the life-saving crew at Cleveland O., were drowned by the capsizing of their boat while attempting to rescue two drowning men AT Keytesville, Mo., William Morris shot his wife and then took his own life. Jealously was the cause. THE doors of the Citizens' bank of Minneapolis, with a capital of $250,000, were closed. and the Bank of Zumbrota, at Zumbrota, Minn., suspended payment. CHIEFS of police of many cities met in Chicago and organized a national union with W. S. Seavey, of Omaha, as president. THE wife of Michael Bierge, a wealthy farmer residing near Barnard, Mo., suddenly became insane and killed her 5months-old babeand cut her own throat, dying instantly. REPRESENTATIVE negroes of South Carolina met in Columbia and adopted resolutions in which lynching was condeinned and an appeal inade to the humane people of the state to aid them in suppressing any attempt to violate the law by lynching.

9. May 25, 1893 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, May 25, 1893

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MORE BANKS FAIL. Several Financial Institutions in Various Places Close Their Doors. MINNEPOLIS, Minn., May 18.-The Citizens' bank suspended payment yesterday. The notice on the door says that depositors will be paid in full. A dispatch from Zumbrota says the Bank of Zumbrota closed its doors yesterday. EVANSTON, Ill., May 19.-The Evanston national bank of this city closed its doors yesterday at the suggestion of National Bank Examiner George B. Caldwell. BRUNSWICK, Ga.. May 19.-The Oglethorpe national bank and the Brunswick national bank. both of this city, suspended yesterday. and M. Uliman, president of the first named bank, committed suicide.

10. May 31, 1893 Morris Tribune Morris, MN
Article from Morris Tribune, May 31, 1893

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MINNESOTA NEWS. A survey of Faribault is being made for a system of sewerage. The Milwaukee road has abandoned its Twin City short line trains. Charles Parker, of St. Paul, paid $100 fine for violating the lottery law. Schools at Deer Creek have been closed on account of scarlet fever. The German American bank is being organized at Wells. Capital $25,000. A new postoffice has been established at Biwabik, with Chester Milburn postmaster. The next congress of the Daughters of the Revolution will be held in St. Paul in June, Joseph C. Mold of Faribault has been appointed game warden for Southern Minnesota. St. Paul swindlers have defrauded country banks out of about $1,000 by means of bogus drafts. The Garfield Farmers' Elevator company of Fortile has incorporated. The capital stock is $10,000. The senatorial pine land investigating committee met at the capitol Thursday, but nothing was done. W. W. Saterlee, thenoted prohibition worker of Minueapolis and once a candidate for governor, is dead. At Cloquet Susan Peyhtovi committed suicide, cutting her throat. She leaves a husband and two sons, Minnesota will have a national bank examiner of its own shortly. The state is now in a district with Wisconsin. Robert Bissell, head bookkeeper for the Cargill Elevator company, committed suicide at Minneapolis last week. of which susa over a week has pended The bank little Zumbrota, ago, resumed business with increased capital. Frank Fowler, an engineer, was killed near Kasota, while trying to jump from a gravel train on the Omaha road. At Cannon Falls burglars broke into F. R. Anderson's office, cracked the safe and got 30 cents in cash and $380 in notes. The former residence of Hon. Michael Doran at Sueur, was sold at auction Saturday. It cost $20,000 and brought $2,500. St. Paul police, in following up a false clew to the missing Mamie Schwartz, found a boy who had been missing. St. Louis county has voted $250,000 bonds in aid of the Duluth, Mesaba and Northern. Stock at par will be given in exchange. There will be no term of the United court at Winona in June States owing to the whole of the appropriation being expended. Several Winona wheelmen are planthe national and meet to be held at national ning to attend Chicago, interAug. to 12. A state teachers' training school will be held at Hastings for four weeks, beginning July 19, for the counties of Ramsey, Dakota and Washington. The state auditor conducted a state land sale in Moorhead on Friday. It was a success. 210 and the were far disposed from of Only average acres amount realized did not exceed $7 an acre. Secretary Smith has promised a numin a very short and among are a successor to Minnesota ber of them important appointments time, Monroe in at at in ton Nichols and perhaps Duluth, aeregister changes Crooks- several other land offices. The Duluth chamber of commerce, after hearing from the investigating committee, adopted a resolution that it to vote for the company's is $600,000 sota not Canal advisable of proposition Minne- for county bonds as a bonus, is company was urged to because The until the proposition tooindefinite, withdraw it a more satisfactory proposition can be made. Secretary Hart of the state board of and has some from Iowa with the of Minnesota. corrections interesting statistics parallels charities, which received state show Iowa has in the 414; in state has in Minnesota 2,256; in jails, poorhouses, poorhouses, prison, 300; 623. in state prison, 458. same for ratio but jails, Iowa is 272; about in has the prisoners, The nearly three times as as from many E. A A. telegram Bade, paupers Minnesota, Spokane says that formerly of Minnesota parents somewhere murdered at state, whose has been reside Wardner, in that and Idaho. Bade had a placer's claim owned in company with three others. The claim panned out well and the partners had quite a sum in dust. were constant dread of robbed and men claim attacked would and in be gold feared being their The jumped, so divided two shifts for Bade was of themselves his the property. into suspicious they watching and after he would stationed shift movements partners thought He coming watch himself off their be- the hind a clump of trees near the presence was with a bullet head, but fell his dead detected, through and claim, his he It is not known whether he was mistaken for a robber or killed inten. tionally Canacity Increased

11. June 1, 1893 The Princeton Union Princeton, MN
Article from The Princeton Union, June 1, 1893

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Sunday, May 28. After the suspension of ten days the Bank of Zumbrota was opened for business with double the amount of stock carried before. A. Gibson, a prominent stockman of Randall Station, was seriously injured by a vicious horse. He lost $8,000 last week, his building and stock being burned by a forest fire. The graveyard desecrator has been heard from again. This time he has been at work in New Munich, a small village of Stearns county, twenty-five miles west of St. Cloud. The celebrated case of the State vs. Joe Sheehy, proprietor of the Boston Grand theater at Grand Rapids with their forty-five indictments for selling liquor without a license, is ended by jury verdict of not guilty. Sheey paid for a license, but was given no credit for it. The jury in the case of Hans A. Jensen vs. The Chicago, Milwaukee & St. Paul Railway at Albert Lea, after being out all night, failed to agree, and were discharged this morning. This case has excited much interest, being for $20,000 damages for personal injuries. Daniel Gronnestol, Jr., seventeen years of age, of Chippewa Falls township, near Glenwood, was accidentally shot and killed Wednesday afternoon on the farm of Gulik Larson. Several boys were fooling with a gun and didn't know it was loaded. Last night the ten-year-old son of John McFeters of Anoka was trying to explode a twelve-gauge , shot gun cartridge, and had his face over a pan containing the explosive. The powder suddenly ignited, burning the little fellow's face in a horrible manner. His sufferings were terrible, but he will not lose his eyesight. Miss Mary McKinney, the new matron appointed by Warden Wolfer, of the state prison, to succeed Mrs. Walker, who resigned as matron of the prison, came to Stillwater to-day from Detroit. She has had considerable experience recently in the Detroit house of correction.

12. February 9, 1894 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, February 9, 1894

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ZUMBROTA BANK FAILURE. It Was Precipitated by the Guar= anty Loan. Special to the Globe. RED WING, Feb. 8-Receiver Scofield, oi the insolvent Bank of Zumbrota, has filed the following statement of the assets and liabilities of the bank: Assets-

13. February 10, 1894 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, February 10, 1894

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It Had Faith in a Swindle. Zumbrota, Minn., February 9.-The report of Receiver Schofield upon the condition of the bank of Zumbrota shows that it went down because of its faith in that gigantic Minneapolis swindle, the Northwest Guaranty Loan company. Of its $142,000 assets, over $44,000 in notes and bonds were given by the Minneapolis concern, the value of which is almost nothing. The bank owes $90,000 and stockholders must go into their pockets for nearly all this amount.

14. February 15, 1894 St. Johnsbury Caledonian Saint Johnsbury, VT
Article from St. Johnsbury Caledonian, February 15, 1894

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THE NORTHWESTERN FAILURE. All the losses in the Northwestern Guaranty Loan Co. are not confined to residents of New England. The report of Receiver Schofield upon the condition ot the bank of Zumbrota, Minn., shows that it went down because of its faith in the gigantic Minneapolis swindle-the Northwest Guaranty Loan Company. Of the $142,000 assets, over $94,000 in notes and bonds were given by the Menage concern, the value of which is almost nothing. The bank owes $90,000, and the stockholders must go into their pockets for nearly all of this amount. When the cases against William S. Streeter came up for trial at Minneapolis, County Attorney Nyemade the statement that Dr. Hall, Mr. Streeter's physician, had reported that he was suffering from acute Bright's disease, and the county attorney had a consultation of physicians, three doctors making the examination. Their report showed that, while they did not fully concur in Dr. Hall's opinion, yet Streeter would not for several months be able to undergo the excitement of a trial. The case was therefore marked for the calendar next term.

15. February 22, 1894 Herald and News Randolph, VT
Article from Herald and News, February 22, 1894

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The Northwestern Failure. All the losses in the Northwestern Guaranty Loan company are not confined to residents of New England. The report of Receiver Schofield upon the condition of the bank of Zumbrota, Minn., shows that it went down because of its faith in the gigantic Minneapolis swindle-the Northwest Guaranty Loan company. Of the $142,000 assetts, over $94,000 in notes and bonds were given by the Menage concern, the value of which is almost nothing. The bank owes $90,000 and the stockholders must go into their pockets for nearly all of this amount. When the cases against William S. Streeter came up for trial at Minneapolis, County Attorney Nye made the statement that Dr. Hall, Mr. Streeter's physician, had reported that he was suffering from acute Bright's disease, and the county attorney had a consaltation of physicians, three doctors making the examination. Their report showed that, while they did not fully concur in Dr. Hall's opinion, yet Streeter would not for several months be able to undergo the excitement of a trial. The case was therefore marked for the calendar next term.

16. September 14, 1897 Willmar Tribune Willmar, MN
Article from Willmar Tribune, September 14, 1897

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News in Brief. The fifteenth annual reunion of the Fourth Minnesota Veteran Volunteer infantry was held at St. Paul. A 2-year-old daughter of W. M. Catlins, of Minnesota Lake, while playing near a wire fence, in some way got caught and was strangled to death. Wm. Ryan, a visitor from Wisconsin, was buncoed out of $50 with the lock game by Minneapolis men. Deputy Sheriff Tradewell, of Lakefield, was shot in the face by Alfred Ellison. a farmer upon whom he was serving some attachment papers. The wounds were not fatal. The Red Lake Indians stopped the Shevlin-Carpenter railroad suryeyors from running their line across the reservation. They claim it is interfering with their lake shore rights and will. destroy their fishing grounds. Mathew Lemm was arrested at St. Cloud for the theft of 19 sacks of wheat. Arthur Catabani was indicted for the murder of one Reinhart in a saloon at Ely last July. Christina Digre sues James J. Hill and the Manitoba railway for $10,000 as damages sustained by her in the !aundry of the Hotel Lafayette in 1895. The national convention of the Polish union of America was held at St. Paul, with delegates from all parts of the country. The state board of capitol commissioners have sold the first issue of board certificates to the First National bank of St. Paul at a premium of $980 on the full issue of $50,000. The certificates were authorized by an act of the legislature. Darwin S. Hall has been reinstated as a member of the Chippewa Indian commission. There is a falling off in the showing mude by property of the state through the reports by the counties to the state auditor of about $2,411,000 from last year. The grand total of all the personal property in the state is reported by the assessors of the various counties as $96,785,932. During a severe electrical storm at St. Cloud, Sam Orton's big barn south of the reformatory was struck and burned to the ground. Ten horses were stunned and one killed. Nine men were asleep in the barn and three of them, including Charles Volley, were severely stunned, but all got out. Loss on barn about $1,500. A. J. Roekne has been appointed receiver of the Bank of Zumbrota. Carl Anderson was enticed from the side of his family at the Union depot in St. Paul by bunco men and robbed of $35. Parry Long, who came to Minneapolis in 1853, died at the age of 99 years.

17. October 7, 1897 The Princeton Union Princeton, MN
Article from The Princeton Union, October 7, 1897

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Zumbrota Bank Schedule. Red Wing. Minn.. Special.-The report of Receiver Scofield, of the assigned Bank of Zumbrota, from May 2, 1895, to Jan. 1, 1897, just filed with the clerk of the court, shows collections during the period amounting to $8,664.33, and disbursements of a total of $3,690.60; leaving a balance of $4,974.73. He holds besides, secured notes of a total of $4,740, unsecured notes amounting to $7,033.73, overdrafts aggregating $614.35, and real estate of an estimated value of $5,500.

18. October 7, 1897 Courier Democrat Langdon, ND
Article from Courier Democrat, October 7, 1897

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Zumbrota Bank Schedule. Red Wing, Minn.. Special.-The report of Receiver Scofield, of the assigned Bank of Zumbrota, from May 2, 1895, to Jan. 1, 1897, just filed with the clerk of the court, shows collections during the period amounting to $8,664.33, and disbursements of a total of $3,690.60; leaving a balance of $4,974.73. He holds besides, secured notes of a total of $4,740, unsecured notes amounting to $7,033.73, overdrafts aggregating $614.35, and real estate of an estimated value of $5,500.

19. February 8, 1899 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 8, 1899

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Zumbrota Bank Dividend. HASTINGS, Minn., Feb. 7.-(Special.)-The final report of D. B. Scofield, receiver of the Bank of Zumbrota, was approved by Judge F. M. Crosby today and a dividend of 12.1 per cent ordered paid.

20. February 16, 1899 Warren Sheaf Warren, MN
Article from Warren Sheaf, February 16, 1899

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BRIEF STATE NEWS. John Bols' restaurant at Stewartville was partially burned. At a special election the village of Excelsior decided not to enlarge its limits. Fire in the plant of the Minneapolis Bedding Company caused a loss of $8,000. The schools in Fremont have been closed on account of an epidemic of diphtheria. A project is on foot at Crookston to build a large lumber mill in the Cass Lake region. The Butler-Ryan company of St. Paul gets the contract for building the north pier of the Duluth ship canal. Sixteen young lads of St. Cloud were found guilty of stealing a ton of coal from the Great Northern yards. Clara Gregory, arrested in a wine room. will test the validity of the law porhibiting women from entering saloons. The large village school house at Hokah was burned while school was in session. All the scholars got out safely. Loss $10,000. The final report of D. B. Scofield, receiver of the Bank of Zumbrota. was approved by Judge F. M. Crosby and a dividend of 12 1-10 per cent. ordered paid. W. F. Porter of Minneapolis, has been awarded the contract for furnishing the heating apparatus and pine coverings for the public building at Akron, Ohio. His bid was $3,548. The only school building at Excelsior was destroyed .by fire. The building was 15 years old. The fire caught in the basement, and rapidly spread through the entire building. Its cost was $10,000. Adjt. Gen. Lambert is hustling to recover the arms and equipments of the Minnesota national guard from Washington. He expects to have them here ready for business in the early spring. The state prison yesterday turned over $10,755.83 to Auditor Dunn as the amount of January earnings in that institution. The Milwaukee road also handed the auditor $25,000 to apply on its gross earnings tax.

21. May 23, 1900 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, May 23, 1900

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Zumbrota Bank Troubles. RED WING, Minn., May 22.-(Special.)Judge F. M. Crosby has filed an order authorizing A. J. Rockne, as receiver of the defunct bank of Zumbrota, to sell at auction Saturday, May 26, at Zumbrota, judgments against the following parties: R. R. Canfield, $16,800; E. V. Canfield, $3,200; Lucius Hancock, $2,000, making a total of $22,000. The petition of Mr. Rockne to dispose of these judgments accompanies the order, and from it it appears that these accounts are uncollectable, and there is no real estate owned by these parties. It will be remembered the bank failed on account of the Guaranty Loan con-pany, of Minneabolis, $90,000 of whose securities the bank held.