First National Bank (Redwood Falls, MN)

Episode Information

Episode UID
582601507
Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
58260 national
Charter Number
5826
Start Date
July 21, 1925
Location
Redwood Falls, Minnesota (44.539, -95.117)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
167920968f09a235

Response Measures

None

Receivership Details

Depositor recovery rate
69.0%
Date receivership started
1925-07-29
Date receivership terminated
1929-12-26
OCC cause of failure
Governance
Share of assets assessed as good
17.1%
Share of assets assessed as doubtful
58.4%
Share of assets assessed as worthless
24.5%

Description

Newspaper reports name a receiver on Aug. 5, 1925, but bank's known receivership date is 1925-07-29; using official receivership date.

Events (4)

1. May 21, 1901 Chartered
Source
historical_nic
2. July 21, 1925 Suspension
Cause
Government Action
Cause Details
Closed by the national bank examiner; suspension ordered after meeting with directors due to falling off in deposits and demands on reserves.
Newspaper Excerpt
The First National Bank of Redwood Falls closed its doors Tuesday morning by order of F. S. McGarvey of Minneapolis, Examiner of National Banks.
Source
newspapers
3. July 29, 1925 Receivership
Source
historical_nic
4. July 29, 1925 Receivership
Newspaper Excerpt
The affairs of the First National bank, recently closed and turned over to the national banking officials, have been placed in the hands of L. R. Ewart, of Wells, Minn., who has been named receiver.
Source
newspapers

Newspaper Articles (12)

Article from The Redwood Gazette, July 22, 1925

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Article Text

First National Bank Here Is Closed REDWOOD COUNTY'S OLDEST BANKING INSTITUTION CLOSED BY NATIONAL BANK EXAMINER TUESDAY MORNING. The First National Bank of Redwood Falls closed its doors Tuesday morning by order of F. S. McGarvey of Minneapolis, Examiner of National Banks. Following a meeting of the directors with Mr. McGarvey it was decided to suspend the business of this institution in the interests of its depositors. A statement relative to its opening has not been made by the Examiner in charge nor by any of the officials of the Bank. The reason for the failure of this bank is the same general cause that has resulted in the closing of State and National banks in other sections of the state. The falling off in deposits was possibly the chief direct cause for the examiner's action. The First National like many other banks, had apparently weathered the period of inflation and deflation, but finally succumbed to the demands upon its reserve by financial disaster which overtook a number of the firms and individuals doing business with it.


Article from The Sioux City Journal, August 6, 1925

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Article Text

Bank Receiver Named. Redwood Falls, Minn., Aug. 5.β€”Special: The affairs of the First National bank, recently closed and turned over to the national banking officials, have been placed in the hands of L. R. Ewart, of Wells, Minn., who has been named receiver. Plans for the reorganization of the bank have not been completed.


Article from The Ely Miner, August 14, 1925

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Article Text

Minneapolis-More than 500 members attended the sessions of the Minnesota Funeral Directors' association here. Windom-Fire, discovered by a small boy at the Tuthill Lumber Company yard caused approximately $15,000 damage. Lake Wilson-Merchandise valued at about $2,000, and $48 in cash was taken from the Stebel & Fussky general store here by truck bandits. Windom-During the past month, Charles Mathews, county agent, has placed 135 men on farms in the county to help with the harvest. Fairmont Improvements totaling well over $250,000 for the first seven months of 1925 is the record for this city, one not heretofore equaled. Fergus Falls-Congressman Knut Wefald, Nonpartisan League congressman from this district, announced that he will be a candidate for re-election to congress. Ada-The First Methodist and German Methodist congregations have been consolidated here under the name of Community Methodist church. Rev. F. W. Henke is the pastor. Northfield-At the annual meeting of voters in the Northfield school district a budget of $84,600 in estimated expenses for the schools of this city during the coming year was approved. Owatonna Final arrangements have been made by a joint committee of the Steele County Farm Bureau and the Owatonna Chamber of Commerce for a Steele county booth at the Minnesota State fair. Fulda At their regular meeting conducted at Valhalla, the Murray County Bankers association approved of the "ranger" type of bank protection that is being inaugurated in many nearby counties. St. Paul-A four-hour fire which attracted thousands of spectators caused damage estimated at between $150,000 and $200,000 to the two storage houses of the Jacob Schmidt Brewing Co. New Richland-Leading dairy farmers of the New Richland community will consign a large number of purebred and high grade dairy cattle to a sale to be conducted here at the close of the annual New Richland Dairy day celebration, September 24 and 25. Dennison-Captain Martin E. Trench formerly of Dennison, was ordered to the Virgin Islands as governor in succession to Captain Phillip Williams who has held the post for three years and who is to return to the United States for medical treatment. Redwood Falls-Affairs of the First National bank, recently closed, have been placed in the hands of L. R. Ewart of Wells, Minn., who has been named receiver. Plans for the reorganization of the bank have not been completed. Granite Falls-The levy made by the county commissioners for highway purposes in Yellow Medicine county set a new record. The sum of $150,000 has been appropriated for road and bridge work for the coming year. Hibbing-A train of more than 50 automobiles, bearing boosters from St. Louis county, the largest county in the state, arrived here on the eighth annual club booster tour. Nearly 200 members of the St. Louis County Club were in the party. St. Paul-The people of Minnesota have $15,000,000 more in savings accounts in state banks now than they had a year ago, marking an unusual strengthening of bank conditions and of individual savings, A. J. Veigel, state superintendent of banks reported. Shakopee-Routing of highway No. 5 in a northeasterly direction from the state reformatory for women through Shakopee to connect with Highway No. 51 is contemplated, according to a committee of citizens who interviewed State Highway Commissioner C. M. Babcock. St. Paul-The largest paving order ever signed by the state of Minnesota, and the greatest expenditure for highway improvements ordered by the state in 1925, was announced, when the state highway department asked for bids on nearly 75 miles of paved roads on main trunk highways through the state. Paving will care for vital links in important systems running out of the Twin Cities in three directions, giving the state one continuous paved road 208 miles long, from southern Minnesota to Brainerd, and putting builders at work at once on paving along long, badly worn parts of the highway from Minneapolis to Mankato. Waseca-Mrs. William G. Ward, widow of the last state Senator W. G. Ward, died at her home in Waseca. She was 74 years old and one of the pioneer residents of Waseca. Hamline Frederick. Remington's masterpiece, "A Dash for Timber," will be a part of the fine arts display at the Minneosta state fair, September 5 to 12, when paintings illustrating the history of popular art in the United States during the past 50 years will be the special attraction for art lovers. Between 100 and 600 canvasses will be shown, according to Maurcie I. Flagg, art sects.


Article from The Redwood Gazette, October 7, 1925

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Article Text

Oct. 7 to Dec. 30 TREASURY DEPARTMENT The Office of the Comptroller of the Currency, Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to L. R. Ewart, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Comrtroller of the Currency. 13-tf


Article from The Redwood Gazette, October 14, 1925

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Article Text

Oct. 7 to Jan. 6. TREASURY DEPARTMENT The Office of the Comptroller of the Currency, Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to L. R. Ewart, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Comrtroller of the Currency. 13-tf


Article from The Redwood Gazette, October 21, 1925

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Article Text

Oct. 7 to Jan. 6. TREASURY DEPARTMENT The Office of the Comptroller of the Currency,'Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to L. R. Ewart, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Comrtroller of the Currency. 13-tf


Article from The Redwood Gazette, October 28, 1925

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Article Text

Oct. 7 to Jan. 6. TREASURY DEPARTMENT The, Office of the Comptroller of the Currency, Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to L. R. Ewart, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Comptroller of the Currency. 13-tf


Article from The Redwood Gazette, November 11, 1925

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Article Text

Oct. 7 to Jan. 6. TREASURY DEPARTMENT The Office of the Comptroller of the Currency, Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to L. R. Ewart, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Comptroller of the Currency. 13-tf


Article from The Redwood Gazette, November 18, 1925

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Article Text

Oct. 7 to Jan. 6. TREASURY DEPARTMENT The Office of the Comptroller of the Currency, Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to L. R. Ewart, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES, W. COLLINS, Acting Comrtroller of the Currency. 13-tf


Article from The Redwood Gazette, December 2, 1925

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Article Text

Oct. 7 to Jan. 6. TREASURY DEPARTMENT The Office of the Comptroller of the Currency, Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to L. R. Ewart, Receiver, with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Comrtroller of the Currency. 13 tf.


Article from The Redwood Gazette, December 30, 1925

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Article Text

Oct. 7 to Jan. 6. TREASURY DEPARTMENT The Office of the Comptroller of the Currency, Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of Redwood Falls," Minnesota, that the same must be presented to i. R. Ewart, Receiver. with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Comrtroller of the Currency. 13 tf.


Article from The Redwood Gazette, January 6, 1926

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Article Text

Oct. 7 to Jan. 6. TREASURY DEPARTMENT The Office of the Comptroller of the Currency, Washington, D C. October 7th, 1925. Notice is hereby given to all persons who may have claims against "The First National Bank of P.edwood Falls," Minnesota, that the same must be presented to i. R. Ewart, Receiver. with the legal proof thereof, within three months from this date, or they may be disallowed. CHARLES W. COLLINS, Acting Cometroller of the Currency. 13 tf.