gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5057fd9b99960a1e
Response Measures
None
Description
Examiner took possession and a receiver was appointed a few days after suspension; reopening was discussed but receiver proceedings continued.
Events (3)
1.August 11, 1896Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy, unexpected withdrawals triggered by slow collections and liquidity problems in the bank's portfolio.
Measures
Closed doors; posted notice of suspension.
Newspaper Excerpt
Heavy and unlooked-for withdrawals of deposits and the impossibility of making speedy collections compelled us to close our doors.
Source
newspapers
2.August 11, 1896Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended payments due to heavy withdrawals and inability to make speedy collections.
Newspaper Excerpt
The Security Bank ... closed its doors this morning. Notice posted on the door stated that heavy and unlooked-for withdrawals of deposits ... compelled us to close our doors.
Source
newspapers
3.August 14, 1896Receivership
Newspaper Excerpt
M. D. Kenyon applied yesterday to the district court for the appointment of a receiver for the Security bank ... A. R. MacFarlane was named.
Source
newspapers
Newspaper Articles (20)
1.August 11, 1896Santa Fe Daily New MexicanSanta Fe., Santa Fe, NM
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Article Text
GOLDBUG OBJECT LESSONS. Beauties of the Beneficent Gold Standard Policy Exemplified--Banks 60 to the wall. New York, Aug. 11. - The following notice, signed by F. D. Kilburn, superintendent of banking, was ported on the Murray Hill bank to-day: "This bank is closed pending an examination of the condition of its affairs." The bank is one of the oldest state institutions of this city. The deposits amount to about $1,250,000. It is believed that they will be paid in full. One reason advanced for the suspension is that the bank had to take a considerable amount of real estate for loans. BANK CLOSED IN DULUTH. Duluth, Minn.-The Security bank, capital $100,00, one of the leading banks of the city, closed this morning. Heavy withdrawals and the impossibility of making speedy collections is given as the cause. M. D. Kenyon, state bank examiner, is in charge. The deposits are in the neighborhood of $300,000. BANK FAILURE IN CHICAGO. Chicago.-The private bank of L.D. Taylor & Co., successors to North & Taylor, closed to-day. By an order of the court, the Equitable Trust company was made receiver. The assets are $150,000; liabilities $100,000.
2.August 11, 1896The Evening TimesWashington, DC
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TWO BANKS CLOSE DOORS. Murray Hill in New York, Security in Duluth. New York, Aug. 11.-The Murray Hill Bank, doing business at No. 760 Third avenue, one off the oldest State banks in the city, has closed its doors. The bank has deposits of about $1,250,000, which, it is believed, will be paid in full. It is understood that the bank was compelled to suspend because it has had to take a good deal of real estate for loans. It is understood that the directors held a meeting this morning for the purpose of raising the $500,000 said to be needed to carry on the bank's business. The bank cleared through the First National. The First National will clear for it today, and it is stated that the Murray Hill has a large surplus with the first named. Bankers say that the suspension is due to dry rot more than anything else. Duluth. Minn., Aug. 11. The Security Bank of Duluth. one of the largest national banks in the State. "closed Its doors this morning. A notice posted on the door. stated that heavy and unlooked-for withdrawals of deposits and the impossibility of making speedy collections compelled it. The capital stock of the bank was $100,000 and its surplus $40,000. Its last statement show total resources of $535,835. There was, 6,740 of undivided profits on hand, The total deposits on July 22, the date of bank's last statement, were $329,324 None of the cers of the bank will talk about the k's affairs further than to say that th expect to pay all deposits in full,
A Bank In Duluth Falls. DULUTH, Minn., August 11.-The Security bank, of Duluth, one of the largest state banks in this state, closed its doors this morning. The notice posted on the door reads: "Heavy and unlooked for withdrawals of deposits, and impossibility of making speedy collections, has compelled us to close our doors." The last statement of the bank's deposits, on July 22d, was $329,324. The officials say that they expect to pay the depositors in full. The failure has caused considerable excitement and further failures are feared.
4.August 11, 1896The Jersey City NewsJersey City, NJ
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MINNESOTA FEELS THE STRAIN. The Security Bank of Deluth Closes Its Doors. DULUTH, Minn., Aug. 11, 1896.-The Security Bank of Duluth, one of the largest national banks in the State, closed its doors this morning. Two notices are posted on the door, one reading:"Heavy and unlooked-for withdrawals of deposits and the impossibility of making speedy collections have compelled us to close our doors. We think depositors need have no fear regarding the ultimate safety of their funds. "W.=P, LARDNER, (Signed) "Cashier."
5.August 11, 1896Alexandria GazetteAlexandria, VA
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Bank Closed. DULUTH, Minn., Aug. 11.-The Security Bank of Duluth, one of the largest State banks in the State, closed its doors this morning. Heavy and unlooked for withdrawals of deposits and the impossibility of making speedy collections were the causes. The capital stock of the bank was $100,000, and its surplns $40,000. Its last statement showed total resources of $535,835.
6.August 11, 1896The Providence NewsProvidence, RI
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Article Text
SECOND BANK FAILRRE. Security Bank of Duluth, Minnessota, Suspends. DULUTH, Minn., Aug. 11.-The security bnak of Duluth, capital $100,000, one of the leading banks of the city, closed its doors tibs morning. Heavy withdrawals of deposits and impossiility of making speed collections is given as the cause. M. D. Kenyon, State examiner, is in charge. The bank's deposits are in the neighborhood of $300,000.
7.August 12, 1896Richmond DispatchRichmond, VA
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BANK FAILURE AT DULUTH. Considerable Excitement, and Further Failures Feared. DULUTH, MINN., August 11.-The Security Bank of Duluth, one of the largest State banks in Minnesota, closed its doors this morning. A notice posted on the door signed by the cashier stated that heavy and unlooked-for withdrawals of deposits, and the impossibility of making speedy collections, compelled the bank to close its doors, and also that depositors need have no fear regarding the ultimate safety of their funds. Another notice, signed by the bank examiner, said that he had taken possession of the books. The failure caused considerable excitement, and further failures are feared. The bank was organized in 1889, with Joseph Sellwood as president, and F. W. Paine, cashier. The capital stock is $100,000, the surplus is $40,000, and the average deposits are $425,000.
8.August 12, 1896Birmingham State HeraldBirmingham, AL
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Article Text
Another One Fails. Duluth, Minn., Aug. 11.-The Security bank of Duluth, one of the largest national banks in the state, closed doors this morning. Two notices were posted on the doors, one reading: "Heavy and unlooked for withdrawals of deposits and impossibility to make speedy collections have compelled us to close our doors. We think our depositors need have no fear regarding ultimate safety of their W. P. LARDNER, funds. "Cashier." The other notice reads: "In my official capacity of superintendent of banks of the state of Minnesota, I have taken possession of the books, records and assets of every description of this bank as provided by law. "M. D. KENYON, Examiner." The capital stock of the bank was $100,000 and its surplus $40,000. Its last statement showed resources of $535,835. There was $6740 of undivided profits on hand. The total deposits on July 22, the date of the bank's last statement, were $329,324. None of the officers of the bank will talk about the bank's affairs further than to say that they expect to pay all deposits in full.
9.August 12, 1896The Salt Lake HeraldSalt Lake City, UT
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Article Text
BANKS CLOSED. DULUTH, Minn., Aug. 11.-The Security bank, of Duluth, one of the largest state banks in the state, closed its doors this morning. This notice was posited: "Heavy and unlooked for withdrawals of deposits and the impossibility of making speedy collections compelled us to close our doors." The last statement of the bank deposits on July 22 were $329,324. Officials say they expect to pay the debts in full. NEW YORK, Aug. 11.-The Murray Hill bank, doing business on Third avenue, one of the oldest state banks in the city, has closed its doors. The notice states that the bank is closed pending an examination of its affairs. The bank has deposits of $1,250,000, which it is believed will be paid in full. It is understood the bank was compelled to suspend because it had to take a good deal of real estate for loans.
DULUTH'S Security bank closed Tuesday morning. The cause was slow collections which showed a weakness in its published statement and caused a run. It is said the depositors will receive 100 cents on the dollar.
11.August 14, 1896The Wilson TimesWilson, NC
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Closed Its Doors. DULUTH, MINN.. August 11.-The Security Bank. of Duluth, one of the largest State Banks in the State, closed its doors this morning. A notice posted on the door, signed by the cashier, stated that heavy and unlooked for withdrawals of deposits and the small collections, caused the bank to close its doors. Another notice, signed by the Bank Examiner, stated that he had taken possession of its books The failure caused considerable excitement, and further failures are feared The bank was organized in 1889, wi U hos. Sellwood, president, and F. ayne, cashier. The capital 100,000; surplus, $40,000, an eposits, $435,000.
12.August 14, 1896The Coalville TimesCoalville, UT
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Wednesday, Aug. 10. Four workmen suffocated at Camden, N. J. Kansas Republicans renominate Gov. Merrill. Three persons burned to death in a New York fire. Hyrum Straw of Utah seriously stabbed near Rawlins. Deaths in and around New York number 200. Murray Hill bank of New York; L. D. Taylor & Co., Bankers of Chicago, and Security bank of Duluth suspend. Judge Wellborn at Los Angeles holds that the Goyernment can fix its own price for carrying mails or transporting troops on railroads.
13.August 15, 1896The Superior TimesSuperior, WI
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Article Text
-The Security Bank of Duluth closed its doors on Tuesday. This bank has for several years been considered one of the safest banks in the city and although the hard times had affected it, there had been no real uneasiness felt. The panic caused by this failure Dr cipitated a run on the Marine bank which may prove disastrous.
14.August 15, 1896The Saint Paul GlobeSaint Paul, MN
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Receiver for the Security. DULUTH, Minn., Aug. 14.-M. D. Kenyon applied yesterday to the district court for the appointment of a receiver for the Security bank, and on motion of Attorney General Childs, A. R. MacFarlane was named. Mr. MacFarlane was for many years vice president of the American Exchange bank. He gave bonds for the amount of $375,000. The assets of the bank amount to $362,261.10, and the liabilities $374,416.71. The movement to reopen the bank is still under way, and with good prospects of success.
15.August 19, 1896Mower County TranscriptAustin, Lansing, MN
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NEWS IN MINNESOTA Melrose has granted a 40-year electric lighting franchise. The South St. Paul belt line railroad will begin to run trains before Sept. 1. Democrats of the Third congressional district have nominated H. J. Peck of Shakopee. Congressman Kiefer of St. Paul, has withdrawn from the contest for a renomination. The remains of Judge A. J. Edgerton were laid at rest with Masonic honors at Mantorville. The 7-year-old daughter of a farmer named Rosseland, of Chester, was killed in a hailstorm. Governor Clough has issued a proclamation declaring Labor Day, Sept. 7, a general holiday. The body of Adolph Franzen, who was drowned at Winona, has been found at Davenport, Ia. A movement is on foot to reorganize the Security bank of Duluth and place it upon its feet again. The Berlin Summit creamery, near Albert Lea, was destroyed by fire. Loss $8,000; insurance $1,700. An application has been filed to change the name of the town of Thief River Falls to Beau Falls. Stratton Bros.' drug store at Belle Plaine was burglarized of jewelry and money amounting to $125. Bertha Tuchenhagen of Waverly was accidentally shot by Joseph Gibbin. She is not expected to live. Horejs Bros., bakers, at St. Paul, lost 34 horses, 12 wagons and 4 carriages by the burning of their stables. Harvest hands returning from the West report a demoralized state of affairs in the wheat belt of Minnesota, and North and South Dakota. Italian laborers on the Great Northern returning from work on hand cars collided and two men were run over and seriously injured at Melrose. James Prince, John Langren and Frank Treat of New Brighton were convicted by a jury of illegal shooting of prairie chickens and were assessed $28 each. Judge Severance denied the injunction filed in May last by L. G. M. Fletcher against the city of Mankato to restrain it from purchasing an electric light plant. President Northrup of the state university prophesies that the coming year will see an enrollment of 2,600 students in that institution. The Red River valley drainage commission has let three more contracts for ditches to be constructed at Spring Creek, in Norman county, and at Manston in Wilkin county. Two suits of clothes were found on
16.August 20, 1896The Pioneer PressMiller, SD
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A Receiver Named. Duluth, Aug. 15 -M. D. Kenyon has applied to the district court for the appointment of a receiver for the Security bank, and on motion of Attorney General Childs, A. R. Macfarlane was named. Mr. Macfarlane was for many years vice president of the American Exchange bank. He gave bonds to the amount of $375,000. The assets of the bank amount to $362,261.10; and the liabilities are $374,416.71. The local liabilities are $279,000 and the rediscount $95,156.67. The movement to reopen the bank is still under way and with good prospect of success.
17.August 22, 1896The MadisonianVirginia City, MT
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A Receiver Named. DULUTH, Aug. 15.-M. D. Kenyon has applied to the district court for the appointment of a receiver for the Security bank, and on motion of Attorney General Childs, A. R. McFarlane was named. He gave bonds to the amount of $375,000.
18.April 1, 1897The Saint Paul GlobeSaint Paul, MN
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Sued the Stockholders. DULUTH, Minn., March 31.-Nathan Marcus, a judgment creditor of the defunct Security bank, of this city, on behalf of himself and other creditors, has begun a suit to enforce the double stockholders' liability against the shareholders in the bank, the capital stock of which was $100,000. The bank assigned on Aug. 14 last to A. R. Macfarlane. The creditors do not propose to wait until the estate is settled before enforcing the liability clause.
19.January 8, 1898The Superior TimesSuperior, WI
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Register. (J 8 15 22 23 F 5 12) Notice for Publication. STATE OF WISCONSIN, In Justice's Court Douglas County, (" City of Superior. Before Edmund R. OTIS. Esq. J. P. To K.G STAPLES You are hereby notified that a sunnoos and garnishee have been issued against you, and your property garnished to satisfy the demands of Angus R. Macfarlane as Receiver of the Security Bank of Duluth, amounting to $155.01 New unless you shall appear before Eduand R. ous a Justice of the Peace in and for said county, at his office in said city of Superior, on the 31st day of January, A. D. 1898. at 10 o'clock in the forenoon, judgment will ie rendered against you, and your property bold to pay the debt. Dated this Sixth day of January. A D. 1808. ANGUS R. MACFARLANE Receiver. 1 lamuf. CEO B. for Pluf
20.January 22, 1898The Superior TimesSuperior, WI
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Municipal Court. Douglas County. To K G. Staples. You are hereby notified that a summons and garnishee has been issued against you and your property garnished to satisfy the demand of Augus R Macfariane as receiver of the Security Bank of Duluth, Minn., amounting to Two hundred forty seven and 45 100 dollars. Now. unless you shall appear before Hon. F S. Parker. Municipal Judge in and for said county, Ht the Municipal Court Room. in the city hall in the city of superior. said county. on the 9th day of February A. D. 1898, at two o'clock in the afternoon, judgment will be rendered against you and your property sold to pay the debt Dated this 19th day of January A. D., 1898. ANGUS R. MACFARLANE, as Receiver of the Security Bank Plaintiff. of Duluth, Minn., GEO. B. HUDNALL, Plaintiff's Attorney. (j22)
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
