Clarkfield State Bank (Clarkfield, MN)

Episode Information

Episode UID
75047871581
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7504787 routing
Routing Number
75-0478
Start Date
September 21, 1931
Location
Clarkfield, Minnesota (44.791, -95.809)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cb1ab27376dd4194

Response Measures

None

Description

Bank was described as the key bank of an affiliated chain; closure by state commissioner led to other runs.

Events (3)
1. September 21, 1931 Suspension
Cause
Government Action
Cause Details
Closed by State Banking Commissioner Peyton as part of action against an affiliated chain controlled by Orwoll; deemed necessary by the department and boards of directors to conserve assets.
Newspaper Excerpt
the Clarkfield State Bank of Clarkfield, Yellow Medicine county, was closed Monday.
Source
newspapers
2. September 23, 1931 Other
Newspaper Excerpt
Immediately following closing of the Clarkfield State bank heavy runs developed the other banks of the chain because the public ... were thoroughly conversant with the fact that the same ownership controlled all these institutions and this developed lack of confidence.'
Source
newspapers
3. September 27, 1934 Receivership
Newspaper Excerpt
C. C. Enestvedt has been transferred ... to the receivership of the Clarkfield and Hazel Run Banks.
Source
newspapers

Newspaper Articles (5)
1. September 23, 1931 The Albert Lea Tribune Albert Lea, MN

Article Text

CLOSES 4 COUNTIES Institutions With $1,300,000 In Deposits In Orwoll Chain Bank Closing Causes Run. Paul, Sept. state banks in four ties with total deposits of almost $1,300,000 were closed today Peyton, state banking commissioner, announced. Four of the banks, according to Peyton, belong to affiliated chain in which Orwoll of Minneapolis held controlling interest. Banks That Closed They the Farmers State Bank Hanley Falls, the Farmers State Bank Echo, Yellow Medicine county, the Cottonwood State Bank Cottonwood, Lyon county representing total deposits of and the Maynard State Bank county with The fifth bank was the First State Bank of Clearwater, Wright county, with deposits of $98,000. fifth bank of the so-called Orwoll chain, the Clarkfield State Bank of Clarkfield, Yellow Medicine county, was closed Monday. bank with deposits of described by Peyton as the bank of the affiliated chain. Runs Follow Closing "Owing to an affiliated ership in the ley and Cottonwood banks, the department has been obliged to announce that the board of directors of those banks have taken definite action and decided to close institutions,' Commissioner Peyton said. "Immediateafter closing of the Clarkfield State bank, heavy runs developed the other banks of chain cause the public in the towns in banks were located thoroughly conversant with the fact that the same ownership controlled all the institutions and this developed lack of confidence.' directors of these institutions believed was more desirable to close the banks immediateand conserve assets."

2. September 23, 1931 Post-Bulletin Rochester, MN

Article Text

Peyton Takes Action Against Places Having Deposits of Million St. Paul, Sept. state three Minnesota counties, with total deposits most were John N. Peyton, state banking missioner, announced. Four of the banks. according Commissioner Peyton, belonged an affiliated chain which Minneapolis, held trolling interest. They are the Farmers' State bank Hanley Falls, the Farmers' bank Yellow Medicine bank Lyon county, representing total deposits of The fifth was the First State bank of Wright county. with deposits of capital surplus of $2,000 fifth bank of the so-called Orchain, Clarkfield State bank Clarkfield, Yellow Medicine counwas closed Monday The bank with of described by Peyton the "key" bank of the chain. "Owing to affiliated stock ownership in the Clarksfield, Echo, Hanley Falls and Cottonwood banks the department has been obliged to nounce that the board of directors of those banks have taken definite action in deciding to close the stitutions," Peyton said. Immediately following closing of the Clarkfield State bank heavy runs developed the other three banks of the chain because public in the towns in which the banks were located were thoroughly conversant with the fact that the same ownership controlled all these stitutions and this developed lack confidence which immediately caused runs develop on these banks. directors these institutions believed that was more sirable from point of view of the creditors to close the banks immediately conserve the assets." The banks closed assets for the depositaccording the The Hanley Falls bank had deposits of capital and surplus The State had deposits of capital $20,000 and surplus The Farmers' State bank Echo had deposits of capital and surplus of $3,000. The Maynard bank had deposits

3. September 23, 1931 The Brainerd Daily Dispatch Brainerd, MN

Article Text

THEM UNITS, CLOSING OF BANK CAUSES RUNS ECHO. HANLEY FALLS, COTTONWOOD UNITS St. Paul, Minn., Sept. of five banks, four of them bers of chain controlled by Orwoll, Minneapolis, was announced today by N. Peyton, state banking The banks are in four counties and had total deposits of $994,000. The closing of four banks followed the closing of the key bank the chain, the Clarksfield State bank, with deposits. Those closed are: The Farmers State Bank of Echo, Yellow Medicine county with deposits $169,000. The Farmers State Bank of Hanley Falls. Yellow Medicine county with deposits of $213,000. The State Bank, Lyon county, with deposits of The State Bank, Chippewa county, with deposits of The First State Bank of Clearwater, Wright county, with deposits of 000 The first four were members of the Orwoll chain. "Owing to an affiliated stock ship in the banks mentioned, the department of banking has been announce that the board directors of those banks taken definaction closing the Peyton said. following the closing of the Clarksfield bank, heavy runs developed on the banks at Echo, HanFalls and Cottonwood because the public was thoroughly with the fact that the same ownership trolled all these

4. September 25, 1931 The Minneapolis Journal Minneapolis, MN

Article Text

Four Orwoll Banks, One Other Closed Five state banks in four counties, four of them under the stock control of S. Orwoll of Minneapolis, total deposits of approximately $1,500,000 were closed today, according to an of John N. Peyton, state bank comThe banks closed are the FarmState Bank of Hanley Falls and the Farmers State Bank of Echo in Yellow county, the Cottonwood State Bank of in Lyon county, the First State Bank of Clearwater in Wright county, and the State Bank of Maynard in Chippewa county. fifth bank of the so-called Orwoll chain, the Clarkfield State Bank of Clarkfield, in Yellow Medicine county, was closed Monday. This institution was described the key bank of the chain. Mr. Peyton that after the close of the Clarkfield bank heavy runs developed on the other institutions.

5. September 27, 1934 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, September 27, 1934

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Article Text

Prizes Awarded To Many At Belview Celebration; Delhi Wins Game 11 - 7 land Leonard home. Seaforth and Boyd Bands Give Mr. and Mrs. Halvor Huseby and Concerts; Minneota Man Lena Knutson returned after spendGives Address ing a few weeks at the Pacific coast. They were also guests at the Rasmus Belview-The Good Will day celeSandy home at Cody, Wyoming. The bration held Friday at Belview was Rasmus Sandy family was formerly of Belview. a success. The day was bright and Mrs. E. B. Fish and Nadeen were quite warm. The program opened with a speech by Albert Kvanbeck of callers at Vesta Thursday. Minneota. Mr. and Mrs. William Donner Jr., The doll buggy parade was led by and Mr. and Mrs. Adolph Leonard the Seaforth band and the clown were Redwood Falls callers Tuesday band from Boyd followed the doll evening. buggies. Shirley Jean Leonard won Andrew Solberg attended the Red first prize in the doll buggy parade and White Convention at Minneapolis and Lorraine Gimmestad was second. Tuesday. Street sport prizes were awarded The 4-H club was entertained by as follows: boys race, first, Gilbert Margaret Gunelson Tuesday evening. Lange; second Edward Holmes. Estelle Peterson of Willmar spent Horse race, first, Robert Smith; secthe week at the Albert Nelson home. ond Kvendru. Pony race, first, DonMr. and Mrs. Gilbert Skogen and ald Carity; second, Frank Bjorndal. Henry Knutson returned again, after Men's egg race: first, Leo Trangaard; spending a few weeks in the northern ladies egg race: Dorothy Johnson, part of the state. Ardyle Boushek; potato race: HowC. C. Enestvedt has been transferard Hultman; Harold Gryting; red from Redwood Falls to the reLadies potato race: Inez Maus, ceivership of the Clarkfield and HazArdyle Boushek; men's race: Lyman el Run Banks. Ellingson, Glenn Berg; three-legged The Synod Ladies Aid will meet in race: first, Vern Larson and Glenn the church parlors Friday, entertainBerg; girls' race: Ardyce Boushek, ed by Mrs. Albert Hoppenrath, Mrs. Inez Maus; egg race: Donald Carity, Sam Holt and Mrs. Ervin Gibbs. Carlyle Van Selus; fat men's race: Mr. and Mrs. Harold Smiley, David, Leonard Carity, Leo Trandgaard; boys Carol and Harried of Milaca and Mrs. race, 16 years and under: Thomas Albert Kohls of Morton were callers Hagen Jr., Melvin Holt; girls race: at the Ernest Kohls home Friday Vera Holms, Lydia Anderson. evening. The tug of war between Kintire and Swedes Forest was won by KinLouis Gryting made a trip to Richtire. ester Monday evening taking William Warden there, where he will receive The ball game between Delhi and medical aid for his eye. Belview was won by Delhi, 11-7. One Mr. and Mrs. Peterson and daughof the largest crowds that ever atter of Minneapolis visited Miss Odeltended a dance here attended the la Peterson Sunday. free dance at the Odeon. Sam and Arthur Holt were callers Mrs. William Duncan rceived the at Marshall Monday. dishes given away at the Solberg Mr. and Mrs. Roger Rosburg and store and Mrs. H. Kvendru received the silver set. Junion, Clara Loken and Mrs. Adolph Leonard called on Mrs. Stella Loken at the Marshall hospital Saturday afBelview-Norman Nelson and Samternoon. In the evening they were uel Van Selus arrived Thursday afsupper guests at the Harold Berg ter spending eight weeks visiting difhome at Marshall. ferent points in the west. They visMrs. E. B. Fish and Nadeen were ited at the Robert Adsit home in Butcallers at Seaforth Tuesday. te, Montana and with Samuel's sisThe Young Peoples society will ter Florence, near Casper, Wyoming. meet in the Synod Church parlor While there Norman Nelson filed on Sunday evening and will be entertaina homestead in Wyoming and will ed by Clara Loken and Mrs. Merle leave for that point in the spring. Woodward. Rev. Guttobo of Eau Fred Schmid and Mike Lauterbach Claire, Wisconsin wil give a speech. of Redwood Falls and Lucian Payne Mrs. Elizabeth Peterson, Nellie and and Louis Leonard motored to MahClara, Mrs. Hans Matison and Sonya, nomen County, Wednesday, where Mrs. Hans Thompson, Mrs. H. O. they spent the day hunting prairie chickens. Hegdal and Mrs. Erwin Gibbs were luncheon guests at the William DunWord was rerceived here last week can home Thursday afternoon. that a baby girl was born to Mrs. Lars Braafladt, Martha and Mrs. John G. Johnson of Spring Grove. Mr. Louise Olsen drove to Marshall Sunand Mrs. Johnson were formerly of Belview. day, where they attended the baptism of Thor Clayton, infant son of Mr. Mrs. James Kennedy of Minneapoand Mrs. Clayton Olsen. lis is spending the week at the Rol-