Farmers & Merchants State Bank (Morgan, MN)

Episode Information

Episode UID
75049571583
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7504957 routing
Routing Number
75-0495
Start Date
November 16, 1931
Location
Morgan, Minnesota (44.417, -94.926)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e4bf6c81b450361e

Response Measures

None

Description

No runs reported in the articles; state banking department receiver and liquidation referenced.

Events (4)
1. November 16, 1931 Suspension
Cause
Government Action
Cause Details
Bank closed and placed into liquidation with actions by the state banking department and receiver appointed.
Newspaper Excerpt
AND WHEREAS, Said Bank closed on the 16th day of November, 1931,
Source
newspapers
2. December 7, 1931 Receivership
Newspaper Excerpt
C. G. Knowles is the bank receiver. The depositors of the closed Farmers and Merchants State Bank held a meeting ... to assist the state banking department in liquidating the bank.
Source
newspapers
3. September 14, 1933 Other
Newspaper Excerpt
Be it Resolved... Said Bank closed on the 16th day of November, 1931, and an action was commenced against said County to return said mortgages; the Court held that said mortgages were not lawfully assigned as security for said deposit; ...authorize and directed to re-assign said mortgages to the Farmers and Merchants State Bank of Morgan, and if said mortgages have already been assigned, then we as the County Board of Redwood County hereby ratify and confirm said assignments in all things as the free act and deed of the County of Redwood and State of Minnesota.'
Source
newspapers
4. August 30, 1934 Other
Newspaper Excerpt
G. A. Johnson... came here this week to succeed Fred H. Hahne as receiver of the ... Farmers and Merchants bank at Morgan
Source
newspapers

Newspaper Articles (7)
1. December 17, 1931 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, December 17, 1931

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Article Text

Morgan, December 7-The depositors of the closed Farmers and Merchants State Bank held a meeting in the City Hall Monday evening of last week. Five men were elected as a depositors committee to appraise the assets of the institution and to assist the state banking department in liquidating the bank. C. G. Knowles is the bank receiver. The following are the men elected on the committee: F. H. Schiffert, John Gluth, Fred J. Fenske, Carl Christensen and Olaf Simonsen. Attorney Albert Flor of New Ulm gave a resume of the history of the bank since its organization up to the time of its closing. Mr. and Mrs. Henry Reding spent Sunday with relatives in Wanda. Rev. H. A. Pothoff, pastor of the local M. E. church went to Springfield where he visited his daughter at the hospital. Miss Pothoff was seriously injured in an auto accident near Springfield a week ago last Friday. Although her condition is somewhat improved the injured lady is still suffering from bruises and mental shock. She was able to be moved to her home and is being cared for by her mother. While Al. Vohs and Ed Steffl were returning in a large truck from a trip to the Twin City stock market where they disposed of a truck load of livestock, they met with a collision that threw their truck into a ditch. As they approached Cologne a hit and run driver overtook them on a highway guarded by white posts and the truck landed in a ditch. Both the driver and passenger were able to crawl out and escaped with only a few minor injuries. The Woman's Study club held its annual Christmas party at the home of Mrs. George Davis Friday afternoon. Music appropriate to the Yuletide season was a pleasing feature of the meeting. Mmes. Shank, E. H. Albrecht, W. W. Carlile and F. S. Pollard were entertained at the home of Mrs. Robert Henton at Morton Tuesday afternoon. A large audience greeted Miss Margaret Burmeister, a returned missionary from Japan Sunday evening. The service was held in the Methodist Episcopal church. Her message concerning the work among the people of Japan was very interesting and was doubly SO because of her residence at Redwood Falls. Her appeal for help, through money and prayers for the. people in Japan closed her splendid talk. The needy relief fund for the Morgan community was a success in its first venture Tuesday afternoon and evening. As a result of the benefit movie talkie, "The Sidewalks of New York," the sum of $161 was realized in the sale of tickets. The weather remained favorable and a large number of the audience came from the country around Morgan. W. J. Bandemer, the local movie picture man, began his new duties as regular mail carrier on the Star Route between here and Redwood Falls December 1. Mrs. Jay Patterson and daughter, Mrs. A. W. Hartwick, and Mrs. Harley Hartwick of Springfield attended the Presbyterian Aid on Thursday afternoon. Nels Rans has purchased the agency for the Sunlight Produce company lately operated by Erwin Otto. Mr. and Mrs. Erwin Otto, daughter Lorraine, are leaving soon for Hartford, Wisconsin. Mr. and Mrs. Otto will practice chiropractic in Wisconsin. Mr. and Mrs. H. M. Sherman were called to Faribault Wednesday by a message from the State school. Their daughter Sarah who is a patient at the hospital at that place has been ill for sometime, suffering with a tumor on the head. Her condition remains serious. W. W. Carlile accompanied the Shermans to Faribault and returned home the same day. Paul Zaska was found dead in his bed by his mother when she went to call him Saturday morning. He had been subject to heart troubles lately but he appeared to be in usual health when he retired Friday evening. Apparently the young man passed away in his sleep soon after retiring. Funeral arrangements have not been made until a brother from the west can be heard from. The Morgan community was surprised Thursday to learn that Mrs. Edward Zastrow (nee Genevieve Carlile) of St. Paul, had died in the

2. December 17, 1931 The Redwood Gazette Redwood Falls, MN

Article Text

Morgan Closed Bank Elects Appraisers Morgan, December 7-The depositors of the closed Farmers and Merchants State Bank held a meeting in the City Hall Monday evening of last week. Five men were elected as a depositors committee to appraise the assets of the institution and to assist the state banking department in liquidating the bank. C. G. Knowles is the bank receiver. The following are the men elected on the committee: F. H. Schiffert, John Gluth, Fred J. Fenske, Carl Christensen and Olaf Simonsen. Attorney Albert Flor of New Ulm gave a resume of the history of the bank since its organization up to the time of its closing. Mr. and Mrs. Henry Reding spent Sunday with relatives in Wanda. Rev. H. A. Pothoff, pastor of the loeal M. E. church went to Springfield where he visited his daughter at the hospital. Miss Pothoff was seriously injured in an auto accident near Springfield a week ago last Friday. Although her condition is somewhat improved the injured lady is still suffering from bruises and mental shock. She was able to be moved to her home and is being cared for by her mother. While Al. Vohs and Ed Steffl were returning in a large truck from a trip to the Twin City stock market where they disposed of a truck load of livestock, they met with a collision that threw their truck into a ditch. As they approached Cologne a hit and run driver overtook them on a highway guarded by white posts and the truck landed in a ditch. Both the driver and passenger were able to crawl out and escaped with only a few minor injuries. The Woman's Study club held its annual Christmas party at the home of Mrs. George Davis Friday afternoon. Music appropriate to the Yuletide season was a pleasing feature of the meeting. Mmes. Shank, E. H. Albrecht, W. W. Carlile and F. S. Pollard were entertained at the home of Mrs. Robert Henton at Morton Tuesday afternoon. A large audience greeted Miss Margaret Burmeister, a returned missionary from Japan Sunday evening. The service was held in the Methodist Episcopal church. Her message concerning the work among the people of Japan was very interesting and was doubly so because of her residence at Redwood Falls. Her appeal for help, through money and prayers for the. people in Japan closed her splendid talk. The needy relief fund for the Morgan community was a success in its first venture Tuesday afternoon and evening. As a result of the benefit movie talkie, "The Sidewalks of New York," the sum of $161 was realized in the sale of tickets. The weather remained favorable and a large number of the audience came from the country around Morgan. W. J. Bandemer, the local movie picture man, began his new duties as regular mail carrier on the Star Route between here and Redwood Falls December 1. Mrs. Jay Patterson and daughter, Mrs. A. W. Hartwick, and Mrs. Harley Hartwick of Springfield attended the Presbyterian Aid on Thursday afternoon. Nels Rans has purchased the agency for the Sunlight Produce company lately operated by Erwin Otto. Mr. and Mrs. Erwin Otto, daughter Lorraine, are leaving soon for Hartford, Wisconsin. Mr. and Mrs. Otto will practice chiropractic in Wisconsin. Mr. and Mrs. H. M. Sherman were called to Faribault Wednesday by a message from the State school. Their daughter Sarah who is a patient at the hospital at that place has been ill for sometime, suffering with a tumor on the head. Her condition remains serious. W. W. Carlile accompanied the Shermans to Faribault and returned home the same day. Paul Zaska was found dead in his bed by his mother when she went to call him Saturday morning. He had been subject to heart troubles lately but he appeared to be in usual health when he retired Friday evening. Apparently the young man passed away in his sleep soon after retiring. Funeral arrangements have not been made until a brother from the west can be heard from. The Morgan community was surprised Thursday to learn that Mrs. Edward Zastrow (nee Genevieve Carlile) of St. Paul, had died in the Swedish hospital Wednesday night following the birth of a baby son. The body of the young mother and her infant son were brought to Morgan Saturday. Funeral services were held from the W. W. Carlile home Sunday afternoon followed by services held at the Presbyterian church. Rev. J. D. Keith, pastor of the church, had charge of the funeral services. The church choir with Mrs. Clarence Ragan at the piano played the music. Burial was made in the Carlile family lot in the cemetery at Redwood Falls. The deceased was the oldest daughter of Mr. and Mrs. Arthur Carlile. Born in Morgan over 24 years ago she received her education in the local public schools. Later she specialized in tonsorial art and followed the trade before and after her marriage to Edward Zastrow on January 22, 1928. Clarence Hagaman, Roland Rans, Dick Hanson, Lloyd and Claude Goodell with James Adams of St. Paul acted as pall bearers. A large company of relatives from Parkers Prairie and Alexandria attended the sevices.

3. September 14, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, September 14, 1933

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Article Text

L ½9 n 3/19 On motion of E. A. Pease and duly passed, that bid of the Botsford Lumber Company for snow fence be acOn cepted. motion of E. A. Pease and duly passed, that bid of the Botsford Lumber Company on 6½ ft. U steel posts be accepted. On motion of E. A. Pease and duly passed, that final estimate for graveling of Wm. Schottenbauer in North Hero Township, Job No. 33, $846.52 be allowed. On motion of Phil Raveling and duly passed, that final estimate for graveling of Wm. Schottenbauer of Lamberton, Job No. 33 K, $826.10 be allowed. On motion of J. P. Kragh and duly passed, the final estimate for gaveling of Wm. Schottenbauer of Gales, Job No. 33, $527.18 be allowed. On motion by J. P. Kragh and duly passed, that final estimate for graveling on C. A. R. 12 and 21 for Wm. Schottenbauer for $42.14 be allowed. On motion of J. P. Kragh and duly passed, that final estimate for gravel88 ON 18 R. A 0 uo But W for Wm. Schottenbauer for $270.28 be allowed. On motion by Herman Muetzel and duly passed, that final estimate for graveling on State Aid Job 33.01 for Wm. Schottenbauer for $459.27 be allowed. On motion by J. P. Kragh and duly passed, that the report of the Board of Audit be accepted. The following Resolution regarding the Farmers & Merchants State Bank of Morgan was on motion of E. A. Pease and duly passed: "Whereas, On the 29th day of October, 1931, the Farmers and Merchants State Bank of Morgan assigned as collateral security for public money of the County of Redwood deposited in the Farmers and Merchants State Bank of Morgan, certain mortgages described as follows: "One mortgage dated May 20th, 1931, in the sum of Forty Five Hundred Dollars ($4,500.00) executed by Fred W. Penning and Frances Penning, his wife, to the Farmers and Merchants State Bank of Morgan, covering the following described premises: The Northwest Quarter (NW) of the Southeast Quarter (SE1/4) and the Southwest Quarter (SW) of the Northeast Quarter (NE) of Section Thirty-three (33) excepting therefrom a tract described as follows: Commencing at a point 12.47 chains north of the nortneast corner of the Southeast Quarter (SE 1/4) of the Southwest Quarter (SW) of said section, thence north 581/2 degrees east, 6 chains, thence north 48 degrees west, 7.85 chains, to a point in the public highway, 1.42 chains north of the center of said section, thence south 9 chains to the point of beginning, containing 2.32 acres more or less, all of said real estate being situated in Brown County, Minnesota; which said mortgage was duly recorded in the office of the Register of Deeds in and for the County of Brown and State of Minnesota on the 22nd day of May, 1931 at 11 o'clock A. M. in Book 61 of 460,00 Page uo "And a certain mortgage executed by F. H. Albrecht and Antoinette Albrecht, his wife in the sum of Five Thousand Dollars ($5,000.00) payable to the Farmers and Merchants State Bank of Morgan. dated the 6th day of September, 1930, covering the lands described as follows: Lots Eleven (11) and Twelve (12) of Block Two (2) of Gerstman's Re-Arrangement of Block Ten (10) of the Village of Morgan, Redwood County, Minnesota: which said mortgage was duly recorded in the office of the Register of Deeds in and for the County of Redwood and State of Minnesota on the 4th day of November, 1930 at 9:35 o'clock A. M. in Book 103 of Mort172: Page uo serves "AND WHEREAS, Said Bank closed on the 16th day of November, 1931, and an action was commenced against said County to return said "AND mortgages; WHEREAS, The Court held that said mortgages were not lawfully assigned as security for said deposit; "Be it Resolved, That A. P. Falk, County Treasurer of Redwood County, Assignee of said mortgages hereinbefore described, be and hereby is authorized and directed to re-assign said mortgages to the Farmers and Merchants State Bank of Morgan, and if said mortgages have already been assigned, then we as the County Board of Redwood County hereby ratify and confirm said assignments in all things as the free act and deed of the County of Redwood and State of Minnesota.' The above resolution was unanimously adopted. On motion of E. A. Pease and duly passed, applicaton of E. J. Bellig personal for

4. October 19, 1933 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, October 19, 1933

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Article Text

"AND WHEREAS. It has been re- Min A presented and stated to the Board of I County Commissioners by the Receiver of the Farmers and Merchants Cha State Bank of Morgan that said Defendants are indebted to said bank for and to the State of Minnesota for Art F large sums of money, which said C. I sums of money together with the fa judgment in favor of said Redwood Art County aggregate the sum of $56,F 000.00, M. "AND WHEREAS, Said Defendants desire to make a settlement L Osc with said Banking Department, State of Minnesota and Redwood County, p should "NOW, THEREFORE, Be it reO. I solved that subject to the approval of S the Judge of the District Court of the Mrs Ninth Judicial District, Redwood ca County. Plaintiff in said action settles Lou said judgment for an amount of E money in proportion and pro-rated on all said indebtedness, the State of Sam A. 1 Minnesota and the Farmers and MerN chants State Bank of Morgan to get H. : the same percentage as the County V of Redwood, it being deemed by the Will County Board of Redwood County that such a settlement is for the best W interests of all concerned." Mrs fo The above resolution was unanimously adopted. Ber The following bids were opened for flour: M The Mill of Franklin, $5.88 per barrel. M Springfield Milling Co., $5.40 per barrel. Mrs E National Tea Co., $6.76 per barrel. Mar On motion of J. P. Kragh and duly fo passed, the bid of the Springfield John Milling Co. was accepted. fo On motion of E. A. Pease and duly E. ( passed, $800.00 was appropriated to K the Redwood County Fair AssociaW. ! tion. sa The following bills were allowed: Klu Revenue

5. May 17, 1934 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, May 17, 1934

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of potatoes. Herman Muetzel offered the following resolution: "WILLEAS, Certain persons against whom the County of Redwood has a judgment in connection with depository bonds of the Farmer's and Merchants State Bank of Morgan have offered a settlement of said judgment, which settlement has been accepted by Redwood County and approved by the Judge of the District Court. "Now, THEREFORE, Be it resolved that where any of said defendants and persons liable have paid the money to the Receiver of the Farmer's and Merchant's State Bank of Morgan in connection with said settlement, that then and in that case the Chairman of the County Board and the County Auditor be and hereby are authorized to issue satisfactions and releases of any property belonging to such persons having made such payments. This resolution was unanimously adopted. J. P. Kragh offered the following resolution: "Whereas, The Board of County Commissioners of this County has been informed that one, Annie Car- koff, now receiving old age pension has recently received a large sum of money in dividends. "Now, THEREFORE, Be it resolved than any further payments of old age pension to said Annie Car- koff be suspended until further action of the Board. On Motion by E. A. Pease, and duly passed, the auditor was instructed to issue a warrant to the American Artstone Company, to the amount of $872.87 for material used at the County Home. On motion by Herman Muetzel and duly passed, the auditor was instructed to transfer $6931.32 from C. A. R.

6. August 30, 1934 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, August 30, 1934

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G. A. Johnson is New State Bank Receiver G. A. Johnson, who has been in charge of liquidation of the bank at Scandia, came here this week to succeed Fred H. Hahne as receiver of the State Bank and Trust company of Redwood Falls, the Farmers and Merchants bank at Morgan and the State Bank of Franklin. Mr. Johnson is a brother of J. Albert Johnson and lived here years ago. He has been with the banking department since 1926, first having charge of several closed banks near Thief River Falls and has been at Scandia the last 18 months. He plans to move his family here soon. Mr. Hahne moved to Manistique, Michigan, recently to take charge of a new bank there.

7. August 30, 1934 The Redwood Gazette Redwood Falls, MN

Article Text

G. A. Johnson is New State Bank Receiver G. A. Johnson, who has been in charge of liquidation of the bank at Scandia, came here this week to succeed Fred H. Hahne as receiver of the State Bank and Trust company of Redwood Falls, the Farmers and Merchants bank at Morgan and the State Bank of Franklin. Mr. Johnson is a brother of J. Albert Johnson and lived here years ago. He has been with the banking department since 1926, first having charge of several closed banks near Thief River Falls and has been at Scandia the last 18 months. He plans to move his family here soon. Mr. Hahne moved to Manistique, Michigan, recently to take charge of a new bank there.