Citizens State Bank (Barnesville, MN)

Episode Information

Episode UID
75100671495
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7510067 routing
Routing Number
75-1006
Start Date
July 15, 1924
Location
Barnesville, Minnesota (46.652, -96.420)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d6d70ca6870dec72

Response Measures

None

Description

Bank closed July 15, 1924; subsequent transfer of stock to depositors and criminal charges against officers.

Events (3)
1. July 15, 1924 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was insolvent at time of closure; officers accused of accepting deposits knowing bank was unsafe.
Newspaper Excerpt
the bank was closed on July 15.
Source
newspapers
2. August 15, 1924 Other
Newspaper Excerpt
Warrants were issued ... arrests were made yesterday and the Barnesville men came to Moorhead and were given a hearing before Judge Hans C. Ryen.
Source
newspapers
3. November 28, 1924 Other
Newspaper Excerpt
Transfer of all stock in the closed Citizens State Bank of Barnesville to depositors and the payment of a 100 per cent assessment thereon by the former owners was effected at a meeting of depositors and stockholders here.
Source
newspapers

Newspaper Articles (3)
1. August 16, 1924 Moorhead Daily News Moorhead, MN
Article from Moorhead Daily News, August 16, 1924

Click image to open full size in new tab

Article Text

CITIZENS STATE BANK OFFICERS ARE ARRESTED BARNESVILLE AND FERGUS MEN CHARGED WITH RECEIVING MONEY UNLAWFULLY. APPEAR BEFORE JUDGE RYEN AND RELEASED ON BAIL $2,000 EACH. PROSECUTION OF BANK OFFICIALS BEGUN AT INSTANCE OF A COMMITTEE. Warrants were issued several days ago for the arrest of W. S. Lee, D. F. Gunness and W. S. Atkinson, all of Barnesville, and J. S. Ulland of Fergus Falls, and the arrests were made yesterday and the Barnesville men came to Moorhead and were given a hearing before Judge Hans C. Ryen. J. S. Ulland had not arrived today, but was expected to come later in the afternoon. The complaint was sworn to by A. A. Trovaten of Barnesville, and is as follows: The above named defendants "Did wilfully, wrongfully and unlawfully and feloniously accept and receive, permit and connive at the reception for deposit in the Citizens State bank Barnesville, Minnesota, of a large sum of lawful money of the United States, bank notes and checks amounting in all to over twelve hundred dollars, from the complainant, said bank being then and there a corporation duly organized as and operating as a bank of deposit, knowing that the said Citizens State bank was then and there insolvent and unsafe, or having reason to know that said bank was then and there insolvent and unsafe—said persons being then and there officers and stockholders of said Citizens State bank." While Mr. Trovaten is the signer of the complaint, it is understood that the proceedings are at the instance of a number of the heavy losers in the bank who have constituted themselves a committee to see to it that the bank officials be duly punished for their infractions, if any, of the state banking laws. Members of this committee and others in the city today attending the hearings were: A. A. Trovaten, Ole Egge, Dick Meyers, J. F. Jenson, Pete Christianson, Ed Siebert, Mrs. Hawley and Attorney N. B. Hanson. Members of the committee expressed criticisms at the apparent inability of the state banking department to get action in the matter, and feel that the proceedings to prosecute the officers of the bank should have been started by the department. It is said that J. S. Ulland, president of the Fergus Falls National bank, was president of the Citizens State bank of Barnesville until in March, 1924, having held that office since the organization of the bank. In March a man named Andrew Robertson became acting president, and remained in that position about one month, when W. S. Lee was elected to the position. The bank was closed on July 15. Ulland was vice president at the time of the failure, according to information received by The News. It is charged that the officials of the bank accepted money for deposit knowing that the bank was insolvent, and members of the committee charge that the officers of the bank had very little, if any, deposits in the bank at the time of the failure, the assumption being that they had protected themselves, and that in several cases property transfers had been made by them, and that they had been getting under cover as far as liability is concerned. Another official of the bank, S. J. Mealey of Monticello, a vice president of the busted bank, was not included as a defendant, it is said, because he had offered to pay in a sum equal to his stock liability to set the

2. November 28, 1924 The Ely Miner Ely, MN
Article from The Ely Miner, November 28, 1924

Click image to open full size in new tab

Article Text

Austin-During the four days of the twenty-sixth annual Mower County Poultry Show, which opened here, 50 local merchants will co-operate in a "bargain festival." Thief River Falls-Thomas H. Chittick, chief clerk in the postoffice, after 15 years services here, has been made a postal inspector with headquarters at Spokane, effective at once. East Grand Forks-Men excavating for the building of the Red River Valley Sugar Company plan to finish their work soon enough so that the warehouse for storing sugar can be completed soon after January 1. Tracy-Workmen are constructing a high line from Slayton to this city to connect with the electric light plant here which was recently purchased by the Northern States Power Company. Chatfield-At the Olmstead County Sunday School convention here, the following officers were elected: H. P. Thurber, Chatfield, president; Miss Lucile Lillie, Chatfield, secretary and C. W. Shepherd, Rochester, treasurer. Madison-To be thrown half way through the windshield of his sedan and remain in that position while his car rolled down a 10 foot embankment, was the experience of Arnold Lee of Madison. Fergus Falls-The case of Cal-Falls tax rate, for the coming year will be reduced from 79 mills, the rate this year, to 71.80 mills. Both the city and the schools made reductions in estimates for running expenses. Stillwater-Mrs. Maria Bolles, pioneer of pioneers in the St. Croix valley, died at Lakeview Memorial hospital here, 89 years old. Mrs. Bolles came to what is now Stillwater on June 20, 1841. Alexandria-Work has started on Alexandria's new $30,000 theater which is being built for the JacobsonPeterson Company of this city. The structure will have a seating capacity of 700. Maple Bay-Helmer Gudmunson, 28 years old, walked from Bagley to Crookston, a distance of 18 miles for the purpose of being exan.ined by physicians, and dropped dead in the physician's office. The cause was given as heart disease, exaggerated by exertion. Rochester-The Rochester-Twin Cities state highway will be kept open for automobile, bus and truck traffic this winter, even though there are heavy snows. Snow fences, similar to those erected aong railroad rights of way are being set up. St. James-The total business of creameries in this county for 1923 was $727,951.47, according to figures recently made public by Chris Heen, state dairy and food commissioner. This includes the business of nine cooperative and two privately owned creameries. Crookston-The receiver for the Merchants National Bank has bid in the buildings of the Northwestern Minnesota Fair 0.1 an execution to satisfy a claim for some $1,600 which the bank held against the fair association. There are other claims against the association amounting a all to about $5,000, exclusive of the claim of the bank. Hibbing-Predicting that the Ninth Rotary district conference in Hibbing, April 23, 24, 1925, will be the biggest Rotary convention ever conducted in the northwest, Edward Flynn, St. Paul, addressing the chairman of the convention committee at a banquet tendered in his honor, stated that 1,500 Rotarians from the two Dakotas, Wisconsin and Minnesota, will be in attendance. St. Paul-County organizations were perfected all over the state as the brief can paign for funds for a memorial statue for the late Knute Nelson opened. Citizens were asked to contribute small sums so the entire state will be represente: in the memorial to everected on the State Capitol grounds. The c mpaign will be for two weeks, and the goa. set is $50,000. Mankato-W. R. Adams of this city has been appointed supervisor of the fifth district of Minnesota by the United States department of commerce, and will take the census of agriculture this winter, starting about December. The following counties will be comprised in the census: Blue Earth, Brown, Cottonwood, Faribault, Jackson, Le Sueur, Lincoln, Lyon, Martin, Nicollet, Pipestone, Nobles, Redwood, Rock, Waseca, and Waton wan, Barnesville-Transfer of all stock in the closed Citizens State Bank of Barnesville to depositors and the payment of a 100 per cent assessment thereon by the former owners was effected at a meeting of depositors and stockholders here. Thief River Falls-President Cool idge was urged to raise the present tariff on butter to 12 cents a pound temporarily until

3. December 5, 1924 The Ely Miner Ely, MN
Article from The Ely Miner, December 5, 1924

Click image to open full size in new tab

Article Text

Redwood Falls-Beekeepers of this county have formed an organization for mutual benefit and will endeavor to interest the younger generation in bee culture. Tracy-The eleventh annual corn and grain show, under the auspices of the Tri-County Farm Improvement association, closed its five-day session with a large attendance. Minneapolis-The Minnesota Society, Daughters of the Revolution, will celebrate the 25th anniversary of its founding December 9, with a reception at the home of Mrs. Merrill C. Smith. St. Paul-St. Paul will be asked to adopt the "century" system of house numbering, similar to that of Minneapolis, under a plan to be submitted to a planning board committee. Owatonna-The date for the sale of a $200,000 issue of bonds to finance further construction of the municipal electric light, power and heating plant was postponed from December 2 to 16 by the city council at a special meeting. Rochester-Rochester's new $30,000 water tower on College hill has been formally dedicated and opened for public inspection. The local post of the American Legion had charge for the day, and souvenir programs will be distributed. St. Cloud-George Lohrer, Sr., aged 76 years, died at the home of his son here, from blood poisoning. Mr. Lohrer was kicked in the knee by a calf while visiting at the farm of a friend. Later the knee began to swell and blood poisoning developed. Northfield-Officers elected to lead the St. Olaf Science Club are Fred Ebersole, Northfield, president; Marvin Seim, Northfield, vicepresident; Reinhold Briese, St. Paul, secretary, and James Peterson, Osseo, Wis., treasurer. Mankato-The body of a baby was found in the waiting room of the Omaha deport here by the baggage man. Dr. G. A. Dahl, county coroner, was called. All marks of identification on the box had been erased and no clue could be found by authorities. Redwood Falls-At the annual meeting of the Redwood County Agricultural Association F. G. Hubbard presented his resignation as president of the organization and Rudolph Stensval was named to the position. W. A. Hauck was re-elected secretary. Lafayette-Bandits drove into Lafayette, held the whole town a bay for omre thain two hours, and wrecked the interior of the Farmers' State bank by exploding 18 charges of nitroglycerine in an unsuccessful attempt to reach $8,000 in the vault. Minneapolis-The first annual radio exposition of the Northwest Radio Trades association closed with a program featured by a special broadcast from a studio installed at the exposition by WCCO, the Gold Medal station. Over 15,000 radio fans attended the first convention. Hastings-Jasper Hinman, St. Paul shoemaker, was found guilty by a jury here of first degree murder for the shooting of Patrick Mooney in his farmhouse near Savage, last July. He was immediately sentenced to life imprisonment in the state penitentiary at Stillwater. Mankato-The Presbyterian board of relief and suspension has sent out an urgent call to the elders of the 50 Presbyterian churches of the presbytery to assemble here, to consider the new pension plan that has been adopted by the general assembly synod of Minnesota, and by this presbytery. Minneapolis-The Minnesota department of the American Legion auxiliary has chanllenged tht state Legion to a membership race, as part of the auxiliary's intensive membership campaign. Every unit all over the state will be asked to challenger the Legion post in its community to a community race. St. Paul-The Northern Pacific railroad took the lead in a new move to help diversified farming. It announced plans to put in effect as soon as possible all points on its lines, a charge just half the regular freight charge for less-than-carload shipments of registered horses other than race horses, and of cattle for breeding. Northfield-Plans for the 50th commencement of St. Olaf which is to be held June 4 to 6, have been announced. They will include, beside the conferring of bachelor's degree on 150 seniors, observance of the 50th anniversary of the founding of the college. Dedication of the new $250,000 recitation hall now under construction, will be a part of the celebration. Northfield-What may prove to be an advanced step in college forensic circles is the proposed formation at Carleton College of a debating club modeled after the standardized debating unions of English universities. The purpose of such a debating club is the development of a free and easy manner of speaking and the fostering of a more intimate campus discussion of certain matters. Barnesville-Transfer of all stock in the closed Citizens State Bank of Barnesville to depositors and the payment of a 100 per cent assessment thereon by the former owners was effected at a meeting of depositors and stockholders here. Thief River Falls-President Coolidge was urged to raise the present tariff on butter to 12 cents a pound.