gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
509c00d7a6a08869
Response Measures
None
Description
Bank suspended after a run in Dec 1896, reopened in Jan 1897, then entered voluntary liquidation and receiver appointed Feb 10, 1897.
Events (5)
1.December 30, 1896Run
Cause
Rumor Or Misinformation
Cause Details
Newspapers report a run on the bank in late Dec. 1896 but do not identify bank-specific insolvency; bank later said to have had legal reserves when closed.
Measures
Announced suspension of payment for a few days; applied for receiver (Northern Trust applied for a receiver).
Newspaper Excerpt
The Bankers' Exchange bank announced the suspension of payment for a few days. ... There has been a run on the bank.
Source
newspapers
2.December 30, 1896Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension immediately followed the run; reported as brief suspension of payments 'for a few days.'
Newspaper Excerpt
The Bankers' Exchange bank announced the suspension of payment for a few days.
Source
newspapers
3.January 7, 1897Reopening
Newspaper Excerpt
The receivers for the Bankers' Exchange bank ... was discharged by Judge Smith today, and the bank resumed business.
Source
newspapers
4.February 10, 1897Receivership
Newspaper Excerpt
Otto Rood was today appointed receiver of the Bankers' Exchange bank.
Source
newspapers
5.February 10, 1897Suspension
Cause
Voluntary Liquidation
Cause Details
Articles state the action was a voluntary liquidation and a receiver was appointed.
Newspaper Excerpt
Otto Rood was today appointed receiver of the Bankers' Exchange bank. This institution closed its doors last December and re-opened Jan. 7 ... The action today was a voluntary liquidation.
Source
newspapers
Newspaper Articles (16)
1.December 30, 1896Rock Island ArgusRock Island, IL
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Article Text
Failures of the Day. Birmingham, Ala., Dec. 30.-The Commercial bank, of Seima, Ala., failed to open its doors this morning. The capital is $300,000; the undivided profits $50,000. West Superior, Wis., Dec. 30-The Anchor Grain company, operating on the Superior board of trade has assigned. Minneapolis, Dec. 30.-,The Bankers' Exchange bank announced the suspension of payment for a few days. It has only $30,000 capital. There has been a run on the bank. The Northern Trust company has applied for a receiver. The hearing was postponed one week.
2.December 31, 1896Kansas City Daily JournalKansas City, MO
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Article Text
The Minneapolis Situation. Minneapolis, Minn., Dec. 30.-The financial situation was much easier here to-day and no apprehensions are now felt as to the security of any of the large banks. The announcement that the Bankers' Exchange bank had suspended payment for a few days caused scarcely a ripple, as the institution is a very small one, with only $30,000 capital.
Receivers Discharged. Minneapolis, Minn., January 7.-The receivers for the Bankers' Exchange bank, which closed during the recent excitement with more than legal reserve on hand was discharged by Judge Smith today, and the bank resumed business. The Farmers and Mechanics' Savings bank today declared its usual 4 per cent annual dividend.
4.January 8, 1897The Topeka State JournalTopeka, KS
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Article Text
Minneapolis Bank Resumes. Minneapolis, Jan. 8.-The Bankers' Exchange bank, which closed its doors a week ago, has resumed business. Acting upon the recommendation of M. D. Kenyon, the state superintendent of banks, Judge Seagrave Smith made an order this morning discharging the receiver and restoring the bank's assets to its officers.
5.January 9, 1897The Bryan Daily EagleBryan, TX
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Article Text
Exchange Bank Resames MINNEAPOLIS, Jan. 8.-The receiver for the Ban ers' Exchange bank which closed during the recent excitement with more than the full legal reserve on hand, was discharged by Judge Smith and the bank resumed business. The Farmers and Mechanics, Savings bank has deolare its usual 4 per cent annual dividend.
6.January 9, 1897Omaha Daily BeeOmaha, NE
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Article Text
Bank Resumes. MINNEAPOLIS, Jan. 8.-The Bankers' Exchange bank, which closed its doors a week ago, resumed business today. Acting upon the recommendation of M. D. Kenyon, the state superintendent of banks, Judge Seagrave Smith made an order this morning discharging the recéiver and restoring the bank's assets to its officers.
7.February 10, 1897The Jersey City NewsJersey City, NJ
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Article Text
ONE MORE BANK GONE. MINNEAPOLIS, Minn., Feb. 10, 1897.The Bankers' Exchange Bank, of this city, closed its doors this morning. It suspended some weeks ago, but resumed in a few days. Its last statement is dated December 26, 1896. It shows deposits of $61,000; capital, $30,000; loans and discounts, $68,000.
8.February 11, 1897Birmingham State HeraldBirmingham, AL
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Article Text
A RECEIVER APPOINTED. Minneapolis, Minn., Feb. 10.-Otto Rood was today appointed receiver of the Bankers' Exchange bank. This institution closed its doors last December and re-opened Jan. 7, by order of the state bank examiner. At the time of re-opening the deposits were $53,000. Since then, however, the deposits have been reduced 75 per cent. by withdrawals. The action today was a voluntary liquidation. The bank claims to have four times the amount of deposits in bills receivable. The receiver expects to pay depositors in full within thirty days.
9.February 11, 1897Wheeling RegisterWheeling, WV
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Article Text
A RECEIVER APPOINTED. MINNEAPOLIS Minn., February 10.Otto Rood was this morning appointed receiver of Banker's Exchange Bank
10.February 11, 1897The Roanoke TimesRoanoke, VA
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Article Text
CLOSED THE SECOND TIME. Minneapolis, Minn., Feb. '10.-Otto Rood was to-day appointed receiver of the Bankers' Exchange Bank. This in*stitution closed its doors last December and re-opened January 7 by order of the State bank examiner. At the time of reopening the deposits were $53,000. Since then, however, the deposits have been reduced 75 per cent. by withdrawals. The action to-day was voluntary liquidation and the bank claims to have four times the amount of deposits in bills receivable. The receiver expects to pay depositors in full within thirty days.
11.February 11, 1897The Daily Morning AstorianAstoria, OR
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Article Text
BANK IN TROUBLE. Minneapolis, February 10.-Or petition of A. M. Hove, Otto Rood was this morning appointed receiver of the Bankers' Exchange Bank. The petition stated that Hove had drawn a check on the bank yesterday for $100, and payment had been refused, although there was plenty of money on deposit in his name to cover the check.
12.February 11, 1897The SunNew York, NY
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Article Text
The Bankers' Exchange Bank Again Closes MINNEAPOLIS, Minn., Feb. 10.-Otto Rood was to-day appointed receiver ot the Bankers' Exchange Bank. This institution closed its doors in December last and reopened on Jan. 7 by order of the State Bank Examiner. The action to-day was a voluntary liquidation. The receiver expects to pay depositors in full within thirty days.
13.February 11, 1897The San Francisco CallSan Francisco, CA
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Article Text
Bank's Second Closing. MINNEAPOLIS, MINN., Feb. 10.-Otto Reed was to-day appointed receiver of the Bankers' Exchange Bank, Second-avenue South and Third street. This institution closed its doors last December and reopened January 7, by order of the State Bank Examiner. At the time of reopening the deposits were $53,000. Since then, however, the deposits bave been reduced 85 per cent by withdrawals. The action to-day was a voluntary' liquidation, and the bank claims to have four times the amount of deposits in bills receivable. The receiver expects to pay depositors in full within thirty days.
14.February 11, 1897The Morning NewsSavannah, GA
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Article Text
BANK GIVES UP BUSINESS. The Bankers Exchange of Minneapolis to Liquidate. Minneapolis, Minn., Feb. 10.-Otto Rood was to-day appointed receiver of the Bankers' Exchange Bank. This institution closed its doors last December and reopened Jan. 7, by order of the state bank examiner. At the time of reopening the deposits were $53,000. Since then, however, the deposits have been reduced 75 per cent. by withdrawals. The action to-day was a voluntary liquidation and the bank claims to have four times the amount of deposits in bills receivable. The receiver expects to pay depositors in full within thirty days.
15.February 11, 1897The Salt Lake HeraldSalt Lake City, UT
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Article Text
STILL THEY GO. Another Bank Closes In Gold Standard Minneapolis. Minneapolis, Feb. 10.-Otto Rood was today appointed receiver of the Bankers' Exchange bank. Second Avenue South and Third street. This institution closed its doors last December and reopened Jan. 7 by order of the state bank examiner. At the time of the reopening the deposits were $53,000. Since then, however, the deposits have been reduced 75 per cent by withdrawals. The action today was a voluntary liquidation and the bank claims to have four times the amount of deposits in bills receivable. The receiver expects to pay depositors in full within 30 days.
16.February 19, 1897The McCook TribuneMcCook, NE
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Article Text
Another Minneapolis Bank Involved. MINNEAPOLIS Minm, Feb. 12.-Onz the petition of A. M. Hovey, Otto Rood nas been appointed receiver of the Bankers' Exchange bank. The petitions stated that Howey had drawn his check on the bank for $100. and that payment had been refused, although there was plenty of money on deposit in his name to cover the check.
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.
