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loss it is believed. (NOTE: This observation would not hold true.) Voluntary Action By Officers Cause of Business Suspension City’s Oldest Financial Institution Taken Over By State Examiner Talk of Reorganizing But Nothing Definite Can Be Assured The Plainview State Bank was closed Wednesday morning by the voluntary action of the officers of the bank. On Tuesday when the decision was made the state banking department was informed and the next morning members of the department were here to take charge of affairs. Members of the banking department who are taking charge of the bank are John G. Schultz, Jr., E. A. Highum, and A. A. Sorenson. News of the closing did not spread until that morning and during the rest of the day there was considerable discussion all about town. There were many long faces, and yet there was very little excitement. Everyone seemed to feel that there were others more seriously effected than themselves. The Plainview State Bank is one of the oldest institutions in this section of the state and has always been considered one of the strongest. In their quarterly statement made in January was over $850,000, including about $700,000 in deposits. This was the lowest that their totals have been in years. Post war conditions brought on an impossibility of realizing profits from property which was held as security and the property replaced the loan. The bank has been under a heavy strain for the past few years but superhuman efforts of its officers during the past few months has made its condition look the most favorable for some time and it was thought by many that they were past the crises. In their efforts to clear their accounts the officers who are stockholders have put in every bit of their personal resources. It is expected that they will suffer a complete loss. How the depositor will fare will not be determined for some time and will likely be years before the whole situation is cleared up, but it is expected that eventually a satisfactory settlement will be made. It will perhaps be a month before statements of any definiteness can be made. There is talk of reorganization, but nothing can be done until a definite statement can be given of the present situation. E. L. Sylvester, president of the bank, left Saturday from the Cities and has not returned or been heard from since. Mrs. J. P. Caldwell, Mrs. Meta Holmes, and Edwin Sylvester Jr. came down from Minneapolis Monday and spent a few days with their mother. March 9, 1925- Rochester Daily Bulletin Warrant is Issued for His Arrest John Foley, Wabasha County Attorney, Issues and Signs Warrant Authorities Will Hunt for Banker Family Can Give no Hint of Whereabouts; Speculation Will Total High Plainview, Minn. March 9 – E. L. Sylvester, president of the Plainview State Bank, was charged with embezzlement of $1,650 in a warrant issued here today by John Foley, Wabasha County Attorney. The alleged defalcation probably will run much higher, Mr. Foley said.
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* SOURCE: Manzow, Ron (compiler), "The Sylvester Family of Plainview, Minnesota - a collection of information taken from the Plainview News, other newspapers, letters, and diaries beginning in 1884": Plainview Area History Center, 40 4th St. S.W., Plainview, MN 55964. Compiled in 2001.
NOTE: from Ron Manzow, December 2001: "Feel free to reproduce the pages for anyone who wants a copy. It was
compiled to be shared... All I ask is that they consider sending a check to the [Plainview Area] History Center to help us out. That
should be enough."
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