COMMERCE DEPARTMENT: BANKING DIVISION:

The correspondence files (1971-1973) mainly consist of letters written during May-June 1973 to Governor Wendell Anderson in support of O'Donnell's appointment as Banking Commissioner, and Anderson's letters in reply. Correspondents include businessmen, lawyers, bankers, legislators, judges, and state and municipal officials. Scattered letters from constituents concern banking issues. There are also several letters in June 1973 expressing disappointment over O'Donnell's withdrawal from consideration as permanent commissioner.

The problem bank files include correspondence, memos, and miscellaneous legal documents and reports relating to both real and perceived problems being experienced by various banks in the state. Correspondents include the American Finance Management Corporation; BANCO; Vernon E. Rude, Supervisor of State Banks; Beneficial Loan and Thrift Corporation; E. J. Driscoll, Securities Division Commissioner; and the Federal Deposit Insurance Corporation (FDIC). Topics covered include ethics, divisional operations and procedures, dispute between the U.S. General Accounting Office (GAO) and FDIC over bank examinations, non-FDIC member banks investing in municipal securities, and BANCO's 1972 plans to acquire a controlling interest in the Farmers and Merchants State Bank, Stillwater.

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Divided into two subseries: chronological correspondence files and an alphabetical set of subject files about problem banks.

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Access Restrictions:

Records in the problem bank files include private and financial information about individuals, possibly including date of birth, social security number and assets. Records with private information are closed for 75 years from date of last entry in the record. Records less than 75 years must be inspected by library staff to prevent inappropriate disclosure of confidential information. Please consult library staff for more information.

Preferred Citation:

[Indicate the cited item and/or series here]. Minnesota. Banking Division. Files of Acting Commissioner Michael C O'Donnell. Minnesota Historical Society.

See the Chicago Manual of Style for additional examples.

Accession Information:

Accession number: 985-211

Processing Information:

Catalog ID number: 990017280500104294

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This collection is indexed under the following headings in the catalog of the Minnesota Historical Society. Researchers desiring materials about related topics, persons or places should search the catalog using these headings.

Topics:

Bank examination -- Minnesota.

Bank investments -- Minnesota.

Banks and banking -- Minnesota -- State supervision.

Banks and banking -- Moral and ethical aspects -- Minnesota.

Municipal bonds -- Minnesota.

Savings and loan associations -- Minnesota.

Persons:

Anderson, Wendell Richard, 1933-2016.

Driscoll, Edward J.

O'Donnell, Michael C.

Rude, Vernon E.

Organizations:

American Finance Management Corporation.,

Beneficial Loan and Thrift Corporation.

Farmers and Merchants State Bank (Stillwater, Minn.).

Federal Deposit Insurance Corporation.

Minnesota. Securities Division.

Minnesota. Department of Commerce.

Minnesota. Governor (1971-1976 : Anderson) -- Correspondence.

Northwest Bancorporation.

United States. General Accounting Office.

Places:

Minnesota -- Commerce.

Minnesota -- Officials and employees -- Selection and appointment.

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