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Minnesota Agencies

Information on Minnesota State Agencies, Boards, Task Forces, and Commissions

Compiled by the Minnesota Legislative Reference Library


Banking Department

Active dates:1909-1925
Function:

The department shall have charge of the execution of all laws relating to state banks, savings banks, trust companies, building and loan associations and other financial corporations chartered under the laws of Minnesota, and the business thereof.

Succeeded by:
History:

The Department of Banking was established in 1909 to execute the laws relating to state banks, savings banks, trust companies, building and loan associations, and other financial corporations chartered under the laws of Minnesota (Laws 1909 c201). It was put under the control and management of a superintendent of banks who was appointed by the governor for a term of three years. The superintendent appointed a deputy superintendent and eight examiners. Each examiner was assigned to one of the eight districts into which the state was divided. Since it was the intention of the law to completely divorce the banking department from the office of the public examiner, the superintendent took over the former duties of the public examiner in relation to financial institutions. The superintendent had general supervision over all state banks and other financial institutions and was required to have those institutions thoroughly examined and audited at least twice each year. He was also required to ascertain the financial standing of all bondsmen of state and county officials and to determine the sufficiency of such bonds, another function formerly performed by the public examiner.

The department was succeeded in 1925 by the Banking Division of the Department of Commerce (Laws 1925 c426).

Agency heads:

Superintendents: John B. Galarneault, 1909-1911; Kelsey S. Chase, 1911-1914; Albert H. Turrittin,1915-1916; F. S. Pearson, 1917-1921; S. B. Duea, 1921-1922; R. B. Rathbun, 1923-1924; A. J. Veigel, 1925.

Deputy superintendents: none listed in legislative manuals, 1909-1911; D. D. Devine, 1911-1912; H. S. Quiggle, 1913-1916; G. H. Sivwright, 1917-1925.

Record last updated: 11/24/2020
 

Additional print information on this group may be available in the Library's collection of agency notebooks. Please contact a librarian for assistance. The Minnesota Agencies database is a work in progress.

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