Under the 1909 guidelines establishing the Banking Division, the superintendent of banks held the responsibility of "constant supervision, either personally or through the examiners...over the books and affairs of the state banks, savings banks, trust companies, building and loan associations, and other financial corporations doing business within the state." Minnesota's counties were divided into eight districts, with examiners assigned to each. Examiners were charged with the task of twice yearly "inspecting and verifying the assets and liabilities of each [financial institution], and so far investigate the character and value of the assets...as to ascertain with reasonable certainty that the values are correctly carried on its books." [Minn. Laws 1909 c201]. The department was succeeded in 1925 by the Banking Division of the Department of Commerce [Minn. Laws 1925 c425].
