Security Bank - St Joseph, MO

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 12, 1926
Location: St Joseph, Missouri (39.769, -94.847)

Metadata

Model: gpt-5-mini
Short Digest: 5a0ec10d

Response Measures

None

Description

Article discusses the bank having closed on May 12, 1926 and being in liquidation with a receiver and dividends being paid to depositors. No mention of a depositor run prior to suspension; the bank was placed in receivership and liquidated.

Events (2)

1. May 12, 1926 Receivership

Newspaper Excerpt: Dividend in Security Bank Liquidation Anticipated. ... the receiver of the Security Bank ... when the bank closed May 12. 1926. ... A dividend of 10 per cent ... was paid ... by the receiver of the Security Bank, in which the city had $32,223.1 on deposit, ... when the bank closed May 12. 1926. ... the receiver of the Security Bank, in which the city had $32,223.13 on deposit, ... the receiver and the comes within about $4,500 of the amount the city had on deposit when the bank closed, ... (article text referring to receiver and liquidation).
Source: newspapers

2. May 12, 1926 Suspension

Cause: Government Action
Cause Details: Bank closed and placed in receivership and liquidation on May 12, 1926; receiver administering assets and paying dividends.
Newspaper Excerpt: when the bank closed May 12. 1926.
Source: newspapers

Newspaper Articles (1)

1. September 4, 1931 St. Joseph News-Press St. Joseph, MO

Article from St. Joseph News-Press, September 4, 1931

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Article Text

CITY RECOVERS $6,783 Dividend in Security Bank Liquidation Anticipated. Restitution Now Amounts to $77,673.97-City Had $82,223.13 on Deposit. St. Joseph as a city will profit more than any other depositor by the 8% per cent final dividend to be declared by the receiver of, the Security Bank, in which the city had $32,223.1 on deposit, $50,000 in time deposits and $32,223.13 in daily balance account, when the bank closed May 12. 1926. The city will receive a dividend of $6,783.40. A dividend of 10 per cent, amounting to $8,222.31, was paid to the city Dec. 18, 1926. The total through dividends is therefore $15,005.73. However, this does not represent all that the city has recovered of its deposits. From persons who signed the bank's bond to guarantee the city deposits total of has been collected. Also From Bondsmen. Including the amount already recovered from the bank, that which has been paid by the bondsmen, and the proposed dividend, the city will have recovered $77,673.97 in all. This will leave balance from the bondsmen of $4,559.17, not including interest. The city has a judgment against the persons who were on the bank bond and It hopes to recover the remainder of the money While the have actually paid into the city treasury $62,668.25, the city books show that they are credited with only $51,000.43. This is explained by transfer of $11,667.82, which was made from this department of the general fund to the contingent and incidental department the last day of the Stigall administrati Item Is for Interest. This $11,000 Item is for interest which had accumulated at the time the transfer was made on the judgment which the city obtained against the bondsmen. Interest is still accumulating on this judgment at the rate of per cent annually, While the amount actually paid into the city treasury by the bank receiver and the comes within about $4,500 of the amount the city had on deposit when the bank closed, if this interest item is added the amount is $16,215.99, and this is the amount shown on the books of the treasurer as still uncollected. This doesn't take into account any interest which might have accumulated since the transfer was made. The city also had funds in the