First State Bank - Ipswich, SD

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 27, 1932
Location: Ipswich, South Dakota (45.444, -99.029)

Metadata

Model: gpt-5-mini
Short Digest: 373229c1

Response Measures

None

Description

Article (Sept 27, 1932) reports the First State Bank of Ipswich failed to open for business and suspend operations because farmers could not meet obligations. No run or reopening mentioned; treated as suspension leading to closure/remaining closed.

Events (1)

1. September 27, 1932 Suspension

Cause: Local Shock
Cause Details: Inability of farmers to meet obligations to the bank (farm loan defaults/agrarian distress).
Newspaper Excerpt: The First State bank of Ipswich failed to open for business Monday. ... inability of farmers to meet obligations to the bank had made it necessary to suspend operations.
Source: newspapers

Newspaper Articles (1)

1. September 27, 1932 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, September 27, 1932

Click image to open full size in new tab

Article Text

IPSWICH BANK CLOSES Ipswich, S. D., Sept. 27.-(P)-The First State bank of Ipswich failed to open for business Monday. John Holdhusen president, said inability of farmers to meet obligations to the bank had made it necessary to suspend operations. Other officers of the institution are Albert Strom, vice president, and George Loomis, cashier.