2646. County Savings Bank (Algona, IA)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
savings bank
Start Date
October 29, 1927
Location
Algona, Iowa (43.070, -94.233)

Metadata

Model
gpt-5-mini
Short Digest
bb882a329bd4b052

Response Measures

None

Description

Articles (dated 1927-10-29/30) report heavy withdrawals leading to depleted reserves and the bank being closed at noon and placed in the hands of State banking examiners. No article here states whether the bank later reopened or was placed in permanent receivership, so outcome is uncertain.

Events (2)
1. October 29, 1927 Run
Cause Details
Heavy withdrawals depleted reserves; no specific trigger (rumor, insolvency, or external shock) identified in the articles.
Measures
Bank closed at noon; placed in hands of State banking examiners.
Newspaper Excerpt
Depleted due to heavy withdrawals are for the closing in each case.
Source
newspapers
2. October 29, 1927 Suspension
Cause Details
State banking examiners closed the bank after reserves were depleted by heavy withdrawals.
Newspaper Excerpt
County Savings Bank of Algona ... were closed at noon today. The first two banks are in the hands of State banking examiners.
Source
newspapers

Newspaper Articles (2)
1. October 29, 1927 The Daily Plainsman Huron, SD
Article from The Daily Plainsman, October 29, 1927

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Article Text

MASON Oct. 29. Kossuth county banks, County Savings Bank of Algona, Algona State Bank. Algona, and the Bank Swea City were closed at noon day. The first two banks are in the hands state banking examiners and the National bank charge representative of the comptrollers the currency. Depleted due to heavy withdrawals are for the closing in each case.

2. October 30, 1927 Evening Star Washington, DC
Article from Evening Star, October 30, 1927

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Article Text

THREE BANKS CLOSED. Two Iowa Institutions in Hands of State Examiners. MASON CITY, Iowa, October 29 (AP).-Three Kossuth County banksthe County Savings Bank of Algona, the Algona State Bank, Algona, and the First National Bank at Swea City -were closed at noon today. The first two banks are in the hands of State banking examiners, and the national bank is in charge of a representative of the Controller of the Currency. Depleted reserves, due to heavy withdrawals, are assigned as reason for the closing in each case.