2683. Bettendorf Savings Bank (Bettendorf, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
December 26, 1932
Location
Bettendorf, Iowa (41.524, -90.516)

Metadata

Model
gpt-5-mini
Short Digest
76f3401f12248adc

Response Measures

None

Description

Board of directors voted to suspend operations and liquidate (Dec. 26, 1932); superintendent of banking took possession and a receiver was appointed later in December 1932. No newspaper text describes a depositor run prior to suspension or any reopening — the institution proceeded into receivership and liquidation.

Events (2)
1. December 26, 1932 Suspension
Cause
Voluntary Liquidation
Cause Details
Board resolution to discontinue business and liquidate assets to protect depositors; notice given to state superintendent of banking.
Newspaper Excerpt
At a special meeting of the board of directors of the Bettendorf Savings bank held Monday afternoon the following resolution was adopted: 'Be it resolved ... the directors have decided to suspend further operation of this bank at once and that notice of said suspension be given to the superintendent of banking for the state of Iowa and that a copy of this notice be posted on the front door of the bank.'
Source
newspapers
2. December 29, 1932 Receivership
Newspaper Excerpt
The business and property of the Bettendorf Savings bank have been taken possession of by the superintendent of banking... and court fixed receiver's bond for the Bettendorf Savings bank; formal receivership orders were entered by the district court Dec. 29, 1932.
Source
newspapers

Newspaper Articles (13)
1. December 27, 1932 Quad-City Times Davenport, IA
Article from Quad-City Times, December 27, 1932

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Article Text

COUNTY BUSINESS No Excitement or Interruption in Business Reported at Any of Them. Nine county banks in Scott coun outside of Davenport opentd usual hour for business today. included all county banks They the exception the Bettendorf which decided yesterday to receivership. Harry Brownlie of the Stockbank, Long Grove, has been spokesman for country banks, stated today that there had been no difficulties and that there been no demands for unusual thing was quiet at all of the counbanks this morning it ported.

2. December 27, 1932 Quad-City Times Davenport, IA
Article from Quad-City Times, December 27, 1932

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Article Text

SAVINGS BANK SUSPEND DAVENPORT AT TIME HAD Affairs of Institution Mergers, Suspensions and Placed in Hands of Iowa Liquidations Supt. of Banking. the Number to One. The doors of the Bettendorf Savings bank remained closed this morning business and property of the institution placed the hands of the Iowa superintend of banking by decision the board of directors met in special meeting Monday afternoon. Two notices, one signed by the and the other by Poffenbarger, ship pasted on the bank door. There excite ment, an passer-by stopping to read the bulletins. The directors' notice special meeting the board of of Betten dorf Savings bank, held this day (Dec. 26), the following resolution unanimously adopted for the purpose of protecting the depositors of this bank and in order that the may be for the benefit of the decided to pend further of bank once, and notice suspension given to superintendent banking of of Iowa, and that copy this notice posted on the front door this Beside notice the letin of Mr. Poffenbarger read business and property the bank has been taken possession by perintendent of banking. The funds the city of Betten dorf among posits Bettendorf bank Questioned regarding probable action of Mayor Hansen said that unable offer other than would counmeeting in the year. History Bank. The Bettendorf Savings only institution banking received charter March and opened business present building 1702 State Peter incumbent ident was at the head the bank organization, which was talized the amount which never Other ficers the bank the original organization president: vert, Kohle, Schroeder, Oscar Kobs, James Walsh, Reck. Dougherty and McMann, The present board of directors includes but the charter board. They are Peter Dougherty and Other the pres. board Gilroy Boston and Moeller Moeller the incumbent and Davenport's bank history of years has been one merg suspensions and liquidation number of institudwindling from in the day to today with the the by the old German Savings American Commercial Savings American Savings bank Trust company the time liquidation year ago. The Davenport Savings Main merged the was followed short time later merger Union the Scott County Savings The Iowa National bank. Second and merged Savings bank, the First tional bank taken over The last merger the Citizens bank and Trust company the Commercial bank May, 1931. meantime the Savings Second street, the Industrial Savings Third and Ripley taken by American Commercial Savings bank for purpose liquidation. North Street ings bank, located Sixteenth later known the Peoples' Trust Savings bank, business and went into hands The American bank company went into hands on Oct. but one the and the outlying districts, the Home ings bank and Northwest Davenport Savings bank. The American Savings bank Trust company reorganized early and re-opened the Davenport Bank Trust surviving bank institution the city today the districts the record been much same. The First State Savings bank Trust suspended and reorganized only pend second time some and now being liquiyears The Savings bank was the second country bank pend and now Banks in Eldridge in Walcott merged and still operating

3. December 27, 1932 The Daily Times Davenport, IA
Article from The Daily Times, December 27, 1932

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Article Text

Bettendorf Bank To Liquidate; Is Not Open Today Taking the same action as the Northwest Davenport Savings bank and the Home Savings bank of Davenport, members of the board of directors of the Bettendorf Savings bank held a meeting Monday afternoon and passed resolution to discontinue business and to liquidate the assets of the bank. The bank remained closed today as a result. The following notice appeared on the front door of the bank this morning, no further statement being offered by the officers: At a special meeting of the board of directors of the Bettendorf Savings bank held Monday afternoon the following resolution was adopted: "Be it resolved, that for the purpose of protecting the depositors of this bank and in order that the assets may be preserved for the benefit of all concerned, the directors have decided to suspend further operation of this bank at once and that notice of said suspension be given to the superintendent of banking for the state of Iowa and that a copy of this notice be posted on the front door of the bank." Receiver's Notice Also on the door of the bank the following notice was also posted by A. F. Poffenberger, the receiver in charge: "The business and property of the Bettendorf Savings bank have been taken possession of by the superintendent of banking. Organized in 1909 Organized in 1909, the Bettendorf Savings bank received its charter on March 1 of that year. The capital of the bank was $25,000 and was never changed. Officers at the time of organization were: P. W. Reck, president: F. Siebengartner, vice president; J. Brownlie, cashier, and W. O. Calvert, J. C. Kahle, C. H. Schroeder, Oscar Kobs. James W. Walsh, F. Siebengartner, P. W. Reck. E. J. Dougherty and W. W. McMann. Present officers are as follows: P. W. Reck, president; E. J. Bettendorf, vice president; A. H. Moeller, cashier, and J. W. Bettendorf, E. Bettendorf, J. L. Miclot, P. S. Gilroy, G. L. Boston, P. W. Reck, E. J. Dougherty, W. W. McMann and H. H. Moeller, directors. Deposits in the bank amount to approximately $340,000. Forty-six per cent of Germany's exports of metal-working machinery last year went to Russia.

4. December 29, 1932 Quad-City Times Davenport, IA
Article from Quad-City Times, December 29, 1932

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SURETY DESIGNATED IN RECEIVERSHIPS Andrew Named ceiver for Five Financial Institutions Here. Designation of bonds to be nished by the receiver and examincharge marked proceedings for the Union Savings Bank Trust company, the Home bank, the Northwest enport Savings bank, the Bettendorf Savings bank and the American Trust company in District Judge W. Scott's court late Wednesday. Andrew, state superintendof banking. appointed ceiver each Mr. drew in turn designate an aminer in charge each institution. of formal court letters will await the filing and approval the bonds. Bonds designated by the court in Union Savings Bank Trust examiner's bond, $200,000; Home Savings bank, receiver's bond, $10,examiner's bond, Northwest Davenport receiver's bond, examiner's bond, $75,000; Bettendorf Savings receiver's bond, $10,000, aminer's bond, American company, receiver's bond, examiner's bond,

5. December 29, 1932 The Daily Times Davenport, IA
Article from The Daily Times, December 29, 1932

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Bank Receiverships Here Are Given Formal Court Approval; Andrew Continues in Charge Formal approval of voluntary involving the Union Savings Bank Trust Co., the Home Savings bank, the Davenport Savings bank, the Bettendorf Savings bank and the American Trust Co. of Davenport was given court orders signed by Judge Scott today in the Scott county district court. Applications on the receivership and for approval by the court necessary orders was made by Attorney General John Fletcher and Andrew, Iowa superintendent of banking. who was appointed permanent receiver of the suspendinstitutions. In all the receivership actions, March 30 1933 was fixed as the closing date for filing of claims creditors and the presentation proofs of claims with the clerk the Scott county district court. As to Claims Notice given to creditors of the closed banks that claims based on checking accounts. time and demand deposits and all other claims not shown on books of the banking institutions, that they will not have to file formal claims. Holders of demand and time certificates will be required to present them to the examiner charge of banks before dividends are paid. In the receivership of the Union Savings Bank Trust Co., Mr Andrew as permanent receiver empowered appoint an additional bank examiner if necessary assist in the liquidation of liabilities and the distribution of assets. The receiver may also employ necessary counsel and clerical help and attend to the leasing of real estate owned by the bank, the lection of rents and any other matters for the benefit of creditors. the bond of the examiner in charge being fixed at $200,000. Both officials are to file with the court reports on all their actions. The court orders fix the time for filing of claims and applications for allowances on offsets. Direction is given the receiver to demand evidence of all indebtedness against the closed banks. The receiver will also have charge of making offsets between the bank, depositors and other creditors. In all of the receivership actions, the receiver is authorized to direct the execution of releases and assignments liens. Any debts due the banks or receiver, secured by liens on real estate is paid in full or sold for full payment on payment of principal and interest. The receiver to execute to the assignee of debt a satisfaction and discharge as the case may be, of the debt or security. Release Safety Deposits Orders included for the banks releasing property held bailee, the receiver being ordered to deliver to owners property held in the banks in safety deposit boxes. This order applies only in cases where the property owner not indebted to the bank. Like receivership orders are made for the three smaller banks and the American Trust Co. The receiver's bond for the Bettendorf Savings bank is fixed at $100,000 and the examiner-in-charge has bond for $35,000. The receiver's bond for the Home Savings bank is fixed at $10,000 and the examiner in charge $50,000 Bond for the receiver of the Northwest Davenport Savings bank approved for $25,000 and the examiner for $75,000. In the American Trust Co. receivership Andrew's bond set by the court at $10,000 and the examiner for $100,000. The various Bonds Are Fixed receivership orders were prepared Bonds of the Union bank rethe state banking department ceiver were fixed by the court Des Moines.

6. January 27, 1933 The Daily Times Davenport, IA
Article from The Daily Times, January 27, 1933

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News in Brief Nineteen high school seniors from Buda, III., township school will pay an educational visit to Davenport next Monday afternoon, when they will visit industrial plants and other points of interest here. Mr and Mrs Charles Uhl. 1017 Grand court, Davenport, have received word of the birth of a son to their son and daughter-in-law, Mr and Mrs Lester J. Uhl, of Canton, O. The baby was born on its father's birthday, Jan. 21. The Fairbanks Morse Co. of Chicago and Washington is the lowest bidder on the contract for furnishing and installing platform scales for the new Davenport postoffice, it was announced by A. M. B. Rider, government construction engineer. Two divorces were granted in Scott county district court Thursday. Mrs Maxine L. Lakers, 19, was given a divorce from Joseph F. Lakers, 20, on grounds of cruelty, and Mrs Elizabeth Hartley was granted a divorce from Benjamin Hartley on the same grounds. Residents of Lincoln township have petitioned the Scott county board of supervisors to authorize oiling of a four-mile stretch of highway in the township during 1933. The road has been brought to grade and it is claimed that the highway serves a large area of the northeast part of the county. Attorneys John P. Weir and A. G. Sampson have been appointed as additional counsel in the receivership of the Northwest Davenport Savings bank. They will assist Attorney L. E. Roddewig in legal affairs of the bank receivership. The appointments were authorized today by District Judge W. W. Scott. A hearing for the purpose of acting on application of W. P. Peterson for return of three life insurance policies held in trust by the Union Savings bank is scheduled before District Judge W. R. Maines Feb. 1. Peterson has applied for recovery of the policies in the bank when the institution closed. An assigned account of $675.75 in the closed Bettendorf Savings bank will not be used as part of assets for the benefit of bank creditors, according to an order signed by Judge W. Scott in the Scott county district court. The account was receivable from the Gem Hammock & Fly Net Co. of Milwaukee and was payable to the Hansen Lumber Co. of Davenport. The court directed that the bank receiver surrender the account to the lumber concern. and is often fouled by ascending debris. Funnel clouds are sometimes obscured by rain. 'Absence of funnel clouds during the history of a tornado is explained in various ways. Opposing parallel currents contribute largely to the maintenance of the whirl, and anything which disturbs their position or velocity would tend to interrupt it and the cloud-forming processes. The whirl may also be broken up by topography. The progressive velocity of the tri-state tornado in March, 1925, is shown in that it had speed of 57 miles an hour in Missouri, 59 in Illinois and 68 in Indiana.

7. March 26, 1933 Quad-City Times Davenport, IA
Article from Quad-City Times, March 26, 1933

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MORTGAGE Intervenor Claims Debt Was Paid Before Bank Closed. Harry and Emma Yingling, who claim they paid $4,042.16 the Bettendorf Savings bank on Nov. six weeks before the bank suspended operation and went to receivership, in full settlement outstanding mortgage against their property, into district court Saturday demanding the return of their money or cancellation of the mortgage now held collateral the Reconstruction Finance Corp. The issue raised tion of intervention filed by Weir, attorney for the Yinglings priority claim tain an order court canceling the mortgage. The note and mortgage executed on March 13, 1920, later by the bank. claim they advised that the and mortgage had assigned the tion by the collateral by while going concern, from the federal agency. On Nov last, according to their they paid the bank plus $42.16 interest full settlement the note and mortgage and given receipt signed Koos, bank Records the office according Mr. Weir's tition, that the and mortgage assigned the Finance corporation on Feb. The bank suspended operations Dec. and went into the hands three days later The contend the bank should remitted their payment to nance and obtained the surrender and They have demanded the canceled and mortgage, they claim, and their demand has been fused.

8. April 24, 1933 Quad-City Times Davenport, IA
Article from Quad-City Times, April 24, 1933

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REDUCE BONDS OF BANK RECEIVER AND EXAMINER Bonds of Andrew, Poffenberger, examiner charge of the Bettendorf Savings bank, were reduced from in the case the receiver, and from to for the examiner an order signed today District Judge W. Scott.

9. July 10, 1933 Quad-City Times Davenport, IA
Article from Quad-City Times, July 10, 1933

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CHANGE IN BANK RECEIVERS WINS COURT APPROVAL An interlocutory report ferring the affairs the Bettendorf bank receivership from Andrew, retiring state superintendent of banking, to his successor, Bates, proved today by District Judge Scott. The order directs that Mr. receiver, discharged his bondsmen exonerated. Similiar orders were to be entered in the day the Home Savings bank the American Trust company receivership. Hearing on the Northwest enport bank, the LeClaire Savings bank and the American Trust company receiverships July Union Savings Bank Trust company First State Savings bank, McCausland, July

10. December 12, 1933 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, December 12, 1933

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Three Iowa Banks To Pay $179,490 DAVENPORT IA. (P)-Depositors of three closed banks in Davenport and Bettendorf will receive approximately $179,491. probably by Christmas Announcement was made Tuesday by examiners in charge for D. W. Bates, state superintendent of banking and receiver for the institutions, after approval in district court. These first payments from the three institutions which closed last December amount to 5 per cent in the case of the Northwest Davenport Savings and Home Savings banks and 10 per cent for the Bettendorf Savings bank. Harvey Estate Pays $300 Tax. The estate of Isaac A. Harvey of Sioux City, Ia., paid $322.62 inheritance tax Tuesday The pay. ment to State Treasurer Leo J. Wegman was based on an estate taxable value of $20,610.76

11. March 14, 1934 Quad-City Times Davenport, IA
Article from Quad-City Times, March 14, 1934

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HEARING THURSDAY ON PROPOSED BANK DIVIDEND PAYMENT hearing proposed from the RFC positors the closed Davenport Savings, Home ings Bettendorf Savings banks held Thursday District Judge Scott's court. While there have been numerous approvals objections plan have been announced Judge Scott

12. May 8, 1934 Quad-City Times Davenport, IA
Article from Quad-City Times, May 8, 1934

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REPORT FILED Cash on Hand Increases More Than $6,000 ing Quarter. An increase in cash hand than was shown in the quarterly report filed Scott county district court Bates, receiver, and Poffenberger, charge of Bettendorf Savings bank The port for the three period ending March and Judge Maines. assessment collections increased, the report shows, from $8,933.47 to $10,653.32. during period were while disbursements were leaving cash balance hand

13. July 25, 1934 The Daily Times Davenport, IA
Article from The Daily Times, July 25, 1934

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Bettendorf Bank Receiver's Sixth Report Approved The sixth quarterly report the receivership of the Bettendor bank, the from March 31 to June 30, approved late yesterday in county district court by Judge Maines as presented by Poffenberger, examiner charge for the receiver. Bates. shows cash receipts of including collections $310 assessments stockholders which total from this source to Disbursements amounted to of which penses the the for this During the the cash reduced to Carl Campbell, arraigned in lice court yesterday for the some socks from counter downtown store, was sent to for ten days. George Hunt, charged false check, and $10 fine was suspendwhen he was arraigned in court yesterday.