2712. First National Bank (Cambridge, IA)

View Charter #9014 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
9014
Charter Number
9014
Start Date
May 10, 1926
Location
Cambridge, Iowa (41.898, -93.529)

Metadata

Model
gpt-5-mini
Short Digest
cc13be22c806cfa7

Response Measures

None

Receivership Details

Depositor recovery rate
26.6%
Date receivership started
1926-05-22
Date receivership terminated
1932-02-01
OCC cause of failure
Governance
Share of assets assessed as good
39.6%
Share of assets assessed as doubtful
38.5%
Share of assets assessed as worthless
21.9%

Description

Articles report the First National Bank of Cambridge closed its doors on May 10, 1926 and is described as 'defunct'. Subsequent articles (1929, 1931) describe receivership activity and lawsuits by the receiver. No contemporaneous account of a depositor run is mentioned in the provided clips, so this is classified as a suspension that resulted in permanent closure with a receiver handling claims.

Events (6)
1. February 1, 1908 Chartered
Source
historical_nic
2. May 10, 1926 Suspension
Cause Details
Articles state the bank 'closed its doors' on May 10, 1926 but do not give a specific cause for the suspension/failure.
Newspaper Excerpt
the defunt First National Bank of Cambridge, which closed its doors May 10. 1926
Source
newspapers
3. May 22, 1926 Receivership
Source
historical_nic
4. December 31, 1929 Other
Newspaper Excerpt
Officers directors of the defunt First National Bank of Cambridge ... will be asked to explain loans ... when the equity suit of Melvin bank against the ... receiver in federal court next month.
Source
newspapers
5. March 30, 1931 Other
Newspaper Excerpt
Bank Receiver Is Given Judgment Royer, receiver for the First National bank of Cambridge has secured judgment for interest and $30.90 attorney fees from F. E. Scott.
Source
newspapers
6. * Receivership
Newspaper Excerpt
Royer, receiver for the First National bank of Cambridge has secured judgment ...; receiver in federal court next month (1929 article refers to receiver and suits).
Source
newspapers

Newspaper Articles (2)
1. December 31, 1929 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, December 31, 1929

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Article Text

BANK SUIT WILL JANUARY Cambridge Institution's Officials Defendants. Officers directors of the defunt First National Bank of Cambridge, which closed its doors May 10. 1926 will be asked to explain loans id other business matters when be equity suit of Melvin bank against the ba ters. is heard receiver in federal court next month. Among defendants who have been ordered to appear before are Federal W Judge H. Charles A. Dewey, Heggen, Oness, W. Larson, C. John R. Richardson. O. N. Jory, H. Early and G. Pulis. all of Des Moines. Cambridge men among the defendants Webb. Albert Hill. John Hill, John W. HenSeverson and Levi Nerness The capitalized bank stock to. taled $80,000, according to filed taled documents, $250,000. while obligations toOn Feb. 1927, an ******* ment for the par value of stock was made upon the stockholders and collected. according to the complaint. The complaint states the additional needed to total $80,000 was unassessable.

2. March 30, 1931 Ames Tribune Ames, IA
Article from Ames Tribune, March 30, 1931

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Article Text

Bank Receiver Is Given Judgment Royer, receivfor the First National bank of Cambridge has secured judgment for interest and $30.90 attorney fees from F. E. Scott. He was also granted the right to foreclose the mortgage which he holds on the promissory note on which the judgment was based. S. S. Hanson, administrator of the estate of Phoebe Mead has filed suit in the district court here for judgment of $42,006.25. interest the amount, costs of the case and attorney fees against William Young and Lauwreathe Young. The judgment asked on four promissory notes in the amount of $10,000 each. The plaintiff also "asks the right to foreclose the mortgage which he holds on the notes.