Articles state Corning bank closed but give no details on receivership or reopening; additional local reports could confirm permanent failure.
Events (1)
1.May 19, 1914Suspension
Cause
Bank Specific Adverse Info
Cause Details
Corning bank closed (bank-specific failure) leading connected Brooks bank to suspend.
Newspaper Excerpt
Owing to its connection with the Corning bank, which closed, its owner thought best to suspend.
Source
newspapers
Newspaper Articles (3)
1.May 21, 1914The Manitowoc PilotManitowoc, WI
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Article Text
Owner Closes an lowa Bank. Brooks, Ia., May 19.-The bank of Brooks, a state institution with deposits of $30,000, closed its doors. Owing to its connection with the Corning bank, which closed, its owner thought best to suspend.
2.May 22, 1914Eagle River ReviewEagle River, WI
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Article Text
Owner Closes an lowa Bank. Brooks, Ia., May 19.-The bank of Brooks, a state institution with deposits of $30,000, closed its doors. Owing :0 its connection with the Corning bank, which closed. its owner thought best to suspend.
3.May 27, 1914Manchester DemocratManchester, IA
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Article Text
Owner Closes an Iowa Bank. Brooks, Ia., May 19.-The bank of Brooks, a state institution with deposits of $30,000, closed its doors. Owing to its connection with the Corning bank, which closed,-Its owner thought best to suspend.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
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Corning State Savings Bank · Episode ID 2779308691373