2796. Farmers & Merchants Savings Bank (Creston, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
January 1, 1933*
Location
Creston, Iowa (41.059, -94.361)

Metadata

Model
gpt-5-mini
Short Digest
7335b79b02f01304

Response Measures

None

Description

Articles indicate the Farmers & Merchants' Savings Bank in Creston was placed under supervision of the Iowa State Banking Department in late January 1933 (a banking holiday was declared Jan 31, 1933) and by October 1933 a receiver had been appointed (article mentions duties as receiver). There is no explicit description of a depositor run on this specific bank; the supervision is a government action and the later appointment of a receiver indicates the bank did not resume normal independent operations. OCR errors in Article 1 (e.g., 'hollday' -> 'holiday', 'Emerholiday' -> Emerson holiday) were corrected when interpreting text.

Events (2)
1. January 1, 1933* Suspension
Cause
Government Action
Cause Details
Placed under supervision of the Iowa state banking department (state examiner/supervision), and a municipal banking holiday was declared to avoid runs.
Newspaper Excerpt
The Farmers and Merchants' Savings bank... went under supervision of the state banking department several days ago.
Source
newspapers
2. October 3, 1933 Receivership
Newspaper Excerpt
resignation ... because of the fact new duties receiver for the Farmers' and Merchants' bank Creston, will force him make his residence there.
Source
newspapers

Newspaper Articles (2)
1. February 1, 1933 The Omaha Morning Bee-News Omaha, NE
Article from The Omaha Morning Bee-News, February 1, 1933

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Article Text

CRESTON CALLS CRESTON. Ia., Jan. 31, Mayor Ray Emerson Tuesday declared two-week banking hollday here after officers of the Iowa State Savings bank announced the bank would be operated hereafter under supervision of the state banking department. To comply with Mayor Emerholiday proclamation. the First National bank did not open Tuesday morning. Mayor Emerson said the holiday was declared avoid possible run on the National and that it would be for weeks or longer The Farmers and Merchants' Savings bank. the only other bank here, went under supervision of the state banking department several days ago.

2. October 3, 1933 Quad-City Times Davenport, IA
Article from Quad-City Times, October 3, 1933

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Article Text

Clausen Succeeds Bein on School Strohbehn Becomes Chairman The resignation of Louis Bein from the Davenport Board of Education accepted at special meeting held Monday afternoon, and Clausen was chosen his by the the time Dr. Edward was chosen the board succeed Mr. Bein has held that post for the years. Strohbehn been member of the school board for the past seven years and as president March when the board will be reorganized following the annual tion three directors. Bein has been member the board for eight years and pres ident since His resignation tendered because of the fact new duties receiver for the Farmers' and Merchants' bank Creston, will force him make his residence there. Clausen, who elected fill the vacancy caused by the of Mr. Bein, has interested in school affairs Davenport. retired recently from architectural firm Clausen, Kruse Klein. The new was immediateassigned to duty on the property and finance committees. Mr. Bein member of both of these committees the board. The resignation of Velma Fitzsimmons, teacher Washington school, accepted. The board