Mayor-declared two-week banking holiday (bank did not open) in late Jan 1933 to avoid a possible run; conservators removed and the bank reopened for full service on 1933-05-12. No run on the First National is reported in the articles—this is a precautionary suspension/government action followed by reopening.
Events (3)
1.February 10, 1925Chartered
Source
historical_nic
2.January 31, 1933Suspension
Cause
Government Action
Cause Details
Mayor Ray Emerson declared a two-week banking holiday; the First National Bank did not open as part of that proclamation to avoid a possible run.
Newspaper Excerpt
To comply with Mayor Emerson's holiday proclamation the First National bank did not open Tuesday morning. Mayor Emerson said the holiday was declared to avoid possible run on the National
Source
newspapers
3.May 12, 1933Reopening
Newspaper Excerpt
conservators would be removed from the First National bank in Creston, Ia., effective today and the bank will be open for full service.
Source
newspapers
Newspaper Articles (4)
1.January 31, 1933Globe-GazetteMason City, IA
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Article Text
Creston Mayor Calls 2 Weeks Bank Holiday
Ray Emerson today declared a two weeks' banking holiday here after officers of the Iowa State Savings bank announced that the bank would be operated hereafter under supervision of the state bank. ing department. To comply with Mayor Emerson's holiday proclamation not the First National bank did open this Emerson clared to said the morning holiday was Mayor deavoid possible run on the National bank and would be for "two weeks or longer.' that it
2.February 1, 1933Iowa City Press-CitizenIowa City, IA
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Article Text
Mayor of Creston Declares 2 Weeks Banking Holiday
CRESTON S Ray Emerson Tuesday declared a two week's banking holiday here after officers of the Iowa State Savings bank announced that the bank would be operated hereafter under supervision of the state banking department To comply with Mayor Emer son's holiday proclamation. the First National bank did not open Mayor Emerson said the holiday was declared to avoid R possible run on the national bank and that
3.February 1, 1933The Omaha Morning Bee-NewsOmaha, NE
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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.
4.May 12, 1933The Des Moines RegisterDes Moines, IA
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Article Text
Conservators Free Bank in Creston, Ia.
CHICAGO, ILL seventh district federal reserve bank announced Thursday that conservators would be removed from the First National bank in Creston. Ia., effective today and the bank will be open for full service.
