2820. Home Savings Bank (Davenport, IA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
September 30, 1931
Location
Davenport, Iowa (41.524, -90.578)

Metadata

Model
gpt-5-mini
Short Digest
5838939d406707f7

Response Measures

None

Description

Articles (late Sept/early Oct 1931) report Home Savings Bank, Davenport, adopted a 60-day notice rule on savings withdrawals (a partial suspension of immediate withdrawals) to stop runs and protect depositors. There is no mention of permanent closure or receivership, nor of a later reopening in these clips; however this 60-day notice was a temporary liquidity restriction common in the period, so I classify as suspension_reopening (suspension with no evidence of failure). Cause set to 'other' because the action was a precautionary measure in response to heavy withdrawals elsewhere rather than a government order or bank-specific insolvency.

Events (1)
1. September 30, 1931 Suspension
Cause Details
Bank imposed a 60-day notice rule on savings withdrawals to stop runs and protect depositors amid heavy withdrawals in the Tri-City area following action at American Savings Bank & Trust Co.
Newspaper Excerpt
Home Savings bank and Northwest Davenport Savings bank announce 60-day deposit withdrawal rule.
Source
newspapers

Newspaper Articles (2)
1. September 30, 1931 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, September 30, 1931

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Article Text

Developments In Bank Situation Central Trust Savings bank Rock Island closed by action board of directors to conserve interests depositors; representatives of state auditing partment in charge. Manufacturers Trust Savbank, Rock Island Saving and State Bank of Rock Island impose 60-day notice rule stop runs and protect Board of directors of Manufacturers Trust bank to meet this to determine the future policy of institution. group of Rock Island merchants page advertisement expressing confidence in and declaring they will accept payment for purchases savings checks the banks that 60-day notice of withdrawals. Officials and campaign workof membership campaign in expression fidence checks will be accepted on any bank tricities. Bettendorf, industrial leader, named chairman of board American Savings Bank Trust company, Davenport, reorganize during day restriction of savings and commercial deposits. Union Savings bank, Davenport, places despite heavy run during day, and remains open extra hours to meet requests of depositors. Home Savings bank and Northwest Davenport Savings bank announce 60-day deposit withdrawal rule. Same rule adopted Bettendorf bank and Buffalo Savings bank. Peoples Savings Bank Trust Moline. Moline State Trust Savings bank, announce no restrictions withdrawals, does State Bank of East Moline.

2. October 1, 1931 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, October 1, 1931

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Article Text

OTHER BANKS ASK NOTICES Davenport Council Extends Tax Payments. (The Register's Iowa News Service.) DAVENPORT- Davenport banks, the Home Savings, Northwest Davenport Savings, and Bettendorf Savings, put the 60day notice for withdrawals rule into effect on savings deposits Wednesday. These banks continue to allow withdrawals on commercial accounts. The Buffalo Savings bank placed a 60-day rule in effect on both savings and commercial accounts. This action followed heavy withdrawals Wednesday on all Tri-City banks following the posting of the 60-day notice by the American Savings Bank & Trust CO. late Tuesday. Directors Confident. The American Savings Bank & Trust CO. had deposits of more than 32 million dollars, according to its last published statement. When depositors went to the bank Wednesday to sign their 60day withdrawal slips virtually all of the directors of the American Savings Bank & Trust CO. were in the lobby assuring the depositors that their money was safe and that no one would lose a dollar. It was stated that the committee, of which E. P. Adler, Davenport newspaper publisher, 1s chairman, hopes to raise new capital and reorganize the bank before the 60-day period has expired. J. W. Bettendorf. president of the Bettendorf CO.,