Articles describe the Home Savings Bank (Davenport, IA) suspending operations on Dec. 24, 1932 after officers/board decided to liquidate, receivers from the Iowa state banking department were placed in charge late December 1932 and formal receivership orders were approved by the court in late Dec. 1932. OCR errors in originals were corrected (e.g., 'suspend business on Dec.' interpreted as Dec. 24, 1932; 'receiver' wording cleaned). No run or depositor riot is described; the sequence is suspension followed by formal receivership/closure.
Events (3)
1.December 24, 1932Suspension
Cause
Voluntary Liquidation
Cause Details
Officers and board of the Home Savings Bank decided to liquidate operations; bank suspended business Dec. 24, 1932 and closed pending liquidation.
Newspaper Excerpt
the Home Savings bank ... suspended business on Dec. last
Source
newspapers
2.December 27, 1932Receivership
Newspaper Excerpt
All three of the banks were closed today and the receivers representing the state banking department were placed in charge. Rodine was placed charge of the Home Savings bank . . . Carl Trout, deputy superintendent of banking, and Bruce ... were in Davenport today. In Charge of 3 Small Banks (Quad-City Times, 1932-12-27).
Source
newspapers
3.December 29, 1932Other
Newspaper Excerpt
Formal approval of voluntary ... the Home Savings bank ... was given court orders signed by Judge Scott today ... Andrew, Iowa superintendent of banking, who was appointed permanent receiver of the suspended institutions. Bank Receiverships Here Are Given Formal Court Approval (Daily Times, 1932-12-29).
Source
newspapers
Newspaper Articles (12)
1.December 27, 1932Quad-City TimesDavenport, IA
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In Charge of 3 Small Banks
Examiners Working Today at Home, Northwest and Bettendorf.
Affairs the Home Savings bank Northwest Davenport Savings bank Davenport, and the Bettendorf Savings bank Bettendorf under control receivtoday, the decisions of the officers of the three institutions liquidate. The Home Savings bank the Northwest bank action announced Monday, while the Bettendorf officers met Monday afternoon to make their decision to All three of banks were closed today and the rep. resenting the state banking department placed in charge. amount which the depositors will realize known until the examiners complete their report. Carl Trout, deputy superintendent banking, and Bruce Town send, in charge of the distribution receiverships, were in Davenport today. Rodine placed in charge of the Home Savings bank Joe Snover took over the Northwest bank. Poffenbarger examiner charge the Bettendorf bank. All of the state banking department. Everything quiet at the three outlying banks this morning. people gathered the Bettendorf bank and after reading notice on the door quietly dethe parted. The same existed at the two banks in Davenport.
2.December 27, 1932The Daily TimesDavenport, IA
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Receivers Take Over Three of Outlying
Receivers were in charge of the affairs of the Home Savings bank and Northwest Davenport Savings bank, Davenport, and the Bettendorf Savings bank in Bettendorf, result of the decisions made by officers and boards these institutions to liquidate. The action of the Home and Northwest banks was announced yesterday while the Bettendorf officers met yesterday afternoon and made their decision to close. All three of the banks were closed today and the receivers resenting the Iowa state banking department were placed in charge. The amount which the depositors will realize will not be known til the examiners complete their report. Carl Trout, deputy superintendent of banking, and Bruce send, charge of the distribution receiverships, were in Daventoday. Rodine was placed charge of the Home Savings bank while Joe Snover took over the
(Continued on Page Twelve.)
3.December 29, 1932Quad-City TimesDavenport, IA
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SURETY DESIGNATED IN
RECEIVERSHIPS
Andrew Named ceiver for Five Financial Institutions Here.
Designation of bonds to be nished by the receiver and examincharge marked proceedings for the Union Savings Bank Trust company, the Home bank, the Northwest enport Savings bank, the Bettendorf Savings bank and the American Trust company in District Judge W. Scott's court late Wednesday. Andrew, state superintendof banking. appointed ceiver each Mr. drew in turn designate an aminer in charge each institution. of formal court letters will await the filing and approval the bonds. Bonds designated by the court in Union Savings Bank Trust examiner's bond, $200,000; Home Savings bank, receiver's bond, $10,examiner's bond, Northwest Davenport receiver's bond, examiner's bond, $75,000; Bettendorf Savings receiver's bond, $10,000, aminer's bond, American company, receiver's bond, examiner's bond,
4.December 29, 1932The Daily TimesDavenport, IA
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Bank Receiverships Here Are Given Formal Court Approval; Andrew Continues in Charge
Formal approval of voluntary involving the Union Savings Bank Trust Co., the Home Savings bank, the Davenport Savings bank, the Bettendorf Savings bank and the American Trust Co. of Davenport was given court orders signed by Judge Scott today in the Scott county district court. Applications on the receivership and for approval by the court necessary orders was made by Attorney General John Fletcher and Andrew, Iowa superintendent of banking. who was appointed permanent receiver of the suspendinstitutions. In all the receivership actions, March 30 1933 was fixed as the closing date for filing of claims creditors and the presentation proofs of claims with the clerk the Scott county district court. As to Claims Notice given to creditors of the closed banks that claims based on checking accounts. time and demand deposits and all other claims not shown on books of the banking institutions, that they will not have to file formal claims. Holders of demand and time certificates will be required to present them to the examiner charge of banks before dividends are paid. In the receivership of the Union Savings Bank Trust Co., Mr Andrew as permanent receiver empowered appoint an additional bank examiner if necessary assist in the liquidation of liabilities and the distribution of assets. The receiver may also employ necessary counsel and clerical help and attend to the leasing of real estate owned by the bank, the lection of rents and any other matters for the benefit of creditors. the bond of the examiner in charge being fixed at $200,000. Both officials are to file with the court reports on all their actions. The court orders fix the time for filing of claims and applications for allowances on offsets. Direction is given the receiver to demand evidence of all indebtedness against the closed banks. The receiver will also have charge of making offsets between the bank, depositors and other creditors. In all of the receivership actions, the receiver is authorized to direct the execution of releases and assignments liens. Any debts due the banks or receiver, secured by liens on real estate is paid in full or sold for full payment on payment of principal and interest. The receiver to execute to the assignee of debt a satisfaction and discharge as the case may be, of the debt or security. Release Safety Deposits Orders included for the banks releasing property held bailee, the receiver being ordered to deliver to owners property held in the banks in safety deposit boxes. This order applies only in cases where the property owner not indebted to the bank. Like receivership orders are made for the three smaller banks and the American Trust Co. The receiver's bond for the Bettendorf Savings bank is fixed at $100,000 and the examiner-in-charge has bond for $35,000. The receiver's bond for the Home Savings bank is fixed at $10,000 and the examiner in charge $50,000 Bond for the receiver of the Northwest Davenport Savings bank approved for $25,000 and the examiner for $75,000. In the American Trust Co. receivership Andrew's bond set by the court at $10,000 and the examiner for $100,000. The various Bonds Are Fixed receivership orders were prepared Bonds of the Union bank rethe state banking department ceiver were fixed by the court Des Moines.
5.February 7, 1933Quad-City TimesDavenport, IA
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THE STOCKHOLDERS
Approximately 300 Share Owners in Northwest Savings Involved.
Instructions to bring suit against stockholders of the Northwest Dav enport Savings bank, which pended operation en Dec. 24 last, special levy for the today District Judge Harry Lynn, examiner in charge, the neys, John The tiled for the March term of There approximately individual stockholders, according the The bank capitalized at $100.Eggert, cashier of the bank, the largest individual stockholder. owning shares. Similar action will taken connection with the of the Home bank, the tendorf Savings and the Union Bank Trust pany. The the Home Savings bank was filed today, and the ings bank will filed ernoon Wednesday. attor the Union ings Bank Trust company ready for several contemplated until after inventory record. The conference today the court, the examiner Davenport bank, and the attorneys senting the receiver for marshaling the assets discussing plans for the work. matter examiner said, before they position determine available depositors, man woman bread wants him
6.February 7, 1933Quad-City TimesDavenport, IA
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Inventory of Assets Liabilities of the Home Savings Bank Is Filed
ATTORNEY
James Johnston Resigns To Take State Job in Southern Illinois.
City Attorney James Johnston Moline resigned his position to become the referee in bankruptcy of southern Illinois. The coming made the United States court in Mr. Johnston succeeds Andrew Olson, appointed to the Illinois commerce commission Governor Horner recently. Mr. Johnston been city torney during Mayor John Huey regime. He also served similar capacity when Charles Skinner was inventory liabilities of the Home Savings bank, 1702 West Third street, which suspended business on Dec. last, filed in the district court day by Ray examiner in Jebens Butenschoen, charge, attorneys for the receiver. conference between the aminer, attorneys Judge to marshal the assets and Scott plans for bringing court actions lay collect the assessments scheduled for The examiner's report, of Jan. the date when the receiver sumed charge of the follows:
Bills Real estate mortgages bonds Bonds securities Overdrafts 1,020.21 10,690.97 Cash real estate 65,377.84 Other Bank building 10,000.00 Furniture fixtures 475.00 Other assets 4,000.00 City National Bank Trust Chicago Merchants Bank, Cedar Rapids 3,274.61 Union Savings Bank Trust 514.01 Co. Cash 14,150.66
Total
$1,259,936.68 surplus profits Deposit liability Bills payable Reconstruction Finance Corp. National Bank Trust Strohmeier Outstanding drafts
Total The bank capitalized 500 shares stock Chas. Pasche and Catherine the largest stockholders, former holding shares and later
Pleasant relation
7.February 7, 1933The Rock Island ArgusRock Island, IL
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Attorneys for Receiver Instructed to Suit Against Northwest Davenport Group.
Instructions to bring suit against stockholders the Davenport Savings bank, which pended operations Dec. 24, for special assessment levy, the receiver conference suit will filed for March of court and directed 300 The bank captialized at Eggert, cashier, the largstated that similar action started against the Home Union banks Davenport and the Bettendorf bank. inventory of Home ings filed today expected Bettendorf Savings bank inventory would be ready afternoon The Home Savings bank had capital $50,000 shares stock. Charles Pasche the largest number shares, and Catherine Walsh shares. Assets fixed and liabilare the figure.
8.August 23, 1933Quad-City TimesDavenport, IA
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Court
The Security State bank, of Kesuing Erdice in the district court for balance alleged owing promissory note.
Mildred Forbes, suing Phillips for damages for auto injuries lision Jan. last near Walker,
The Bettendorf Lumber Supsuing Charles Neal for alleged account. Smith Swift are the attorneys.
The Home Savings bank receiver has filed the district against Frank Emma collect $3,alleged mortgage.
The Seiffert Lumber pany suing and Mrs. Alf. Danielsen for $1,209.52 alleged due The company, suit, asks judgment against Fulton. son the attorney.
The Western Refining Oil company, thru its attorney, Sampson, has filed Davenport Oldsmobile Company, collect $314.11 alleged promissory note.
9.August 25, 1933The Rock Island ArgusRock Island, IL
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The campaign to sell 500 season football tickets for the St. Ambrose college athletic closed night with dinner the hotel. hundred business men took part in the drive.
The medal of the Order of the Purple Heart, which established by General George Washing1782 and recently revived the United States army after lapsing for mnay years, will be ferred 25 men the Army and Navy hall Friday evening, Sept. marriage license has been issued to John Grostic, Ann bor. Mich.. and Grace G. Johnson, Calamus, Iowa.
Albert Lamp. former cashier for John Kelly company, was bound over to the September grand jury in Scott district court under bonds by Justice the Peace Merle Wells. when he entered plea of not guilty charge of embezzling about He waived a preliminary hearing.
The Home Savings bank ceiver filed foreclosure proceedings against George Louise Sunderbruch to collect alleged owing on promissory note and mortgage.
Harry Knox of Davenport has been granted patent for track for vehicles on application filed Feb. 1933.
10.December 12, 1933Des Moines TribuneDes Moines, IA
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Three Iowa Banks To Pay $179,490
DAVENPORT IA. (P)-Depositors of three closed banks in Davenport and Bettendorf will receive approximately $179,491. probably by Christmas Announcement was made Tuesday by examiners in charge for D. W. Bates, state superintendent of banking and receiver for the institutions, after approval in district court. These first payments from the three institutions which closed last December amount to 5 per cent in the case of the Northwest Davenport Savings and Home Savings banks and 10 per cent for the Bettendorf Savings bank.
Harvey Estate Pays $300 Tax. The estate of Isaac A. Harvey of Sioux City, Ia., paid $322.62 inheritance tax Tuesday The pay. ment to State Treasurer Leo J. Wegman was based on an estate taxable value of $20,610.76
11.March 16, 1934Quad-City TimesDavenport, IA
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FORECLOSURES IN ARE COURT ACTIONS number suits for mortgages were filed on half of the receiverships for local banks in Scott county district court today. The Liquidation Corp. asks closure owned Mary and note for against and Mary for against Eugenia Veto Cuttone for against Joseph Nellie $3,310.04. that receiver be appointed the property each instance. were the filing attorneys for the Liquidation Corp. cases. The Union Savings bank receiv ership property of the Rebecca Rohlff estate note Glenn Kelly filing attorney. Home Savings bank start similar action against
12.April 6, 1934Quad-City TimesDavenport, IA
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FORECLOSE ON COURT DECREES
Two decrees of mortgage foreclosure have been awarded Scott county district court, one by Judge W. Scott Julius Ficke against Grace Hall and others which the principal amount The plaintiff namreceiver for the property. The second decree awarded Judge Maines to the Home Savings bank receiver against Howard Gessner and The principal amount
