Articles from Dec 1932–1934 show the Northwest Davenport Savings Bank suspended operations in late December 1932 after officers decided to liquidate; state banking department examiners/receivers were placed in charge and the bank remained in receivership (court-approved) thereafter. No run or depositor panic is described in the articles; the suspension appears tied to voluntary liquidation and subsequent receivership/closure.
Events (3)
1.December 24, 1932Suspension
Cause
Voluntary Liquidation
Cause Details
Officers and boards of the institution decided to liquidate, and the bank suspended business on December 24, 1932.
Newspaper Excerpt
The bank suspended business on Dec. 24
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. Joe Snover took over the Northwest bank. Rodine placed in charge of the Home Savings bank Joe Snover took over the Northwest bank. (Quad-City Times 1932-12-27 / Daily Times 1932-12-27).
Source
newspapers
3.March 30, 1933Other
Newspaper Excerpt
In all the receivership actions, March 30 1933 was fixed as the closing date for filing of claims ... Bond for the receiver of the Northwest Davenport Savings bank approved for $25,000 and the examiner for $75,000. (Daily Times 1932-12-29, court orders dated with claims deadline March 30, 1933)
Source
newspapers
Newspaper Articles (16)
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, 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.
4.February 4, 1933The Daily TimesDavenport, IA
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Delivery to the Bechtel Trust Co. of the AmerTrust Co. of now securities valued owned by the Grand Lodge order signed by District today the Scott county district court. Application for transfer of the Bechtel Co. was made Block Block, attorneys for the Grand Lodge. The securiwere placed with the American Trust Co. under trust agreement Feb. 13, 1932. Payment of $20,216.67 to the Merchants National bank of Cedar Rapids from assets of the closed Northwest Davenport Savings bank approved today Judge Maines on application of the bank receiver. The amount represented loan the Northwest bank dated Dec. 1932, due. Feb. 1933 Lynn, examiner in charge bank, the with the Cedar Rapids bank.
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 24, 1933The Rock Island ArgusRock Island, IL
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FILE BANK DAVENPORT
Assessment of 100 Per Cent Ask. Stock of Northwest Savings in Action.
Two hundred individholders capital stock the closed Northwest Davenport Savbank, including persons transferred stock within the past year, defend100 per cent liability suit filed today Scott county district court by drews, receiver, and H. Lynn, examiner in charge. entire issue of stock, shares, the suit. An share asked. Albert Eggert, cashier of the bank, the heaviest stockholder, shares, and the president, Dr. Weber, possesses 16 shares. Depositor claims amount exclusive. bills able. Deficiency in assets for payment claims against the bank fixed the collection of the 100 per cent assessment not be sufficient overcome the deficit. suit lists 11 individuals who disposed of stock in the year ceding the closing of the bank, that these transfers clared "fraudulent, null and
7.February 25, 1933The DispatchMoline, IL
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Stockholders Of Two More Banks Iowa Are Sued
Suits asking 100 percent assessment against the stockholders the defunct Bettedorf Savings bank the defunct Bettendorf bank bank Davenport were filed the district court of Scott county today by Andrews, Iowa of banking. similar action was started yesterday against the owners stock the Northwest Savings bank of Davenport. The against the Bettendorf stockholders sets forth that the bank owes depositors exclusive of other bills and that the examiner the deficiency This stitution has 250 shares of par outstanding. The Home Savings bank owes positors and the examiner the deficiency $100,000. hundred shares $100 par are listed in the suit.
8.March 19, 1933Quad-City TimesDavenport, IA
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FILE CLAIM TO SALE PROCEEDS HELD BY BANK
Claims for the surrender of $1,418.47, representing proceeds from public sale, on the ground that the proceeds constitute a trust fund and not deposit were filed against the receivership of the Northwest Davenport Savings bank Saturday Charles E., Julius J. and A. W. Werthmann, thru their attorneys, Bush Bush. The funds in question were pro ceeds from sale on Dec. at which Albert Eggert, cashier of the bank, officiated as clerk. In his claim of $1,165.20. Charles E. Werthmann states that he called the bank on Dec. 16 and demanded the money from the sale. He was refused on the ground that the records had not yet been straight ened out. The bank suspended business on Dec. 24 The claimants deny that they au. thorized anyone to deposit the money in the bank. They ask the court to classify the fund as trust and not as general claim. Julius Werthmann's claim totals $188.32. and W. Werth mann's $64.95. All three claims are based upon proceeds from the same
9.April 27, 1933Quad-City TimesDavenport, IA
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Report Covering Three Operation at Northwest Approved.
Cash receipts of and disbursements totaling $24,082.82 set the first report the receivership of the Northwest Davenport Savings bank filed today the district court Lynn, examiner in charge. The report, covering the period from date of the December and includMarch 31, approved Judge W. Scott. The report lists total revised assets of the bank, suspended business Dec. 27, Cash included collected bills receivable: $12,702.77 mortgages, on stockholders assessliability. Offsets allowed by the examiner charge include receivable; gages. Disbursements. totaling include receivership expense; $488.68 advanced conassets, and $20,216.67 paid the Merchants National bank, CeRapids. Cash on hand on March 31, cluding the collections made the the and including March together with cash hand the bank closed, totaled
10.May 16, 1933Quad-City TimesDavenport, IA
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COURT EVIDENCE ON
Owners of Farm Sale Proceeds Insist Claim Receive Priority.
Objections the classification of the Werthmann brothers claim against receivership the Northwest Davenport Savings bank presented today in DisJudge W. Scott's court counsel for the claimants. The claim, involving proceeds from farm sale collect. by Albert Eggert, cashier, officiated clerk of the sale, was classified by examiner charge general depositors claim. The claimants, Julius Charles and Werthmann, thru their Bush Bush, contend the should be rated claim, ahead of the claims. The held early the collect by Eggert, were the latter into cashier's check payable to After bank closed on Dec Eggert assigned cashier's check claim to the Werthmanns Mr. Eggert was called to the witness stand this afternoon his version of the proceeds of the farm sale was not turned over Werthmanns' before the bank suspended business The objections are first tried out in court the general approval of the classifica tion of claims three bank ceiverships signed Monday by the court. The court order of approv. exempted all objections which subject to court hearings later.
11.July 13, 1933The Daily TimesDavenport, IA
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Express Company Asks Preference On $733.02 Claim
The American Express Co. has filed Scott county district court the report of the Union Bank Trust in which $733.02 claim for preference denied and deposit claim of general allowed instead. similar objection has been the New York presented Insurance Co. on claim $274.11, to be entitled preference as trust fund on lections made for company the bank on mortgages. Others who have appealed to the court on claims Charles Naeckel's Sons, asking Clara Koenig, cashier's check: $400 on draft; Schmidt, Schmidt estate, and Anna Julia C. Ryan. In the Northwest Davenport Savings bank receivership, Nolan, has asked court permission to file belated jection classification claims. Seeking $309 for services for the bank, he says that he entitled to preference the amount of $100. Hearing has been set for Saturday at 10 by Judge W. W. Scott.
12.August 30, 1933Quad-City TimesDavenport, IA
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BANK RECEIVER WINS RIGHT TO PREFER CLAIM
Right of the Northwest Davenport Savings bank receivership claim of $2,500 against Anna Wolters estate upheld today District Judge court. claim contested by John Wolters, executor of the estate, the ground that claim was barred because had not been sented during the year the estate to probate.
13.March 11, 1934Quad-City TimesDavenport, IA
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Judge Scott has taken advisement the motion trial in the controversy check which the Soldier, Savings bank plaintiff and the Camanche Sand and Gravel Co., the Lynch Construction Co., defendants.
The Northwest Davenport Sav ings bank receiver, Attorneys Roddewig and Vollertsen, have brought action in Scott county disagainst Ernst Olderjudgment for leged due promissory note.
Ell Alexoff dismissed by Judge W. Maines defendsuit brought in district court John Smith against Alexoff and John for and lien. In the action against Alexoff, Judge Maines sustained his that he was not involved the case.
Action against Burkard and William Burkard, the charged with operating motor hicle while intoxicated, and the latter appealing on charge dismissed in disintoxication, was trict court when they paid costs. and Mabel Lynn and others are named defendants mortgage action brought Scott district court Attorney Jack Vollertsen. by The asks for judgment on note for plus interest from Jan. 24, 1932.
14.March 14, 1934Quad-City TimesDavenport, IA
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TWO INVOLVING SOUGHT IN COURT
Two mortgage foreclosures notes asked suits filed Scott county district court by bank and Northwest Davenport Savings bank receivers The Union bank receiver brought action against Lena Stark for judgment for property, and the porary and appoint ment Lothringer ceiver the property filed by Smtih Swift. Julius Clara Jehring and others defendants foreclosure action by the Northwest bank which asks for receiver the property also asked Roddewig Voll represent the plaintiff
15.March 16, 1934Quad-City TimesDavenport, IA
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John M. Brown, to collect Fred Weisman filed suit against Walter Voelkers for $600 rental claimed due on farm. The petition recites on Nov. 1931, the defendant agreed to purchase acres in Butler township in the the plaintiff able to sethe property from the Clinton Savings bank. The plaintiff was unable do this and the claim filed on an alternate agreement for of rent in the event payment was not made. The Northwest Davenport Savings receivership seeks foreclosure collection of from Henry Kuehl.
16.April 18, 1934The Des Moines RegisterDes Moines, IA
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INTEREST SLASH APPROVED.
(The Register's Judge W. R. Maines signed an or. der Tuesday authorizing a con. tract between the Northwest Davenport Savings bank receivership and the Reconstruction Finance Corp. for reduction of the interest rate on the bank's old R. F. C. loan from 53 to 4 per cent.
