2828. Security Savings Bank (Davenport, IA)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
trust
Start Date
January 1, 1927*
Location
Davenport, Iowa (41.524, -90.578)

Metadata

Model
gpt-5-mini
Short Digest
b001dab44b21efc3

Response Measures

None

Description

Articles report Security Savings Bank (Davenport, IA) suspended operations a few years before 1928โ€“1929 and was taken over by American Commercial Savings Bank. No run is described; newspaper copy refers to suspected irregular methods and an audit, implying bank-specific problems leading to suspension and takeover. Dates are approximate due to OCR gaps: 1927 estimated from 'about two years ago' (1929 article). Also included a later 1929 civil suit filed by the bank (collection action) after suspension. Corrected obvious OCR errors in Article 1 (names/phrasing) but did not invent event dates beyond reasonable inference.

Events (2)

1. January 1, 1927* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended operations and was taken over by American Commercial Savings Bank; contemporaneous references to suspected irregular methods in handling loans and an audit of records.
Newspaper Excerpt
the Security Savings bank, suspended business some two years ago
Source
newspapers
2. September 29, 1929 Other
Newspaper Excerpt
The Security Savings bank, which suspended business some two years ago, has filed suit ... for $229.75 alleged owing on a promissory note.
Source
newspapers

Newspaper Articles (2)

Article from The Daily Times, March 3, 1928

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Article Text

ECKHARDT FOUND Former Officer of Security Savings Bank Kills Self With Gas FINANCIAL WORRIES CAUSE Had Been Despondent Over Closing of InstitutionFailed in Bond Business Despondent over financial diffithe Security Savings bank, suspended operations about years ago, ended his life turning the gas the bath room of his home, 515 West Fourteenth street, Davenport, last evening. He was dead his wife returning home some friends at discovered the body. Mr Eckhardt, according to members of his family, lost heavily through the closing of the bank and had worried considerably about the affairs of the institution, taken over by the American Commercial Savings bank when it ceased operations. Since bank quit business he been engaged the stocks and bond business but this was not successful. it said. On February committee of the of the former bank. composed George Schulz, Niemeyer, Louis Martens and Schnekloth, letter all other announcing that an audit of the bank's records for the purpose of investigating the status many loans reported have been made with the sanction of officials directors, deemed advisable. In the letter, was expressly stated that the communication not be considered a personal cusation directed toward anyone connected with the bank, indication that irregular methods handling the loans and other business suspected. stated that for the best interests the investigation would be made its results made known to those interested. Plans for this investigation are said to under way the time, although members of the stockholder group were unable this time say what the results the inquiry expected to be the close of the audit and investigation. A few days following the sending out of the letter former held meeting to discuss the matter. Mr Eckhardt did not attend this meeting, it said. Act Well Planned Mr Eckhardt had apparently carefully planned to end his his wife's absence last during customary for attend bowling club meeting Friday night while Mrs hardt attended meeting of card wives the club composed club members. Mr Eckhardt left home about that he would not terday. dinner but would home for the club meeting tend He told Mrs Eckevening. attend the card club hardt to stated that he would meet and the front her after Hanssen's Sons Co., Louis hardware store. Mrs in company Mrs True waited for Mr in front the hardEckhardt some time and when they decided that did not appear home. They went he gone Eckhardt home and upon house Mrs Eckhardt tering the odor of gas the tected the


Article from Quad-City Times, September 29, 1929

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Article Text

BRINGS SUIT TO COLLECT A NOTE The Security Savings bank, which suspended business some two years ago, has filed suit in the district court against W. H. and Philander Yandell for $229.75 alleged owing on a promissory note. Ruymann & Ruymann are the at-