2837. Decorah State Bank (Decorah, IA)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
January 2, 1925
Location
Decorah, Iowa (43.303, -91.786)

Metadata

Model
gpt-5-mini
Short Digest
2003193d3ead8d15

Response Measures

None

Description

Multiple January 1925 newspaper articles report a short-lived run on the Decorah State Bank that ended after the controlling president (Engbretson) resigned/relinquished stock and the dismissed cashier was restored. The bank did not suspend payments and depositors returned funds, so this is a run-only episode.

Events (1)
1. January 2, 1925 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors were angered by the dismissal of the cashier by the controlling president (Engbretson) and by Engbretson's control of the bank; his resignation and relinquishing of stock ended the run.
Measures
President Richard (R.) Engbretson resigned and surrendered a portion of his stock; dismissed cashier (E. R. Haines) and an assistant were restored to positions; new president elected (Gilbert Soland / E.R. Haines named president in one report).
Newspaper Excerpt
A run on the Decorah State bank was terminated today after the retirement of A. Engbertson as president ... Depositors began returning their money to the bank.
Source
newspapers

Newspaper Articles (3)
1. January 3, 1925 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, January 3, 1925

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Article Text

Dismissal of Cashier Causes Run on Bank DECORAH, Iowa, Jan. run on the Decorah State bank was terminated today after the retirement of A. Engbertson as president and the reported absorption of his 261 shares of stock by other stockholders. Ten days it became known that Mr. Enbertson, ago who controlled the bank, had dismissed B. Haines, the without consulting other Depositors, angered over the began on the last Tuesday throughout Wednesday and sumed this morning after the New Year As of the retirement of Mr from the presidency, Mr Haines and Johnson, assistant cashier who had resigned, were restored to their positions. Gilbert Soland was elected president and depositors began returning -their money to the bank.

2. January 3, 1925 The Pantagraph Bloomington, IL
Article from The Pantagraph, January 3, 1925

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Article Text

RUN ON BANK STOPS AS PRESIDENT RETIRES Jan. 2-A run on the Decorah State bank was termiafter the of R. H. reported of of his shares of stock stockTen ago It became known that Mr. controlled bank, dismissed R. the without Depositors angered the began run the last Tuesday Wednesday and was reresult of the retirement of the the Mr. Haines and had resigned, were to their po. Gilbert Soland elected president returning their money to the bank.

3. January 7, 1925 Grant County Herald Lancaster, WI
Article from Grant County Herald, January 7, 1925

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Article Text

Run on Decorah State Bank is Brought to End DECORAH, Ia., Jan. 3.-Resumption of the run on the Decorah State bank, which started Wednesday, was averted this morning when Richard Engbretson resigned as president of the institution and agreed to relinquish his controlling interest in the bank. E. R. Haines, who has been cashier of the bank for eight years or more and who has the confidence of the people of Decorah and vicinity, succeeds Engbretson as president of the institution. Before the doors of the bank were opened this morning, a long line of persons had formed in the street, all intent on withdrawing their money. Following Engbretson's announced resignation, the run came to an abrupt end and those who had withdrawn their funds from the bank were returning to deposit their money. Engbretson, up to today, controlled 51 per cent of the bank's stock. He now controls but 36 per cent, having surrendered 15 per cent of his holdings to the directors, it is said.