2916. Citizens State Bank (Eagle Grove, IA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 2, 1925
Location
Eagle Grove, Iowa (42.664, -93.904)

Metadata

Model
gpt-5-mini
Short Digest
f1d3abefc11daa3e

Response Measures

None

Description

Directors closed the bank after the assistant cashier admitted misappropriation (~$205,000). An airplane brought funds from Des Moines to enable reopening the next day. The papers describe the bank as closed to forestall a run (threatened) but do not report an actual depositor panic prior to suspension.

Events (2)
1. December 2, 1925 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Assistant cashier E. J. Thompson admitted misappropriation of approximately $205,000, prompting directors to close the bank to forestall a run.
Newspaper Excerpt
The bank was closed today by the Directors after E. J. Thompson, assistant cashier, was arrested and admitted misappropriation of approximately $205,000.
Source
newspapers
2. December 3, 1925 Reopening
Newspaper Excerpt
An airplane brought financial aid to the Citizens' Bank to permit its reopening tomorrow after it had been closed to forestall 'run.' An airplane was chartered to bring sufficient money from Des Moines banks to pay all depositors tomorrow, should they demand a refund of their deposits. (Articles dated Dec. 3 describe reopening after funds arrived.)
Source
newspapers

Newspaper Articles (4)
1. December 3, 1925 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, December 3, 1925

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Article Text

AIRPLANE Speeds Money To Iowa Bank, Facing "Run" After Cashier's Aid Admits Shortage. SPECIAL DISPATCH TO THE ENQUIRER. Eagle Grove, Iowa, December 2.- An airplane today brought financial aid to the Citizens' Bank to permit its reopening tomorrow after it had been closed to forestall "run." The bank was closed today by the Directors after E. J. Thompson, assistant cashier, was arrested and admitted misappropriation of approximately $205,000. Thompson turned over all his property, valued at $135,000, to the bank. He had large land holdings and several farms stocked with blooded cattle and hogs. An airplane was chartered to bring sufficent money from Des Moines banks to pay all depositors tomorrow, should they demand a refund of their deposits.

2. December 3, 1925 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, December 3, 1925

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Article Text

AIRPLANE Speeds Money To Iowa Bank. Facing "Run" After Cashier's Aid Admits Shortage. SPECIAL DISPATCH TO THE ENQUIRER Eagle Grove, lowa, December An airplane today brought financial aid to the Citizens' Bank to permit Its reopening tomorrow after it had been closed to forestall "run." The bank was closed today by the Directors after E. J. Thompson, as sistant cashier was arrested and ad mitted misappropriation of approximately $205,000. Thompson turned over all his property. valued at $135, 000, to the bank. He had large land holdings and several farms stocked with blooded cattle and hogs. An airplane was chartered to bring sufficent money from Des Moines banks to pay all depositors tomorrow, should they demand refund of their deposits

3. December 3, 1925 San Antonio Light San Antonio, TX
Article from San Antonio Light, December 3, 1925

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Article Text

AIRPLANE RUSHES MONEY TO STOP RUN ON BANK IN IOWA By Universal Service. EAGLE GROVE, Iowa, Dec. 3.An airplane brought financial aid to the Citizens Bank to permit its reopening today after it had been closed to forestall a "run." The bank was closed by the directors after E. J. Thompson, assistant cashier, was arrested and is said to have admitted misappropriation of approximately $205,000 of its funds. Thompson turned over all his property. valued at $135,000 to the bank. He had large land holdings and several farms stocked with blooded cattle and hogs. An airplane was chartered to bring sufficient funds from Des Moines banks to pay all depositors should they demand a refund of their deposits.

4. January 31, 1926 San Antonio Light San Antonio, TX
Article from San Antonio Light, January 31, 1926

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Article Text

PLANE BRINGS CASH TO STOP BANK RUN EAGLE GROVE, Iowa, Jan. 30.An airplane brought financial aid to the Citizens Bank to permit its reopening after it had been closed to forestall a "run." The bank was closed by the directors after E. J. Thompson. an assistant cashier, was arrested and said to have admitted misappropriation of approximately $205,000. An airplane was chartered to bring sufficient funds from Des Moines banks to pay all depositors.