2956. First National Bank (Graettinger, IA)

View Charter #5571 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5571
Charter Number
5571
Start Date
October 31, 1933
Location
Graettinger, Iowa (43.238, -94.751)

Metadata

Model
gpt-5-mini
Short Digest
22bba358913c095a

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-10-30
Date receivership terminated
1937-01-30
Share of assets assessed as good
46.0%
Share of assets assessed as doubtful
51.8%
Share of assets assessed as worthless
2.1%

Description

Articles (Nov 9–10, 1933) report the First National Bank of Graettinger was ordered closed by the Comptroller and a receiver (Edmund/Edmund Carmody) appointed Oct 31, 1933. The bank had previously reopened earlier in 1933 after the national bank holiday, but no contemporaneous newspaper text describes a depositor run triggering the final closing. Closure is government-ordered and resulted in receivership.

Events (4)
1. September 5, 1900 Chartered
Source
historical_nic
2. October 30, 1933 Receivership
Source
historical_nic
3. October 31, 1933 Receivership
Newspaper Excerpt
Edmund Carmody ... will [be] receiver. ... the First National bank Graettinger, was directed to close its doors Tuesday, October 31st.
Source
newspapers
4. October 31, 1933 Suspension
Cause
Government Action
Cause Details
Ordered closed by the Comptroller (federal banking authority) on October 31, 1933.
Newspaper Excerpt
Under the order of comptroller, the First National bank Graettinger, was directed to close its doors Tuesday, October 31st.
Source
newspapers

Newspaper Articles (2)
1. November 9, 1933 Kossuth County Advance Algona, IA
Article from Kossuth County Advance, November 9, 1933

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Article Text

Whittemore Youth Is Bank Receiver Graettinger's only bank, the First National, which was closed under President proclamation of March and since reopening few weeks later had been operated by was closed for good last week Tuesday, when mund Carmody, assistant cashier of the State bank and son Thos. appointed Carmody, was receiver. All deposits made since the bank reopened last spring and which have. not been checked will be returned to the owners. This amounts to some

2. November 10, 1933 The Humboldt Republican Humboldt, IA
Article from The Humboldt Republican, November 10, 1933

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Article Text

1ST NATIONAL BANK IN RECEIVER'S Under the order of comptroller, the First National bank Graettinger, was directed to close its doors Tuesday, October 31st. Edmund Carmody of Cylinder, will receiver. understood that funds deposited the bank since the national bank holiday called, will be paid full. stated that since the bank opened business last March. approximately deposits had been received and that at the time of closing week ago the amount busiabout $30,000. The closed bank first granted charter 1898. News its closing came surprise to people of the coun-