Article Text
MERGER HALT, GOSSIP, CLOSE MARENGO BANK Special The Democrat Marengo, Ia., Nov. -Officers of the American Savings bank this morning closed doors of that institution and called in state bank
3083. American Savings Bank (Marengo, IA)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- savings bank
- Start Date
- November 20, 1928
- Location
- Marengo, Iowa (41.798, -92.071)
Metadata
- Model
- gpt-5-mini
- Short Digest
67b59bed94d1cd03
Response Measures
None
Description
Articles report heavy withdrawals/rumors and 'gossip' about a merger that precipitated the American Savings Bank closing its doors on Nov. 20, 1928. A receiver (Shawver) was later named. The sequence is a run, suspension (closure) and receivership, so classified as run_suspension_closure. OCR errors in articles were corrected (e.g., dates and fragmented sentences).
Events (3)
1.
November 20, 1928
Run
- Cause
- Rumor Or Misinformation
- Cause Details
- Rumors/gossip about a proposed merger with Peoples Savings Bank triggered heavy withdrawals and a serious run.
- Measures
- Closed its doors to the public; called in state bank (authorities) and halted operations.
- Newspaper Excerpt
- MERGER HALT, GOSSIP, CLOSE MARENGO BANK ... Offcers of the American Savings bank this morning closed doors ... action rumors that the bank to merged with the Peoples Savings bank The rumors ... serious run the bank's
- Source
- newspapers
2.
November 20, 1928
Suspension
- Cause
- Rumor Or Misinformation
- Cause Details
- Closure/suspension of payments and doors closed in response to the run sparked by merger rumors and gossip.
- Newspaper Excerpt
- MARENGO BANK CLOSES DOORS TO THE PUBLIC ... bank closed its doors this morning ... action rumors ... serious run ... finally considered advisable
- Source
- newspapers
3.
November 30, 1928
Receivership
- Newspaper Excerpt
- Shawver has been named receiver for the American today ... The closing today leaves Marengo without ... First National bank of Marengo closed 14 [days earlier?].
- Source
- newspapers
Newspaper Articles (4)
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Article Text
MARENGO BANK CLOSES DOORS TO THE PUBLIC (Register's Special Iowa News bank closed its doors this morning action rumors that the bank to merged with the Peoples Savings bank The rumors, according to officials of the American Savings serious run the bank's that was finally considered advisable The American bank was organ ized in 1907 with capital stock of $25 which was later creased to $50,000 The bank surplus and $600,000 deposits. Officials of the bank Wilson, vice president, and C. Denzler, cashier.
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Article Text
MARENGO BANK FAILS TO OPEN Peoples Savings Institution Was Organized in 1905. News Service.) Marengo, Nov. PeoSavings bank which was ganized ples here in 1905. failed to open its doors this morning Ole Olson is president the bank and A The officers the bank gave its capital at surplus, and total Since the closing of the AmerNov run Savings bank has the Peoples in progress officials said A merger between the institutions failed when petition for a charter was denied Shawver has been named receiver for the American today leaves MaThe closing The First rengo without National bank of Marengo closed 14.
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Article Text
BANK CLOSES People's Savings Fails To Open Friday Morning (By Associated Press) MARENGO, Ia., Nov. the failure of the People's Savings bank to open here early Fri. day morning, Marengo is left without a single bank, the American Savings bank having closed its doors on November 20th, and the reorganization plans failing in their completion. Heavy runs have been noticed the People's bank since the closing of the American and unable to withstand the loses. The People's Savings bank was organized in 1905 with the late Arthur N. Vetty as president. After the death of Mr. Vetty the bank by Mr. Ole Olson, president, and Mr. Rouse, cashier. The capital stock was $100,000, deposits, good and the total resources estimated at $678,000.