3084. American Savings Bank (Marengo, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
June 11, 1934
Location
Marengo, Iowa (41.798, -92.071)

Metadata

Model
gpt-5-mini
Short Digest
1e5c05a0dc90a4aa

Response Measures

None

Description

The articles describe the American Savings Bank in Marengo as having closed and been in receivership; no contemporaneous run is reported. Final receivership actions and a last dividend payment are reported in June 1934, indicating the bank remained closed and was being liquidated. OCR in Article 1 is messy (references to other local banks and dates); closure date is not consistently reported across snippets, so I do not invent an exact suspension date apart from the receivership finalization.

Events (2)
1. June 11, 1934 Receivership
Newspaper Excerpt
Final dividend payment of 5.662 per cent by the American Savings bank receivership was authorized to close the Iowa county court week... to depositors in the closed Marengo bank ... Examiner H. C. Weeks cites his final report ... total expense of receivership.
Source
newspapers
2. * Suspension
Cause
Government Action
Cause Details
Bank had closed and was placed in receivership; payments and dividends being made by receiver.
Newspaper Excerpt
The American Savings bank, which closed ten days earlier, has paid out 50 per cent and may provide depositors with two more 10 per cent dividends.
Source
newspapers

Newspaper Articles (3)
1. August 11, 1932 Quad-City Times Davenport, IA
Article from Quad-City Times, August 11, 1932

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Article Text

IOWA CO. 4-H SHOW PROGRAM IS COMPLETED Fourth Annual Three-Day Events Begins Aug. 22; Siefken Speaker. Special The Democrat Marengo, Ia., Aug. 11.-Plans for the fourth annual countywide 4-H club show in Iowa county, Aug. 22-24, were announced this week by County Club Agent R. W. Ashby, in charge of the event. Represented are 14 of 16 townonly the two inhabited by the Amana society226 farm boys and girls, 151 boys from nine clubs. In the livestock division L. W. Plager, Grundy Center, president of the Iowa State Livestock Judges' association, will select 10 from 74 calves, 30 from 133 pigs for entry in the Iowa State fair the following week. From girls' work by five clubs Grace Stevens Rylander of Muscatine will select one booth exhibit and one demonstration team for similar honors, and two individual exhibits in each of 19 classes. Dr. C. H. Herman, Amana, who annually donates his services will determine the healthiest among eight boys and five girls. In addition the livestock judging team whose results most nearly approximate those of Mr. Plager will earn the trip to Des Moines. Bank Settlement. Judge R. G. Popham has authorized public sale of remaining assets of the Peoples Savings bank Aug. 23 at p. m. Meanwhile any debt may be settled or adjusted with Receiver L. A. Andrews and withdrawn from the list. With other amounts collected since dividends totaling 75 per cent were issued, the proceeds will probably result in a final dividend of 5 to per cent. The American Savings bank, which closed ten days earlier, has paid out 50 per cent and may provide depositors with two more 10 per cent dividends. The First National bank, which went into receivership Feb. 14, 1926, liquidated 72.6 per cent. Appraise Creamery. A. W. McKusker, A. T. Akerman, and G. M. Guthrie, Marengo, have been designated by Judge R. G. Popham to appraise property of the Iowa Valley Creamery company preparatory to a public hearing Aug. 16 on its receivership. Henry Bendorf, representing the control-

2. May 28, 1934 Quad-City Times Davenport, IA
Article from Quad-City Times, May 28, 1934

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Article Text

HARNED SPEAKS AT MARENGO'S MEMORIAL RITE Program in School Auditorium; Receivership Hearing June 8. Special The Marengo, Ia., May 28.-F. Paul Harned will be principal speaker at the Memorial day program 9:30 o'clock Wednesday morning in the high school auditorium. Daughters of Union Veterans will read the G A. R. ritual at the service which will be as follows: Band Brandt Logan's General Orders' Garth Vocal solo-Irene Memorial Paul Harned Gettysburg Address" Franklyn Eddy Roll of Blanche Franks. Salute to the Flag Receivership Report Hearing. Judge James P. Caffney set June 8 at m. as the time for hearing the American Savings bank receiver's final report. Termination of the receivership. which is expected to produce one more 5 per cent dividend, will end disposition of iand loans which seven years ago closed all three local banks. Defeat South Amanas, Marengo Independents won the game from South Amana All Stars there 12 to Batteries were Zimmerman and Vogt for Marengo, Salzbrimmer and Remig for South Amana.

3. June 11, 1934 The Daily Times Davenport, IA
Article from The Daily Times, June 11, 1934

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Article Text

CLOSED BANK IN MARENGO TOPAY FINAL DIVIDEN MARENGO, Ia., June 11. (Special) Final dividend pay ment of 5.662 per cent by th, American Savings bank receiver ship was authorized to close th Iowa county court week Actio by Judge James P. Gaffney ap proves paying out $29,132.45 to positors in the closed Mareng bank and first dividend $613.30 to general creditors. Examiner H. C. Weeks cites his final report a gross balance $651,486.50, with $36,284.29 total expense of receivership. Sinc Sept. 30, 1933, receipts have beer $13,834.34 and expenses $2,027.40 birthday anniversary The hour were spent socially and refresh ments were served. It has been ruled illegal to ship slot machines into New Yorl state.