3086. Peoples 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
477cb17cddfedb90

Response Measures

None

Description

Newspaper accounts (Nov 30, 1928) report the People's/Peoples Savings Bank 'failed to open' on Nov. 30 after 'heavy runs' since the closing of the American Savings Bank (reported closed Nov. 20). The sequence indicates runs triggered the bank's suspension/closure. Articles do not state the People's reopened; language implies permanent closure and loss of the town's banks. OCR errors in articles corrected (e.g., 'PeoSavings' -> People's Savings; dates inferred from context).

Events (2)
1. November 20, 1928 Run
Cause
Local Banks
Cause Details
Runs began after the American Savings Bank closed (reported Nov. 20), producing heavy withdrawals at People's Savings.
Measures
None reported
Newspaper Excerpt
Heavy runs have been noticed the People's bank since the closing of the American
Source
newspapers
2. November 30, 1928 Suspension
Cause
Local Banks
Cause Details
Unable to withstand losses after heavy withdrawals following the closure of the American Savings Bank; bank failed to open on Nov. 30, 1928 (closure/suspension).
Newspaper Excerpt
People's Savings bank ... failed to open its doors this morning
Source
newspapers

Newspaper Articles (2)
1. November 30, 1928 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, November 30, 1928

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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.

2. November 30, 1928 Iowa City Press-Citizen Iowa City, IA
Article from Iowa City Press-Citizen, November 30, 1928

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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.