3087. Peoples Savings Bank (Marengo, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
August 23, 1932
Location
Marengo, Iowa (41.798, -92.071)

Metadata

Model
gpt-5-mini
Short Digest
3360408c7e911d00

Response Measures

None

Description

Articles indicate Peoples Savings Bank (Marengo, IA) had closed and was in receivership; final dividends paid and a public sale of remaining assets was authorized (Aug 23, 1932). No article describes a depositor run prior to suspension. Bank charter type not stated explicitly in the text, so set to unknown.

Events (2)
1. August 23, 1932 Receivership
Newspaper Excerpt
Judge R. G. Popham has authorized public sale of remaining assets of the Peoples Savings bank Aug. 23 ... Receiver L. A. Andrews ... 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.
Source
newspapers
2. * Suspension
Cause
Government Action
Cause Details
Bank was closed and in receivership (state superintendent and a receiver handling dividends and asset liquidation).
Newspaper Excerpt
Peoples Savings bank at Marengo, 5 per cent, $22,512.66.
Source
newspapers

Newspaper Articles (2)
1. December 25, 1930 Globe-Gazette Mason City, IA
Article from Globe-Gazette, December 25, 1930

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Article Text

CLOSED PAY DIVIDEND AS CHRISTMAS GIFT Eight of Iowa Institutions Make Final Payments to Depositors. DES MOINES, Dec. 25. (P)Eight closed Iowa banks have paid the final dividend to depositors as a Christmas gift, L. Andrew, state superintendent of banking, reported today. They are as follows: Parnell Savings bank, $12,944.59; Farmers Savings banks at Troy Mills, $4,721.97; Odebolt Savings bank, $11,789.21; Winthrop State bank, $38,789.21; Ringsted State bank, $51,250.22; Farmers Savings bank at Odebolt, $18,874.14; Farmers State bank at Clutier, $19,321.72; Jesup State bank, $28,853.86. Nineteen other closed banks have paid Christmas dividends as follows: Farmers Savings bank at Bernard, 25 per cent, $36,662.48. Farmers and Traders State bank at Bonaparte, 15 per cent, $51,128.49. First State Savings bank at McCausland, 25 per cent, $29,331.55. Peoples Savings bank at Marengo, 5 per cent, $22,512.66. Malcolm Savings bank, 10 per cent, $19,974.14. Des Moines Commercial Savings bank, 5 per cent, $92,514.70. Security State bank at Promise City, 25 per cent, $45,017.87. County Savings bank at Algona, 10 per cent, $137,669.38. United State bank at Des Moines, 5 per cent, $67,165.18. Floris Savings bank, 30 per cent, Peosta Savings bank, 20 per cent, $12,016.99. Farmers Savings bank at Corwith, 25 per cent, $53,442.13. Gravity State bank, 25 per cent, Peoples State bank at Humboldt, 10 per cent, $43,644.67. Anthon tSate bank, 10 per cent, Citizens State bank at Anthon, 10 per cent, $26,743.92. Farmers State bank at Rockwell,

2. 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-