3092. First National Bank (Marshalltown, IA)

View Charter #411 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
411
Charter Number
411
Start Date
May 16, 1914
Location
Marshalltown, Iowa (42.049, -92.908)

Metadata

Model
gpt-5-mini
Short Digest
26bdd9afdb80e8fb

Response Measures

Public signal of financial health, Full suspension

Receivership Details

Depositor recovery rate
83.5%
Date receivership started
1928-06-11
Date receivership terminated
1932-12-31
Share of assets assessed as good
49.3%
Share of assets assessed as doubtful
43.8%
Share of assets assessed as worthless
6.9%

Description

Article (1914) reports a run that closed the bank's doors with slow assets blamed. Later articles (1928, 1931) show the bank was defunct and a permanent receiver was appointed by the Comptroller; receiver continued to pursue suits. Sequence indicates a run leading to suspension/closure and receivership.

Events (5)
1. May 3, 1864 Chartered
Source
historical_nic
2. May 16, 1914 Run
Cause
Bank Specific Adverse Info
Cause Details
Bank had slow assets (illiquid or poor loans) that precipitated heavy withdrawals and a run.
Measures
Bank officials stated expectation to pay every depositor 100%; no temporary liquidity measures described.
Newspaper Excerpt
Ben Newcomb, cashier of the First National Bank, said that bank officials confidently expected to pay every depositor 100 per cent. He declared that certain slow assets were the primary cause of the run, which resulted in the closing of the bank's doors.
Source
newspapers
3. June 11, 1928 Receivership
Source
historical_nic
4. August 17, 1928 Suspension
Cause
Government Action
Cause Details
Comptroller of the Currency appointed a permanent receiver for the defunct bank; bank remained closed/defunct.
Newspaper Excerpt
Marshalltown bank receiver appointed ... Bosworth of Manly named permanent receiver for the defunct First National bank here by comptroller currency at Washington
Source
newspapers
5. December 20, 1931 Receivership
Newspaper Excerpt
Melvin Royer, receiver of the First National bank here, filed two suits ... (receiver pursuing suits against debtors).
Source
newspapers

Newspaper Articles (3)
1. May 16, 1914 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, May 16, 1914

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Article Text

out all the money we had on hand." Ben Newcomb, cashier of the First National Bank, said that bank officials confidently expected to pay every depositor 100 per cent. He declared that certain slow assets were the primary cause of the run. which resulted in the closing of the bank's doors.

2. August 17, 1928 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, August 17, 1928

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Article Text

MARSHALLTOWN BANK RECEIVER APPOINTED 17 Bosworth of Manly named permanent receivfor the defunct First National bank here by comptroller currency at Washington, it was announced Bosworth succeeds V. WIIson. national bank examiner. who was temporary receiver. It was presumed efforts of business men to reopen the bank 100 now will be per cent stock assessment recently was ordered.

3. December 20, 1931 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, December 20, 1931

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Article Text

Bank Receiver Files Marshalltown Suits MARSHALLTOWN, IA.-Melvin Royer, receiver of the First National bank here. filed two suits with the district court clerk Saturday. The first action is against C.H. Van Law, local attorney, Alice Van Law and H. C. Cox for $2,500 on an alleged delinquent promissory note. The second suit against the Van Laws and W. N. Norris asks Judgment for $5,000 and the foreclosure of a real estate mortgage used to secure an alleged delinquent promissory note.