3119. First National Bank (Montezuma, IA)

View Charter #2961 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2961
Charter Number
2961
Start Date
September 16, 1929
Location
Montezuma, Iowa (41.586, -92.527)

Metadata

Model
gpt-5-mini
Short Digest
6f1363b6d61992d8

Response Measures

None

Receivership Details

Depositor recovery rate
57.8%
Date receivership started
1929-09-16
Date receivership terminated
1935-05-18
OCC cause of failure
Governance
Share of assets assessed as good
26.5%
Share of assets assessed as doubtful
52.9%
Share of assets assessed as worthless
20.6%

Description

Articles report the First National Bank of Montezuma was closed by order of the Comptroller and placed in the hands of a national bank receiver; later articles (Mar 1930) describe the receiver liquidating the bank and assessing stockholders. I corrected minor OCR issues (e.g., garbled deposit amount). The exact closing date in the press pieces is slightly inconsistent: a Sept. 1929 story says it closed Monday (article dated 1929-09-20), while receiver paperwork references Oct. 16, 1929 for interest calculations. I record the suspension/receivership per the Sept. 1929 report and note the receiver/liquidation activity continuing into 1930.

Events (5)
1. May 26, 1883 Chartered
Source
historical_nic
2. September 16, 1929 Receivership
Source
historical_nic
3. September 16, 1929 Receivership
Newspaper Excerpt
The Tribune's national bank receiver is now in charge of the First National bank of Montezuma ... At the present time he is also in charge of closed banks at Marengo, Brooklyn, Norway and Grinnell.
Source
newspapers
4. September 16, 1929 Suspension
Cause
Government Action
Cause Details
Closed by order of the Comptroller of the Currency and by vote of the board of directors; placed under national bank receiver.
Newspaper Excerpt
The First National bank of Montezuma which closed Monday by an order from the comptroller of currency and vote of the board of directors.
Source
newspapers
5. March 8, 1930 Other
Newspaper Excerpt
Frank W. McRoberts, receiver for the First National bank Montezuma, seeking collect of $2,000 ... When McRoberts took the bank receiver, he found to assess each stockholder 100 per cent of his holdings to make the deficit liquidating the business of the bank. (liquidation/assessment action in court).
Source
newspapers

Newspaper Articles (3)
1. September 20, 1929 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, September 20, 1929

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Article Text

MONTEZUMA BANK UNDER RECEIVER (The Tribune's erts. national bank receiver. is now in charge of the First National bank of Montezuma which "closed Monday by an order from the comptroller of currency and vote of the board of directors. At the present time he is also 'in charge of closed banks at Marengo, Brooklyn, Norway and Grinnell. The First National was one of the oldest banks in Poweshiek county having been established in Deposits totaled over $480, 1000. There were no rediscounts and no borrowed money by the

2. March 8, 1930 The Daily Times Davenport, IA
Article from The Daily Times, March 8, 1930

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Article Text

Bank Turns to Court to Collect $2,000 Assessment Frank W. McRoberts, receiver for the First National bank Montezuma, seeking collect of $2,000 from Belle Shinabarger, Muscatine, through action which has been started in the United States district court in Davenport. Although the case was filed here several weeks was not until yesterday that notice was served on the Muscatine woman, because of the illness of Deputy United States Marshal Kenney here. She held 20 shares of capital the bank with $100 each. When McRoberts took the bank receiver, he found to assess each stockholder 100 per cent his holdings make the deficit liquidating the business of the bank. Thus he states, efforts to collect from the Muscatine have been Interest cent from Oct. 1929, asked.

3. March 9, 1930 Quad-City Times Davenport, IA
Article from Quad-City Times, March 9, 1930

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Article Text

Action to Collect $2,000 Assessment Started in Court Belle F. Shinaberger of Musca. tine, has been made defendants ih an action started in United States district court in Davenport by Frank W. McRoberts, receiver for the Frist National bank of Montezuma who is seeking to collect an assessment of $2,000. While the case was filed here several weeks ago, it was not until Friday that notice was served on the Muscatine woman due to the illness of Deputy United States Marshal T. F. Kenney. She held 20 shares of capital stock in the bank with a par value of $100 each. When McRoberts took over the bank as receiver, he found it necessary to assess each stockholder 100 per cent of his holdings to make up the deficit in liquidating the business of the bank. Thus far, he states, efforts to collect from the Muscatine woman have been unsuccessful. Interest of six per cent from Oct. 16, 1929, is asked.