3120. County Savings Bank (Algona, IA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
October 29, 1927
Location
Algona, Iowa (43.070, -94.233)

Metadata

Model
gpt-5-mini
Short Digest
209fd9de

Response Measures

Full suspension, Books examined

Description

Newspapers report County Savings Bank of Algona closed at noon Oct 29, 1927 and placed in hands of State banking examiners after depleted reserves, due to heavy withdrawals. Articles do not report a reopening; closure appears to be permanent/official (examiners in charge). Cause of withdrawals is not specified in the articles, so classified as 'other'.

Events (3)
1. October 29, 1927 Other
Newspaper Excerpt
The first two banks are in the hands of State banking examiners, and the National bank is in charge of a representative of the Controller of the Currency.
Source
newspapers
2. October 29, 1927 Run
Cause Details
Heavy withdrawals (run) depleted reserves; no specific trigger (rumor, correspondent failure, or local shock) mentioned.
Newspaper Excerpt
Depleted due to heavy withdrawals are for the closing in each case.
Source
newspapers
3. October 29, 1927 Suspension
Cause Details
Closed and placed in hands of State banking examiners after reserves were depleted by heavy withdrawals.
Newspaper Excerpt
County Savings Bank of Algona ... were closed at noon today. The first two banks are in the hands of State banking examiners ... Depleted reserves, due to heavy withdrawals, are assigned as reason for the closing in each case.
Source
newspapers

Newspaper Articles (2)
1. October 29, 1927 The Daily Plainsman Huron, SD
Article from The Daily Plainsman, October 29, 1927

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Article Text

MASON Oct. 29. Kossuth county banks, County Savings Bank of Algona, Algona State Bank. Algona, and the Bank Swea City were closed at noon day. The first two banks are in the hands state banking examiners and the National bank charge representative of the comptrollers the currency. Depleted due to heavy withdrawals are for the closing in each case.

2. October 30, 1927 Evening Star Washington, DC
Article from Evening Star, October 30, 1927

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Article Text

THREE BANKS CLOSED. Two Iowa Institutions in Hands of State Examiners. MASON CITY, Iowa, October 29 (AP).-Three Kossuth County banksthe County Savings Bank of Algona, the Algona State Bank, Algona, and the First National Bank at Swea City -were closed at noon today. The first two banks are in the hands of State banking examiners, and the national bank is in charge of a representative of the Controller of the Currency. Depleted reserves, due to heavy withdrawals, are assigned as reason for the closing in each case.