3121. County Savings Bank (Algona, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
September 1, 1929*
Location
Algona, Iowa (43.070, -94.233)

Metadata

Model
gpt-5-mini
Short Digest
50fdd62c

Response Measures

None

Description

The County Savings Bank of Algona was placed in receivership (references to a receiver appear as early as 1929) and remained closed; receiver sold bank-owned property (1929–1930), paid dividends to depositors (Dec 1930), and continued administration into 1931 (court filings). No contemporaneous run on the bank is described; the failure is described in the context of the deflation/macro conditions. Dates are approximate when only month/year evidence is available.

Events (7)
1. September 1, 1929* Suspension
Cause
Macro News
Cause Details
Bank failed during the deflation and broader financial distress; articles refer to banks 'which went broke during the deflation' and state superintendent actions.
Newspaper Excerpt
proposed court sale ... by the County Savings bank receiver appears in today sale.
Source
newspapers
2. September 28, 1929 Other
Newspaper Excerpt
Plan Purchase of Pavilion and More Land From Nearby Farm. ... sale of the former Lloyd Wellendorf farm ... by the County Savings bank receiver appears in today's sale.
Source
newspapers
3. August 28, 1930 Other
Newspaper Excerpt
A deal was consummated last week by which Warren E. Laird purchased the building ... from the County Savings bank receivershp for $8500.
Source
newspapers
4. September 1, 1930 Other
Newspaper Excerpt
W. E. Laird has purchased the Akre store building from the receiver of the County Savings bank for the sum of $8,500.
Source
newspapers
5. December 20, 1930 Other
Newspaper Excerpt
for the County Savings bank of Algona will distribute over $300,000 in cash to depositors ... The County Savings bank at Algona will distribute ... (dividends).
Source
newspapers
6. December 25, 1930 Other
Newspaper Excerpt
County Savings bank at Algona, 10 per cent, $137,669.38. (listed among closed banks paying final dividend).
Source
newspapers
7. March 25, 1931 Receivership
Newspaper Excerpt
application of L. A. Andrew, Superintendent of Banking ... as receiver of the County Savings Bank, Algona, Iowa, asking that he may be authorized to compromise certain obligations ... hearing set for April 1, 1931.
Source
newspapers

Newspaper Articles (8)
1. September 28, 1929 Globe-Gazette Mason City, IA
Article from Globe-Gazette, September 28, 1929

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Article Text

Plan Purchase of Pavilion and More Land From Nearby Farm. ALGONA, Sept. of proposed court sale of the former Lloyd Wellendorf farm just east of the fairgrounds to the county fair association and Mr. Wellendorf by the County Savings bank receiver appears in today sale. A hearing on the application will be held next Tuesday. If the sale goes thru as planned the fair will get the east 212 feet of the Wellendorf farm, which parallels the fairgrounds fence on the west side of the race track. The sale includes all land east of the road in front of the house, and the fair society will own the big sale pavilion erected 10 or more years ago by Mr. Wellendorf. The rest of the land is to be sold to Mr. Wellendorf. With this additional land the fair can build new grandstand on the west side of the race track, where the afternoon sun will not drive spectators out of seats. Much of the space in the present grandstand kept vacant by hot sun. The Wellendorf will also be notable addition to the fairgrounds buildings, excellent for calf and other club work and for demonstration talks by judges.

2. January 23, 1930 Globe-Gazette Mason City, IA
Article from Globe-Gazette, January 23, 1930

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Article Text

Kossuth District Court Has Lightest Schedule of Cases in Many Years ALGONA, Jan. 23.-The district court of Kossuth county will open next Monday with Judge Lovrien of Humboldt on the bench. This will be the lightest term for & long time. Only 43 cases have been filed since last term which is about half the usual number. Only seven cases are set down for trial during the term as follows: L. F. Walsh et al versus William O'Donnell; County Savings bank receiver versus Elizabeth Yanser; Algona State bank receiver versus C. C. Chubb; Hart Parr company versus Harm Groen; J. A. Hamilton versus Harold G. Hamilton; May Eleanore Stehle versus Emma Geimer and Estate of Andrew J. Helmer, deceased.

3. August 28, 1930 Kossuth County Advance Algona, IA
Article from Kossuth County Advance, August 28, 1930

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Article Text

AKRE GROCERY BUILDING IS SOLD TO LAIRD FOR $8,500 A deal was consummated last week by which Warren E. Laird purchased the building in which the Thos. Akre grocery located from the County Savings bank receivershp for $8500. The building is of brick, and was erected in 1916 by M. Jusperson, who lost it to the bank when the bank closed. Mr. Jusperson, however, still holds right of redemption. Mr. Laird pur. chased the building as an invest ment only. The Akre store will remain in its present location.

4. September 1, 1930 Globe-Gazette Mason City, IA
Article from Globe-Gazette, September 1, 1930

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Article Text

Algona Store Building Is Sold for $8,500 by Savings Bank Receiver ALGONA. Sept. 1.-W. E. Laird has purchased the Akre store build. ing from the receiver of the County Savings bank for the sum of $8,500. Mr. Laird will continue to rent the building to Thomas Akre for a store and apartment. Ratiroad President Dies. DETROIT. Sept. D. Bronner. vice president of the Micnigan Central railroad, died early this morning at his apartment In the Whittler hotel Mr. Bron. ner had been III since last May.

5. September 1, 1930 Globe-Gazette Mason City, IA
Article from Globe-Gazette, September 1, 1930

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Article Text

Algona Store Building Is Sold for $8,500 by Savings Bank Receiver ALGONA. Sept. E. Laird has purchased the Akre store build. ing from the receiver of the County Savings bank for the sum of $8,500. Mr. Laird will continue to rent the building to Thomas Akre for a store and apartment. DETROIT. Sept. D. Bronner. vice president of the Micnigan Central railroad, died early this morning at his apartment In the Whittler hotel here. Mr. Bron. ner had been III since last May.

6. December 20, 1930 The Albert Lea Tribune Albert Lea, MN
Article from The Albert Lea Tribune, December 20, 1930

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Article Text

CHRISTMAS PRESENTS PEOPLE Iowa Bank Receivers Help the Situation in Their Towns by Out Christmas of Checks to Depositors Closed Banks. Six Kossuth county and neighboring banks which went broke during the deflation this week paid their depositors dividends amount ing to $400,000 as Christmas reminders. This belated Christmas cheer helps. The First National Bank of Algona pays final dividend of 4.85 per cent, which will put into circulation about $2,000. The final payment brings the total paid by this bank to 49.85 per cent. The First National of Britt has paid dividend of ten per cent. The First Nationals of Rolfe and Forest City are in process of final closing. The bank at Rolfe will pay out 84.9 per cent. The bank at Wesley has paid 65 per cent and will have more to pay. The First National at Burt will be ready today to pay its first dividend of about $70,000, which will be 25 per cent. The bank was closed Sept. this year. The for the County Sav ings bank of Algona will distribute over $300,000 in cash to depositors of that bank and five others, one other in Algona, and one each at Humboldt, Corwith, Luverne and Ringsted.

7. 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,

8. March 25, 1931 The Algona Upper Des Moines Algona, IA
Article from The Algona Upper Des Moines, March 25, 1931

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Article Text

Notice. In the district court of Iowa, in and for Kossuth county. L. A. Andrew, Superintendent of Banking of the State of Iown, plaintiff, VR. County Savings fendant Bank, of Algona, IOWA, deTo whom It may concern: Notice is hereby given that there is now on file in the office of the clerk of the district court of Iowa, in and for Kossuth county, the application of L. A. Andrew, Superintendent of Banking of the State of Iowa, as receiver of the County Savings Bank, Algona, Iowa, asking that he may be authorized to compromise certain obligations held against Carl Hutchins and Ella Hutchins, and Oscar E. Miller and Nellie May Miller, as per the terms described in said application. And you are further notified that the hearing on said matter has been set for the first day of Ap. ril, 1931, at two o'clock R. m. of said day, at the court house in Algona, Kossuth county, Iowa, at which time and place you may appear and show cause, if any you have, why said settlements should not be made and order cation. entered as prayed for in said appliDated March 25, 1931. L. A. Superintendent of Banking ANDREW, of the State of Iowa, as Receiver of the County Savings Bank, Bank, of Algona, Iown Charge. By R. H. MILLER, Examiner in