County Savings Bank - Algona, IA

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: bb736944

Response Measures

None

Description

No bank run is described in the articles. The bank was closed (suspended) in the fall of 1929 after the stock market crash and later placed in receivership; remaining assets were auctioned in 1934 and a final dividend was to be paid. Dates are taken from article text (closed in fall 1929; asset sale reported 1934-09-20).

Events (2)

1. October 1, 1929* Suspension

Cause: Macro News
Cause Details: Closed in the fall of 1929 shortly after the stock market crash that opened the Depression; closure attributed to the economic collapse following the crash.
Newspaper Excerpt: The bank was closed in the fall of 1929, just after stock market which opened the depression.
Source: newspapers

2. September 20, 1934 Receivership

Newspaper Excerpt: Remaining assets of the County Savings bank ... were court auction for only $800 ... M. Fox, special examiner in the state was auctioneer ... remaining affairs of the bank up final dividend paid. The bank was closed in the fall of 1929 ... Liquidation has been progress since ... Final Dividend Soon.
Source: newspapers

Newspaper Articles (2)

1. January 25, 1934 Kossuth County Advance Algona, IA

Article from Kossuth County Advance, January 25, 1934

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Article Text

PLEASED copy of the Advance for Janu11 story about CWA park was sent Blackford, Louis, cashier of the First National here. It was believed that Geo. Blackford, former Algona photographer, was with his brother now the former, whose dress 5033 Vernon ave., St. Louis, writes: Louis, Jan. copy the Advance to brothBlackford, recently, and great pleasure in perusing gratified learn of the improvements which being made in Blackford As more beauscenic way than the Ambrose Call park,* hope that during the proper be used to tent. well remember every foot years associawith has endeared it to my the latter part of 1932 told the County Savings bank would its final dividend pay about year. This would have been in the fall or winter of but far have heard nothing about you know when this will be ready? Or not, do know you whom could ask for information? Advance said rivaled the Call park for natural beauty. Final action the County Savings bank receivership not likely before fall. accompanied them to Webster City, where visited her mother other On her Harold came from Des took home with him for few days visit. Clifford and Helen Schrader, Stanley Black, Warren Ringsdorf, Esther Lone Rock, Thursday night for few days relatives and friends at MilwauMiss Godden to visit Indiana several weeks. Dean Clapsaddle returned to Mrs. were Sunday evening supper guests the Lauhis attend-

2. September 20, 1934 Kossuth County Advance Algona, IA

Article from Kossuth County Advance, September 20, 1934

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Article Text

ASSETS AT HERE TUESDAY Bidding is Slow and No is Evident. Remaining assets of the County Savings bank representing some have been court auction for only $800 the Guarantee kaloosa, which makes buying up final assets of closed banks. The sale was held in the courtroom early Tuesday Only small audience was in tendance. There however, in the unit or itemsale, in was but bidding slow when the assets were ofsoutheastern Iowa. Dollar an Item Bid. A standing bid dollar item had been filed before the sale held. the unit sale most the items sold without further On number, bids up $35, some to $50. But there little enthusiasm. to bid their own The total of the individual used opening the group sale. The unit sales, all which were subject to bloc sale, provided that proved highest, totaled The first bloc therefore $730. of $750 made few minutes later, and then the bidding apparently ceased, but after among the bidders the offer was raised then $765. and finally $800, where stopped. Examiner Conducts Sale. M. Fox, special examiner in the state was auctioneer, and H. Hull, local examiner charge, clerk, asssited by Herbst. remaining affairs of the bank up final dividend paid. This will be before Thanksgiving, unless some hitch settlements not included the sale develops. Final Dividend Soon. The final dividend will for than cent, and this more per raise the total paid back the bank to little more than per The bank was closed in the fall of 1929, just after stock market which opened the depression. Liquidation has been progress since, record cent dividends the last few depressed prices and years shrinking collateral is considered good.