First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 7126
Charter Number: 7126
Start Date: November 1, 1926*
Location: Alta, Iowa (42.674, -95.291)

Metadata

Model: gpt-5-mini
Short Digest: b747b707

Response Measures

None

Receivership Details

Depositor recovery rate: 70.8%
Date receivership started: 1926-12-03
Date receivership terminated: 1933-04-01
OCC cause of failure: Economic conditions
Share of assets assessed as good: 36.0%
Share of assets assessed as doubtful: 54.3%
Share of assets assessed as worthless: 9.6%

Description

The First National Bank of Alta closed in 1926 and was placed in receivership (W. M. Grimes appointed receiver in December 1926). Articles describe ongoing liquidation, dividends paid by the receiver, suits by the receiver against stockholders, and that the bank remains closed with a receiver (permanent closure). Cause is bank-specific adverse information: losses dating to the 1920 deflation required directors/stockholders to make up large losses and ultimately led to liquidation.

Events (6)

1. February 8, 1904 Chartered

Source: historical_nic

2. November 1, 1926* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank closed during 1926 after long-standing losses dating to the 1920 deflation; examiner ordered directors to cover about $60,000 loss and heavy assessments and liquidations followed.
Newspaper Excerpt: Both banks closed their doors in 1926.
Source: newspapers

3. December 1, 1926* Receivership

Newspaper Excerpt: Grimes took over the receivership of the closed bank last December and has paid the depositors 45 per cent in dividends. D. Bourne, of the First National bank, Sac has been pointed receiver of the First National bank, of Alta, to fill the vacancy caused by the of M. Grimes, who will enter private business.
Source: newspapers

4. December 3, 1926 Receivership

Source: historical_nic

5. April 20, 1927 Other

Newspaper Excerpt: Suits totaling $21,200 against six stockholders of the defunct First National bank, of Alta, Ia., have been filed in federal court, here, by J. M. Grimes, receiver.
Source: newspapers

6. September 17, 1927 Other

Newspaper Excerpt: Grimes, receiver First National bank, has started issuing the third dividend checks, amounting ... This release more than which been tied up in the closed bank since last November. The payment dividend bring the cent, more than 000 which have been paid depositors little more than nine months.
Source: newspapers

Newspaper Articles (6)

1. April 20, 1927 The Sioux City Journal Sioux City, IA

Article from The Sioux City Journal, April 20, 1927

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SUITS FILED IN ALTA BANK CASE Receiver Seeks $21,200 From Six Stockholders. Suits totaling $21,200 against six stockholders of the defunct First National bank, of Alta, Ia., have been filed in federal court, here, by J. M. Grimes, receiver. The suits have been brought to collect the liabilities of the stockhold. ers and to enforce the assessment or. dered by the controller of currency. The defendants are: C. Holtz, sued for $11,500; A. R. Rehnstrom, sued for $3,200: J. M. Rehnstrom, $3,000; son. $1 000; Amelia A. Dahl, $500. All the defendants live in or near Alta. Three of the defendants named were directors and officers of the bank. The troubles of the bank began at the time of the deflation in 1920. when the examiner ordered the directors to make good a loss of $60,000. Five of the directors paid in $12,000 each Since then the stockholders paid in two assessments of $50 each, one of $75 and one of $37.50 on each share. or a total of $212.50 share. In addition other liability of the directors was liquidated by the board, so that the amount paid in will aggre. gate over $200,000 since deflation began. The law is said to require that the stockholders pay in. an additional $50,000 to liquidate the bank Of this amount $28,800 has been paid. and the suit is to collect the balance of the assessment. Liquidation of the bank is proceeding rapidly Receiver Grimes has paid a dividend of 20 per cent and his report shows that if collections continue as they have proceeded. another dividend will be paid within a few months.

2. July 27, 1927 The Sioux City Journal Sioux City, IA

Article from The Sioux City Journal, July 27, 1927

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department who will investigate the equipment of various towns. HEAVY CROP YIELDS ARE EXPECTED NEAR SANBORN July Heavy fell here and were of un told benefit to crops. Corn making great gains, and of good stand and color. Seven miles north of town, hall fell and did some damage. Harvesting is well under way, and barley and oats are well filled out. Crops are heavy stand and weight, and expectations are for an abundant yield. One after going seven rounds of his field that he had used binding twine this year than he did last year on an acre. YOUTH'S SKULL FRACTURED DURING KITTEN BALL GAME Fort Dodge, Ia., July mond Reimers, 17 years old, expected to from fractured skull when bat slipped from the hands of player in kitten ball game. Reimers was standing about 20 feet from the plate and bat hit him in the forehead. operation was necessary and piece the frontal bone size of half dollar was lifted back into place. 854 OF IOWA TOWN ON VACATION TRIPS IN EAST Shenandoah, Ia., July cation bound for Washington, people, here this morning on three special trains members of the fourth nual club tour. Side trips to New York, Norfolk, and other points planned. reception in honor of Clarence D. Chamberlin and of party will be given July 30 by the Iowa society in Washington. 64 ATTEND REUNION OF ALTA PIONEER'S FAMILY Alta, July 26.-Special: All the pioneer of this place, held the homestead of Alta. There 64 present, and everyone in the family Christian Buena Vista county in 1873 and located of Alta, where he resided until his death. Bank Receiver Reports. Alta, Ia., July 26.-Special: W. M. Grimes, receiver of the First National bank of Alta, has made his quarterly report to the controller of currency. Since his appointment, December, he has collected and disbursed 416 and now has $39,529 on hand. The assets his hands include in $99,751 in other as$2,198 in assets acquired since the established, and $23,196 in unpaid stock total $353,085, against which there are liabilities of $414,319. Child Burned by Coffee. Rock Rapids, Ia., July Velva Mae, years old, daughter Mr. and Mrs. Gilbert Hanson, sustained severe burns on her feet when the handle broke off the coffee urn. Crim, who makes her home with the Hanson's, had made the morning coffee she was the handle broke off, pouring the hot coffee on the child's feet. Hailstorm Damage Large. Sibley, Ia., July A hallstorm near Ashton which covered an of three square miles all crops in its Some fields ready to The by heavy rain. Some sheep caught by the flood were washed down pasture and deposited on another man's land. Woman Dies on Porch. Missouri Valley, Ia., July cial: Mrs. Martenus Skakson, 54, had been in good health, complained husband that she was feeling III and would go out on the porch to get breath fresh few ments later he heard her fall and found her died and half later. Heart disease was given as the cause. Heavy Doors Fall on Man. Missouri Valley, Ia., July Oscar working the that is building steel cars in the shops here, rowly escaped death when four the doors, weighing ton, fell him. He caught from the hips down and badly bruised, but no bones were broken. Merchants' Pienie Thursday. Missouri Valley, Ia., July clal: Thursday Retail will hold its annual the park here. will close during the afternoon, merchants and from other towns in the been There will be dinner and dance. Studies Law Storm office

3. September 17, 1927 The Sioux City Journal Sioux City, IA

Article from The Sioux City Journal, September 17, 1927

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their church south to the corner, tance of quarter About with teams, trucks and are hauling gravel from the E. mons gravel pit, miles distant, and spreading on the road, which strip weather, being low having tall trees on both sides. Former Iowa Teacher Dies. Laurens, Sept. have received of the death Dorothy Roehlk, Chicago, after short illness. Roehlk Laurens until years She taught the schools towns, Humboldt. by five sisters and one brother. Remsen Water Impure. Remsen, Ia., Sept. An official report of tests ter taken from depth 20 feet sent to the state hygienic at the State University, Iowa City, shows that the here not up to the quirements purity and result Mayor B. has notified all consumers boll before using. Closed Bank Dividend. Alta, Sept. Grimes, receiver First tional bank, has started issuing the third dividend checks, amounting cent. This release more than which been tied up in the closed bank since last November. The payment dividend bring the cent, more than 000 which have been paid depositors little more than nine months. Professor's Car Hits Farmer. Muscatine, Sept. Oepping, Atalissa, farmer, serious as result of being struck today automobile driven John Frederick, University while highway Prof. Frederick took the man to his home. Alta Band to Close Season. Alta, Sept. The nal of the will given by the band. Ed director, states that concert will be given, baritone clarinet solos. The band furnished 15 concerts during the expenses being paid by business men. Asks for Injuries. LeMars. Sept. Asserting that was the wrong side of the road at speed, Merle Rousch suing district for $3,000 cover his wife's injuries damages his Snow Iowa Town. Cedar Rapids, Ia., Sept. clal: While all the rest of Iowa sweltered, the town Edgewood, Clayton county, cooled by fall according to dispatch received here. Cans Tomatoes; Wrist Cut. Laurens, Ia., Sept. jar broke Howard Mills' wrist Legion Post Honors Chamberlin. Denison, Ia., Sept. Clarworld voted life in post, No. the monthly meeting of the legion. Spencer Garage Is Sold. Sept. Earl Moore has Chevrolet taken the Chevrolet agency here. Doctor Sells Dairy Business. Spencer, Sept. The Spencer business of Dr. Jesperson H. Rasmuson and sons, Spencer.

4. October 16, 1927 The Sioux City Journal Sioux City, IA

Article from The Sioux City Journal, October 16, 1927

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LEMARS WOMEN Girls Report He Wears Only Underwear and a Raincoat. LeMars. Oct. womhave been terrorized for days unidentified roaming the streets nightly. Mrs. Deedrick was the latest to be attacked. She the with her fist and put him to flight. Two girls reported to police that they had been attacked on two dif. ferent case their struggles and for help scared the prowler away. The man who the girls was said to be only suit of underwear and raincoat. but the man who attacked was described as being dressed light suit. TO BUIL BIG ADDITION HOME FOR THE AGED Oct. contract the building of addition the Holland home the aged has been awarded to the Geiger company Sheldon. The present building filled within months was opened. The be 91 feet long, 42 feet wide and three stories high. The has secured the build home the aged at Orange City, costing about Work already has been started on both jobs. BURGLAR ROUTED AS HE TRIES TO OPEN SAFE LeMars. Ia., Oct. 15.-Special: Clarence who lives building in which the Eagles lodge room is located, awakened by the sound of persistent tapping. He called the police, who surrounded the build. but the burglan, flourishing pis. tol, dashed by the man guarding one of the doors, and made his escape across railroad tracks. The failed to get the safe open, only obtained few pennies from the cash register. SAC CITY BANK RECEIVER TAKES CHARGE AT ALTA Alta, Ia., Oct. D. Bourne, of the First National bank, Sac has been pointed receiver of the First National apbank, of Alta, to fill the vacancy caused. by the of M. Grimes, who will enter private business. Grimes took over the receivership of the closed bank last December and has paid the depositors 45 per cent in dividends. C. H. Winden, Grimes, will sistant receiver under Mr. remain in that capacity under Mr. Bourne. CARROLL COUNTY ASSESSORS TO MEET NEXT TUESDAY Carroll, Oct. -Special: Carroll county will hold their ond convention election of the clubrooms Carroll, October 18, when various in speakers will discuss taxation. The speakers include H. W. Gnam, president of the Carroll County Assessors W. Bohenkamp, Carroll auditor; William Flor. county encourt, auditor. and Arthur Neu. The be dinner guests of the Commercial club. PRIMGHAR CHURCH IS 50 YEARS OLD; CELEBRATES Primghar, Ia., Oct. -Special: The Episcopal church Prim ghar will celebrate the 50th anniversary of its existence with homecoming and jubilee, commencing with Bishop Keeney will speak Sunday morning and the afternoon will be devoted to talks and experiences by for mer parishioners, Christian workers going out from this charge, former pastors and old settlers. ONE KILLED AND ONE IS INJURED BY TRAINS Davenport, Oct. person was killed and another injured railroad accidents here. H. Loftus, of Tipton. Ia., killed when freight train backed up at the union Marie Ziebarth, 15-year-old school girl, was run over while to cross tracks in front of an ap train. stated that necessary amputate both ASKS $20,000 OF RAILWAYS AS RESULT OF GIRL'S DEATH Muscatine, Ia., Oct. E. Eversmeyer. the estate of Helen E. Dicketts, old Fairport. girl, who died as result of injuries received when struck by train. has filed suit for $20,000 damages against the Rock Island and Milwaukee railroads. The petition alleges that the girl struck Milwaukee train routed the Rock Island tracks between Muscatine and Davenport. BRICKLAYER HANGS HIMSELF CELL Mason City, Ia., Oct. Charles Dennison, bricklayer, was found dead in police cell today, hang. ing from post of the upper berth. He is to be victim of despondency heavy drinking financial difficulties. Dennison taken into custody on charge of reckless driving. Women To Conduct Drive. Carroll, Ia., Oct. The Ladies' Civic league, of Carroll, voted responsibility raising the Red Cross membership quota for Carroll and will con duct the during the week of October 24 to The quota for

5. February 19, 1928 The Sioux City Journal Sioux City, IA

Article from The Sioux City Journal, February 19, 1928

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MANILLA BANK RECEIVER BUYS BANK IN DECORAH Manilla. Feb. HelgerManilla bank receiver since failure of the institution in Octo1925, resigned and leaves March for Decorah, where he has purchased interest in National bank of Decorah and will act as Helgerson also resigned the receivership of bank in LaPorte City, to which he had just been signed. The old and its capital stock $50,000. MANILLA PLANS TO LAY PAVEMENT COSTING $64,000 Manilla, Feb. The Manilla will meet March to objections paving Twenty blocks included the program. The first paving, blocks, was laid last fall cost and cent of the cost has been paid in cash by property owners. The town has secured permission from Budget Director Hogue to $5,500 light funds to pay for part of the first paving. Will Pay Third Dividend. Alta, Feb. The closed Alta State bank will issue its third to 10 per cent, about the National bank will its dividend, or about during week March. This per cent for the Alta State bank and 55 cent the First National bank. Both banks closed their doors in 1926. Opens Alta Grocery Store. Alta, Ia., Feb. opened new grocery store in Alta. He operate the grocery in connection with chicken hatchery. This will give Alta three groceries and two stores handling Sheehan will open his fourth store Alta about March He occupy the building being vacated by the liott cash and carry, which closing. Highway In Primary System. Onawa, Ia., Feb. Citiliving the towns vicinities through which the road passes, have petitioned the Monona county board of supervisors convert the road into primary one.

6. March 18, 1928 The Sioux City Journal Sioux City, IA

Article from The Sioux City Journal, March 18, 1928

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IOWAN PERISHED IN FLOOD CAUSED BY BREAKING DAM Fort Dodge, March The body of Robert Kadarabek, Fort Dodge, since Tuesday the St. dam disaster, found and positively identified by Mrs. Stella McCauley, of Los Angeles, friend of the Kadarabek family his notified today. Kadarabek worked for the Southern California Edison company and lived in near the dam. The body will be returned here for burial. FARMER AIDS WITH WASHING: NEARLY LOSES HIS LIFE Cleghorn, Ia., March Special: Albert Kinzel, farmer living south of Cleghorn, was with gas and narrowly death. Mr. Kinzel was assisting with the week's and while at work suddenly was by gas funt from the exhaust pipe. His wife found him unconsclous and worked with her husband for some time before he regained Kinzel suffering intensely with pain in his Jungs as a result of the experience. WHITING CONSISTORY CLUB HOLDS ITS YEARLY REUNION Ia., March Monona consistory club held its annual spring reunion last night. About 100 members of the club attended. J. E. McNamara paid a tribute to the of M. Cassiday, Crew and T. B. Lutz. members of the club, who died during the past year. made by O. HoPrichard, W. B. Whitberg. ing and Henry Shull. MORE THAN HALF IOWA FARMERS HAVE TELEPHONES Des Moines, March Slightly more than half the Iowa farms or about one for each eight persons Iiving on farms, while city and town people have one telephone for each four persons, statistics in the Iowa department of agriculture show. It that Iowa leads other states in telephones on farms. Will Vote On Franchise. Emmetsburg. Ia., March will vote on the question next of granting franchise to the Municipal Utilities comDes Moines. If the franchise granted, the company will build complete electric light and power plant system. No will be voted but the plant will be paid for out of and then the of the city and it is estimated that It will require eight years to do this. Emmetsburg now is served by Iowa Public Service company. Resigns County Office. Carroll, Ia., March J. J. Kempker, Carroll, deputy county treasurer Carroll county for 10 years former county recorder and county has resigned his position account of ill health, and he and Mrs. Kempker will move to Fort Dodge, they will live with Joseph Mr. will return to Carroll in April to assist County Treasurer T. J. Ryan with spring reports. Files Large Mortgages. Logan, la., March Harrison County Recorder Faith has received three mortgages for record that into big figures. They were placed on record in with the recent reorganization of the Chicago and Milwaukee railroad, and total The Milwaukee has only about seven miles of road across the southeastern part of the county, but the mortgages have to be filed in every county touches. Galva Bank Receiver Named, of the First and the First tional bank, Alta. has been receiver of the First bank. Galva. This last named trust is cre-