3133. Mystic Industrial Savings Bank (Mystic, IA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
January 7, 1931
Location
Mystic, Iowa (40.778, -92.944)

Metadata

Model
gpt-5-mini
Short Digest
7bbdaa07ef43b9ef

Response Measures

None

Description

Contemporary articles (Jan 7–8, 1931) report the Mystic Industrial Savings Bank closed and its affairs turned over to the State Banking Department and place it in the hands of a receiver. A separate article states two Iowa banks closed after runs and lists Mystic as the other closed bank; the run appears to have been triggered by closures of other locally-known banks (information about other banks). Date taken from newspaper publications (events reported as occurring Wednesday, reported Jan 7–8, 1931).

Events (3)
1. January 7, 1931 Receivership
Newspaper Excerpt
Mystic Industrial Savings bank closed Wednesday and was placed in the hands of receiver ... whose affairs were turned over to the State Banking department.
Source
newspapers
2. January 7, 1931 Run
Cause
Local Banks
Cause Details
Run appears linked to closures of other banks in the area (article: Two Banks in Iowa Close After Run and mentions run following closing of a bank in a town of similar name).
Newspaper Excerpt
Two Banks in Iowa Close After Run ... The other bank close was the Mystic Industrial Savings Bank of Mystic, whose affairs were turned over to the State Banking department.
Source
newspapers
3. January 7, 1931 Suspension
Cause Details
Bank closed and placed in hands of a receiver; articles link closure with run but do not provide additional bank-specific adverse-information details.
Newspaper Excerpt
MYSTIC BANK CLOSED. MYSTIC, IA. (P) - The Mystic Industrial Savings bank closed Wednesday and was placed in the hands of receiver ...
Source
newspapers

Newspaper Articles (2)
1. January 7, 1931 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, January 7, 1931

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Article Text

SCHOOLS TO PAY BYRD TRIBUTE Students to Send Greetings to Explorer. Des Moines school children will co-operate in a move to pay tribute to Rear Admiral Richard E. Byrd when he speaks before the department of superintendence at Detroit, J. W. Studebaker, superintendent of schools here, announced Wednesday. School children from every state will send letters of greeting to the/explorer. One letter will be sent from each school in Des Moines. The formulating of the letters will afford students an opportunity to study historic and scientific results of the polar explorations of Admiral Byrd. BANK SUSPENDS PAYMENT. The Tribune's Iowa News Service.) LAMOTTE-The Iowa Savings bank here suspended payment late Tuesd by order of the board of directors The bank is capitalized nt $40.000 and has deposits of $360,000. according to W M. Hayes vice president M Mahoney is president. Lamotte is in Jackson county. 2 WISCONSIN BANKS CLOSED. banks, the Citizens' Bank of Monroe. and the State Bank of Robcrts at Roberts, Wis. failed to open Wednesday, the state bank ing department announced. The Monroe bank had deposits of $1.363,000. while the Roberts institation amounted to $67,500. MYSTIC BANK CLOSED. MYSTIC. IA. (P)-The Mystic Industrial Savings bank closed Wednesday and was placed in the hands of receiver report to the state banking department last June showed deposits of $175,000.

2. January 8, 1931 The Albert Lea Tribune Albert Lea, MN
Article from The Albert Lea Tribune, January 8, 1931

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Article Text

Two Banks in Iowa Close After Run Des Moines, Ia., Jan. banks closed during the last Iowa two days, one as the result of run which followed the closing of um bank in town of similar name. a ter Officers of the Iowa Savings Bank in La Motte said run on their bank resulted from the closing of bank in Lamot Monday. They said the La Motte bank was in sound condition and had closed as safety adding that it would probably reopen soon. The other bank close was the Mystic Industrial Savings Bank of Mystic, whose affairs were turned over to the State Banking department. You would never guess they are lame ducks from the speed with which they are running after fed-