3134. Citizens State Bank (Anthon, IA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
September 10, 1929
Location
Anthon, Iowa (42.388, -95.867)

Metadata

Model
gpt-5-mini
Short Digest
cf8aa4af

Response Measures

Full suspension, Books examined

Other: Receiver later filed suits and paid dividends to depositors over 1930.

Description

Articles report a run and heavy withdrawals tied to large real-estate holdings; bank failed to open Sept 10, 1929, state examiner/receiver placed in charge and receiver later sued stockholders and paid dividends. Sequence: run -> suspension/closure with receivership; permanent closure (receiver) follows.

Events (5)
1. September 10, 1929 Run
Cause
Bank Specific Adverse Info
Cause Details
Large holdings of real estate (poor assets) prompted depositor withdrawals / run on the bank
Newspaper Excerpt
The possession of large amount of real estate and a run on the bank funds by depositors is responsible for the failure
Source
newspapers
2. September 10, 1929 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed to open due to asset problems and depositor withdrawals; state bank examiner put in charge
Newspaper Excerpt
The Citizens State bank failed to open its doors for business Tuesday morning.
Source
newspapers
3. September 12, 1929 Receivership
Newspaper Excerpt
D. W. Ernst, state bank examiner from Sioux City, is in charge of its affairs. ... L. A. Andrew, superintendent of banking for Iowa and receiver of the Citizens State Bank of Anthon, ... the bank closed its doors September 10.
Source
newspapers
4. May 1, 1930* Other
Newspaper Excerpt
McGrew, bank receiver, has commenced the payment of dividends ... Citizens' bank will receive ... Another 20 per cent dividend ... Farmers' Trust and Savings bank ... making total ... percent to date
Source
newspapers
5. December 25, 1930 Other
Newspaper Excerpt
Anthon State bank, 10 per cent, Citizens State bank at Anthon, 10 per cent, $26,743.92. ... Eight closed Iowa banks have paid the final dividend to depositors as a Christmas gift, L. Andrew, state superintendent of banking, reported today.
Source
newspapers

Newspaper Articles (6)
1. September 12, 1929 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, September 12, 1929

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Article Text

Citizens State Bank at Anthon Is Closed Anthon, Ia.-Special: The Citizens State bank failed to open its doors for business Tuesday morning. The possession of large amount of real estate and a run on the bank funds by depositors is responsible for the failure, officials of the institution said. The bank was capitalized at $50.000 and checking accounts totaled $340,009.96. Real estate held by the bank is valued at $87,823. T. B. O'Donnell is president of the bank collision. and N. H. Nielsen, cashier. D. W. Ernst, state bank examiner from Sloux City, is in charge of its affairs. Depositors of the bank have expressed the opinion that dividend of 75 per cent will be paid.

2. November 7, 1929 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, November 7, 1929

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Article Text

$50,000 SUIT IN BANK CASE Receiver Asks Court to Levy As sessment on Stockholders of Anthon Institution Suit for $50,000 special assessment has been brought in district court by L. A. Andrew, superintendent of banking for Iowa and receiver of he Citizens State Bank of Anthon, against stockholders of the bank. The bank closed its doors Septem ber 10. The petition. filed by W Anderson, attorney for the receiver, states that the depositors' claims total $276,664 and that claims other than those of depositors will be large It states that there will be a deficlency in excess of $60,000 The and the amounts for which they are being sued folGeorge E. Ashley, $2,300: F. M. $500: James T Galvin, $1,000; J, M J. Jerman, $200 P. McNamara, McNear, $2,300; N. H. Nielson, $2,500; T. B. O'Donnell $6,900; Scott 'Connor, $500; Emil RosenJ. Rourke, $500: Nettie Thompson, $800: Mae Walling. $2,000: H. B. G. Umhoefer, $1,000; A. L. Wolfe $700: Roy T. Thompson, $1,000: B. J. McNamara, $1,300; Mary

3. February 1, 1930 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, February 1, 1930

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Article Text

Bank Receiver Files Suit on Suit on note has been brought in district court Andrew, superintendent of banking and receiver of Citizens State bank Anthon against William Hammond, Tom Hammond and Jennie Hammond.

4. February 1, 1930 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, February 1, 1930

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Article Text

Bank Receiver Files Suit on $1,300 Suit $1,300 note been brought district court Andrew, of banking of the Citizens State bank of Anthon against Tom Hammond and Jennie Hammond.

5. May 8, 1930 The Terril Record Terril, IA
Article from The Terril Record, May 8, 1930

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Article Text

PLANT TREES BEAUTIFY HIGHWAYS IN Ames, plan to beautify the cipal highways of the state be taken Saturday in the planting trees and shrubs at the intersection the Jefferson highway with the Kelley road, south of Ames. At Saturday, citizens Ames, Des Moines and other cities of the state, Boy Scouts Collins. Maxwell and Des Ames, Moines, members of the horticulture architecture staffs at Iowa State college and and the state will meet to do the plantThe trees and plants which will used have been furnished by the nurserymen of the state, and have been shipped to the highway commission headquarters Ames. The commission, while has funds to do the initial work no will the plantings after they have been put The plan for the landscaping 0; the corner was drawn by Randall Rosebrook at Oak Park, fellow in landscape architecture Iowa State college, who completed his plan shortly before his death Monday. Among those who will be present are Mrs. Ralph Orwig of Des Moines, president the Iowa Rose society; Robert Herrick of Des Moines, secretary of the Iowa Horticulture society, and Cunningham of Ames, secretary treasurer Iowa Federation Garden clubs, and professor cf horticulture at Iowa State college. ANTHON AND HANKS ARE PAYING DIVIDENDS Anthon, McGrew. bank receiver, has commenced the payment of dividends the of the closed CitiState bank and the Anthon State bank. The dividend 20 per cent each Citizens' bank will receive 478 and those the Anton State bank, $35,233. Another 20 per cent dividend to depositors in the debeing funct Farmers' Trust and Savings bank at making total cent to date

6. 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,