Bank of Atlantic - Atlantic, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: January 1, 1893*
Location: Atlantic, Iowa (41.404, -95.014)

Metadata

Model: gpt-5-mini
Short Digest: 7d599f76

Response Measures

None

Description

Articles describe that during the financial stress of 1893-96 Franklin H. Whitney became bankrupt, died, and the Bank of Atlantic went into the hands of a receiver. The bank had earlier been the National Bank of Atlantic but was subsequently converted into a private institution, so I classify it as a private bank. No contemporaneous run is described; the event is a failure leading to receivership in the 1893-1896 stress period. OCR shows 189396 which is corrected to 1893-96.

Events (2)

1. January 1, 1893* Receivership

Newspaper Excerpt: the Bank of Atlantic ... went into the hands of a receiver and the $700,000 which has just been repaid to the creditors was realized by his good management of the wrecked estate.
Source: newspapers

2. January 1, 1893* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Owner's heavy speculation in Kansas City and Birmingham real estate caused collapse, leading to bankruptcy and the bank going into receivership.
Newspaper Excerpt: During the financial stress of 1893-96 his father, Franklin H. Whitney, became a bankrupt and died, and the Bank of Atlantic, which he owned, went into the hands of a receiver
Source: newspapers

Newspaper Articles (4)

1. May 17, 1906 The Elbert County Tribune Elbert, CO

Article from The Elbert County Tribune, May 17, 1906

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Article Text

VINDICATES SIRE'S NAME. Last of Banker's $700,000 Debts Paid Off in Ten Years by Loyal Son. Des Moines, Ia.-In vindication of his father's name James G. Whitney, of Atlantic, completed liquidating an indebtedness of $700,000. His had been a labor of love extending over a period of ten years. During the financial stress of 189396 his father, Franklin H. Whitney, became a bankrupt and died, and the Bank of Atlantic, which he owned, went into the hands of a receiver and the $700,000 which has just been repaid to the creditors was realized by his good management of the wrecked estate. Franklin H. Whitney was the founder of the city of Atlantic. He laid out the town site and established the National Bank of Atlantic, which he subsequently converted into a private institution. He became a millionaire. Eventually he speculated too heavily in Kansas City and Birmingham (Ala.) real estate and his bosiness collapsed. The shock killed him. It was not believed his estate would pay 50 cents on the dollar, but his son took a solemn vow to see that no creditor lost a cent, and he has kept his word to the letter.

2. May 17, 1906 Gilpin Observer Central City, CO

Article from Gilpin Observer, May 17, 1906

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Article Text

VINDICATES SIRE'S NAME. Last of Banker's $700,000 Debts Paid Off in Ten Years by Loyal Son. Des Moines, Ia.-In vindication of his father's name James G. Whitney, of Atlantic, completed liquidating an indebtedness of $700,000. His had been a labor of love extending over a period of ten years. During the financial stress of 189396 his father, Franklin H. Whitney, became a bankrupt and died, and the Bank of Atlantic, which he owned, went into the hands of a receiver and the $700,000 which has just been repaid to the creditors was realized by his good management of the wrecked estate. Franklin H. Whitney was the founder of the city of Atlantic. He laid out the town site and established the National Bank of Atlantic, which he subsequently converted into a private institution. He became a millionaire. Eventually he speculated too heavily in Kansas City and Birmingham (Ala.) real estate and his bosiness collapsed. The shock killed him. It was not believed his estate would pay 50 cents on the dollar, but his son took a solemn VOW to see that no creditor lost a cent, and he has kept his word to the letter.

3. May 18, 1906 The Ordway New Era Ordway, CO

Article from The Ordway New Era, May 18, 1906

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Article Text

VINDICATES SIRE'S NAME. Last of Banker's $700,000 Debts Paid Off in Ten Years by Loyal Son. Des Moines, Ia.-In vindication of his father's name James G. Whitney, of Atlantic, completed liquidating an indebtedness of $700,000. His had been a labor of love extending over a period of ten years. During the financial stress of 189396 his father, Franklin H. Whitney, became a bankrupt and died, and the Bank of Atlantic, which he owned, went into the hands of a receiver and the $700,000 which has just been repaid to the creditors was realized by his good management of the wrecked estate. Franklin H. Whitney was the founder of the city of Atlantic. He laid out the town site and established the National Bank of Atlantic, which he subsequently converted into a private institution. He became a millionaire. Eventually he speculated too heavily in Kansas City and Birmingham (Ala.) real estate and his bosiness collapsed. The shock killed him. It was not believed his estate would pay 50 cents on the dollar, but his son took a solemn vow to see that no creditor lost a cent, and he has kept his word to the letter.

4. May 18, 1906 Rocky Ford Enterprise Rocky Ford, CO

Article from Rocky Ford Enterprise, May 18, 1906

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Article Text

VINDICATES SIRE'S NAME. Last of Banker's $700,000 Debts Paid Off in Ten Years by Loyal Son. Des Moines, Ia.-In vindication of his father's name James G. Whitney, of Atlantic, completed liquidating an indebtedness of $700,000. His had been a labor of love extending over a period of ten years. During the financial stress of 189396 his father, Franklin H. Whitney, became a bankrupt and died, and the Bank of Atlantic, which he owned, went into the hands of a receiver and the $700,000 which has just been repaid to the creditors was realized by his good management of the wrecked estate. Franklin H. Whitney was the founder of the city of Atlantic. He laid out the town site and established the National Bank of Atlantic, which he subsequently converted into a private institution. He became a millionaire. Eventually he speculated too heavily in Kansas City and Birmingham (Ala.) real estate and his business collapsed. The shock killed him. It was not believed his estate would pay 50 cents on the dollar, but his son took a solemn vow to see that no creditor lost a cent, and he has kept his word to the letter.