Citizens State Bank - Bedford, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 1, 1929*
Location: Bedford, Iowa (40.667, -94.721)

Metadata

Model: gpt-5-mini
Short Digest: 5aba45a5

Response Measures

None

Description

Article (Omaha World-Herald, 1930-02-26) reports the Citizens State Bank of Bedford 'closed and taken by the state banking department last September' and the banker Cobel later convicted of embezzlement and ordered to make restitution. No run is mentioned; closure appears due to bank-specific malfeasance and resulted in takeover by state authorities (receiver). Date of closure inferred as September 1929 from 'last September' relative to Feb 1930 article.

Events (3)

1. September 1, 1929* Receivership

Newspaper Excerpt: closed and taken by the state banking department last September
Source: newspapers

2. September 1, 1929* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was closed and taken by state banking department after discovery of embezzlement and other irregularities by bank official Cobel; indictment and embezzlement charges cited later in December and prosecuted in Feb 1930.
Newspaper Excerpt: closed and taken by the state banking department last September
Source: newspapers

3. February 26, 1930 Other

Newspaper Excerpt: Bedford Banker Fined, Ordered to Repay $3,000; Cobel pleaded guilty ... ordered him to pay fine ... and Cobel is to make restitution totaling about three thousand dollars.
Source: newspapers

Newspaper Articles (1)

1. February 26, 1930 Omaha World-Herald Omaha, NE

Article from Omaha World-Herald, February 26, 1930

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Article Text

Bedford Banker Fined, Ordered to Repay $3,000 Special Dispatch to The Bedford, Feb. Co. bel, of the Citizens State bank of Bedford, when it closed and taken by the state banking department last September. appeared in district court here this morning and entered plea of guilty to charge of larceny by in the amount of hundred dollars. Judge Homer Fuller ordered, him to pay fine of hundred dollars and costs, and Cobel is to make restitution totaling about three thousand dollars. Cobel indicted by Taylor county grand jury last December on counts; larceny by embezzlement wherein he was charged with collecting rent money in the amount of six hundred dollars on farm to the bank and de. positing the money in his personal account in Des Moines bank: and embezzlement bank official in the amount of $752, charging personal note to the bank account with St. Joseph, Mo. bank. The court action this morning involved dis. missal latter indictment. Restitution includes paying the bank the two amounts involved in the indictments and taking personal overdraft of $1,406 that on the bank books when closed. County Attorney Kirketeg was assisted by Attorney G. Johnston of Creston for the state in this case, and Cobel was represented by Locke of Bedford and Stanley Bartos of Wilbur, Neb.