3160. Osceola National Bank (Osceola, IA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
6033
Charter Number
6033
Start Date
April 15, 1925
Location
Osceola, Iowa (41.034, -93.765)

Metadata

Model
gpt-5-mini
Short Digest
200e938e04d2990e

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
37.1%
Date receivership started
1925-04-22
Date receivership terminated
1928-12-31
OCC cause of failure
Governance
Share of assets assessed as good
40.4%
Share of assets assessed as doubtful
26.5%
Share of assets assessed as worthless
33.1%

Description

Contemporary newspaper accounts (Apr–May 1925) report a multi-day run on the Osceola National Bank, a national bank examiner ordered the bank closed, and the cashier (R. A. Downs) subsequently committed suicide. Articles state the examiner closed the bank after several days of withdrawals and cite frozen assets/inability to raise funds. No reopening is mentioned.

Events (5)

1. November 27, 1901 Chartered
Source
historical_nic
2. April 15, 1925 Run
Cause
Bank Specific Adverse Info
Cause Details
Run followed the bank's inability to raise funds because assets were frozen and could not be realized to meet depositor demands.
Measures
Cashier made efforts to raise money; bank officers tried to raise $11,000; federal examiner examined books prior to ordering closure.
Newspaper Excerpt
There been quite run on bank for time ... run that hen continued for several days.
Source
newspapers
3. April 17, 1925 Suspension
Cause
Government Action
Cause Details
A national bank examiner ordered the bank closed after finding inability to raise funds to meet depositor demands (assets frozen).
Newspaper Excerpt
federal examiner last night ordered close ... The bank did not open its doors.
Source
newspapers
4. April 18, 1925 Other
Newspaper Excerpt
R. A. Downs, cashier of the Osceola National bank, killed himself last night in the city park. ... He decided last night to close there being inability raise funds with which to meet demands of bank depositors.
Source
newspapers
5. April 22, 1925 Receivership
Source
historical_nic

Newspaper Articles (3)

Article from Des Moines Tribune, April 18, 1925

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Article Text

OSCEOLA BAN CASHIER KILLS SELF IN PARK R. A. Downs Suicide After His Books Are Examined. Osceola, la., April A Downs, cashier of the Osceola National bank, killed himself last night in the city park. The bank did not open its doors There been quite run on bank for time and federal examiner last night ordered close. Mr. Downs spent yesterday try. ing to $11,000, but do meeting at the bank lasting until last evening, the home of Assistant Cashier Lon Williams, where he spent hour and then drove home He left afterward and his family becoming summoned help. night watch and sheriff spent the night searching for and this morning daylight his body found in the volver clutched right and bullet in his head. He 55 years old His wife and one student the university and the in the high school here, sur- Bank's Books Examined. federal bank examiner has several the books the bank He decided last night to close there being inability raise funds with which to meet de mands of bank depositors. The capital and about deposits. securities frozen. President Frank Friday at Murray said this morning that he was satisfied it would pay out very nearly. Faced Financial Disaster. He said Cashier Downs faced by financial disaster had turned over all his to meet demands, but impossible keep bank open President Friday Ayres, died suddenly month talking with Assistant Cashier Williams last night, Mr Williams. thought nothing of the time, recalls that Mr Downs in talking am thinking of suicide, at the time.


Article from Seward Daily Gateway, May 8, 1925

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Article Text

CASHIER ENDS LIFE WHEN BANK CLOSES OSCOLA, Ia., May 7.-R. A. Downs, cashier of the Oscola National bank, shot and killed himself here the other night after fruitless efforts to raise money with which to continue operations of his bank. The institution was ordered closed yesterday by a national bank examiner, following a run that hen continued for several days. The bank had a capital of $25,000 and deposits of about $150.000. The cause of the bank's dificulties was given as "frozen assets."


Article from The Daily Report, May 9, 1925

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Article Text

Cashier of Closed Iowa Bank Kills Himself A. cashier of the Osceola National Bank, shot and killed himself here after fruitless efforts to raise money with which to continue erations his bank. The tution was ordered closed recent by national bank examiner, following of several days.