3161. Bettendorf Savings Bank (Bettendorf, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
December 26, 1932
Location
Bettendorf, Iowa (41.524, -90.516)

Metadata

Model
gpt-5-mini
Short Digest
98cdbaa0

Response Measures

None

Description

Board of directors resolved to suspend operations (Dec. 26, 1932) and the Iowa superintendent/receiver took possession; bank was liquidated and remained closed with receivers appointed. No run or depositor panic is reported in the articles.

Events (2)
1. December 26, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Board resolution to suspend operations and preserve assets for depositors; decision to liquidate and notify state superintendent (no run or external panic reported).
Newspaper Excerpt
Be it resolved, that for the purpose of protecting the depositors of this bank and in order that the assets may be preserved for the benefit of all concerned, the directors have decided to suspend further operation of this bank at once and that notice of said suspension be given to the superintendent of banking for the state of Iowa and that a copy of this notice be posted on the front door of the bank.
Source
newspapers
2. December 27, 1932 Receivership
Newspaper Excerpt
The business and property of the Bettendorf Savings bank have been taken possession of by the superintendent of banking. ... receivers representing the Iowa state banking department were placed in charge.
Source
newspapers

Newspaper Articles (13)
1. December 27, 1932 Quad-City Times Davenport, IA
Article from Quad-City Times, December 27, 1932

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Article Text

COUNTY BUSINESS No Excitement or Interruption in Business Reported at Any of Them. Nine county banks in Scott coun outside of Davenport opentd usual hour for business today. included all county banks They the exception the Bettendorf which decided yesterday to receivership. Harry Brownlie of the Stockbank, Long Grove, has been spokesman for country banks, stated today that there had been no difficulties and that there been no demands for unusual thing was quiet at all of the counbanks this morning it ported.

2. December 27, 1932 Quad-City Times Davenport, IA
Article from Quad-City Times, December 27, 1932

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SAVINGS BANK SUSPEND DAVENPORT AT TIME HAD Affairs of Institution Mergers, Suspensions and Placed in Hands of Iowa Liquidations Supt. of Banking. the Number to One. The doors of the Bettendorf Savings bank remained closed this morning business and property of the institution placed the hands of the Iowa superintend of banking by decision the board of directors met in special meeting Monday afternoon. Two notices, one signed by the and the other by Poffenbarger, ship pasted on the bank door. There excite ment, an passer-by stopping to read the bulletins. The directors' notice special meeting the board of of Betten dorf Savings bank, held this day (Dec. 26), the following resolution unanimously adopted for the purpose of protecting the depositors of this bank and in order that the may be for the benefit of the decided to pend further of bank once, and notice suspension given to superintendent banking of of Iowa, and that copy this notice posted on the front door this Beside notice the letin of Mr. Poffenbarger read business and property the bank has been taken possession by perintendent of banking. The funds the city of Betten dorf among posits Bettendorf bank Questioned regarding probable action of Mayor Hansen said that unable offer other than would counmeeting in the year. History Bank. The Bettendorf Savings only institution banking received charter March and opened business present building 1702 State Peter incumbent ident was at the head the bank organization, which was talized the amount which never Other ficers the bank the original organization president: vert, Kohle, Schroeder, Oscar Kobs, James Walsh, Reck. Dougherty and McMann, The present board of directors includes but the charter board. They are Peter Dougherty and Other the pres. board Gilroy Boston and Moeller Moeller the incumbent and Davenport's bank history of years has been one merg suspensions and liquidation number of institudwindling from in the day to today with the the by the old German Savings American Commercial Savings American Savings bank Trust company the time liquidation year ago. The Davenport Savings Main merged the was followed short time later merger Union the Scott County Savings The Iowa National bank. Second and merged Savings bank, the First tional bank taken over The last merger the Citizens bank and Trust company the Commercial bank May, 1931. meantime the Savings Second street, the Industrial Savings Third and Ripley taken by American Commercial Savings bank for purpose liquidation. North Street ings bank, located Sixteenth later known the Peoples' Trust Savings bank, business and went into hands The American bank company went into hands on Oct. but one the and the outlying districts, the Home ings bank and Northwest Davenport Savings bank. The American Savings bank Trust company reorganized early and re-opened the Davenport Bank Trust surviving bank institution the city today the districts the record been much same. The First State Savings bank Trust suspended and reorganized only pend second time some and now being liquiyears The Savings bank was the second country bank pend and now Banks in Eldridge in Walcott merged and still operating

3. December 27, 1932 The Daily Times Davenport, IA
Article from The Daily Times, December 27, 1932

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Article Text

Receivers Take Over Three of Outlying Receivers were in charge of the affairs of the Home Savings bank and Northwest Davenport Savings bank, Davenport, and the Bettendorf Savings bank in Bettendorf, result of the decisions made by officers and boards these institutions to liquidate. The action of the Home and Northwest banks was announced yesterday while the Bettendorf officers met yesterday afternoon and made their decision to close. All three of the banks were closed today and the receivers resenting the Iowa state banking department were placed in charge. The amount which the depositors will realize will not be known til the examiners complete their report. Carl Trout, deputy superintendent of banking, and Bruce send, charge of the distribution receiverships, were in Daventoday. Rodine was placed charge of the Home Savings bank while Joe Snover took over the (Continued on Page Twelve.)

4. December 27, 1932 The Daily Times Davenport, IA
Article from The Daily Times, December 27, 1932

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Article Text

Bettendorf Bank To Liquidate; Is Not Open Today Taking the same action as the Northwest Davenport Savings bank and the Home Savings bank of Davenport, members of the board of directors of the Bettendorf Savings bank held a meeting Monday afternoon and passed resolution to discontinue business and to liquidate the assets of the bank. The bank remained closed today as a result. The following notice appeared on the front door of the bank this morning, no further statement being offered by the officers: At a special meeting of the board of directors of the Bettendorf Savings bank held Monday afternoon the following resolution was adopted: "Be it resolved, that for the purpose of protecting the depositors of this bank and in order that the assets may be preserved for the benefit of all concerned, the directors have decided to suspend further operation of this bank at once and that notice of said suspension be given to the superintendent of banking for the state of Iowa and that a copy of this notice be posted on the front door of the bank." Receiver's Notice Also on the door of the bank the following notice was also posted by A. F. Poffenberger, the receiver in charge: "The business and property of the Bettendorf Savings bank have been taken possession of by the superintendent of banking. Organized in 1909 Organized in 1909, the Bettendorf Savings bank received its charter on March 1 of that year. The capital of the bank was $25,000 and was never changed. Officers at the time of organization were: P. W. Reck, president: F. Siebengartner, vice president; J. Brownlie, cashier, and W. O. Calvert, J. C. Kahle, C. H. Schroeder, Oscar Kobs. James W. Walsh, F. Siebengartner, P. W. Reck. E. J. Dougherty and W. W. McMann. Present officers are as follows: P. W. Reck, president; E. J. Bettendorf, vice president; A. H. Moeller, cashier, and J. W. Bettendorf, E. Bettendorf, J. L. Miclot, P. S. Gilroy, G. L. Boston, P. W. Reck, E. J. Dougherty, W. W. McMann and H. H. Moeller, directors. Deposits in the bank amount to approximately $340,000. Forty-six per cent of Germany's exports of metal-working machinery last year went to Russia.

5. December 29, 1932 Quad-City Times Davenport, IA
Article from Quad-City Times, December 29, 1932

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SURETY DESIGNATED IN RECEIVERSHIPS Andrew Named ceiver for Five Financial Institutions Here. Designation of bonds to be nished by the receiver and examincharge marked proceedings for the Union Savings Bank Trust company, the Home bank, the Northwest enport Savings bank, the Bettendorf Savings bank and the American Trust company in District Judge W. Scott's court late Wednesday. Andrew, state superintendof banking. appointed ceiver each Mr. drew in turn designate an aminer in charge each institution. of formal court letters will await the filing and approval the bonds. Bonds designated by the court in Union Savings Bank Trust examiner's bond, $200,000; Home Savings bank, receiver's bond, $10,examiner's bond, Northwest Davenport receiver's bond, examiner's bond, $75,000; Bettendorf Savings receiver's bond, $10,000, aminer's bond, American company, receiver's bond, examiner's bond,

6. February 7, 1933 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, February 7, 1933

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Attorneys for Receiver Instructed to Suit Against Northwest Davenport Group. Instructions to bring suit against stockholders the Davenport Savings bank, which pended operations Dec. 24, for special assessment levy, the receiver conference suit will filed for March of court and directed 300 The bank captialized at Eggert, cashier, the largstated that similar action started against the Home Union banks Davenport and the Bettendorf bank. inventory of Home ings filed today expected Bettendorf Savings bank inventory would be ready afternoon The Home Savings bank had capital $50,000 shares stock. Charles Pasche the largest number shares, and Catherine Walsh shares. Assets fixed and liabilare the figure.

7. March 26, 1933 Quad-City Times Davenport, IA
Article from Quad-City Times, March 26, 1933

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MORTGAGE Intervenor Claims Debt Was Paid Before Bank Closed. Harry and Emma Yingling, who claim they paid $4,042.16 the Bettendorf Savings bank on Nov. six weeks before the bank suspended operation and went to receivership, in full settlement outstanding mortgage against their property, into district court Saturday demanding the return of their money or cancellation of the mortgage now held collateral the Reconstruction Finance Corp. The issue raised tion of intervention filed by Weir, attorney for the Yinglings priority claim tain an order court canceling the mortgage. The note and mortgage executed on March 13, 1920, later by the bank. claim they advised that the and mortgage had assigned the tion by the collateral by while going concern, from the federal agency. On Nov last, according to their they paid the bank plus $42.16 interest full settlement the note and mortgage and given receipt signed Koos, bank Records the office according Mr. Weir's tition, that the and mortgage assigned the Finance corporation on Feb. The bank suspended operations Dec. and went into the hands three days later The contend the bank should remitted their payment to nance and obtained the surrender and They have demanded the canceled and mortgage, they claim, and their demand has been fused.

8. April 24, 1933 Quad-City Times Davenport, IA
Article from Quad-City Times, April 24, 1933

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REDUCE BONDS OF BANK RECEIVER AND EXAMINER Bonds of Andrew, Poffenberger, examiner charge of the Bettendorf Savings bank, were reduced from in the case the receiver, and from to for the examiner an order signed today District Judge W. Scott.

9. May 26, 1933 The Daily Times Davenport, IA
Article from The Daily Times, May 26, 1933

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New Suits Crowd Court as June Term Filing Period Nears End Three Actions On Notes Are Begun By Bank Receiver Brings Case Against Interstate Refrigerating Co. For $3,070 With the filing period for the June term to close tomorrow, office of the clerk of the Scott county district court in Davenport today experienced "rush business, with numerous new suits being started This was the last day for obtaining service of notices through the sheriff's office. Three new actions were started by L. Andrew, receiver for closed banks here, and in one, representing the American Savings Bank & Trust Co. he has brought suit against the Interstate Refrigerating Co. for $3,070 on promissory note. Rudolph Roehlk and H. F. Cohrt, partners in the business, are named as defendants as are also Anna Westphal and George Roehlk, who are claimed to have delivered & guaranty to the bank to enable the firm to obtain loan. Seek to Collect $18,000 In another suit for the American bank he is asking foreclosure of real estate mortgage on six promissory notes totaling $13,000 against Mr and Mrs John Grupe, and seeking the appointment of a receiver for the property The third, of similar nature, was brought for the Bettendorf Savings bank against George and Ahlaia Antonopolos for $2,762.50. Other suits filed included the following: Margaret Lepetit has brought action against Frank and Julia Lepetit for $583.53 damages on her claim that they sold her piece of land in Kalkaska county, Michigan, Nov. 19, 1930, by misrepresenting to her that the transaction involved another property on the opposite side of the road. Sues on Sale Paul Hamlin Davenport, has sued Montgomery Ward & Co. for $951 on the grounds that while he and his family were tempororily in Denver in March of 1932 in order that he might obtain treat ment at the Veterans hospital there, the defendant obtained writ of attachment on his furniture and had it sold by constable. In another suit, he seeks $353.25 damages of the Roederer Transfer & Storage Co. with which firm the furniture was stored. Nathan Grant, as trustee of the Henry G. Buhmann bankruptcy estate has brought action against Max Klinkrodt, who is alleged to be detaining wrongfully 14 milch cows worth $700 which were placed in his care by Buhmann.

10. July 10, 1933 Quad-City Times Davenport, IA
Article from Quad-City Times, July 10, 1933

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CHANGE IN BANK RECEIVERS WINS COURT APPROVAL An interlocutory report ferring the affairs the Bettendorf bank receivership from Andrew, retiring state superintendent of banking, to his successor, Bates, proved today by District Judge Scott. The order directs that Mr. receiver, discharged his bondsmen exonerated. Similiar orders were to be entered in the day the Home Savings bank the American Trust company receivership. Hearing on the Northwest enport bank, the LeClaire Savings bank and the American Trust company receiverships July Union Savings Bank Trust company First State Savings bank, McCausland, July

11. December 12, 1933 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, December 12, 1933

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Three Iowa Banks To Pay $179,490 DAVENPORT IA. (P)-Depositors of three closed banks in Davenport and Bettendorf will receive approximately $179,491. probably by Christmas Announcement was made Tuesday by examiners in charge for D. W. Bates, state superintendent of banking and receiver for the institutions, after approval in district court. These first payments from the three institutions which closed last December amount to 5 per cent in the case of the Northwest Davenport Savings and Home Savings banks and 10 per cent for the Bettendorf Savings bank. Harvey Estate Pays $300 Tax. The estate of Isaac A. Harvey of Sioux City, Ia., paid $322.62 inheritance tax Tuesday The pay. ment to State Treasurer Leo J. Wegman was based on an estate taxable value of $20,610.76

12. March 14, 1934 Quad-City Times Davenport, IA
Article from Quad-City Times, March 14, 1934

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HEARING THURSDAY ON PROPOSED BANK DIVIDEND PAYMENT hearing proposed from the RFC positors the closed Davenport Savings, Home ings Bettendorf Savings banks held Thursday District Judge Scott's court. While there have been numerous approvals objections plan have been announced Judge Scott

13. July 25, 1934 The Daily Times Davenport, IA
Article from The Daily Times, July 25, 1934

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Bettendorf Bank Receiver's Sixth Report Approved The sixth quarterly report the receivership of the Bettendor bank, the from March 31 to June 30, approved late yesterday in county district court by Judge Maines as presented by Poffenberger, examiner charge for the receiver. Bates. shows cash receipts of including collections $310 assessments stockholders which total from this source to Disbursements amounted to of which penses the the for this During the the cash reduced to Carl Campbell, arraigned in lice court yesterday for the some socks from counter downtown store, was sent to for ten days. George Hunt, charged false check, and $10 fine was suspendwhen he was arraigned in court yesterday.