Poweshiek County Savings Bank

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: May 11, 1927
Location: Brooklyn, Iowa (41.734, -92.445)

Metadata

Model: gpt-5-mini
Short Digest: d8be3280

Response Measures

Capital injected, Books examined

Description

Run precipitated by failure of nearby Hartwick Savings Bank; state banking department ordered sale of stock and community raised capital so the bank remained open.

Events (1)

1. May 11, 1927 Run

Cause: Local Banks
Cause Details: Failure of the Hartwick Savings Bank triggered depositor withdrawals of roughly $40,000.
Measures: State banking department ordered sale of additional stock; 400 shares at $125 sold and local subscriptions solicited to recapitalize the bank.
Newspaper Excerpt: Failure of the Hartwick Savings bank led to run on the Brooklyn bank in which $40,000 in deposits were withdrawn.
Source: newspapers

Newspaper Articles (1)

1. May 11, 1927 The Daily Times Davenport, IA

Article from The Daily Times, May 11, 1927

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Article Text

Sell 400 Shares Of Stock to Save Bank in Brooklyn BROOKLYN, Ia., May 11.-(Special) determination of this community to save the Poweshiek County Savings bank has resulted in placing that institution on better financial basis than ever before, state bank examiners announced today. Four hundred shares of stock at $125 a share have been sold and farmers and business men stand ready to subscribe for more. Disaster for the bank has been averted. the examiners say, and the sale of stock, carried on by 17 committees has closed. Failure of the Hartwick Savings bank led to run on the Brooklyn bank in which $40,000 in deposits were withdrawn. The state banking department ordered the sale of additional stock to keep the institution open. It would have closed its doors Monday except for the rapid and successful campaign. The institution now has 187 stockholders. E. W Jones is the president and C. W. Fowler, jr., cashier.