Iowa State Savings Bank - Burlington, IA

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: February 1, 1932*
Location: Burlington, Iowa (40.808, -91.113)

Metadata

Model: gpt-5-mini
Short Digest: 3d4def21

Response Measures

Full suspension

Other: Municipal authorities (mayor) issued proclamations and local leaders organized publicity and pledges to restore confidence; bank doors were closed during the panic but operations resumed within days.

Description

Newspaper (Feb 9, 1932) describes a run that closed the bank's doors for several days; civic and official action (mayor proclamation, pledges from townspeople) quelled the panic and normal business resumed. Cause appears to be local panic/rumors rather than bank insolvency; no receiver or permanent closure mentioned.

Events (3)

1. February 1, 1932* Reopening

Newspaper Excerpt: By Friday morning the scare was wiped out and the Mayor issued a second proclamation advisall to resume normal business operations.
Source: newspapers

2. February 1, 1932* Run

Cause: Rumor Or Misinformation
Cause Details: Local panic and 'misguided' heavy withdrawals (scare/rumors) led depositors to withdraw funds.
Measures: Mayor issued proclamation closing other banks/business for five days; business community organized meetings, placed ads, and secured pledges from people to keep money in banks to stop withdrawals.
Newspaper Excerpt: Some misguided heavy depositors started run on the Iowa State Savings Bank of Burlington and closed its doors last week.
Source: newspapers

3. February 1, 1932* Suspension

Cause: Rumor Or Misinformation
Cause Details: Bank closed its doors due to large withdrawals and ensuing panic among depositors.
Newspaper Excerpt: Some misguided heavy depositors started run on the Iowa State Savings Bank of Burlington and closed its doors last week.
Source: newspapers

Newspaper Articles (1)

1. February 9, 1932 The Dallas City Review Dallas City, IL

Article from The Dallas City Review, February 9, 1932

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Article Text

Burlington Met Financial Crisis Last Week Some misguided heavy depositors started run on the Iowa State Savings Bank of Burlington and closed its doors last week. It was big bank, and supposed one of the most solid in Iowa, but constant withdrawals of funds played hobb with it. The Mayor issued a proclamstion closing all other banks and business for five days, the business men, civie organizations and professional men held numerous meetings, got out big ads in the papers, to check the panic that had started, organized to stop the cash raids on the banks still running, and secured pledges from practically 95 per cent of the people there to keep their money in the banks and prevent a complete close down of them all, which would surely have happened. By Friday morning the scare was wiped out and the Mayor issued a second proelamation advisall to resume normal business operations. The day was saved, and Burlington's people are on sane business plane again. Don't forget, there is a criminal offense charge in this hovering over anyone who needlessly starts run on bank. and has now reached a stage where the law will and should be enforced. is time we are using a little business sense if we want to revive business.