First National Bank - Cambridge, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 9014
Charter Number: 9014
Start Date: May 10, 1926
Location: Cambridge, Iowa (41.898, -93.529)

Metadata

Model: gpt-5-mini
Short Digest: 779a5018

Response Measures

None

Receivership Details

Depositor recovery rate: 26.6%
Date receivership started: 1926-05-22
Date receivership terminated: 1932-02-01
OCC cause of failure: Governance
Share of assets assessed as good: 39.6%
Share of assets assessed as doubtful: 38.5%
Share of assets assessed as worthless: 21.9%

Description

Articles state the First National Bank of Cambridge 'closed its doors May 10, 1926' and is defunct with a receiver handling suits and judgments (receiver Royer). No contemporaneous run is mentioned. Cause of suspension is not specified in the articles; classified as 'other' (insolvency/closure implied but not described).

Events (5)

1. February 1, 1908 Chartered

Source: historical_nic

2. May 10, 1926 Suspension

Cause Details: Article only reports the bank closed its doors on May 10, 1926; no explicit cause given in the text.
Newspaper Excerpt: the defunt First National Bank of Cambridge, which closed its doors May 10. 1926
Source: newspapers

3. May 22, 1926 Receivership

Source: historical_nic

4. December 31, 1929 Other

Newspaper Excerpt: Officers directors of the defunt First National Bank of Cambridge, which closed its doors May 10. 1926 will be asked to explain loans id other business matters when the equity suit ... is heard by the receiver in federal court next month.
Source: newspapers

5. March 30, 1931 Receivership

Newspaper Excerpt: Royer, receiver for the First National bank of Cambridge has secured judgment for interest and $30.90 attorney fees from F. E. Scott.
Source: newspapers

Newspaper Articles (2)

1. December 31, 1929 The Des Moines Register Des Moines, IA

Article from The Des Moines Register, December 31, 1929

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Article Text

BANK SUIT WILL JANUARY Cambridge Institution's Officials Defendants. Officers directors of the defunt First National Bank of Cambridge, which closed its doors May 10. 1926 will be asked to explain loans id other business matters when be equity suit of Melvin bank against the ba ters. is heard receiver in federal court next month. Among defendants who have been ordered to appear before are Federal W Judge H. Charles A. Dewey, Heggen, Oness, W. Larson, C. John R. Richardson. O. N. Jory, H. Early and G. Pulis. all of Des Moines. Cambridge men among the defendants Webb. Albert Hill. John Hill, John W. HenSeverson and Levi Nerness The capitalized bank stock to. taled $80,000, according to filed taled documents, $250,000. while obligations toOn Feb. 1927, an ******* ment for the par value of stock was made upon the stockholders and collected. according to the complaint. The complaint states the additional needed to total $80,000 was unassessable.

2. March 30, 1931 Ames Tribune Ames, IA

Article from Ames Tribune, March 30, 1931

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Article Text

Bank Receiver Is Given Judgment Royer, receivfor the First National bank of Cambridge has secured judgment for interest and $30.90 attorney fees from F. E. Scott. He was also granted the right to foreclose the mortgage which he holds on the promissory note on which the judgment was based. S. S. Hanson, administrator of the estate of Phoebe Mead has filed suit in the district court here for judgment of $42,006.25. interest the amount, costs of the case and attorney fees against William Young and Lauwreathe Young. The judgment asked on four promissory notes in the amount of $10,000 each. The plaintiff also "asks the right to foreclose the mortgage which he holds on the notes.