3198. American Trust & Savings Bank (Cedar Rapids, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
April 8, 1934
Location
Cedar Rapids, Iowa (42.008, -91.644)

Metadata

Model
gpt-5-mini
Short Digest
664f98ce

Response Measures

None

Description

No run is described. Articles document legal actions in April 1934 leading to appointment of a receiver and a liquidation plan; a new bank (Guaranty Bank & Trust) was organized to effect partial payouts to depositors. The suspension/receivership was initiated by the state superintendent of banking (government action).

Events (3)
1. April 8, 1934 Other
Newspaper Excerpt
suits asking appointment of receivers for the Cedar Rapids Savings bank and the American Trust and Savings bank of this city were filed Saturday in district court by Harry Paar as executor of the H. Foy estate.
Source
newspapers
2. April 24, 1934 Suspension
Cause
Government Action
Cause Details
State superintendent of banking (Bates) filed for and obtained appointment of a receiver under state law (Senate File 111).
Newspaper Excerpt
appointed receiver the Cedar Rapids Savings bank and the American Trust bank this city Judge the district after Bates had filed petition ... order specified receiver should proceed liquidation until further order
Source
newspapers
3. May 3, 1934 Receivership
Newspaper Excerpt
Legal entanglements which had blocked proposed plan of liquidation for the Cedar Rapids Savings bank and the American Trust bank ... depositors in the two old banks will receive 50 pay-out of their frozen funds ... made through the new bank, the Guaranty Bank & Trust ... order of Railway Conductors and James Lavelle against the Cedar Rapids Savings the American Trust the receivership obtained by Bates ... was vacated and Mr Bates' application for new receivership ... was approved
Source
newspapers

Newspaper Articles (4)
1. April 8, 1934 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, April 8, 1934

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Article Text

Nebraska Negro Gets Life Term in Murder Case Gering, district court jury late Friday night convicted Bert Williams, 40, North Platte Negro, of murder in the first degree, and set his penalty life imprisonment. It deliberated five hours. Williams was charged with the murder "Happy Joe" Camper, Negro restaurant owner, in Scottsbluff March On the Williams said he "shot Camper to keep him from killing me." He accused Camper of drawing pistol from pocket, before he was shot. Other witnessee denied that Camper made any move to defend himself. Bank Receiver Suits Cedar Rapids, asking appointment of receivers for the Cedar Rapids Savings bank and the American Trust and Savings bank of this and attacking the stitutionality senate file 111, under which those banks have been operating, were filed Saturday in district court by Harry Paar as executor of the H. Foy estate. Emery Business Men Organize Emery, The Emery Business Men's association has been formed here. Floyd Hanlon has been named president; Tom Nolan, secretary Melvin Swyter, Litz and Ed Leiten were elected directors.

2. April 18, 1934 The Daily Nonpareil Council Bluffs, IA
Article from The Daily Nonpareil, April 18, 1934

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Article Text

DISMISS CEDAR RAPIDS BANK RECEIVER PLEA CEDAR April 18. (P) filed April and which to be heard today asking the of receivers the Cedar Rapids Savings bank and the American Trust and Savings bank. this city, and which attacked of Senate File 111, under which those banks have have court the plaintiff. Harry executor the Foy estate. The dismissal order was entered by Judge John Moffit.

3. April 24, 1934 The Courier Waterloo, IA
Article from The Courier, April 24, 1934

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Article Text

Cedar Rapids Bank in Receiver's Hands Cedar Rapids, Bates. of banking day appointed receiver the Cedar Rapids Savings bank and the American Trust bank this city Judge the district after Bates had filed petition such action Judge Clark's order specified receiver should proceed liquidation until further order the status insofar deposits the Senate File 111, under which banks have been Deposits the banks under Senate File fected the receivership

4. May 3, 1934 The Daily Times Davenport, IA
Article from The Daily Times, May 3, 1934

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Article Text

$1,500,000 CEDAR RAPIDS, May sociated Press) Legal entanglements which had blocked posed plan of liquidation for the Cedar Rapids Savings bank and the American Trust bank of this city, and the organization of new bank, were cleared today with the result that depositors in the two old banks will receive 50 pay-out of their frozen funds per within few days, possibly this week. The first pay-out will aggregate $1,500,000 and will made through the new bank, the Guaranty Bank & Trust which capitalized with $50.surplus and undivided profits. Heading the new bank president will Van Vechten Shaffer Cedar Rapids, former vice president of the National bank. George Laird, general manager of the Quaker Oats plant here, will be vice president the bank and Reginald B. Figge of Ossian will be cashier. suits which had been filed state and federal courts by the Order of Railway Conductors and James Lavelle against the Cedar Rapids Savings the American Trust the receivership obtained by Bates, state superintendent of banking, against both banks was vacated and Mr Bates' application for new ceivership of the two banks under senate file 111 was approved.