First National Bank - Cedar Rapids, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 500
Charter Number: 500
Start Date: May 16, 1893
Location: Cedar Rapids, Iowa (42.008, -91.644)

Metadata

Model: gpt-5-mini
Short Digest: 6e7c941c

Response Measures

None

Description

Article 1 (Weekly Tribune, 1893-05-19) reports the First National Bank of Cedar Rapids suspended business on May 16, 1893 and was placed in the hands of the Comptroller of the Currency (receiver). The suspension is linked to the assignment/failure of a large local firm (W. M. Fields & Co.) whose liabilities involved the bank. Article 2 (1933) appears to be unrelated/fragmentary and refers to a receiver/administrative matter decades later; it does not change the 1893 suspension outcome. No article describes a depositor run or a reopening, so this is classified as a suspension with permanent closure/receivership.

Events (3)

1. August 23, 1864 Chartered

Source: historical_nic

2. May 28, 1886 Voluntary Liquidation

Source: historical_nic

3. May 16, 1893 Suspension

Cause: Local Shock
Cause Details: Assignment/failure of W. M. Fields & Co., a large local importer whose failure involved the bank; decline in stock handled by that firm led to liabilities that impacted the bank.
Newspaper Excerpt: The First National bank of Cedar Rapids suspended business yesterday, being involved by the assignment of W. M Fields & Co.... The bank is in the hands of the comptroller of the currency.
Source: newspapers

Newspaper Articles (2)

1. May 19, 1893 The Weekly Tribune Great Falls, MT

Article from The Weekly Tribune, May 19, 1893

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Article Text

Another Bank Failure. WATERLOO, 1a., May 16.-The First National bank of Cedar Rapids suspended business yesterday, being in volved by the assignment of W. M Fields & Co., which was tiled this morning, and who are among the largest importers of draft and coach horses in the west. Their failure is due to the decline in the stock which they handle. The liabilities of the bank are estimated at $100,000 to $150,000, while the personal liabilities of the Fields will be fully as much more. No statement of assets can be given yet. Resources consisting of 125 imported draft and coach horses, vast tracts of land in Iowa, Dakota, and Kansas. The bank is in the hands of the comptroller of the currency. It is said to be solvent and will be able to pay all claims in full.

2. July 19, 1933 The Muscatine Journal Muscatine, IA

Article from The Muscatine Journal, July 19, 1933

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Article Text

Asks Comptroller to Remove Spangler Bank Receiver as Washington Comptroller of the currency's office said today letter had been received from Iowa asking that the of Spangler of Cedar Rapids be demanded attorney the of the First Nabank City. No action has been taken, the comptroller's office said. Spanglitical grounds, the office The identity the writer revealed. intimated that Eicher had written the letter, however.