3221. First National Bank (Sheffield, IA)

View Charter #12430 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
12430
Charter Number
12430
Start Date
January 27, 1933
Location
Sheffield, Iowa (42.893, -93.215)

Metadata

Model
gpt-5-mini
Short Digest
0dae8c260ee723a1

Response Measures

None

Receivership Details

Depositor recovery rate
89.7%
Date receivership started
1932-06-11
Date receivership terminated
1937-03-25
Share of assets assessed as good
17.1%
Share of assets assessed as doubtful
82.2%
Share of assets assessed as worthless
0.8%

Description

Newspaper items indicate the First National Bank of Sheffield was in receivership by Jan 1933 (RFC loan list labels it '(receiver)') and a receivership appointment/change is reported Aug 1933. No articles describe a depositor run. Therefore this appears to be a suspension leading to permanent closure/receivership.

Events (4)
1. August 31, 1923 Chartered
Source
historical_nic
2. June 11, 1932 Receivership
Source
historical_nic
3. January 27, 1933 Receivership
Newspaper Excerpt
Sheffield. The First National bank of Sheffield (receiver). $77.-
Source
newspapers
4. August 11, 1933 Receivership
Newspaper Excerpt
Willford ... has recommended R. R. Stewart of Hampton as attorney for the receiver and A. F. Iverson as receiver of the National Bank of Sheffield, to replace Receiver Convenience in Roberts.
Source
newspapers

Newspaper Articles (2)
1. January 27, 1933 Iowa City Press-Citizen Iowa City, IA
Article from Iowa City Press-Citizen, January 27, 1933

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Article Text

R.F.C.LOANS IN DECEMBER Six Million Granted to Davenport Bank Last Month WASHINGTON -(AP)- Reconstruction finance loans made to Iowa institutions during December Blairstown. Benton County State Boone Security Savings bank Boxholm Farmers State bank Carpenter Carpenter Savings bank. Clinton. City National bank of Clinton, Clinton Savings bank. Council Bluffs State Savings Davenport. Union Savings Bank and Trust company of Davenport. Des Moines. Home Savings bank, Earling Farmers Trust and Sav ings bank. $15,000 Eldora. Citizens Savings bank Exira. Exchange State bank. $15. 500 Gray. Farmers Savings bank $6,000. Hampton. Franklin County State bank. Hartwick. The Hartwick State Independence Commercial State bank (receiver) $40,000. Indianola. The First National bank of Indianola (receiver) $75.000. Iowa City, Iowa City Savings bank (receiver) $35,000. Iowa City, Johnson County Sav ings bank (receiver) $140,000 Iowa Falls, The State National bank of Iowa Falls (receiver) $35,500. Joice, Farmers Trust and Sar ings bank $13,000 Keota. Security State bank $13. 000. Le Mars, The First National bank of Le Mars. $100,000. Lohrville. Lohrville Savings bank $14,000. Lone Tree Lone Tree Savings Maquoketa, The First National bank of Maquoketa (receiver) $84.500 Meservey. Farmers Savings bank (receiver) $9,500. Mitchell. Mitchell Savings bank, Nevada. Farmers Trust and Sav ings bank. $2,500. Oskaloosa. The Oskaloosa NaRandolph Randolph State bank. Reinbeck First Savings bank of Sac City, Citizens Savings bank Sheffield. The First National bank of Sheffield (receiver). $77.- Sheldon Security State bank, $25,000. Sloan, Sloan State bank $32,000. Stanhope, Farmers State bank, West Branch. Citizens Savings bank. $9,000. Winterset. Madison County Sav ings bank. $72,000. Davenport, Register Life Insur Des Moines, Inter-State Businses Men's Accident company $76.000. Des Moines, Iowa National Fire De Witt. Iowa Mutual Insurance Dallas Center. Bankers Livestock Agricultural Credit corporation. Sioux City, Regional Agricultural Credit corporation of Stoux City,

2. August 11, 1933 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, August 11, 1933

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Article Text

Willford Ends Capital Work Obtained Changes in Bank Receivers. WASHINGTON, D. C.-Representative A. C. Willford, who is departing Friday for Iowa, has recommended R. R. Stewart of Hampton as attorney for the receiver and A. F. Iverson as re- UseGASfor ceiver of the National Bank of Sheffield, to replace Receiver Convenience in Roberts. Cooking and Heating Willford has been here for some days, engaged in efforts to bring about changes in receiverships Cushman attorneys for receivers and post- Gas and Electric Bills masters in the third district. Much of his attention has been May Be Paid at the directed to the ousting of W. C. Pyle as receiver for the closed NELSE HANSEN Our New bank at Waterloo and installation in that post of George Mornin of Insurance Office Cedar Falls. He has also obtained appointment of D. C. Wolf 603 East Locust St. as receiver at Eldora and Ackley in place of Receiver Richards. Before departing, Willford lodged a strong protest with the federal farm loan system because of complaint that a loan request of Oscar J. Schmid of Union had been refused because of politics. He demanded an investigation. Aug. 13 to 20 is rental week. Get your want ad ordered today.