First National Bank - Clearfield, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 9549
Charter Number: 9549
Start Date: September 7, 1933
Location: Clearfield, Iowa (40.801, -94.476)

Metadata

Model: gpt-5-mini
Short Digest: 68ed4cd5

Response Measures

None

Receivership Details

Depositor recovery rate: 37.3%
Date receivership started: 1933-09-05
Date receivership terminated: 1936-11-30
Share of assets assessed as good: 39.5%
Share of assets assessed as doubtful: 46.1%
Share of assets assessed as worthless: 14.5%

Description

Article (Clearfield Enterprise, 1933-09-07) reports First National closed and Geo. H. Bartels appointed receiver; previously under a conservator for ~5 months. No run mentioned. Closure by appointment of a receiver = government action resulting in permanent closure.

Events (4)

1. September 28, 1909 Chartered

Source: historical_nic

2. September 5, 1933 Receivership

Source: historical_nic

3. September 7, 1933 Receivership

Newspaper Excerpt: Geo. H. Bartels of Maloy appeared here at about 11;30 Wednesday, with authority to take over the First National Bank as receiver.
Source: newspapers

4. September 7, 1933 Suspension

Cause: Government Action
Cause Details: Bank taken over and a receiver (Geo. H. Bartels) appointed; no deposits being received; previously under a conservator.
Newspaper Excerpt: First National is Closed.
Source: newspapers

Newspaper Articles (1)

1. September 7, 1933 Clearfield Enterprise Clearfield, IA

Article from Clearfield Enterprise, September 7, 1933

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Article Text

First National is Closed. Geo. H. Bartels of Maloy appeared here at about 11;30 Wednesday, with authority to take over the First National Bank as receiver. This was a complete surprise, alike to citizens and to the bank officials. We have not time to enlarge upon this statement very much. The business that his been done under Conservator Carlton in the last five months is not affected. No deposits are being received, but all the new deposits will be paid back apon demand, and in full. The old assets, dating before Jan. 27th, will be liquidated. It seems that the whole waiver campaign is just wiped out. Instead of holding the certificates given us, we will receive dividends as they may be declared by the receiver. Apparently no attention is to be paid to the waivers. For the present, we shall be without a bank. That is the bad side to the matter, and one for the future to take care of.