3244. Farmers Savings Bank (Colo, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
May 2, 1931
Location
Colo, Iowa (42.018, -93.315)

Metadata

Model
gpt-5-mini
Short Digest
eea15e09

Response Measures

None

Description

Newspaper articles (1931 and 1932) refer to the Farmers Savings Bank of Colo as a 'closed' bank and identify Andrew, superintendent of banking, as receiver. Articles describe suits to recover losses from large loans/forgery, indicating bank-specific loan losses caused failure. No mention of a depositor run in the provided texts.

Events (2)
1. May 2, 1931 Receivership
Newspaper Excerpt
Andrew, superintendent of banking and receiver for the closed Farmers Savings bank of Colo. has filed suit in the district court here against Glazer ... The plaintiff demands judgment ...
Source
newspapers
2. May 2, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large loan losses and a forged/defalcating borrower (M. Glazer) and other bad credits led to bank losses and closure.
Newspaper Excerpt
closed Farmers Savings bank of Colo. Andrew, superintendent of banking and receiver for the closed Farmers Savings bank of Colo.
Source
newspapers

Newspaper Articles (2)
1. May 2, 1931 Ames Tribune Ames, IA
Article from Ames Tribune, May 2, 1931

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Article Text

AIRED AGAIN Bank Receiver Sues For $18,682 M. Glazer of Marshalltown, produce dealer, now in the penitentiary at Fort Madison serving term for forgery. still has more than his prison life to worry him. Others too. Andrew, superintendent of banking and receiver for the closed Farmers Savings bank of Colo. has filed suit in the district court here against Glazer and several men extended him credit, charging that the transaction caused the bank suffer. loss amounting to The named as defendants the McCoy. Chambliss, Daye Melman, Higgin the Security bank of Marshalltown and H. Vawter. The defendants were advised that unless they appear in Story county district court defend themselves on before May default judgment will be entered against them. The plaintiff demands judgment against each of the defendants on following sums, with interest per cent from the date curred: $4,502.29. October 1929: $3,885. October $2.922. October $3,528. October 15; $3,845, tober 15,

2. January 18, 1932 Ames Tribune Ames, IA
Article from Ames Tribune, January 18, 1932

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Article Text

Co. Bank Receiver Is Suing on Large Note Andrew, superintendent of banking ceiver for the Farmers Savings bank of Colo has filed suit in district court here against Homer White, Awiida White, et Andrew asks judgment of against the defendants on the basis of note given to the bank No. vember 10, 1930 and due two years after date.