3248. Conway Savings Bank (Conway, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
May 1, 1919*
Location
Conway, Iowa (40.749, -94.619)

Metadata

Model
gpt-5-mini
Short Digest
50dc2870

Response Measures

None

Description

The articles describe the Conway Savings Bank as a defunct institution with a receiver appointed; its cashier/receiver was arrested and later imprisoned for fraudulent banking. There is no mention of a depositor run — the bank closed for insolvency/fraud and was wound up at auction. Dates of closure are not explicitly given; newspaper items are from 1919 describing the winding up and sale of assets.

Events (3)
1. May 1, 1919* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank insolvent and involved fraudulent banking by cashier/receiver (accepted deposits after knowing bank was insolvent); insolvency and fraud prompted closure.
Newspaper Excerpt
When the bank closed its doors for lack of business, it was claimed that If left alone the bank would liquidate. Conway was appointed receiver for the bank and has since been at work cleaning up the assets.
Source
newspapers
2. May 24, 1919 Receivership
Newspaper Excerpt
Conway had filed his final report as receiver for the defunct institution... Conway was appointed receiver for the bank and has since been at work cleaning up the assets.
Source
newspapers
3. July 19, 1919 Other
Newspaper Excerpt
sale at public auction of the effects of the Conway Savings Bank... was the last act in winding up the affairs of the defunct institution.
Source
newspapers

Newspaper Articles (2)
1. May 24, 1919 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, May 24, 1919

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Article Text

CONWAY BANKER arrested. Savings Bank Cashier and Former Receiver Uuned Bond. Bedford, May 24-W. A. Conway. former cashier and receiver of the Conway Savings bank, has been put under arrest, charged with fraudulent banking in that he accepted a $1,500 deposit from J. L. Lyon, a farmer. after he knew the bank was insolvent. Lyon swore to the information and Conway was put under $1,600 bonds by Mayor Sawyer, waiving to the grand jury. Conway had come to Bedford to appear in court when the arrest was made. He had filed his final report as receiver for the defunct institution, and the acceptance of the report was contested. The hearing was continued thru several days. and Judge Evans took the matter under advisement and will give an opinion in the case during recess. When the bank closed its doors for lack of business, it was claimed that If left alone the bank would liquidate. Conway was appointed receiver for the bank and has since been at work cleaning up the assets. Many of the claims he has brought suit to collect.

2. July 19, 1919 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, July 19, 1919

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Article Text

CONWAY BANK EFFECTS SOLD PERSONAL PROPERTY AND REAL ESTATE SOLD UNDER HAMMER. AFFAIRS OF DEFUNCT INSTITUTION CLOSED Mixture of Elements of Tragedy and Humor In Disposition of Bank Property-Bargain Auction of Notes, Judgments and Overdrafts-Money Order Issued in 1901 Found in Vault. Special to Times-Republican. Conway, July 19.-A mixture of an element of tragedy and humor featured the sale at public auction of the effects of the Conway Savings Bank, whose principal owner and main officer, Cashier Conway, was recently taken to prison to serve a ten-year sentence for fraudulent banking. The sale included a miscellaneous lot of personal property and real estate-bank building and lot-and assets common to any bank, and was the last act in winding up the affairs of the defunct institution. There were a -lot of bidders at the sale and successful bidders were often joshed about their purchases, as when three packages of malted milk found by the receiver in the vault, sold to a man named Irwin for 25 cents. Bargain Day in Notes. J. R. Locke, county attorney, paid $395 for $17,000 worth of old notes; L. E. Stevens ,for $210 had $10,000 worth of judgments knocked down to him, and Frank Dunning paid $5 for about an equal amount of overdrafts upon which the receiver had been unablé to realize anything. A miscellaneous lot of pencils, staplers, loose lopesand,.qwaktnwuafw0bkx leaf record books, paper and en-