Bailey State Bank - Correctionville, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 9, 1930
Location: Correctionville, Iowa (42.475, -95.786)

Metadata

Model: gpt-5-mini
Short Digest: b9c18020

Response Measures

None

Description

Article (Dec 9, 1930) reports Bailey State Bank failed to open its doors the same day two larger Sioux City banks closed and a depositor rush occurred. No reopening or receivership is mentioned; classify as a suspension with permanent closure (no evidence of reopening). Cause appears to be panic triggered by other banks' failures.

Events (1)

1. December 9, 1930 Suspension

Cause: Local Banks
Cause Details: Closures of First National and Sioux National in Sioux City and a general depositor rush/frozen assets in the region prompted the bank to fail to open.
Newspaper Excerpt: The Bailey State bank at Correctionville near here, with deposits of $200,000, failed to open its doors
Source: newspapers

Newspaper Articles (1)

1. December 9, 1930 The Anaconda Standard Anaconda, MT

Article from The Anaconda Standard, December 9, 1930

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Article Text

MORE BANKS CLOSE AFTER HEAVY Two more Iowa banks were closed today. while an all-day run of depositors was paid off with $2,000,000 rushed here Sunday The suburban Leeds State bank with deposits of $135,000 was closed to await action of the directors The Bailey State bank at Correctionville near here. with deposits of $200.000. failed to open its doors The two million was rushed here after the First National and Sioux National two of the city's largest banks, were closed Saturday Heads of these two institutions said the closing was because of frozen assets and general business depression. In Des Moines, the Iowa Trust and Savings bank. placed in receivership late Saturday night was consolidated with the Iowa Moines National Bank and Trust company the state's largest institution. The number of depositors secking withdrawals from two of the Sioux City banks today was so great that closing time all had not been accommodated These were invited to return tomorrow Officials the 10 Sioux City bank tonight to discuss the situation