3269. Sioux City Savings Bank (Sioux City, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
September 1, 1896*
Location
Sioux City, Iowa (42.500, -96.400)

Metadata

Model
gpt-5-mini
Short Digest
e84728851c9263ce

Response Measures

None

Description

The articles refer to the Sioux City Savings Bank as already defunct following a failure in the fall of 1896, with a receiver appointed and dividends being paid to depositors in 1899. No contemporaneous run is described; the failure appears driven by bank-specific malfeasance (absconding cashier, worthless securities/forged mortgages).

Events (4)
1. September 1, 1896* Receivership
Newspaper Excerpt
declared by the receiver of the defunct Sioux City Savings bank; receiver ... paying out ... dividend(s).
Source
newspapers
2. September 1, 1896* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Management irregularities: many securities worthless, $20,000 of mortgages on cattle that never existed; embezzlement/forgery by cashier Edward P. Stone.
Newspaper Excerpt
the bank's failure in the fall of 1896
Source
newspapers
3. May 12, 1899 Other
Newspaper Excerpt
A dividend of 20 per cent has been declared by the receiver of the defunct Sioux City Savings bank. This means a distribution of over $23,000 among the depositors, and this is a total of 50 per cent they have received of the money that they had in the bank at the time of its failure in the fall of 1896.
Source
newspapers
4. April 9, 1900 Other
Newspaper Excerpt
The pending indictments against absconding ex-Cashier Edward P. Stone, of the defunct Sioux City Savings Bank, were dismissed ... Many of the securities were practically worthless ... a $20,000 batch of mortgages on cattle ... the cattle did not and never had existed.
Source
newspapers

Newspaper Articles (3)
1. May 13, 1899 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, May 13, 1899

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Article Text

Dividend on Defunct Bank. SIOUX CITY, Ia., May 12.-(Special.)-A dividend of 20 per cent has been declared by the receiver of the defunct Sioux City Savings bank. This means a distribution of over $23,000 among the depositors, and this is a total of 50 per cent they have received of the money that they had in the bank at the time of its failure in the fall of 1896. The receiver of the Home Savings bank is also engaged in paying out $10,000, or a dividend of 15 per cent, to the depositors of this bank. This is the first money they have had.

2. May 23, 1899 The Denison Review Denison, Dow City, IA
Article from The Denison Review, May 23, 1899

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Article Text

Dividend on Defunct Bank. SIOUX CITY, May 13.-A dividend of 20 per cent has been declared by the receiver of the defunct Sioux City Savings bank. This means a distribution of over $22,000 among the depositors, and this is a total of 50 per cent they have received. The receiver of the Home Savings bank is also engaged in paying out $10,000, or a dividend of 15 per cent to the depositors of this bank.

3. April 9, 1900 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, April 9, 1900

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Article Text

# Indictments Dismissed Sioux City, April 9.-The pending indictments against absconding ex-Cashier Edward P. Stone, of the defunct Sioux City Savings Bank, were dismissed by District Judge F. R. Gaynor on County Attorney Haliam's request Saturday. For the first few days after the bank's failure Mr. Stone remained in Sioux City and proved of much assistance to the receiver in balancing up the books. Then he left, ostensibly on a visit to a farm which he owned near Wayne, Neb. But he never came back. Before long it developed that there were peculiarities in connection with the institution's management which hadn't appeared at first glance. Many of the securities were practically worthless-some entirely so. The worst was about a $20.000 batch of mortgages on cattle at O'Neill, Neb. Careful investigation proved that the cattle did not and never had existed. This was too much for the creditors, and indictments were returned charging Stone with forgery, embezzlement!