3279. Farmers & Merchants Savings Bank (Creston, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
January 31, 1933
Location
Creston, Iowa (41.059, -94.361)

Metadata

Model
gpt-5-mini
Short Digest
3ae5ec4a

Response Measures

None

Description

January 1933 article reports the Farmers & Merchants' Savings Bank had gone under supervision of the state banking department (a regulatory suspension/holiday). A later October 1933 article refers to a receiver for the Farmers' and Merchants' bank in Creston, indicating the bank was placed in receivership/closed. No explicit depositor run is described in the articles provided.

Events (2)
1. January 31, 1933 Suspension
Cause
Government Action
Cause Details
Placed under supervision of the Iowa State Banking Department; mayor declared banking holiday to avoid possible run.
Newspaper Excerpt
The Farmers and Merchants' Savings bank, the only other bank here, went under supervision of the state banking department several days ago.
Source
newspapers
2. October 3, 1933 Receivership
Newspaper Excerpt
resignation tendered because of the fact new duties receiver for the Farmers' and Merchants' bank Creston, will force him make his residence there.
Source
newspapers

Newspaper Articles (2)
1. February 1, 1933 The Omaha Morning Bee-News Omaha, NE
Article from The Omaha Morning Bee-News, February 1, 1933

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Article Text

CRESTON CALLS CRESTON. Ia., Jan. 31, Mayor Ray Emerson Tuesday declared two-week banking hollday here after officers of the Iowa State Savings bank announced the bank would be operated hereafter under supervision of the state banking department. To comply with Mayor Emerholiday proclamation. the First National bank did not open Tuesday morning. Mayor Emerson said the holiday was declared avoid possible run on the National and that it would be for weeks or longer The Farmers and Merchants' Savings bank. the only other bank here, went under supervision of the state banking department several days ago.

2. October 3, 1933 Quad-City Times Davenport, IA
Article from Quad-City Times, October 3, 1933

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Article Text

Clausen Succeeds Bein on School Strohbehn Becomes Chairman The resignation of Louis Bein from the Davenport Board of Education accepted at special meeting held Monday afternoon, and Clausen was chosen his by the the time Dr. Edward was chosen the board succeed Mr. Bein has held that post for the years. Strohbehn been member of the school board for the past seven years and as president March when the board will be reorganized following the annual tion three directors. Bein has been member the board for eight years and pres ident since His resignation tendered because of the fact new duties receiver for the Farmers' and Merchants' bank Creston, will force him make his residence there. Clausen, who elected fill the vacancy caused by the of Mr. Bein, has interested in school affairs Davenport. retired recently from architectural firm Clausen, Kruse Klein. The new was immediateassigned to duty on the property and finance committees. Mr. Bein member of both of these committees the board. The resignation of Velma Fitzsimmons, teacher Washington school, accepted. The board