First National Bank - Creston, IA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 2586
Charter Number: 2586
Start Date: January 31, 1933
Location: Creston, Iowa (41.059, -94.361)

Metadata

Model: gpt-5-mini
Short Digest: df521d8a

Response Measures

None

Receivership Details

Depositor recovery rate: 37.1%
Date receivership started: 1925-12-12
OCC cause of failure: Economic conditions
Share of assets assessed as good: 58.4%
Share of assets assessed as worthless: 41.6%

Description

Mayor-declared two-week banking holiday (bank did not open) to avoid a possible run; later conservators removed and bank reopened for full service on 1933-05-12. No explicit run on this bank is described in the articles.

Events (5)

1. November 15, 1881 Chartered

Source: historical_nic

2. March 26, 1925 Voluntary Liquidation

Source: historical_nic

3. December 12, 1925 Receivership

Source: historical_nic

4. January 31, 1933 Suspension

Cause: Government Action
Cause Details: Mayor declared a two-week banking holiday and the First National Bank did not open to avoid a possible run; Farmers and Merchants' Savings bank was under state supervision as well.
Newspaper Excerpt: To comply with Mayor Emerson's holiday proclamation, the First National bank did not open Tuesday morning. Mayor Emerson said the holiday was declared to avoid possible run on the National bank
Source: newspapers

5. May 12, 1933 Reopening

Newspaper Excerpt: conservators would be removed from the First National bank in Creston, Ia., effective today and the bank will be open for full service.
Source: newspapers

Newspaper Articles (4)

1. January 31, 1933 Globe-Gazette Mason City, IA

Article from Globe-Gazette, January 31, 1933

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Article Text

Creston Mayor Calls 2 Weeks Bank Holiday Ray Emerson today declared a two weeks' banking holiday here after officers of the Iowa State Savings bank announced that the bank would be operated hereafter under supervision of the state bank. ing department. To comply with Mayor Emerson's holiday proclamation not the First National bank did open this Emerson clared to said the morning holiday was Mayor deavoid possible run on the National bank and would be for "two weeks or longer.' that it

2. February 1, 1933 Iowa City Press-Citizen Iowa City, IA

Article from Iowa City Press-Citizen, February 1, 1933

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Article Text

Mayor of Creston Declares 2 Weeks Banking Holiday CRESTON S Ray Emerson Tuesday declared a two week's banking holiday here after officers of the Iowa State Savings bank announced that the bank would be operated hereafter under supervision of the state banking department To comply with Mayor Emer son's holiday proclamation. the First National bank did not open Mayor Emerson said the holiday was declared to avoid R possible run on the national bank and that

3. 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.

4. May 12, 1933 The Des Moines Register Des Moines, IA

Article from The Des Moines Register, May 12, 1933

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Article Text

Conservators Free Bank in Creston, Ia. CHICAGO, ILL seventh district federal reserve bank announced Thursday that conservators would be removed from the First National bank in Creston. Ia., effective today and the bank will be open for full service.