First National Bank - Cumberland, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 7326
Charter Number: 7326
Start Date: June 30, 1926
Location: Cumberland, Iowa (41.274, -94.870)

Metadata

Model: gpt-5-mini
Short Digest: b801a831

Response Measures

None

Receivership Details

Depositor recovery rate: 57.5%
Date receivership started: 1926-07-22
Date receivership terminated: 1932-03-15
OCC cause of failure: Economic conditions
Share of assets assessed as good: 28.3%
Share of assets assessed as doubtful: 42.8%
Share of assets assessed as worthless: 28.9%

Description

Article states the First National Bank of Cumberland closed its doors June 30 and passed into control of J. W. McIntosh who had F. F. Potter appointed receiver; suits by the receiver to collect assessments are described. No run is mentioned; bank was closed and placed in receivership (permanent closure).

Events (4)

1. July 1, 1904 Chartered

Source: historical_nic

2. June 30, 1926 Suspension

Cause: Government Action
Cause Details: Bank closed June 30 and was placed into control of McIntosh who had a receiver (F. F. Potter) appointed; closure led to receivership and an assessment on shareholders.
Newspaper Excerpt: The bank closed its doors June 30 and at the time of the closing it passed into the control of McIntosh, who had F. F. Potter appointed as receiver.
Source: newspapers

3. July 22, 1926 Receivership

Source: historical_nic

4. August 31, 1926 Receivership

Newspaper Excerpt: On August 31 McIntosh levied an assessment of $25,000 on the shares of the bank to pay the losses and in October he demanded the par value of every share of capital stock. F. F. Potter, receiver of the First National bank of Cumberland, Ia., ... seeks to collect the money as an assessment levied on the shares of the bank by J. W. McIntosh, of Cumberland. The bank closed its doors June 30 ... who had F. F. Potter appointed as receiver. Two suits totaling $13,300 were filed ... by F. F. Potter receiver of the First National bank of Cumberland, Ia., who seeks to collect the money as an assessment levied on the shares of the bank by J. W. McIntosh, of Cumberland. All five defendants have failed to pay their part of the assessment, Potter alleges. He further alleges that shares were transferred by the defendants to one another with the intention to defraud
Source: newspapers

Newspaper Articles (1)

1. December 23, 1926 The Omaha Daily News Omaha, NE

Article from The Omaha Daily News, December 23, 1926

Click image to open full size in new tab

Article Text

SUES FOR $13,300 Cumberland, la., Bank Receiver Seeks to Recover. Two suits totaling $13,300 were filed in United States district court in Council Bluffs by F F. Potter receiver of the First National bank of Cumberland, Ia., who seeks to collect the money as an assessment levied on the shares of the bank by J. W. Meintosh. of cur rency of the United States, from O E. Ostus, all of Cumberland The bank closed its doors June 30 and at the time of the closing IL passed into the control of MeIn tosh, who had F. F. Potter appointed as receiver On August 31 Mcintosh levied an assessment of $25,000 on the shares of the bank to pay the losses and in October he demanded the par value of every share of capital stock All five defendants have failed to pay their part of the a* sessment, Potter alleges He fur ther alleges that shares were trans ferred by the defendants to one an other with the intention to defraud