3284. First National Bank (Sioux Rapids, IA)

View Charter #13400 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
13400
Charter Number
13400
Start Date
June 10, 1933
Location
Sioux Rapids, Iowa (42.893, -95.151)

Metadata

Model
gpt-5-mini
Short Digest
bb19622eb3e3693e

Response Measures

None

Receivership Details

Depositor recovery rate
52.5%
Date receivership started
1932-08-01
Date receivership terminated
1937-09-22
Share of assets assessed as good
19.5%
Share of assets assessed as doubtful
66.3%
Share of assets assessed as worthless
14.1%

Description

Articles show the First National Bank of Sioux Rapids had a receiver (D. D. Bourne) by June 1933, indicating the bank had suspended/closed and entered receivership. No article describes a depositor run. A later item (Jan 22, 1934) reports embezzlement charges against a former receiver. Dates of initial suspension/closing are not given explicitly; receiver is referenced in the June 10, 1933 articles.

Events (5)
1. December 9, 1929 Chartered
Source
historical_nic
2. August 1, 1932 Receivership
Source
historical_nic
3. June 10, 1933 Receivership
Newspaper Excerpt
verdict ... in favor of D. D. Bourne, receiver of the First National bank of Sioux Rapids, against John Hafdenfeldt ... the defendant knew the bank was about to close when he withdrew $2,200 in cash and wrote checks for an additional $200 against his account.
Source
newspapers
4. June 10, 1933 Suspension
Cause
Government Action
Cause Details
Bank had a receiver appointed (D. D. Bourne), indicating closure/suspension and legal proceedings related to the bank's failure.
Newspaper Excerpt
A verdict of $2,400 was directed ... in favor of D. D. Bourne, receiver of the First National bank of Sioux Rapids
Source
newspapers
5. January 22, 1934 Other
Newspaper Excerpt
Charges of embezzlement have been filed against Robert D. Gage ... former receiver of the First National bank of Sioux Rapids. He is alleged to have embezzled $1,500. He is under arrest.
Source
newspapers

Newspaper Articles (3)
1. June 10, 1933 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, June 10, 1933

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Article Text

Judge Directs Verdict Favoring Bank Receiver A verdict of $2,400 was directed by Judge George C. Scott in federal court Friday in favor of D. D. Bourne, receiver of the First National bank of Sioux Rapids, against John Hafdenfeldt, director and stockholder in the bank. The court held that under the evidence the defendant knew the bank was about to close when he withdrew $2,200 in cash and wrote checks for an additional $200 against his account.

2. June 10, 1933 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, June 10, 1933

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Article Text

BEG YOUR PARDON The suit of D. D. Bourne, receiver, against John Hadenfeldt, director and stockholder, for the recovery of $2,400 alleged to have been withdrawn by the defendant involves the First National bank of Sioux Rapids, not the First National bank of

3. January 22, 1934 The Austin Daily Herald Austin, MN
Article from The Austin Daily Herald, January 22, 1934

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Article Text

Bank Receiver Is Under Arrest Spencer, Iowa, Jan. 22-Charges of embezzlement have been filed against Robert D. Gage, forty-one, Spencer bookeeper and former receiver of the First National bank of Sioux Rapids. He is alleged to have embezzled $1.500. He is under arrest.