3293. American Trust Company (Davenport, IA)

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: December 27, 1932
Location: Davenport, Iowa (41.524, -90.578)

Metadata

Model: gpt-5-mini
Short Digest: 2749b70f

Response Measures

None

Description

The articles describe the American Trust Co. entering voluntary receivership/liquidation in late December 1932 with court approval following; there is no mention of a depositor run or heavy withdrawals. This is a suspension that leads to permanent closure/receivership. OCR errors in articles corrected (e.g., 'receivership' and names).

Events (2)

1. December 27, 1932 Suspension

Cause: Voluntary Liquidation
Cause Details: Officers and directors placed the company into voluntary receivership/ordered liquidation due to local banking conditions; company had been in orderly liquidation and had no deposits.
Newspaper Excerpt: The American Trust company ... has entered voluntary receivership on action of its officers and directors.
Source: newspapers

2. December 29, 1932 Receivership

Newspaper Excerpt: Formal approval of voluntary ... the American Trust Co. of Davenport was given court orders signed by Judge Scott today ... Andrew, Iowa superintendent of banking, was appointed permanent receiver of the suspended institutions.
Source: newspapers

Newspaper Articles (10)

1. December 27, 1932 Quad-City Times Davenport, IA

Article from Quad-City Times, December 27, 1932

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TRUST COMPANY IN VOLUNTARY RECEIVERSHIP Has $3,000,000 Assets and Outstanding Debenture Bonds of $2,700,000. The American Trust company, which has been in the process orderly liquidation since its head. quarters were moved to the Bechtel Trust company, has entered voluntary receivership on action of its officers and directors. The American Trust company has no connection with the Bechtel Trust company. and the Bechtel Trust company and other Bechtel interests way involved. The Trust company has no deposits. has capital stock of $100,000 and assets $3,000,000. There are debenture bonds which secured by assets. Recently new trustees were ap pointed hold securities for the debenture bond holders and they taken custody of the securities. That matter be handled by the trustees only and the ceivership does not apply to them. They be liquidated under the direction of the trustees, Peter Jacobsen Arthur H. Ebeling and Hugo American Trust company founded 1894 originally the German Trust company, and operated an affiliate of old German bank and in more recent years by the American Commercial Savings bank. Its M. Bechtel Vice president-J. Ross Phoenix. Johnson. above officers. with the dition Kuno Struck, Dougherty, Watzek and constitute the board directors. Organized 1894 Organized 1894, the trust company name then German Trust Co., and 1918 that name changed that of the Ameri can Trust same time the German Savings bank changed its name the American Com mercial Savings bank. At the time was organized figured that could function better than as an adjunct the bank. year operated institution bearing the bank. the many officers and tors were identical with those of the latter First of trust pany second president the German Savings Griggs, Jens Charles Brockmann and Seiffert The Griggs, president: Charles president: Richard Andresen and John treas- Capital of $100,000 The trust company began an capital stock $100,000 of which $50,000 paid 1905 the bank purchased outstanding stock the company funds being from the bank's undivided profits. provided the three principal officers bank should hold trust company trustees for the stock stock holders. The year the trust issued the remaining pany paying for undivided That done the 12 be space years proof the highly successful of the trust comIn 1902 an important step in the future trust company when the articles of taken poration amended issue and sale of debenpermit bonds

2. December 27, 1932 The Daily Times Davenport, IA

Article from The Daily Times, December 27, 1932

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American Trust Will Liquidate; Receiver Named The American Trust Co., in the process of orderly liquidation since headquarters were moved to the Bechtel Co. building, shortly after the closing of the old American bank, will liquidated by the Iowa banking department, following decision taken by its board directors yesterday afternoon. Officials of the company stated today that their decision to have the banking department liquidate company was the result of banking conditions here. The company has benture bonds all of which secured by assets understood to be fully equal in value the amount of the bonds. Recently new trustees were pointed hold securities for debenture holders and they have taken custody of the securities and that matter will be handled by the trustees only and the receivership does not apply to them. They will liquidated under the direction the trustees, Peter N. Jacobsen, Arthur H. Ebeling and Hugo Wilcken. Grover Krouth is the state banking department representative temporarily in charge of the genliquidation. The trust company is capitalized at $100,000, and assets amount approximately three million dollars. There were no deposits in the institution, and no way connected with any of the Bechtel interests. It was first intended to complete the orderly liquidaand reorganize, if possible, but this plan proved inadvisable, owing recent local conditions, and the decision to turn the assets over to the state accordingly taken. Officers of Company George M. Bechtel is president the and Harold Bechtel and Ross Lee, vice presidents. Phoenix is treas-

3. December 27, 1932 The Daily Times Davenport, IA

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AMERICAN TRUST WILL LIQUIDATE; RECEIVER NAMED (Continued From Page One) urer, and F. A. Johnson is secretary. Directors are the officers and Kuno H. Struck, Lee J. Dougherty, Dr. J. W. Watzek and Paul Lagomarcino. Organized in 1894 Organized in 1894, the trust company name was then the German Trust Co., and in 1918 that name was changed to that of the American Trust Co., at the same time the German Savings bank changed its name to the American Commercial & Savings bank. At the time it was organized it was figured that a separate organization could function better than as an adjunct of the bank. For 11 years it operated as an institution bearing no relation to the bank, although many of its officers and directors were identical with those of the latter institution. First directors of the trust company were: H. H. Andresen, the second president of the German Savings bank: F. H. Griggs, F. G. Clausen, L. Wahle, H. Techentin, Jens Lorenzen, Charles N. Voss, C. Tooring, T. A. Murphy, J. D. Brockmann and H. O. Seiffert. The officers were F. H. Griggs, president; Charles N. Voss, vice president; Richard Andresen, secretary and John F. Bredow, treasurer. Capital of $100,000 The trust company began with

4. December 29, 1932 Quad-City Times Davenport, IA

Article from Quad-City Times, December 29, 1932

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SURETY DESIGNATED IN RECEIVERSHIPS Andrew Named ceiver for Five Financial Institutions Here. Designation of bonds to be nished by the receiver and examincharge marked proceedings for the Union Savings Bank Trust company, the Home bank, the Northwest enport Savings bank, the Bettendorf Savings bank and the American Trust company in District Judge W. Scott's court late Wednesday. Andrew, state superintendof banking. appointed ceiver each Mr. drew in turn designate an aminer in charge each institution. of formal court letters will await the filing and approval the bonds. Bonds designated by the court in Union Savings Bank Trust examiner's bond, $200,000; Home Savings bank, receiver's bond, $10,examiner's bond, Northwest Davenport receiver's bond, examiner's bond, $75,000; Bettendorf Savings receiver's bond, $10,000, aminer's bond, American company, receiver's bond, examiner's bond,

5. December 29, 1932 The Daily Times Davenport, IA

Article from The Daily Times, December 29, 1932

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Bank Receiverships Here Are Given Formal Court Approval; Andrew Continues in Charge Formal approval of voluntary involving the Union Savings Bank Trust Co., the Home Savings bank, the Davenport Savings bank, the Bettendorf Savings bank and the American Trust Co. of Davenport was given court orders signed by Judge Scott today in the Scott county district court. Applications on the receivership and for approval by the court necessary orders was made by Attorney General John Fletcher and Andrew, Iowa superintendent of banking. who was appointed permanent receiver of the suspendinstitutions. In all the receivership actions, March 30 1933 was fixed as the closing date for filing of claims creditors and the presentation proofs of claims with the clerk the Scott county district court. As to Claims Notice given to creditors of the closed banks that claims based on checking accounts. time and demand deposits and all other claims not shown on books of the banking institutions, that they will not have to file formal claims. Holders of demand and time certificates will be required to present them to the examiner charge of banks before dividends are paid. In the receivership of the Union Savings Bank Trust Co., Mr Andrew as permanent receiver empowered appoint an additional bank examiner if necessary assist in the liquidation of liabilities and the distribution of assets. The receiver may also employ necessary counsel and clerical help and attend to the leasing of real estate owned by the bank, the lection of rents and any other matters for the benefit of creditors. the bond of the examiner in charge being fixed at $200,000. Both officials are to file with the court reports on all their actions. The court orders fix the time for filing of claims and applications for allowances on offsets. Direction is given the receiver to demand evidence of all indebtedness against the closed banks. The receiver will also have charge of making offsets between the bank, depositors and other creditors. In all of the receivership actions, the receiver is authorized to direct the execution of releases and assignments liens. Any debts due the banks or receiver, secured by liens on real estate is paid in full or sold for full payment on payment of principal and interest. The receiver to execute to the assignee of debt a satisfaction and discharge as the case may be, of the debt or security. Release Safety Deposits Orders included for the banks releasing property held bailee, the receiver being ordered to deliver to owners property held in the banks in safety deposit boxes. This order applies only in cases where the property owner not indebted to the bank. Like receivership orders are made for the three smaller banks and the American Trust Co. The receiver's bond for the Bettendorf Savings bank is fixed at $100,000 and the examiner-in-charge has bond for $35,000. The receiver's bond for the Home Savings bank is fixed at $10,000 and the examiner in charge $50,000 Bond for the receiver of the Northwest Davenport Savings bank approved for $25,000 and the examiner for $75,000. In the American Trust Co. receivership Andrew's bond set by the court at $10,000 and the examiner for $100,000. The various Bonds Are Fixed receivership orders were prepared Bonds of the Union bank rethe state banking department ceiver were fixed by the court Des Moines.

6. February 3, 1933 Quad-City Times Davenport, IA

Article from Quad-City Times, February 3, 1933

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BANK TRUSTEE Former Cashier to Succeed American Trust Co. as Liquidator. The appointment of Minard, former cashier the Peoples Trust Savings bank which pended operations two years ago, successor trustee in charge of the liquidation of the bank in place of the American Trust company now in the hands of receiver, was approved late Thursday by District Judge W. Scott The American Trust company indebted to the trust fund, created for the liquidation of the bank, the extent of according to the court The company entitled set off $2,500, leaving balance of 18 owing the bank liquidation fund. Mr. Minard, who was formerly in charge of the liquidation work the bank under the direction of the American Trust company has in his which will be applied on the new liquidating Beneficiaries under the trust created originally to liquidate the assets of the Peoples Trust Sav. ings bank the receivers of the American Savings Bank Trust company, the Union Savings Bank Trust company, the Home Savings bank and the Northwest Davenport Savings bank The shares the respective banks are per cent each for the American and the Union: cent for the Home and cent for the Northwest Davenport Savings bank. The trust was formed the American Trust company which advanced loan of over $300,000 to take the assets and liabilities the Peoples Trust Savings bank for the purpose of paying off the and This loan subscribed by the various banks then in operation. Kissed her hand and wept hot tears! Lady Caillard's remarkable story of visit from the ghost of her dead husband, told the American Weekly, the magazine distributed with next Sunday's Chicago Herald and

7. February 25, 1933 The Muscatine Journal Muscatine, IA

Article from The Muscatine Journal, February 25, 1933

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Deeds Recorded American Trust company of Davenport, by receiver, to Bechtel Trust company, trustee, and Ray Nyemaster as co-trustee, quitclaim deed, 120.38 acres in sec. 22-76-2W also all buildings, plants and all other property, real personal or mixed in Muscatiqe. George Lincoln to Muscatine county, tract of land in lot 5, block 24, town of Moscow, for road purposes. Amelia Robshaw to Edward J. Schildberg and Arthur Schildberg, lot Oak Ridge addition Muscatine, also parts of lots 25, 26 27, Warfield addition, Muscatine. Nichols Savings bank, by receiver. to John Ellis and Nellie M. Ellis, lots 10. 11 and 12, block 3, town of Conesville. Tea and coffee refreshments are served people who inspect breweries in Australia.

8. April 28, 1933 The Daily Times Davenport, IA

Article from The Daily Times, April 28, 1933

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Tomorrow will mark the close the period allowed in Scott county district court for filing claims against the receivership the American Trust Co. No general extension of time The closing date has been fixed 30, but in view of the fact that the date falls on Sunday, possible submit claims after tomorrow, without court Special extensions until June 30 had been granted today, Judge Scott in 34 trust, and being handled by Cook Balluff, upon an would the claims time to file by In the the ion Bank Trust Co., the period for filing claims will not expire until May 31.

9. May 1, 1933 The Daily Times Davenport, IA

Article from The Daily Times, May 1, 1933

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BANK RECEIVER H CLAIM OF $401,114 AGAINST TRUST CO. A claim for $401,114.30, representing the unpaid balance on a loan of $1,150,000 advanced on June 9, 1925, has been filed in Scott county district court against the American Trust Co. receivership by the receiver of the American Savings Bank & Trust Co. This was the largest of 23 additional claims filed late Saturday against trust firm as the term for filing such claims ended. In number of individual cases, however the court has allowed additional time for filing In the course of receivership proceedings of six Davenport financial in district court the report for the Union Savings Bank & Trust Co for the period Jan. 21 April 4, as prepared by Bert McCulloch, examiner in charge for L. A. Anand filed by Cook & Balluff, attorneys, lists receipts of and disbursements of $7,963,019.46 leaving cash balance on hand of $176,011.81 Among the cash receipts was $99.756.34 collected on assessments against stockholders The totals of receipts and disalso include 986,256.76 advanced by the Reconstruction Finance Corp. to make possible the immediate payment of 40 per cent to depositors and the cash which was in turn delivered to the Davenport Bank & Trust Co. for assumption of the 40 per cent deposit liability. and for secured deposit liability. These amounts were $5,030,082.07 and Expenditures for salaries amounted to $20,914 and for receivership expenses, $9,745.29.

10. July 10, 1933 Quad-City Times Davenport, IA

Article from Quad-City Times, July 10, 1933

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ASK DATE WHEN TRUST WAS ORGANIZED Date and the chapter of the code under which the American Trust company, now the hands receiver, organized, demanded in motion for specific filed in district court the George M. Bechand others, co-defendants in stockholders liability Carl Lambach and Cook Balfor the defendants, the lia bility assessment fails specify the particular chapter the banking law under which corporation organized and therefore difficult to plead the Co-defendants named in the momore specific statement Kuno H. Struck, Ross Watzek, Dougherty, Paul Lagomarcino, Frank Johnson, George Bechtel, and H. Bechtel.