State Bank - Swea City, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 9, 1929
Location: Swea City, Iowa (43.384, -94.315)

Metadata

Model: gpt-5-mini
Short Digest: 75f12a7489f19db8

Response Measures

None

Description

Article (Globe-Gazette, 1929-08-09) describes the Swea City State Bank as defunct and in the hands of a receiver (L. A. Andrews) with stockholders assessed and threatened with judgment. OCR errors present (garbled words like 'FOX HEAD TONIC' and 'SPRING WATER'), but the core facts indicate the bank closed previously and is in receivership. No run is described in the text.

Events (2)

1. August 9, 1929 Other

Newspaper Excerpt: Judgment Threatened in Swea City Bank Case. Defaulting shareholders ... have received notice ... that unless they pay the 100 per cent stock assessment ... he will take judgment against them.
Source: newspapers

2. * Receivership

Newspaper Excerpt: Defaulting shareholders in the defunct ... State bank here have received notice from the receiver, L. A. Andrews ... unless they pay the 100 per cent stock assessment ordered shortly after the bank closed, he will take judgment against them, and attachment proceedings ... will follow.
Source: newspapers

Newspaper Articles (1)

1. August 9, 1929 Globe-Gazette Mason City, IA

Article from Globe-Gazette, August 9, 1929

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Article Text

STOCKHOLDERS Judgment Threatened in Swea City Bank Case. SWEA CITY, Aug. 9.-Defaulting shareholders in the defunct FOX HEAD TONIC State bank here have received notice from the receiver, L. A. Andrews. that unless they pay the 100 per cent stock assessment ordered shortly after the bank closed. he will take judgment against them, and attachment proceedings in the usual course thru the sheriff's office HEAD will follow. Action will be started next week. This brings to a head litigation which has been in progress ever since the assessment was ordered. Shareholders who bought stock in SPRING WATER the bank when it was reorganized in December 1926, opposed the assessment on the grounds that the bank was insolvent when it reopened and that they did not obtain value received. C. S. Sanhorn, Distributor Judge D. F. Coyle ruled against Mason City, Iowa them recently in a case that they took to district court.