Northwest Davenport Savings Bank

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: September 30, 1931
Location: Davenport, Iowa (41.524, -90.578)

Metadata

Model: gpt-5-mini
Short Digest: 437dcd72

Response Measures

Partial suspension

Other: Imposition of 60-day notice rule on savings withdrawals (partial suspension) to stem heavy withdrawals following action by American Savings Bank & Trust Co.

Description

Articles (1931-09-30 and 1931-10-01) report heavy withdrawals across Tri-City banks after American Savings Bank & Trust Co. posted a 60-day notice; Northwest Davenport Savings Bank imposed a 60-day withdrawal rule (partial suspension) but remained open. No evidence of permanent closure or receivership in these articles; categorized as run leading to suspension with implied eventual reopening.

Events (2)

1. September 30, 1931 Run

Cause: Local Banks
Cause Details: Heavy withdrawals followed posting of 60-day notice by American Savings Bank & Trust Co., triggering runs on Tri-City banks including Northwest Davenport Savings.
Measures: Bank remained open extra hours to meet depositor requests; subsequently announced 60-day notice rule on savings withdrawals.
Newspaper Excerpt: despite heavy run during day, and remains open extra hours to meet requests of depositors.
Source: newspapers

2. September 30, 1931 Suspension

Cause: Local Banks
Cause Details: Adopted 60-day notice rule to stop runs after heavy withdrawals triggered by American Savings Bank & Trust Co.'s 60-day notice posting.
Newspaper Excerpt: Home Savings bank and Northwest Davenport Savings bank announce 60-day deposit withdrawal rule.
Source: newspapers

Newspaper Articles (2)

1. September 30, 1931 The Rock Island Argus Rock Island, IL

Article from The Rock Island Argus, September 30, 1931

Click image to open full size in new tab

Article Text

Developments In Bank Situation Central Trust Savings bank Rock Island closed by action board of directors to conserve interests depositors; representatives of state auditing partment in charge. Manufacturers Trust Savbank, Rock Island Saving and State Bank of Rock Island impose 60-day notice rule stop runs and protect Board of directors of Manufacturers Trust bank to meet this to determine the future policy of institution. group of Rock Island merchants page advertisement expressing confidence in and declaring they will accept payment for purchases savings checks the banks that 60-day notice of withdrawals. Officials and campaign workof membership campaign in expression fidence checks will be accepted on any bank tricities. Bettendorf, industrial leader, named chairman of board American Savings Bank Trust company, Davenport, reorganize during day restriction of savings and commercial deposits. Union Savings bank, Davenport, places despite heavy run during day, and remains open extra hours to meet requests of depositors. Home Savings bank and Northwest Davenport Savings bank announce 60-day deposit withdrawal rule. Same rule adopted Bettendorf bank and Buffalo Savings bank. Peoples Savings Bank Trust Moline. Moline State Trust Savings bank, announce no restrictions withdrawals, does State Bank of East Moline.

2. October 1, 1931 The Des Moines Register Des Moines, IA

Article from The Des Moines Register, October 1, 1931

Click image to open full size in new tab

Article Text

OTHER BANKS ASK NOTICES Davenport Council Extends Tax Payments. (The Register's Iowa News Service.) DAVENPORT- Davenport banks, the Home Savings, Northwest Davenport Savings, and Bettendorf Savings, put the 60day notice for withdrawals rule into effect on savings deposits Wednesday. These banks continue to allow withdrawals on commercial accounts. The Buffalo Savings bank placed a 60-day rule in effect on both savings and commercial accounts. This action followed heavy withdrawals Wednesday on all Tri-City banks following the posting of the 60-day notice by the American Savings Bank & Trust CO. late Tuesday. Directors Confident. The American Savings Bank & Trust CO. had deposits of more than 32 million dollars, according to its last published statement. When depositors went to the bank Wednesday to sign their 60day withdrawal slips virtually all of the directors of the American Savings Bank & Trust CO. were in the lobby assuring the depositors that their money was safe and that no one would lose a dollar. It was stated that the committee, of which E. P. Adler, Davenport newspaper publisher, 1s chairman, hopes to raise new capital and reorganize the bank before the 60-day period has expired. J. W. Bettendorf. president of the Bettendorf CO.,