Winneshiek County State Bank

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: January 18, 1932
Location: Decorah, Iowa (43.303, -91.786)

Metadata

Model: gpt-5-mini
Short Digest: c66380d8

Response Measures

Full suspension, Books examined

Other: Reorganization papers being circulated; special bank examiner D. W. Ernst in charge.

Description

Article (Globe-Gazette, 1932-01-19) states that a heavy run on the bank the previous day precipitated the banks' failure to open on Jan 19 and that a special examiner is in charge with reorganization papers circulating. Because the bank failed to open and an examiner was appointed, I classify this as a run leading to suspension with likely closure (receiver/examiner involvement). The text does not explicitly state a formal receivership or reopening, so I treat it as closure. Bank charter type not specified in the article, so set to unknown.

Events (2)

1. January 18, 1932 Run

Cause Details: Heavy withdrawals (a run) on the bank the day before it failed to open; immediate trigger not specified in article.
Newspaper Excerpt: A heavy run on the bank yesterday precipitated the action.
Source: newspapers

2. January 19, 1932 Suspension

Cause Details: Bank failed to open following the heavy run; special bank examiner put in charge and reorganization papers circulated.
Newspaper Excerpt: The Farmers Savings bank at Frankville, affiliated institutions altho separately incorporated, also failed to open.
Source: newspapers

Newspaper Articles (1)

1. January 19, 1932 Globe-Gazette Mason City, IA

Article from Globe-Gazette, January 19, 1932

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Article Text

Doors of Winneshiek County State Bank at Decorah Fail to Open DECORAH, Jan. 19.-The Winneshiek County State bank this morning failed to open its doors. The Burroak Savings bank at Burroak, the Home bank at Highlandville and the Farmers Savings bank at Frankville, affiliated institutions altho separately incorporated, also failed to open. A heavy run on the bank yesterday precipitated the action. It is understood reorganization papers are already being circulated. D. W. Ernst, special bank examiner, is in charge. The Winneshiek County State bank. claimed to be the oldest bank in the state, was capitalized for $150,000 and had deposits of $1,800,000. C. J. Weiser is president nad W. N. Johnson, cashier.