3336. First National Bank (Villisca, IA)

View Charter #2766 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2766
Charter Number
2766
Start Date
October 14, 1930
Location
Villisca, Iowa (40.930, -94.976)

Metadata

Model
gpt-5-mini
Short Digest
7ff567a69b8831b1

Response Measures

None

Receivership Details

Depositor recovery rate
71.0%
Date receivership started
1930-10-18
Date receivership terminated
1936-07-30
OCC cause of failure
Economic conditions
Share of assets assessed as good
33.9%
Share of assets assessed as doubtful
53.8%
Share of assets assessed as worthless
12.3%

Description

The 1930 article (Oct 15) reports the First National Bank of Villisca closed doors Tuesday (closed 1930-10-14). No run is mentioned. A receiver (Carl Foster) was appointed by Sept 30, 1931, indicating the bank remained closed and entered receivership. Cause of suspension appears to be frozen assets/financial trouble.

Events (4)
1. August 11, 1882 Chartered
Source
historical_nic
2. October 14, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Board closed the bank after frozen assets prompted the action to protect depositors.
Newspaper Excerpt
VILLISCA BANK CLOSES. First National bank of Villisca closed doors Tuesday capitalized approximated $800,000.
Source
newspapers
3. October 18, 1930 Receivership
Source
historical_nic
4. September 30, 1931 Receivership
Newspaper Excerpt
Carl Foster, receiver of the First National bank here ... has been appointed receiver of the First National bank of Villisca.
Source
newspapers

Newspaper Articles (2)
1. October 15, 1930 The Courier Waterloo, IA
Article from The Courier, October 15, 1930

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Article Text

Aplington Traffic Officer Arrests Liquor Runner Service) Aplington, man driving light coupe loaded 100 gallons alcohol Aplington Wednesday by Traffic Offiand Black Hawk County Road HarMason. Allison by Deputy Frank Neal. man Chicago out refused arraigned Allison also, having arrested Tuesday evening by of gun club The charge carrying concealed weapons He also had dead pheasant the car. Marino gave $500 cash bond. JEWELL BANK CLOSED Jewell, State Bank Jewell was closed Tuesday order board of directors. Frozen assets prompted the action. which the was taken protect depositors. The bank $200,000 deposit. The Gilbert Knudson, headed State suspended business Monday Knudson cashier the Jewell was capitalized at VILLISCA BANK CLOSES. First National bank of Villisca closed doors Tuesday capitalized approximated $800,000. Fast. president, and Shane, cashier. officers which Villisca's only banking institution. NEBRASKA BANK ROBBED. disquised with mud smeared faces, robbed the bank of Nemaha less than Wednesday caped small auto driven by third confederate.

2. September 30, 1931 The Daily Nonpareil Council Bluffs, IA
Article from The Daily Nonpareil, September 30, 1931

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Article Text

FOSTER IS RECEIVER FOR VILLISCA BANKER Special to The Nonpareil. SHENANDOAH Ia., Sept. 30 Carl Foster, receiver of the First National bank here and banks in Randolph, Coin. Malvern, Clarinda and Plattsmouth, Neb., has been appointed receiver of the First Na. tional bank of Villisca. Foster succeeds W. R. Payne, who has been transferred to St. Joseph, Mich. Mr. Foster, who was injured in an automobile accident near Clarinda Saturday afternoon, is confined to his apartment. When his car turned over three times, as he jammed on his brakes to avoid a collision, Mr. Foster was injured about the head, arm and foot.