3349. Pioneer National Bank (Waterloo, IA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
5120
Charter Number
5120
Start Date
February 17, 1932
Location
Waterloo, Iowa (42.493, -92.343)

Metadata

Model
gpt-5-mini
Short Digest
a6812a51c1fc7456

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
58.5%
Date receivership started
1932-02-18
Date receivership terminated
1940-10-29
Share of assets assessed as good
9.2%
Share of assets assessed as doubtful
90.5%
Share of assets assessed as worthless
0.2%

Description

Articles report steady withdrawals leading directors to close the bank Feb 17, 1932; a federal receiver (W. C. Pyle) was appointed and administered the bank through 1932–1934 with no payments made to Pioneer depositors. Sequence: run (heavy withdrawals) → board-ordered closure/suspension → receivership (permanent closure). Dates derived from articles (closure Feb 17, 1932; receiver listed Feb 18, 1932).

Events (5)

1. May 4, 1898 Chartered
Source
historical_nic
2. February 17, 1932 Run
Cause
Bank Specific Adverse Info
Cause Details
Steady, heavy withdrawals over the prior year that greatly reduced deposits
Measures
Bank was closed by order of the board of directors (suspended payments/closed)
Newspaper Excerpt
Officers said the closing was caused by steady withdrawals which cut deposits in half during the last year
Source
newspapers
3. February 17, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Board-ordered closure prompted by heavy withdrawals and depleted deposits over the preceding year
Newspaper Excerpt
Pioneer National Bank of Waterloo is Closed... The Pioneer National bank here was closed today by order of the board of directors
Source
newspapers
4. February 18, 1932 Receivership
Source
historical_nic
5. February 18, 1932 Receivership
Newspaper Excerpt
Offices of W. C. Pyle, receiver for the Pioneer National and Commercial National banks, will be moved...; Pyle became receiver of the Pioneer National bank in February, 1932. Nothing has been paid to the Pioneer National bank depositors.
Source
newspapers

Newspaper Articles (9)

Article from Globe-Gazette, February 17, 1932

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Article Text

Pioneer National Bank of Waterloo is Closed TERLOO Feb. 17. The Pioneer National bank here was closed today by order of the board of directors The capital is $100,000 surplus deposits $1,850,000 Young. D J. Walker and Bert McCulloch are vice presidents. Officers said the closing was caused by steady withdrawals which cut deposits in half during the last year Bassett Bank Closed BASSETT Feb. 17. The Bassett Savings bank was closed today Its capital was listed in the most recent report of the state sup. erintendent of banking as $25,000 and deposits $161,646 Fred W Tucker is president and Walter Trusty. cashier


Article from The Courier, August 21, 1932

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Bank Receiver's Office Moved to Commercial Nat'l Offices of W. C. Pyle, receiver for the Pioneer National and Commercitl National banks, will be moved to the quarters of the latter concern on the of Fourth and morning, the Saturday. Doors of the Commercial bank will be opened at that time and persons desiring to file claims on either bank or to see the receiver for any reason are asked to see Pyle in the new office quarters. "We making the move to save explained. A small staff will remain in the


Article from The Des Moines Register, June 13, 1933

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Article Text

BANK RECEIVER REMOVAL ASKED Cut Dickinson's Debt, Willford Says. WATERLOO, of W. C. Pyle from his position receiver of the Pioneer National bank and the Commercial National bank, both of Waterloo, was quested Monday by Congressman Willford. Democratic leaders were advised of the action by telegram received here from the congress man. Charges Compromise. Willford asked Comptroller Currency O'Connor to remove Pyle, charging Pyle, while ceiver of the First National Bank Algona, at Algona, made settlement with Senator Dickinson. which lieved the senator of more than $11,000 on the pay. ment of $700 by Dickinson. Given O. by Judge. Pyle was appointed receiver the First National bank of Algona 1925 Dickinson at that time the congressman from the old tenth Iowa district Willford told the comptroller Monday that the application for the compromise settlement was filed by Pyle in Kossuth county district court Dec. 13, 1929. and that the settlement with Dickin son was authorized the same day by Judge James Deland. Doubts "Best Interest." Congressman Willford told the comptroller that he did not believe these settlements were in the best interest of the depositors of the First National Bank of Algona. He charged in asking Pyle's moval that the settlement in ques tion concerned four notes of the Algona Auto Machinery owned by Dickinson, Pyle. (Continued on Page


Article from Iowa City Press-Citizen, June 15, 1933

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Article Text

ASK OUSTER OF BANK RECEIVER Willford Wants Demos in Every Position in His District Refusing to elucidate details of his attempt to unseat W. C. Pyle as receiver of the Commercial Na. tional bank and Pioneer National bank of Waterloo. Congressman A. C. Willford said Wednesday had been recommending the removal for three months. This week, however, he forward ed to the comptroller of the cur rency a letter from an unidentified Waterloo resident protesting Pyle's work. Wants Jobs for Demos "Pyle is republican, and want democrat on the job," Willford said here. "I want democrats in every appointive office in my district. All a man needs to be is republican and I'm in favor of his removal. That goes for Pyle. No. body can tell me there isn't competent democrat for every competent republican officeholder. and want jobs held by people who want this democratic administration to succeed.' Dickinson Drawn In Willford declined to comment on a report that Senator Dickinson (R) of Iowa had been drawn into the controversy. Dickinson himself branded the controversy as "an attempt to stir up something that was settled five or six years ago." It had been rumored Dickinson received favor from Pyle during the settlement of Dickinson's receivership. Dickinson denied this, asserting that the case had been settled in the courts and is mat. ter of public record. "Pyle has been a good receiv. er." Dickinson said. "I did not rec. ommend him for the post. as seems to be reported now. He was ap pointed directly by the banking department. This entire matter is over as far as I'm concerned."


Article from The Courier, June 25, 1933

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Article Text

U. S. Authorizes Attorney Change By Bank Receiver Special Service) Washington, D. receiver for the and Pioneer National banks of Waterloo Saturday was authorized by the comptroller name John Sullivan and Reed for Congressman office announced. Naming of the recommended Comptroller O'Connor by Willford climaxes political feud the of attorneys for the banks posts under its receivership, said Sullivan and Reed will succeed George Pike, Ben Swisher, and Pressey H. Frank. for the pointed under the Republican regime. W. C. receiver for the Pioneer banks, Saturday he had received authorifrom the comptroller the currency naming of new bank attorneys. finest King Edward (advertisement)


Article from The Des Moines Register, July 9, 1933

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4 ARE HELD IN Women, Men Seized in Car Crash at Leon, Ia. Akron, in an effort to obtain clews to robberies other than three admitted by James Martin of Kansas City, Mo., involving Mrs. McCarthy's husband. The four were apprehended Leon, Ia., Friday when stolen car which they were riding crashed into ditch, injuring them slightly. They were returned here Friday night. The Hicks girl at first said she Mrs. Martin but later told she lived in Akron and married there June to Fred Slavaugh, who she said later was sentenced for robbery. She said her parents gave her money for vacation forget the affair. County Attorney Beal said plans charge the two men with robbery and police said they would ask that kidnaping charges added. The pair the duction and robbery of Leonard Yates Thursday night. Yates' car they wrecked at Leon. Date Deposits Payments IOWA. receiver June 26, appointed suspension Amount location Akron First Nat. Bank Albia Peoples Nat. Bank 739,072 50 Waukon, First 1-18-26 Aurelia First Nat. Bank 690,033 243,834 40 Shenandoah, First B. 5-13-26 Aurelia Farmers Nat. Bank 599,132 226,904 40 Clarinda, Clarinda 11-29-26 Bedford Bedford Nat. Bank 231,793 131,182 65 First 12-10-26 Cedar Rapids Merchants Nat 708,295 Britt, First B. Bank 7-19-27 529,744 310,079 62 Waukon, Peoples Centerville First Bank 182,242 70,677 Inwood, First Centerville Centerville Nat. Bank 2-13-29 558,579 388,526 Manchester, First Chariton Nat. Bank Trust Co. 154,787 93,991 65 Rockford, First 2-23-29 Charles City Commercial 691,652 55 Emmetsburg. of 3-15-29 Bank 194,631 123,619 67 Ruthven. First Charter Oak First Nat. Bank 9-16-29 496,376 Montezuma, First Churdan First Bank 10-14-29 401,608 313,946 Red Oak, Farmers Clinton City Nat. Bank 8-12-30 131,813 45,895 42 Ayrshire, First Clinton Clinton Nat. Bank 65,582 Burlington, Merchants 2-30 Columbus Junction Louisa Coun- 51.5 Burt, First Bank 1-31-31 741,247 Cherokee, First Corning Nat. Bank 3-17-30 145,924 46,615 35 Cherokee, Security Council Bluffs City Nat. Bank 12-20-30 177,726 108,696 Inwood, Farmers Dayton First Nat. Bank 66,000 Oskaloosa, Farmers B., Denison First Nat. Bank B. 12-20-30 257,123 131,831 61 Rock First N. Des Moines Central Nat. Bank 260,009 102,487 42.5 Roland, First 11-29-30 Trust Co. B. 3,438,611 Sioux City, Sioux in Des Moines Iowa Des Moines 69,263 Titonka, First 12-30-30 209,247 Nat. Bank 10-18-30 321,173 Villisea, First Dewitt First Nat. Bank 173,382 36,918 Williams, First Diagonal First Bank 128,868 51,123 Bagley, First Dubuque First Nat. Bank 10-22-31 29,414 Blockton, First 119,296 Dyersville Dyersville Nat. Bank 87,412 22,136 Bode, First Dysart Dysart Nat. Bank 98,743 40,766 45 Coin, First Eldon First Nat. Bank 154,152 33,402 23 Doon, First 10-22-31 Eldora Hardin Bank 25,015 12.5 Dougherty, First 12-14-31 190,941 Essex First Bank 144,998 86,700 64.5 Elliott, First Fonda Bank 167,634 122,306 77.5 Essex, Commercial Forest City Forest City Bank 85,997 56 Floyd, First 1-9-31 170,654 Gladbrook First Nat. Bank 108,552 Lake City, First 10-22-31 321,573 Grinnell Poweshiek Bank 245,796 120,449 55 Lehigh, First 8-17-31 Harlan Harlan Bank 8,977 Macksburg, Macksburg 12-22-31 Harvey Bank 9-18-31 202,458 92,138 50 Merrill, First Imogene First Bank 71,268 Milford Security 5-11-31 176,814 Keokuk Keokuk Bank New Hampton, Second 7-14-31 684,980 365,859 Kimballton Landmands Pomeroy, First N. 146,213 51,811 Klemme First Bank Randolph, First 59,054 31,772 Lake Park First Nat. Bank 370,584 38 Rock Rapids, County 10-20-31 1,065,798 Lime Springs First 3-30-31 66,713 First 177,137 Logan First National of 48,889 Bank 12-30-31 152,991 Manning First Sidney, National Bank of 10-15-31 187,069 69,750 Mapleton First Ackley, First 8-10-32 376,739 96,253 Marion First Bank Anamosa, Anamosa 1-27-32 620,019 282,800 Mason City First Nat. Consolidated 7-14-32 3,495,517 999,699 Missouri Valley First Eldora, First 8-10-32 371,924 154,194 47 New Hampton New Mills Glenwood, County 12-27-32 277,219 Bank Independence, 1-32 795,312 212,741 30 Newton Newton Nat. Bank Indianola, First 8-20-32 365,052 83,237 Nora Springs First Nat. Bank Iowa City, First 1-22-32 880,545 338,743 55 Odebolt First Nat. Bank Iowa Falls, First 12-27-32 278,645 50,593 20 Oelwein First Nat. Iowa Falls, State 7-7-32 385,585 53,760 20 Ogden First Lost First 1-11-32 90,906 21,939 20 Osage Osage Farmers Maquoketa, First 6-28-32 523,112 89,400 Paullina First Nat. N. of Milton 6-25-32 77,426 30,723 45 Perry First Northboro. First N. 9-16-32 111,127 Peterson First Bank Northwood, First 197,957 27,589 15 Prescott First Oskaloosa 1-20-32 1,382,759 547,608 Primghar First Nat. First N. 6-11-32 250,030 80,785 35 Red Oak First Nat. Bank Sioux First 155,310 Remsen First Nat. Bank Story City, First 10-10-32 407,206 76,963 21 Riceville First Thompson, First 6-28-32 146,345 27,987 15 Rippey First Vinton, Farmers 2-32 584,961 122,261 23 Shannon City First Waterloo, 7-18-32 4,531,689 1,336,700 40 Sheldon Sheldon Bank Waterloo, Pioneer N. 2-18-32 842,904 Sioux Center First Bank Webster City First 11-30-32 489,542 40,795 10 Sioux First Nat. Bank Wyoming, First 10-11-32 10,185 20 Sioux City Livestock Nat. Bank Buffalo First 1-20-33 71,153 City The Toy Nat. Bank George, First 148,583 22,125 Spencer Clay County Nat. Bank Manilla, First 1-30-33 156,792 Spirit Lake First Nat. Bank Sioux Rapids, First 2-13-33 State Center First Nat. Bank Storm Lake Citizens Totals Bank Stuart First Nat. Bank to appointed levy and collect stock assessment coverThornton First Nat. Bank ing deficiency in value of assets sold. Toledo Nat. Bank Toledo Traer First Nat. Bank CEDAR FALLS Waverly First Nat. Bank Webb Citizens Bank Woodbine First TO CELEBRATE Nat. Bank Sibley First Nat. Bank IN HEAT Farragut First Nat. Bank Anniversary Fete, Music Creston First Nat. Bank tival Planned. Arlington American Nat. Bank Damage Heavy Due Colfax First Nat. Bank Register's CEDAR FALLS, (New Bank) to Lack of Rain. Clarion First Nat Bank town and high school band in the Burlington First Nat. Bank By Staff Writer. state has been invited to par(New Bank) ticipate in the band contest that Sioux City Security Bank throughout southeastern section will be part of Cedar Iowa City First Natl. Capital Bank Kansas have been badly damaged eightieth anniversary celebration (New Bank) OMAHA NEB (P)-A girl who Pella Pella Nat. Bank by continued drought and many an Iowa music festival to be identified herself to police CariWaterloo Nat. Bank of Waterloo total truck farmers report losses eta Hicks, 18, Akron, Ohio, was held here Aug. 10 and 11. (New Bank) held here Saturday with another on their acreage. The two-day festival being Ft. Dodge Dodge Nat. Bank woman and two author- Only light rains have fallen sponsored by chamber Knoxville Community Nat. Bank ities investigated holdup activities the last seven weeks, and they commerce co-operation with Trust Co. (New Bank) the were practically of no value State Teachers college. men here. Total number of banks 94 Police reading the crops. The first day will be devoted to diary Total deposits $125,223,000 Mrs. Mac McCarthy, 23, also High temperatures have dried observance the eightieth anni-


Article from The Des Moines Register, August 2, 1933

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PYLE RESIGNS AT WATERLOO Succeeded by Mornin As Bank Receiver. (The Register's WATERLOO, IA.-W. C. Pyle, receiver for the Commercial and Pioneer National banks of Waterloo, announced his resignation Tuesday, and George S. Mornin, Cedar Falls, was named as his successor. The resignation follows the resignations of attorneys for the receiverships who were named by the Republican administration. Effective Today. Pyle's resignation from the Commercial bank receivership will be effective today, and from the Pioneer bank receivership Thursday. The resignation was requested in telegram from the office of the comptroller of currency, Pyle said. Mornin is director of the Citizens Security Savings bank of Cedar Falls, formerly was president of the Security Trust and Savings bank of that city. He is secretary to the farm loan board for Black Hawk county. Named in 1932. Pyle became receiver of the Pioneer National bank in February, 1932. and in July was appointed to the Commercial bank receivership. The Commercial bank has paid 40 per cent of its indebtedness to depositors, releasing $1,348,000. Nothing has been paid to the Pioneer National bank depositors.


Article from The Oelwein Daily Register, August 2, 1933

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Mornin Named Bank Receiver Waterloo. Ia., Aug. George Mornin. Cedar Falls, day became receiver for the Commercial and Pioneer National banks here, succeeding W. Pyle. Pyle was receiver of the banks in 1932. His resignation requested by federal currency comptroller. he said.


Article from The Courier, November 27, 1934

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Bank Receiver's Office Will to The office of George Mornin, ceiver of Commercial National and Pioneer National banks. now cated in the former Waterloo ings bank site Fourth and Commercial streets, will occupy the mezzanine floor the First National bank building Fourth and Sycamore streets about Mornin announced Tuesday. number sites were offered but the effort has been to select location that would easily accessible and that would have ample vault facilities for the safeguarding of all assets under the control the receiver," Mornin The building now occupied by the receiver's office has been leased by the Ford Hopkins drug site, and alterations will be started soon as the building is vacated by the receiver. Vaults in the receiver's location are separate from those of the National bank.