3354. Commercial Savings Bank (Des Moines, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
July 14, 1928
Location
Des Moines, Iowa (41.601, -93.609)

Metadata

Model
gpt-5-mini
Short Digest
e945a6c8

Response Measures

None

Description

Articles indicate Commercial Savings Bank was in receivership and closed (receiverships of three Des Moines banks). No article describes a depositor run; closure appears to be via receivership (government/examiner action). Dates: receivership is referenced by July 14, 1928 article; receivers moved offices on 1928-09-11.

Events (2)

1. July 14, 1928 Suspension
Cause
Government Action
Cause Details
Bank placed in receivership; school funds were tied up in the receivership of the Commercial Savings Bank.
Newspaper Excerpt
the year has tied up in the receivership of the Commercial Savings bank
Source
newspapers
2. September 11, 1928 Receivership
Newspaper Excerpt
The combined receiverships of the three closed Des Moines banks will have offices... H. Vanderploeg, examiner In charge of the receiverships of Iowa Loan & Trust company the Commercial Savings bank and the Mechanics Savings bank, and his staff moved to their new quarters last night. Distribution of dividends from the three banks will be made from The Register and Tribune building offices.
Source
newspapers

Newspaper Articles (2)

Article from Des Moines Tribune, July 14, 1928

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Article Text

OUR CITY SCHOOLS FROM The annual report of George L. Garton, secretary of the Des Moines school board. published elsewhere in dein this issue of Plain Talk, shows the total expenditures by the district for education of the youth of Des Moines, during the year ending June was against $3,872,671 for the previous year, and $5,106,351 for the year ending June 30. 1926. The report showed cash hand in school district funds, at the on close of the amounting to The district year has tied up in the receivership of the Commercial Savings bank. but has received from the bank receivers $100,000 during the year Most of the funds for operation of the schools of the city come from direct tax levies, but the report shows receipts from other sources amounting to more than 000. Tuition paid by patrons accounts for $90.067 of the miscellaneous receipts; other districts paid in tuition total of $9,831,999: rent of school property brought in from the state and federal aid funds came the state university contributed another the sum of to be used for child study and parent aid services for the pupils from inaccessiTransportation ble outlying districts the city, cost the board $14.the This sum paid for bus service during year. and also paid the car fare of children were sent treme distances the junior high schools. The district paid for its janitor services in all the schools, the sum of fuel for the year cost cost water cost electricity 50 and telephone came to $6,532.49. Bonds for were issued during the year for expenditures on new buildings. The board retired of bonds during the year, paid for new school sites, and $28,955.41 for general Annuities paid form teachers' pension fund during amounted to $13,002.01. The pension fund rethe year ceived $18,948.51 from the teachers salaries. which per cent of the pay roll. The fund now has interested bearing securities, and its investinvested in ment interest receipts for the year amounted to $10.212.70.


Article from The Des Moines Register, September 11, 1928

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Article Text

BANK RECEIVERS TAKE OFFICES IN BUILDING The combined receiverships of the three closed Des Moines banks will have offices. beginning today. on the eleventh floor of The Reg and Tribune building instead the banking quarters of the Iowa Loan Trust company in the Southern Surety building H. Vanderploeg. examiner In charge of the receiverships of Iowa Loan & Trust company the Commercial Savings bank and the Mechanics Savings bank. and his staff moved to their new quarters last night Distribution of dividends from the three banks will be made from The Register and Tribune building offices. The Southern Surety company owners of the building which housed the Iowa Loan & Trust company, will occupy the bank's former quarters. Cancellation of the Iowa Loan & Trust company lease, which had thirty years to run, will save the about $850 per month. 1. Andrew state super 'endent of banking. announced for the sale of the banking fixtures are nearing