3373. Iowa Trust & Savings Bank (Des Moines, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
December 6, 1930
Location
Des Moines, Iowa (41.601, -93.609)

Metadata

Model
gpt-5-mini
Short Digest
c3ad5d71

Response Measures

None

Description

Articles report the Iowa Trust & Savings Bank was placed in receivership by the State Banking Department (close of business Saturday) and immediately consolidated with the Iowa-Des Moines National Bank & Trust Co., which guaranteed deposits. No article describes a depositor run on this specific bank; action appears to be a government-ordered receivership followed by takeover/consolidation.

Events (3)
1. December 6, 1930 Receivership
Newspaper Excerpt
Iowa Trust & Savings Bank had been placed in receivership at the close of business Saturday by the State Banking Department. All deposits ... have been provided for and guaranteed by the Iowa-Des Moines National Bank & Trust Co..
Source
newspapers
2. December 6, 1930 Suspension
Cause
Government Action
Cause Details
Placed in receivership at close of business by the State Banking Department (state authority closed bank).
Newspaper Excerpt
Iowa Trust & Savings Bank had been placed in receivership at the close of business Saturday by the State Banking Department.
Source
newspapers
3. December 8, 1930 Other
Newspaper Excerpt
Consolidation of the Iowa Trust & Savings Bank with the Iowa-Des Moines National Bank & Trust Co. was announced last night ... All deposits ... have been provided for and guaranteed by the Iowa-Des Moines National Bank & Trust Co..
Source
newspapers

Newspaper Articles (2)
1. December 8, 1930 Evening Star Washington, DC
Article from Evening Star, December 8, 1930

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Article Text

BIG BANKS MERGE IN IOWA DES MOINES, December 8 (AP).Consolidation of the Iowa Trust & Save ings Bank with the Iowa-Des Moines National Bank & Trust Co., largest bank in Iowa, was announced last night by Louis C. Kurtz, chairman of the board of the latter bank. It was also revealed that the Iowa Trust & Savings Bank had been placed in receivership at the close of business Saturday by the State Banking Department. All deposits of individuals, firms. and corporations have been provided for and guaranteed by the Iowa-Des Moines National Bank & Trust Co., which has capital of $2,000,000, surplus of $1,000, 000 and undivided profits of more than $600,000.

2. December 9, 1930 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, December 9, 1930

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Article Text

MORE BANKS CLOSE AFTER HEAVY Two more Iowa banks were closed today. while an all-day run of depositors was paid off with $2,000,000 rushed here Sunday The suburban Leeds State bank with deposits of $135,000 was closed to await action of the directors The Bailey State bank at Correctionville near here. with deposits of $200.000. failed to open its doors The two million was rushed here after the First National and Sioux National two of the city's largest banks, were closed Saturday Heads of these two institutions said the closing was because of frozen assets and general business depression. In Des Moines, the Iowa Trust and Savings bank. placed in receivership late Saturday night was consolidated with the Iowa Moines National Bank and Trust company the state's largest institution. The number of depositors secking withdrawals from two of the Sioux City banks today was so great that closing time all had not been accommodated These were invited to return tomorrow Officials the 10 Sioux City bank tonight to discuss the situation