3375. Mechanics Savings Bank (Des Moines, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
September 21, 1927
Location
Des Moines, Iowa (41.601, -93.609)

Metadata

Model
gpt-5-mini
Short Digest
a956c1f6

Response Measures

None

Description

Articles indicate Mechanics Savings Bank in Des Moines had closed and was in receivership, with dividends paid to depositors in 1927 and receivers occupying offices in 1928. No article describes a depositor run prior to suspension; closure appears permanent with a receiver and distribution of dividends.

Events (3)
1. September 21, 1927 Other
Newspaper Excerpt
In amount of money paid the Mechanics Savings bank of Des Moines with ... $61,516.05 More Than Million Paid By lowa Bank Receivers ... The total paid depositors ... Among those listed are the following ... Mechanics Savings bank of Des Moines with $61,516.05 Nearly million quarter dollars in dividends ... paid to depositors in closed Iowa banks were paid during the last month by state receiverships ... The Mechanics Savings bank ... $61,516.05 (Article dated 1927-09-21.)
Source
newspapers
2. September 11, 1928 Receivership
Newspaper Excerpt
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
3. * Suspension
Cause Details
Bank closed and deposits were handled under surety bond / bank guaranty procedures; no run described.
Newspaper Excerpt
the state had $7,818.75 remaining unpaid from the Mechanics Savings bank.
Source
newspapers

Newspaper Articles (4)
1. December 28, 1926 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, December 28, 1926

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Article Text

BOND CONCERNS PAY STATE FOR LOST DEPOSITS Des Moines, Treasurer Johnson today final payment the state interest and replaceunder surety bond of public with the Central deposit when closed its doors. The bonding company now claim against the assumed state's receiver. restores to the state payment the deposit Des Moines Treasoffice, with the of remaining unfrom the Mechanics Savings bank. $500,000 on deposit Iowa Loan and Trust pany which closed week ago today, and will reimbursed under bank guaranty law replacement fund permits. The bonding companies that paid state were National today company, the Fidelity the Continental company, company and the Southern

2. December 28, 1926 The Daily Nonpareil Council Bluffs, IA
Article from The Daily Nonpareil, December 28, 1926

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Article Text

STATE RECOVERS $1,060,667 DEPOSIT PAYMENT OF $192,217 TO THE STATE TREASURER, CLOSES ACCOUNT IN 3 BANKS. FROM BONDING COMPANIES Four Nationally Known Surety Concerns Involved-Treasurer Johnson Had $7,818 In Another Closed Bank. (By The Associated Press.) DES MOINES, Ia., Dec: 28.-State Treasurer R. E. Johnson today recelved the final payment of $192,217.83 due the state as interest and replacement under a surety bond of public money on deposit with the Central Trust company when it closed its doors. The bonding company now assumed the state's claim against the bank's receiver. The payment restores to the state all the $1,060,667 43 on deposit in three Des Moines banks when Treasurer Johnson assumed office, with the exception of $7,818.75 remaining unpaid from the Mechanics Savings bank. The state had $500,000 on deposit with the Iowa Loan and Trust company which closed week ago today, and will be reimbursed under the Lovrien Brookhart bank guaranty law as the replacement funds permits. The bonding companies that paid the state today were the National Surety company. the Fidelity and Casualty company, the Continental Casualty company and the Southern Surety company.

3. September 21, 1927 The Gazette Cedar Rapids, IA
Article from The Gazette, September 21, 1927

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Article Text

More Than Million Paid By lowa Bank Receivers DES MOINES. Sept. 21 Nearly million quarter dol lars in dividends To depositors in closed Iowa banks were paid during the last month by state The total paid depositors was the thirty banks the Peoples State bank of and the Farm ers State bank of paid 40 banks six fifteen per one, two. per cent ten per cent, and three paid less than ten per In amount of money paid the Mechanics Savings bank of Des Moines with Among those listed are the follow ing Central City Savings 25 per cent. Garwin bank 15 per $31 Lost Nation Savings bank cent. Savings bank, Tama, 10 per cent, $61,516.05

4. September 11, 1928 The Des Moines Register Des Moines, IA
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