Valley Savings Bank - Des Moines, IA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: August 8, 1933
Location: Des Moines, Iowa (41.601, -93.609)

Metadata

Model: gpt-5-mini
Short Digest: b30ba28c

Response Measures

None

Description

Articles describe the Valley Savings Bank being closed and seeking depositor waivers and state banking department approval to reopen; no explicit run is mentioned. The bank had merged recently with Valley National. Reopening planned with staged payments to depositors.

Events (2)

1. August 8, 1933 Reopening

Newspaper Excerpt: Mr. Crawford expects the bank's campaign this week... the institution to reopen in the following week... When the bank reopens, depositors are paid 10 per cent of their deposits within 60 days and 45 per cent within the next three years.
Source: newspapers

2. * Suspension

Cause: Government Action
Cause Details: Bank was closed and undergoing reorganization requiring state banking department approval and depositor waivers (closure tied to regulatory reorganization during the banking crisis).
Newspaper Excerpt: State approval... work of obtaining depositors' signatures on the waivers... the institution to reopen in the following week
Source: newspapers

Newspaper Articles (1)

1. August 8, 1933 The Des Moines Register Des Moines, IA

Article from The Des Moines Register, August 8, 1933

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Article Text

VALLEY BANK NEARING GOAL Needed Waivers Cut to $65,000. The Valley Savings bank Monday had reduced to the amount of depositors agreements needed before reopening. according to Crawford, chairman of the board Mr. Crawford expects the bank's campaign this week. he said, and the institution to reopen in the following week State Approval. First, waivers from a majority of the bank's depositors, on 75 per cent of the deposits, must be Stockholders in the Valley Sav ings bank must be assessed and pay in on their stock, and formal approval must be obtained from the state banking department, Mr. Crawford said. Recently Merged. The Valley National bank recently was merged with the Valley Savings, although its charter still is held at the state banking Work of obtaining depositors' signatures on the waivers was complicated many depositors live out of town, Mr. Crawford explained. Far From Des Moines. Some are traveling or living in Europe, Australia or elsewhere abroad. Others are in the United States but far from Des Moines, Washington and other far places. Mr. Crawford predicted that when the Valley bank reopens, its only restriction will be that based on the depositor's agreements. When the bank reopens, depositors are paid 10 per cent of their deposits within 60 days and 45 per cent within the next three years. The remaining 45 per cent is held in trust for future payment.