3410. Citizens State Bank (Eagle Grove, IA)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
December 2, 1925
Location
Eagle Grove, Iowa (42.664, -93.904)

Metadata

Model
gpt-5-mini
Short Digest
f294be64

Response Measures

Borrowed from banks or large institutions, Public signal of financial health, Full suspension

Other: Bank was closed by directors to forestall a run; airplane chartered to bring cash from Des Moines banks to pay depositors.

Description

Directors closed the bank to forestall a run after assistant cashier E. J. Thompson admitted misappropriation (~$205,000). Funds were flown in by airplane from Des Moines banks and the bank was permitted to reopen the next day. Dates taken from contemporaneous newspaper dispatches (Dec 2–3, 1925).

Events (3)
1. December 2, 1925 Run
Cause
Bank Specific Adverse Info
Cause Details
Assistant cashier E. J. Thompson admitted misappropriation of approximately $205,000, prompting fear of withdrawals.
Measures
Directors closed the bank to forestall a run; chartered an airplane to bring funds from Des Moines banks to meet depositor demands.
Newspaper Excerpt
An airplane today brought financial aid to the Citizens' Bank to permit its reopening tomorrow after it had been closed to forestall run.
Source
newspapers
2. December 2, 1925 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closure ordered by directors after discovery of cashier's admitted embezzlement/shortage.
Newspaper Excerpt
The bank was closed today by the Directors after E. J. Thompson, assistant cashier, was arrested and admitted misappropriation...
Source
newspapers
3. December 3, 1925 Reopening
Newspaper Excerpt
An airplane today brought financial aid to the Citizens' Bank to permit its reopening tomorrow... An airplane was chartered to bring sufficient money from Des Moines banks to pay all depositors tomorrow, should they demand a refund of their deposits.
Source
newspapers

Newspaper Articles (4)
1. December 3, 1925 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, December 3, 1925

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Article Text

AIRPLANE Speeds Money To Iowa Bank, Facing "Run" After Cashier's Aid Admits Shortage. SPECIAL DISPATCH TO THE ENQUIRER. Eagle Grove, Iowa, December 2.- An airplane today brought financial aid to the Citizens' Bank to permit its reopening tomorrow after it had been closed to forestall "run." The bank was closed today by the Directors after E. J. Thompson, assistant cashier, was arrested and admitted misappropriation of approximately $205,000. Thompson turned over all his property, valued at $135,000, to the bank. He had large land holdings and several farms stocked with blooded cattle and hogs. An airplane was chartered to bring sufficent money from Des Moines banks to pay all depositors tomorrow, should they demand a refund of their deposits.

2. December 3, 1925 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, December 3, 1925

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Article Text

AIRPLANE Speeds Money To Iowa Bank. Facing "Run" After Cashier's Aid Admits Shortage. SPECIAL DISPATCH TO THE ENQUIRER Eagle Grove, lowa, December An airplane today brought financial aid to the Citizens' Bank to permit Its reopening tomorrow after it had been closed to forestall "run." The bank was closed today by the Directors after E. J. Thompson, as sistant cashier was arrested and ad mitted misappropriation of approximately $205,000. Thompson turned over all his property. valued at $135, 000, to the bank. He had large land holdings and several farms stocked with blooded cattle and hogs. An airplane was chartered to bring sufficent money from Des Moines banks to pay all depositors tomorrow, should they demand refund of their deposits

3. December 3, 1925 San Antonio Light San Antonio, TX
Article from San Antonio Light, December 3, 1925

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Article Text

AIRPLANE RUSHES MONEY TO STOP RUN ON BANK IN IOWA By Universal Service. EAGLE GROVE, Iowa, Dec. 3.An airplane brought financial aid to the Citizens Bank to permit its reopening today after it had been closed to forestall a "run." The bank was closed by the directors after E. J. Thompson, assistant cashier, was arrested and is said to have admitted misappropriation of approximately $205,000 of its funds. Thompson turned over all his property. valued at $135,000 to the bank. He had large land holdings and several farms stocked with blooded cattle and hogs. An airplane was chartered to bring sufficient funds from Des Moines banks to pay all depositors should they demand a refund of their deposits.

4. January 31, 1926 San Antonio Light San Antonio, TX
Article from San Antonio Light, January 31, 1926

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Article Text

PLANE BRINGS CASH TO STOP BANK RUN EAGLE GROVE, Iowa, Jan. 30.An airplane brought financial aid to the Citizens Bank to permit its reopening after it had been closed to forestall a "run." The bank was closed by the directors after E. J. Thompson. an assistant cashier, was arrested and said to have admitted misappropriation of approximately $205,000. An airplane was chartered to bring sufficient funds from Des Moines banks to pay all depositors.