First National Bank - Elliott, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6857
Charter Number: 6857
Start Date: July 1, 1931
Location: Elliott, Iowa (41.149, -95.164)

Metadata

Model: gpt-5-mini
Short Digest: ff491360

Response Measures

None

Receivership Details

Depositor recovery rate: 96.9%
Date receivership started: 1931-07-02
Date receivership terminated: 1936-02-26
Share of assets assessed as good: 19.7%
Share of assets assessed as doubtful: 53.0%
Share of assets assessed as worthless: 27.3%

Description

Article (dated 1931-07-02, dateline July 1) reports the First National Bank of Elliott closed its doors and sent for a bank receiver after a directors' meeting. No run or prior withdrawals are mentioned; the bank was taken into receivership/closed.

Events (4)

1. June 26, 1903 Chartered

Source: historical_nic

2. July 1, 1931 Receivership

Newspaper Excerpt: closed its doors Wednesday and sent for a bank receiver after meeting of its board of directors.
Source: newspapers

3. July 1, 1931 Suspension

Cause Details: Board voted to close bank and requested a receiver; no specific cause (e.g., run or government action) given in article.
Newspaper Excerpt: The First National Bank of Elliott, ... closed its doors Wednesday and sent for a bank receiver after meeting of its board of directors.
Source: newspapers

4. July 2, 1931 Receivership

Source: historical_nic

Newspaper Articles (1)

1. July 2, 1931 The Omaha Morning Bee-News Omaha, NE

Article from The Omaha Morning Bee-News, July 2, 1931

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Article Text

ELLIOTT BANK ELLIOTT. Ia., July 1.-The First National Bank of Elliott, -pitalized at $50,000 and with deposits fmore than $166,000 closed its doors Wednesday and sent for a bank receiver after meeting of its board of directors. The institution was the only bank in Elliott, town of 900. The officers include O. Powell. president, and C. F. Cadwell, cashier.