3436. First National Bank (Floyd, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
9821
Charter Number
9821
Start Date
October 4, 1931
Location
Floyd, Iowa (43.128, -92.736)

Metadata

Model
gpt-5-mini
Short Digest
cf94638c

Response Measures

None

Receivership Details

Depositor recovery rate
66.9%
Date receivership started
1931-01-09
Date receivership terminated
1937-01-29
OCC cause of failure
Economic conditions
Share of assets assessed as good
54.9%
Share of assets assessed as doubtful
35.8%
Share of assets assessed as worthless
9.2%

Description

Articles (1931 and 1934) indicate the First National Bank of Floyd was in receivership by 1931 and remained closed (receiver bringing suits) into 1934. No article describes a depositor run; the bank was closed and in receivership—classed as suspension leading to closure/receivership (government action).

Events (4)

1. July 25, 1910 Chartered
Source
historical_nic
2. January 9, 1931 Receivership
Source
historical_nic
3. October 4, 1931 Suspension
Cause
Government Action
Cause Details
Bank placed in receivership; court case refers to 'the receiver of the First National bank Floyd.'
Newspaper Excerpt
the receiver of the First National bank Floyd
Source
newspapers
4. January 21, 1934 Receivership
Newspaper Excerpt
the First National bank receivership at Floyd sued C. L. Erion ... The receivership had sued on notes for $440 ... Erion claimed they were forged instruments (Des Moines Register, 1934-01-21).
Source
newspapers

Newspaper Articles (2)

Article from The Courier, October 4, 1931

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Article Text

DISTRICT COURT'S TERM FOR FLOYD COUNTY CLOSES Judge M. F. Edwards Goes to Osage; Rules in Morris Schlick Case. Charles City, last day of the September district held Friday by Judge M. Edafter which he returned Parkersburg until the opening of court Monday at Osage. Final entries were made in the case W. Morris Flora dismissing plaintiff's action on the ground should been taken before the Iowa industrial Claimed Exemption from Law. Plaintiff claimed he was exempted from proceeding under the Iowa law because the work he was doing when injured casual in nature. was of an agricultural nature and not in the work business because employer did not carry business under said Evidence was taken by Judge Edwards Wednesday on claims of plaintiff and the ruling the result of his of the matter Mr. Morris will now have his action or to bring before the Iowa industrial court also granted divorce to Luella Dobbs from Earl Dobbs on the ground of cruel and inhuman treatment Court Rules for Heir. The court handed down dectthe case the receiver of the First National bank Floyd vs. Mary Paul Sherry, Commercial National bank of Charles City and Francis Sherry, in favor of the defendants case grew out the estate of Sherry died in 1930 Mary Paul Sherry and Sherry executed agreement turning the title interest to proceeds of property in question Francis Sherry farm sale was held Dec 1930. the Commercial bank clerking and the $5,500 realized was deposited the Commercial bank the First National bank of Floyd claim. The held the $5,500 belonged to Francis Sherry


Article from The Des Moines Register, January 21, 1934

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Article Text

BANK RECEIVER LOSES IN SUIT Mrs. H. B. Sixsmith Reported Improved Son Admits Forging After undergoing major oper- Notes for $440. ation at Iowa Methodist hospital Saturday, Mrs. H B. Sixsmith, 44, of 5800 Waterbury road, was reported by her physician in satisfactory condition Saturday night. Register's CHARLES CITY, jury district court late Saturday returned verdict for the defendant in suit for $440 brought by the First National bank receivership at Floyd against C. L. Erion, farmer southeast of Floyd. FIRE LOSS IS $15,000. MUSCATINE IA. to the Grand hotel here placed at approximately $15,000 Saturday after fire of undeter- The receivership had sued on mined origin upward notes held by the bank bearing the elevator shaft of the Erion Erion claimed through three story brick structure late they were forged instruments, and The estimate his H. testified that original placed the damage at nearly $50,- he forged his father's name to the 000.