First National Bank - Forest City, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 4889
Charter Number: 4889
Start Date: December 20, 1930
Location: Forest City, Iowa (43.257, -93.636)

Metadata

Model: gpt-5-mini
Short Digest: f4460781

Response Measures

None

Receivership Details

Depositor recovery rate: 23.1%
Date receivership started: 1925-11-14
Date receivership terminated: 1931-03-31
OCC cause of failure: Governance
Share of assets assessed as good: 11.8%
Share of assets assessed as doubtful: 55.8%
Share of assets assessed as worthless: 32.4%

Description

Article (Dec 20, 1930) states the First National at Forest City is in process of final closing after going broke during the deflation; no run is mentioned. Closure appears to be permanent with receivers paying dividends.

Events (4)

1. March 21, 1893 Chartered

Source: historical_nic

2. November 14, 1925 Receivership

Source: historical_nic

3. December 20, 1930 Receivership

Newspaper Excerpt: Iowa Bank Receivers Help the Situation in Their Towns by Out Christmas of Checks to Depositors Closed Banks. ... The First Nationals of Rolfe and Forest City are in process of final closing.
Source: newspapers

4. December 20, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank went broke during the deflation (failed/insolvent) leading to final closing.
Newspaper Excerpt: The First Nationals of Rolfe and Forest City are in process of final closing.
Source: newspapers

Newspaper Articles (1)

1. December 20, 1930 The Albert Lea Tribune Albert Lea, MN

Article from The Albert Lea Tribune, December 20, 1930

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Article Text

CHRISTMAS PRESENTS PEOPLE Iowa Bank Receivers Help the Situation in Their Towns by Out Christmas of Checks to Depositors Closed Banks. Six Kossuth county and neighboring banks which went broke during the deflation this week paid their depositors dividends amount ing to $400,000 as Christmas reminders. This belated Christmas cheer helps. The First National Bank of Algona pays final dividend of 4.85 per cent, which will put into circulation about $2,000. The final payment brings the total paid by this bank to 49.85 per cent. The First National of Britt has paid dividend of ten per cent. The First Nationals of Rolfe and Forest City are in process of final closing. The bank at Rolfe will pay out 84.9 per cent. The bank at Wesley has paid 65 per cent and will have more to pay. The First National at Burt will be ready today to pay its first dividend of about $70,000, which will be 25 per cent. The bank was closed Sept. this year. The for the County Sav ings bank of Algona will distribute over $300,000 in cash to depositors of that bank and five others, one other in Algona, and one each at Humboldt, Corwith, Luverne and Ringsted.