First National Bank - Greenfield, IA

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 5334
Charter Number: 5334
Start Date: March 21, 1928
Location: Greenfield, Iowa (41.305, -94.461)

Metadata

Model: gpt-5-mini
Short Digest: 59993e77

Response Measures

Full suspension

Other: Reorganization work mentioned; no explicit receiver or takeover described in articles.

Receivership Details

Depositor recovery rate: 68.7%
Date receivership started: 1928-03-21
Date receivership terminated: 1930-09-30
OCC cause of failure: Economic conditions
Share of assets assessed as good: 30.9%
Share of assets assessed as doubtful: 39.1%
Share of assets assessed as worthless: 30.0%

Description

Contemporary press reports state the First National Bank of Greenfield, IA was closed today after run. Reorganization work was started; no article indicates the bank reopened, so classify as suspension leading to closure. OCR errors in Article 2 were corrected (First tional bank -> First National bank).

Events (4)

1. May 7, 1900 Chartered

Source: historical_nic

2. March 21, 1928 Receivership

Source: historical_nic

3. March 21, 1928 Run

Cause Details: Article simply reports a run/large withdrawals; no explicit trigger (rumor, correspondent failure, or adverse bank-specific info) is given.
Measures: None reported other than subsequent closing and reorganization work begun.
Newspaper Excerpt: GREENFIELD, Ia., March First National bank, of Greenfield was closed today after run. The bank had $310,943.12 in deposits.
Source: newspapers

4. March 21, 1928 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closure explicitly followed a run; the suspension/closing appears driven by the bank's loss of liquidity from deposit withdrawals and led to reorganization efforts (no government receivership mentioned).
Newspaper Excerpt: GREENFIELD, Ia., March Bosworth, of Cambridge and Nevada, has been First tional bank which closed Work of reorwill be started at once, Wilson, from CounBluffs, today.
Source: newspapers

Newspaper Articles (2)

1. March 21, 1928 The Times Hammond, IN

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Article Text

GREENFIELD, Ia., March First National bank, of Greenfield was closed today after run. The bank had $310,943.12 in deposits. INDIANAPOLIS. Ind., March 21. the primary election were Herbert Hoover would get 60 per cent of Lake county's vote for president,' State Senator C. Oliver Holmes, of Gary, told Hoover state headquarters here today. Senator Holmes is the president of a bank at Gary and is also president of the Indiana State Bankers' association. INDIANAPOLIS, March Mamie L. Bass today took charge of organizing business and women for Senator James A. Watson's Indiana presidential campaign. LOS ANGELES, March (I.N.S.) Mulholland, chief engineer of the Los Angeles bureau of power and light, admitted at coroner's inquest here today that new and fast increasing leak was visible in the St. Francis dam twelve hours before the giant structure tore loose from the canyon side and hurled death carrying flood of water upon hundreds of sleeping residents of the fertile valleys below STANFORD. Ky., March or four persons driving from Savannah, to Lansing, Iowa, were killed here today when struck by a Louisville & Nashville railroad train. INDIANAPOLIS. March of the Chicago, Indianapolis and Louisville railway company meeting at the Monon city ticket office here this afternoon re-elected all directors and approved the 1927 financial report of President H. H. Kurrie The financial report showed the railroad paid the usual dividends of $934,442 and had surplus of $631,889 in 1927. The surplus is $123,308 under that of 1926.

2. March 22, 1928 The Daily Nonpareil Council Bluffs, IA

Article from The Daily Nonpareil, March 22, 1928

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Article Text

Robs $5 OF SUM TAKEN AT CEDAR RAPIDS BEING PENNIES OF CHILDREN. (By The Associated Press.) CEDAR March St. Paul's church here was last night and $35 in cash opened and stamps stolen. Five dolof the loot in pennies collected from children in the church youth. Police today said that the man probably hid the building during services last night, the leadfrom the the office been pried open. lock had been and pieces scattered over floor. DES MOINES, March Charles alleged assailant of Marion Gossard, Drake university student, was found guilty today by district court his sentence was fixed for March The charge minimum sentence five and life. The more than twelve hours. DES MOINES, ceptance invitations to head state delegations the annual convenUnited States Good Roads association been Govs. Erickson of Montana, Sorlie of North kota and Flem D. Sampson of Kentucky, was announced today by Rountree, director general of association. Mr. Erickson announced that he would appoint will be held here to June March Jules bank who paroled Fort Madison in Janbeen indicted fraudulent banking count the Delacounty grand jury. In 1925 Gleason pleaded guilty to charge theft in with the closing the bank. March believed James McGuire Montevideo, Minn., road head his end yards partly estabtoday by aid said he had worked with McGuire. TOLEDO, March the FarmState bank of Clutier, freed of false entry jury last night than hours' deliberation. The Monday. M. Caslavka, cashier of the closed bank, indicted fraudulent charge be tried later in the term of the local court. SIOUX Ia., March Arraigned district court on charge conspiracy violate the prohibition law, Marcus Crost, Sioux detective, entered plea not guilty today. GREENFIELD, Ia., March Bosworth, of Cambridge and Nevada, has been First tional bank which closed Work of reorwill be started at once, Wilson, from CounBluffs, today. which started sudden the bank have been blamed its closing. SIOUX CITY, March With larger crowd hand than session, trial Tom Taggart, public charged with conspiracy violate prohibition resumed in district court today. March First Trust and Savings bank Farmington Van Buren county closed today by order of its board directors. An examiner of the state banking department charge. The bank had capital of $100,000 deposits estimated Seeley president; Springer and Ketchem, vice and Wiegner, Officers of the bank today said the bank might reorganize.