3466. Griswold National Bank (Griswold, IA)

View Charter #8915 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
8915
Charter Number
8915
Start Date
December 7, 1929
Location
Griswold, Iowa (41.235, -95.137)

Metadata

Model
gpt-5-mini
Short Digest
3c7ae429

Response Measures

Full suspension

Other: Directors closed the bank and wired the Comptroller; receiver appointment pending. Later receivership paid dividends to depositors (75% total by Sept 1930).

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1929-12-13
Date receivership terminated
1933-02-18
OCC cause of failure
Governance
Share of assets assessed as good
51.9%
Share of assets assessed as doubtful
47.0%
Share of assets assessed as worthless
1.0%

Description

Newspaper accounts (Dec 13, 1929) report a run beginning the prior week and the board closing the bank Thursday to conserve depositors' funds; officials wired the Comptroller and a receiver appointment was reported as pending. Later (Aug 15, 1930) dividends to depositors are reported (liquidation paying 75%), indicating the bank remained closed and in receivership/liquidation.

Events (6)
1. October 16, 1907 Chartered
Source
historical_nic
2. December 7, 1929 Run
Cause
Correspondent
Cause Details
Heavy withdrawals and rumors circulated after the closing of Farmers National Bank of Red Oak and Peters Trust Company at Omaha, with which Griswold had business relations; rumors spread into Griswold territory and withdrawals grew.
Measures
Bank directors held an all-night meeting to determine action; ultimately closed the bank to conserve depositors' funds.
Newspaper Excerpt
Run Started Saturday. The first run on the local bank occurred last Saturday.
Source
newspapers
3. December 12, 1929 Suspension
Cause
Correspondent
Cause Details
Board closed bank after heavy withdrawals driven by rumors tied to failures/closures of correspondent and related banks (Farmers National at Red Oak and Peters Trust at Omaha) and circulating rumors about assessments on former president's stock holdings elsewhere; action taken to conserve depositors' funds and on advice of banking authorities.
Newspaper Excerpt
Griswold National bank... did not open its doors Thursday. The step taken to conserve the depositors' funds, the directors announced.
Source
newspapers
4. December 13, 1929 Receivership
Source
historical_nic
5. December 13, 1929 Receivership
Newspaper Excerpt
Appointment of a receiver to take charge of the Griswold National bank, which was closed Thursday by the board of directors, was still pending today. Officials of the bank have wired the comptroller of the currency at Washington, D. C., of the board's action.
Source
newspapers
6. August 15, 1930 Other
Newspaper Excerpt
The Griswold National bank, which closed its doors last December, will pay second dividend to its depositors Sept. 6. This will make total of 75 per cent paid on all deposits.
Source
newspapers

Newspaper Articles (4)
1. December 13, 1929 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, December 13, 1929

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Article Text

WOMAN SEVERELY INJURED IN COLLISION OF CARS John Olson, of Pocahontas, is confined to her bed, the result of injuries in an accident. She is from broken and cuts and bruises about the head, and shock. The three miles north of Mrs. Olson, her husband, their Thelma, and Mrs. Gilleland were returning from Fort Dodge, and collided with car driven by Fort Dodge man. Both cars damaged but Mrs. Olson was the only one injured. IOWA TOWN MARSHAL TO FACE TRIAL FOR MURDER Princeton, Mo.-(P)-Trial of Elvin Hartley, marshal at Lineville, Ia., on charge of first degree murder in connection with the death of Gerald Hubbird. 24, Davis City, Ia., will be started in circuit court here March It had been set for this week, but a continuance was ordered. Hubbird died September 9 from wounds inflicted during an argument over the method of placing tire chains on an automobile. 275 BUSINESS MEN AND FARMERS ATTEND BANQUET Cherokee, Ia.-Special: Two hundred and farmers and men convened for the second men's banquet here. Emery Dull, president of the Cherokee County Poultry association, outlined the progress of the association. from four townships also spoke. "Run" Closes Iowa Bank Griswold, Griswold National bank, established in 1907, did not open its doors Thursday The step taken to the depositors' funds, the directors announced. The closing, decided on by the board directors after an all night followed heavy withdrawals. Deposits were said to approximate $450,000 and loans and discounts $440,000. Capital stock is $50,000 and surplus and undivided profits $12,300. Officers and directors said the bank will pay "dollar for dollar." Legion Post Exceeds Goal Dunlap, Ia.-Special: The campaign for the increase in the membership of the Dunlap American legion post came to finish with an oyster supper to all members and auxiliary. Every ex-service man of Dunlap and vicinity was enrolled and the post has membership of 110, the largest of its history. Home Near Fonda Burns Pocahontas, The farm home of James Shipley, five miles west of Fonda, burned to the ground. The family was in Fonda at the time, and when the fire was discovered nothing could be done to save either the house or Its contents. 163 Join Red Cross Storm Lake, The annual Red Cross membership drive closed with total of 163 members. The quota was 300. Mrs. W. A. Luhmann chairman here and A. E. Harrison county chairman. Skins Stolen from Farmer Primghar, Ia, Special: Will Klink, farmer near Primghar, had skins valued at $75 stolen from his farm. The skins, 52 muskrat, two mink and one weasel, were hanging in a tool shed. Collision Victim Expires Waterloo, Ia.-(P)-Henry Myars died of injuries received when his automobile collided with street car. P. M. Anderson and his son, Ray, his companions, were slightly hurt. Many Get Auto Licenses Primghar, Ia.-Special: A report rom the county treasurer's office shows that to date there have been 930 automobile licenses issued. year ago at this time there had been 808 issued. Cherokee Farmer, 76, Dies Cherokee, James Phelan, 75, retired farmer, died at his home here. Surviving him are widow, three daughters and four sons.

2. December 13, 1929 The Daily Nonpareil Council Bluffs, IA
Article from The Daily Nonpareil, December 13, 1929

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Article Text

CLOSED BANK TO PROTECT INTERESTS SERIOUS INROADS ON GRISWOLD BANK'S CASH MADE DURING QUIET RUN. AT A DIRECTORS' ORDER Special to The Nonpareil. GRISWOLD, Ia., Dec. 13.-Appointment of a receiver to take charge of the Griswold National bank, which was closed Thursday by the board of directors, was still pending today. Officials of the bank have wired the comtroller of the currency at Washington, D. C., of the board's action. Heavy withdrawals, result of rumors circulated since the closing of the Farmers National bank of Red Oak, Ia., and the Peters Trust company at Omaha, with which the Griswold bank had business relations, caused the board of directors to meet Wednesday and hold nearly an all-night session to determine how to meet the situation. It is reported that approximately $100,000 had been withdrawn from the institution in the last three months. Numerous rumors were circulated the last several days. Among them were that W. Kirkpatrick, formerly president, was assessed on stock held by him in a bank at Hedrick, Ia., which was in need. The assessment, the rumor stated, weakened the local institution. The rumors could not be verified as no official statement has been issued by the bank's officers. Run Started Saturday. The first run on the local bank occurred last Saturday. It was a quiet one and hardly noticeable. As further out into the Griswold territory the rumors passed the larger the runs were. Wednesday afternoon depositors, mostly out into the county county, drew out about $40,000 But very small number of depositors living in Griswold have drawn funds from the institution, it was said. No excitement over the closing was noticed here. The action of the board was taken to conserve the interests of the depositors. In consultation with the board were banking authorities who advised that closing was the only feasible action. Officers of the institution have pointed out that the bank is absolutely solvent and should pay dollar for dollar. W. T. Kirkpatrick, now en route to California, resigned as president only last Monday and C. S. Tomkins of Griswold was appointed to act in that capacity until the meeting of the board to have been held in January. Other officers are W. Edwards, vice president; Fred B. DeWit, cashier, and with them are C. S. Tompkins, Peter Petersen, Fred L. Moore and G. E. Rarey as directors. The bank as capital stock of $50,000 and the reported surplus and undivided profits of $12,300 is said to have been "taken up" last October by "frozen paper,' but could not be officially verified. Deposits have ranged in the neighborhood of $450,000 and loans and discounts of about $440,000, according to the last several published statements. Assistance Is Declined. The closed bank is one of two institutions here, the other being the Griswold Citizens States bank which, with another at Atlantic is reported to have offered assistance to the Griswold National bank, but was declined when of ficials thought that liquidation was the best course. The Griswold National bank is the first institution in this town in thirty-three years to close. In 1896 the old First National bank, operated by the late Theodore Brown, failed. The Griswold National bank was first established in 1888 as a private institution by the late Hamilton Wilcox and John Piper. In 1907 it was granted a national charter. County Treasurer W. A. Stone said Friday that no loss will result to Pottawattamie county, which used the Griswold National bank as one of its twenty-four depositories. Deposits in the Griswold bank by Pottawattamie county of public funds is limited to $20,000. A claim will be filed by Stone through the state treasurer for the county's funds. Public funds on deposit in Iowa are protected by the Brookhart-Loverin sinking fund.

3. December 14, 1929 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, December 14, 1929

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Article Text

SCHOOL DEBT NOW PLACED AT Des Moines, in. debtedness of rural and urban school districts in Iowa is which all but about $1,000,000 owed by city, town and consolidated school districts, compiled report filed in the office of the state superintendent of public instruction, said. The report listed 715,508 the number pupils of school age who attended Iowa schools last year. "Run" Closes Iowa Bank Griswold. Griswold National bank, established in 1907, did not open its doors Thursday. The step taken to conserve the depositors' funds, the directors nounced. The closing, decided on by board of directors after an all night meeting. followed heavy with. drawals. Deposits were said to approximate $450,000 and loans and discounts $440,000. Capital stock $50,000 and surplus and undivided profits $12,300 Officers and directors said the bank will pay "dollar for dollar.'

4. August 15, 1930 The Daily Nonpareil Council Bluffs, IA
Article from The Daily Nonpareil, August 15, 1930

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Article Text

GRISWOLD. Ia., Aug 15.-F. W. Hanton, editor of the Griswold American, left Wednesday for Philadelphia, Pa., to attend the annual reunion of the Spanish American War Veterans, of which he is a Sam Durant and Cletus Craw. ford motored to Des Moines, Ia., Wednesday, where they will visit with relatives for few days. Mr. Durant will then go to Webster City, Ia., where he will remain indefinitely The Griswold National bank, which closed its doors last December, will pay second dividend to its depositors Sept. 6. This will make total of 75 per cent paid on all deposits. Mrs. Mary Peterson. who was injured in an auto accident near Lewis, Ia., few weeks ago and has since been confined to the Atlantic hospital, has so far recovered as to be able to be brought to the home of her parents, Mr. and Mrs. Julius Schmidt. The annual Cass county farm bureau picnic held here Tuesday was attended by large number of people. Sam Jones of Washington county, vice president of the farm bureau, gave an address. Mrs. Fred Phillips and daughter of Council Bluffs are guests in the