3467. First National Bank (Grundy Center, IA)

View Charter #3225 on SPMC

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 3225
Charter Number: 3225
Start Date: June 17, 1893
Location: Grundy Center, Iowa (42.362, -92.769)

Metadata

Model: gpt-5-mini
Short Digest: 7d6c76d6

Response Measures

None

Receivership Details

Depositor recovery rate: 50.5%
Date receivership started: 1934-04-11
Date receivership terminated: 1937-05-08

Description

The First National Bank of Grundy Center suspended on/around June 17, 1893 due to poor loans/high interest payments and a generally shaky condition. It was later permitted to reopen and did resume by Sept 1, 1893 (some notices earlier said it expected to resume Aug 1). No explicit run on this specific bank is described in the articles.

Events (5)

1. July 18, 1884 Chartered

Source: historical_nic

2. June 17, 1893 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Ascribed to payment of a high rate of interest and to unfortunate/shaky loans; bank known to be in shaky condition for some time.
Newspaper Excerpt: The First National bank of Grundy Center closed its doors this morning and notified Bank Examiner McHugh that it could not do business any longer.
Source: newspapers

3. September 1, 1893 Reopening

Newspaper Excerpt: The First National Bank of Grundy Center, Iowa, which suspended recently, resumed business today. (Permitted to re-open by Comptroller Eckels.)
Source: newspapers

4. August 27, 1929 Voluntary Liquidation

Source: historical_nic

5. April 11, 1934 Receivership

Source: historical_nic

Newspaper Articles (13)

1. June 17, 1893 Evening Journal Wilmington, DE

Article from Evening Journal, June 17, 1893

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BROWNWOOD'S BANK BREAKS. City National Bank "Closed By Order of the Directors." DALLAS, Tex., June 17,-A News' Brownwood, Tex., special says: "The City National Bank of Brownwood closed its doors yesterday. A sign was hung out "Closed by order of the directors." Tightness of the money market and slow collections are the causes assigned by the directors. A run on the bank was begun yesterday that continued until they were compelled to close. The capital of the bank is $150,000. The Waterloo Bank's Waterloo. WATERLOO, Iowa, June 3.-The First National Bank of Grundy Centre closed its doors yesterday.

2. June 18, 1893 New-York Tribune New York, NY

Article from New-York Tribune, June 18, 1893

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FAILURE OF BANKS IN THE WEST ANOTHER LIMB OF THE ZIMRI DWIGGINS TREE FALLS TO THE GROUND. Wabash, Ind., June 17 (Special).-This morning the Citizens' Bank, of Converse, owned by L. Gottschalk and George Ober, and which began business this spring. failed to open Its doors. The proprietors. who came from Geneva, Ind., were associated with Zimri Dwiggins, of Columbia National Bank fame, and, it is asserted, lost from $10,000 to $12,000 in the Columbia failure. No statement of assets and 11a bilities has been made to Roscoe Kimple, to whom the bank a-signed. The capital Invested was about 420,000, and the deposits from 825,000 to $30,000. Cashier Gottschalk says all depositors will be paid in full. Waterloo, Iowa. June 17.-The First National Bank of Grundy Centre closed its doors yesterday and In formed Bank Examiner MeHugh that If could not do business any longer. The statement of the condition of the bank May 4. showed deposits subject to check to the amount of $34.761 72. demand certificates ito the amount of 827,836 70. and time certificates amount ing to $74,715.50. The capital stock was $50,000 amount of liabilities is not known. Dallas, Tex., June 17.-A "News" Brownwood Tex. dispatch says: "The City National Bank of Brown wood closed its doors yesterday. A sign was hung out: Closed by order of the directors. Tightness of the money market and slow collections are the the on causes assigned by the directors. A run bank was begun yesterday that continued until they were compelled to close. The capital of the bank is $130,000. San Bernardino, Cel. June 17.-The Farmers' Ex change Bank closed its doors this morning. St. Paul, June 17.-A dispatch from Crystal Falls Mich., says all the mines there except the Mahs field. Claire and Michigan have suspended work. and one of these will close In a few days. Both banks of the city have suspended and there is simply no money whatever In circulation. Many are leaving the town.

3. June 18, 1893 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, June 18, 1893

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Grundy Center Bank Failure. WATERLOO, Ia., June 17.-The First National bank of Grundy Center closed its doors this morning and notified Bank Examiner McHugh that it could not do business any longer. George Wells, who is supposed to be the wealthiest man in Grundy county, is president of the bank, and Chris C. Shuler, cashier. The statement of the condition of the bank on May 4 last, showed that it had at that time deposits subject to check to the amount of $34,761.72; demand certificates to the amount of $27,836.70 and time certificates amounting to $74,715.50. The capital stock of the bank was $50,000 and the surplus $16,000. The bank had $12,551 invested in the banking building and $9,000 in other real estate and mortgages. The suspension IS ascribed to the payment of a high rate of interest and to unfortunate loans. The bank Has been known to be in a shaky condition for some time and the suspension caused no surprise.

4. July 27, 1893 The Sun New York, NY

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Other Bank Failures. MILWAUREE. July 26.-Specials to the Wisconsin report two small bank failures in the interior of the State. viz., the German Exchange Bank at Portage and John Lienlokken. a private banker at Lacrosse. The Portage bank is capitalized at $25,000. No statement of assets or liabilities is given. Lienlokken's liabilities are placed at $10.000. WASHINGTON, July 26.-The First National Bank of Grundy Centre. Iowa, has informed Comptroller Eckels that it expects to resume business Aug. 1 under a new management. The Farmers' National Bank of Henrietta. Tex.. and the Farmers' National Bank of Findlay. Ohio. which failed yesterday. expect to resume in a short time-the latter on Monday next. MANCHESTER. N. H., July 26.-C. M. Dorr of Somersworth. a national bank examiner. today took charge of the suspended National Bank of the Commonwealth. There is no change in the financial situation here. All banks are confident that the worst is over. locally. BRISTOL. Tenn.. July 26.-The Bristol Bank and Trust Company yesterday decided to go into voluntary liquidation. They have $80,000 assets. and owe depositors only $15,000. Unprofitable business is the cause.

5. August 4, 1893 The Iola Register Iola, KS

Article from The Iola Register, August 4, 1893

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THE WORLD AT LARGE. Summary of the Daily News. WASHINGTON NOTES. RETURNS of national banks, in compliance with the call of Comptroller Eckels, show an unlooked for state of soundness. THE total number of pensioners under the act of act of June 27, 1890, who have been notified since the incoming of the present administration that the payment of their pensions has been suspended is approximately 5,250. A TELEGRAM has been received at the Interior department from Inspector Faison announcing that the legal shooting of the nine condemned Choctaws had been further postponed from August 4 to September 8. THE First national bank of Grundy Center, Ia., has informed Comptroller Eckels that it expects to resume business. The Farmers' national bank of Henrietta, Tex., and the Farmers' national bank of Findlay, O., also expect to resume. COMMISSIONER MILLER has submitted to Secretary Carlisle a preliminary report of the operations of the internal revenue bureau for the fiscal year. The total collections from all sources of revenue were $161,002,000, an increase of $7,145,000. SPECIAL AGENT SWINEFORD says there is much bad land in the strip. CHIEF JUSTICE FULLER has reversed the lower court's decree and remanded the world's fair Sunday closing case back for rehearing. SECRETARY CARLISLE is suffering from an attack of rheumatism. IT is positively asserted that there is no alliance between western republican senators and southern democratic senators to oppose the repeal of the Sherman law. THE president has issued a proclamation including Portugal within the benefits of the international copyright act. THE Russian legation at Washington will be raised to an embassy shortly. DR. A. W. WHEELER, the United States treasury department's agent, reports that there is no danger of an epidemic of cholera. PRIVATE SECRETARY THURBER has announced the following appointments as made by the president: James T. Kilbreth, of New York city, collector of customs for the district of New York, vice Hendricks. resigned; Walter Y. Burm, of Cooperstown, N. Y., appraiser of merchandise for the district of New York, vice Cooper, resigned.

6. September 1, 1893 Asheville Daily Citizen Asheville, NC

Article from Asheville Daily Citizen, September 1, 1893

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RESUMPTIONS, National Banks Now Ready for Business Again. WASHINGTON, Sept. 1.-Comptroller Eckels says that 145 national banks have suspended since January 1. Of these one has gone into voluntary liquidation, 57 have been placed in the hands of receivers, 62 are in the hands of national bank examiners, with excellent prospects of early resumption, and 34 have already resumed business. The following national banks, which recently suspended payment, have today been permitted to reopen their doors for business: American National bank of Nashville, Tenn.; First National bank of Grundy Center, Iowa, and First National bank of Harrisonville, Mo.

7. September 2, 1893 The Times Richmond, VA

Article from The Times, September 2, 1893

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National Banks Resume. WASHINGTON, D. C., Sept. 1.-The following National Banks, which recently suspended payment have to-day been permitted to re-open their doors for business: The American National Bank of Nashville, Tenn., the First National Bank, of Grundy Center, Iowa, and the First National Bank, of Harrisonville Mo.

8. September 2, 1893 The Morning News Savannah, GA

Article from The Morning News, September 2, 1893

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Three Banks to Reopen. Washington, Sept. 1.-The following national banks which recently suspended payment have to-day been permitted to reopen their doors for business: American National of Nashville, Tenn., First National Bank of Grundy Center, Ia., and First National Bank of Harrisonville, Mo.

9. September 2, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, September 2, 1893

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A BETTER TONE. Good Supply of Money and Gold Still Coming. NEW YORK, Sept. 1.-Money is in decidedly better supply throughout the country. The rise in domestic exchange rates in New York, chiefly due to falling off in the supply of drafts pressing upon the market, shows none the less that the needs of interior consignors have been satisfied in other ways. At Chicago, where the banks have no loan certificates to liquidate, the easing of the money market progressed SO rapidly today that contracts for December wheat delivery broke with great violence, with the September price standing unchanged. There is. indeed, good reason for supposing that the $40,000,000 foreign gold imported during August has for the most part been sent West, where it is now at last restoring the monetary equlibrium. The steamer Germania, which arrived today, has on board £21,130 gold. The Augusta Victoria also has £90,000 gold. WASHINGTON. Sept. 1.-The following national banks which recently suspended payment have today been permitted to reopen their doors for business: American National, Nashville, Tenn.: First National of Grundy Center, Io.; First National of Harrisonville, Mo.

10. September 2, 1893 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, September 2, 1893

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SINGLE COPY FIVE CENTS. ambert were so tic that they could scarcely contain themso A score or more of far western member ho had voted for repeal WON BY GLADST mendments and who had and against hour of their vote that believed up ti were in favor of free their constitu coinage were going about Washington Success Attends His Glorious Effort proudly displaying telegrams from influential citizens endorsing their votes. It seemed House of Commons. that nothing succeeded like success. The great majority seemed to overawe the minority. Senators who had up to that PASSAGE OF THE IRISH. HOME RU moment intended to vote for free coinage began. one by one, to announce their intention of supporting repeal. The great argument which turned men from free coinage Closing Scenes in the Struggle for I to repeal was not altogether the fact that the country has for some time been suffering Emancipation. from a lack of confidence in commercial circles, but a belief that an international silver arrangement would better be reached RESULT OF THE VOTE ON THE M after we had ceased to purchase silver and the onus of maintaining the silver market was thrown upon Europe. Miscel aneous. By a Majority of Thirty-Four the Isaac Pierson of South Dakota has been Puts Its Seal of Approval on I appointed chief of division in the third auditor's office. General Thomas J. Morgan, the well known commissioner of Indian affairs under WILD CHEERS FOR THE GRAND o President Harrison, and Mrs. Morgan have been for a brief time since leaving Washington in Brooklyn, and are now permanently Crowds Pack the Streets and in located in New York City at the Hotel BeresDemonstrative Ways Give Ver ford. They are widely known in Nebraska, where they have relatives. Their Feelings of Joyousne Assistant Commissioner Armstrong of the "God Save Ireland." Indian bureau has received a communication from Miss Emma Sickles of Nebraska, chairman of the committee on Indian affairs of the Universal Peace union. Miss Sickles LONDON, Sept. 1.-Mr. Gladston submits a vigorous protest against the sun dances practiced by the Indians at the home rule fight in the House of Com World's fair. She states that the common law ended. The bill was passed at 1 o'cl of humanity is opposed to such exhibitions, morning by a vote of 301 to 267. and that they are forbidden by laws of the hurried to the House of Lords, wh United States. They are brutal and cruel, it the first reading and adjourned. she says, as they intensify ill-feeling and hostility. There was unusual enthusiasm The First National bank of Grundy Cenroute from Mr. Gladstone's residen tre, Ia., which suspended recently, resumed House of Commons this afternoon. business today. o'clock when Mr. Gladstone left Bernhard F. Goerke was today appointed dence. This fact was announced postmaster at Burr, Otoe county, Neb., vice Michael Barteller. removed. cheering from the throngs near t Supervising Architect O'Rourke has made dence. Shortly afterwards his car a report as a result of his examination peared in sight of the crowds that 1 of the Chicago postoffice building, respectstreets. Mr. Gladstone was acco ing the unsafe condition of which there have been so many alarming statements. He says by his wife. He wore a white azal there is no immediate danger of its collapse, buttonhole of his coat. He was e but further than this he declines to express much pleased with the heartiness an opinion. greeting of the populace. The chee Commissioner Lochren has appointed the continued. Mr. Gladstone bowed co f. owing examining surgeons for the pension bureau: Leroy J. Cross and to the crowds on both sides of the s Hubbard Linley at Wilbur, Neb. acknowledgment of their plaudits. Charles M. Schindel at Atlantic, Ia. ception was a complete ovation W. J. Nolan, C. C. Birney and H. A. Powers mark of dissent to mar it. at Emmettsburg. Ia. G. J. Rumbaug and O.S. Reilly at Red Oak, Ia. As Mr. Gladstone, with bared hea R. R. Brown, son of J. J. Brown of Omaha, through the crowd and entered the has been in the city and in company of Senwas noticed that his face was very ator Manderson at the office of the compnumber of Irish priests were prom troller of the currency in reference to the rethe crowd in front of the house an opening of the suspended national bank at their hats as the prime ministe Ashland, Neb. The comptroller has informed them. the bank officers that as soon as its impaired Cheered by His Followers. stock is made good it can resume. The impairment amounts to about 20 per cent. The prime minister was loudly ch PERRY S. HEATH. his followers as he entered the ho walked to his sant The galleries n

11. September 2, 1893 The Sun New York, NY

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Banks Resuming Business. WASHINGTON, Sept. 1.-The following national banks. which recently suspended payment. have to-day been permitted to reopen their doors for business: The American National Bank of Nashville. Tenn.: the First National Bank of Grundy Centre, Iowa, and the First National Bank of Harrisonville. Mo.

12. September 8, 1893 The Weekly Union Times Union, SC

Article from The Weekly Union Times, September 8, 1893

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Banks Resuming Business. W ASHINGTON, D. C.-The following national binks which recently suspended payment have been permi ted to open their doors for business: The American National Bank, of Nashville, Tenn., the First National Bank, of Grundy Centre, Iowa, and the First National Bank, of Harrisonville, Missouri. DENVER, COL -The State National Bank, the last but one of the city's six national banks to suspend, opened its doors Thursday. The Commercial National will resume in a few days. Of the scores of national banks in Colorado which were compelled to close their doors a few weeks ago all have resumed save three, and it is said that they will again be doing business before the middle of the mouth. ECKELS IS HOPEFUL. CHICAGO, ILL.-James H. Eckels, Comptroller of the Currency, passed through Chicago on his way to Ottawa, III, where he will enjoy a two week's rest at his home. Mr. Eckels spoke very hopefully. He would not predict how long it would be before matters had resumed their normal condition, but the bottom had been reached, so far as the banks were concerned, and financial af fair were on the up grade. They are proposing to pension teachers in England.

13. September 8, 1893 The Weekly Union Times Union, SC

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Banks Resuming Business. WASHINGTON, D. C.-The following national banks which recently suspended payment have been permi ted to open their doors for business: The American National Bank, of Nashville, Tenn., the First National Bank, of Grundy Centre, Iowa, and the First National Bank, of Harrisonville, Missouri. DENVER, COL -The State National Bank, the last but one of the city's six national banks to suspend, opened its doors Thursday. The Commercial National will resume in a few days. Of the scores of national banks in Colorado which were compelled to close their doors a few weeks ago all have resumed save three, and it is said that they will again be doing business before the middle of the mouth. ECKELS IS HOPEFUL. CHICAGO, ILL.-Jamcs H. Eckels, Comptroller of the Currency, passed through Chicago on his way to Ottawa, III., where he will enjoy a two week's rest at his home. Mr. Eckels spoke very hopefully. He would not predict how long it would be before matters had resumed their normal condition, but the bottom had been reached, so far as, the banks were concerned, and financial af. fair were on the up grade. They are proposing to pension teachers in England.