Iowa Savings Bank - Hartley, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: June 27, 1919
Location: Hartley, Iowa (43.180, -95.477)

Metadata

Model: gpt-5-mini
Short Digest: eef6d160

Response Measures

None

Description

The Iowa Savings Bank in Hartley was ordered closed by the state banking department on June 27, 1919 due to unwise investments and tangled conditions; a receiver was applied for and later active, indicating permanent closure/receivership. No run on the bank is described in the articles.

Events (3)

1. June 27, 1919 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Closed by state banking department citing unwise investments and tangled conditions; prior death of VP/cashier who owned majority stock noted as context.
Newspaper Excerpt: HARTLEY, Iowa, June 27.-The Iowa Savings bank closed its doors here today, upon order of the state banking department. ... Unwise investments are said by inspectors to be responsible for the sudden closing of the bank.
Source: newspapers

2. June 30, 1919 Receivership

Newspaper Excerpt: DES MOINES, Iowa, June 30-W. R. C. Kendrick, assistant attorney general, has gone to Hartley, to make application for a receiver for the Iowa Savings bank. George Messenger, state banking superintendent closed this bank last week.
Source: newspapers

3. July 28, 1920 Other

Newspaper Excerpt: Payment of the insurance money will lighten the burden placed on the directors of the defunct Iowa Savings Bank at Hartley, and will make the payment of depositors and closing up of the bank receivership matter much easier.
Source: newspapers

Newspaper Articles (5)

1. June 27, 1919 The Daily Gate City and Constitution-Democrat Keokuk, IA

Article from The Daily Gate City and Constitution-Democrat, June 27, 1919

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Article Text

Iowa Bank is Closed. [United Press Leased Wire Service.] HARTLEY, Iowa, June 27.-The Iowa Savings bank closed its doors here today, upon order of the state banking department. Business men believed that depositors would 1eceive their money or a large part of it, when the tangled conditions in tie institution are straightened out. Wealthy farmers, for the most part, are stockholders. Unwise investments are said by inspetors to be responsible for the sudden closing of the bank. Suspension of business had been expected for several weeks. Two weeks ago, the body of G. E. Knaack, vice president and cashier of the bank was found in Lake Ocheda, near Worthington, Minn. Knaack had drowned while driving too near the edge of the lake. It is believed he owned 51 percent of the stock.

2. June 30, 1919 The Daily Gate City and Constitution-Democrat Keokuk, IA

Article from The Daily Gate City and Constitution-Democrat, June 30, 1919

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Article Text

Receiver for Bank. [United Press Leased Wire Service.] DES MOINES, Iowa, June 30-W. R, C. Kendrick, assistant attorney general, has gone to Hartley, to make application for a receiver for the Iowa Savings bank. George Messenger, state banking superintendent closed this bank last week.

3. July 19, 1919 Evening Times-Republican Marshalltown, IA

Article from Evening Times-Republican, July 19, 1919

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Article Text

Estherville-Wallingford, Iowa, voted a franchise to the Armstrong Cement Works for a period of twentyfive years, for light, heat and power. The Cement Works expect to furnish service by October 15. Hartley-After several parties had been here looking over the prospects of taking over the defunct Iowa Savings bank, it was announced today that W. W. Artherholt and Harold Metcalf, of Primghar, Ia., have applied for a charter to organize and operate a new bank at this place. Garner-Hancock county will vote on hard surfacing its roads and issuing $1,000,000 in bonds to do it with, promptly, on Aug. 4. The primary road system as outlined includes the North Iowa pike running east and west thru the county, and the Wilson way running north and south. If the proposition carries, and it no doubht will, Hancock county's paved mileage on these two highways will be approximately fifty-two miles. Hampton-Congressman Burton E. Sweet has introduced a bill in congress which provides for a $100,000 postoffice building in Hampton. T. W. Purcell, of the Chronicle, who has had the matter up with Congressman Sweet, last week received a letter from the congressman informing the Hampton man that such a bill was introduced in the lower house of congress, and a few days later Congressman Sweet sent Mr. Purcell a copy of the proposed bill. Sac City-A representative of the federal bureau of chemistry demonstrated to an assemblage of grain men at Sioux City what caused the explosion which destroyed the big corn starch plant at Cedar Rapids. He blew two tablespoons of corn starch into the air and applied a lighted torch to, the finely divided material. The result was an explosion which is said to have shaken the windows of

4. July 28, 1920 Evening Times-Republican Marshalltown, IA

Article from Evening Times-Republican, July 28, 1920

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Article Text

COMPANIES PAY INSURANCE. Widow of G. E. Knaack Who Was Drowned, Gets $85,000. Primghar, July 27.-The contest over the $235,000 insurance on the life of G. E. Knaack, who was vice president of the Iowa Savings Bank at Hartley, which has been pending in the state and federal courts, has been settled. Eight policies were involved, and the insurance companies were defending on grounds that Knaack had committeed suicide. They also alleged that he made false statements in his application for insurance. The insurance in dispute was taken out in April, 1919, and Knaack was found drowned in a lake near Worthington, Minn, within a few days after the policies were delivered. The suits that have been settled, beneficiaries and amounts of insurance are as follows: Adah M. Knaack, widow: From North American Accident Insurance Company of Chicago, $15,000; National Fidelity of Sioux City, $20,000; Federal Life of Chicago, $5,000; Travelers' of Hartford, Conn., $45,000; total, $85,000. Executors of Knaack estate: From National Fidelity of Sloux City, $25.$25,000; Travelers' of Hartford, Conn. $25,000; Travelers of Hartford, Conn., $50,000; total $100,000. C. R. Richards as receiver of the Iowa Savings Bank; From Travelers' of Hartford, Conn., $50,000. Judgments have been entered in the cases and the money will be paid by Aug. 15. Payment of the insurance money will lighten the burden placed on the directors of the defunct Iowa Savings Bank at Hartley, and will make the payment of depositors and closing up of the bank receivership matter much easier.

5. July 31, 1927 The Des Moines Register Des Moines, IA

Article from The Des Moines Register, July 31, 1927

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Article Text

Bank Situation Improves CLOSED IOWA BANKS NOT IN TABLE to 1923. bank failures were rare and when a state supervised bank occasionally suspended business receiver for it was appointed by district court. as receivers are still appointed for private and national banks. No systematic records were kept by any state official, such as are now kept, for banks which failed prior to 1923. hence the information about the state supervised banks listed here is not readily available as for the banks closed after 1922. For the same reason information concerning closed and private banks was not available for the table. The national list of banks closed but not in the table, from 1918 to June 30, 1922, as follows: far been held at a net cost of receiver confident that this loss more than offset by receipts from sales properties advantageous times and the report states that had not the advances been made the assets would have been lost 1918. STATE BANKS. Name of bank. Capital. Date closed. Town. Conway Savings 20,000 May, 191: Conway PRIVATE Cedar Cedar Bank 10,000 Dec., 1918 YEAR ENDING JUNE 30, 1920. STATE BANKS. Carroll Carroll T. 50,000 Apr. 1919 Decatur Decatur State Savings 25,000 May 1919 Hartley Iowa Savings 30,000 June 27, YEAR ENDING JUNE 30, 1921. STATE BANKS. Citizens Savings 50,000 May 13, 1921 Anita Braddyville Farmers Savings 25,000 Nov. 5, 1920 Clarinda Clarinda T. 75,000 Dec. 1920 bElliott Elliott Savings 25,000 June 1921 Farmers Savings 15,000 Mar. 1921 Harper Marathon Marathon Savings 40,000 April 1921 Onawa Citizens State 30,000 April 1921 Rome Rome Savings 12,500 Mar. 23. 1921 Sioux City Union T. 100,000 Feb. 1921 Ulmer Farmers Savings 10,000 Mar. 1921 PRIVATE BANKS. July 1920 Jefferson City Bank Emmet County bank Dec. 1920 Armstrong Percival Percival bank Dec. 28, 1920 Davis City Valley bank April 11, 1921 Lawton Farmers bank April 14, 1921 NATIONAL BANKS. Emmetsburg National March 1921 Emmetsburg Milford National 25,000 April 13, 1921 First National 50,000 April 14, 1921 Marcus as Citizens*State. bReopened as Farmers State. cReorganized as Security National. YEAR ENDING JUNE 30, 1922. STATE BANKS. Bevington Bevington Savings 10,000 Citizens Savings 15,000 1921 Curlew Harris Savings 30,000 Oct. 1921 Harris Farmers Savings 15,000 Sept. 1921 aLamont Massena Savings 20,000 April 1922 bMassena Liberty North Liberty Savings 10,000 Aug. 1921 North Melcher State 25,000 May 20. 1922 Melcher State Bank of Oto 25,000 Dec. 1921 50,000 Nov. 1921 Sioux City American Savings Swaledale Savings 15,000 Sept. 14, 1921 Swaledale aReopened as Farmers State. bReopened as Massena State. PRIVATE BANKS. Grafton Farmers Exchange Bank Sept. 19, 1921 NATIONAL BANKS aCherokee Security National 50,000 Feb. 1922 bJefferson Farmers and Merchants 40,000 June 30, 1922 bReopened.