First National Bank - Humboldt, IA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 8277
Charter Number: 8277
Start Date: March 1, 1933*
Location: Humboldt, Iowa (42.721, -94.215)

Metadata

Model: gpt-5-mini
Short Digest: df0c113c

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1933-10-24
Date receivership terminated: 1937-01-30
Share of assets assessed as good: 62.3%
Share of assets assessed as doubtful: 37.2%
Share of assets assessed as worthless: 0.4%

Description

Article (June 20, 1933) describes the First National Bank of Humboldt operating under restrictions since the national closing ordered in March 1933 and plans to form a new bank to take over assets and resume business, paying 50% of old deposits on demand. No explicit depositor run is described; cause of suspension is the national banking holiday/government action.

Events (4)

1. June 27, 1906 Chartered

Source: historical_nic

2. March 1, 1933* Suspension

Cause: Government Action
Cause Details: Operating under restrictions following the national closing/banking holiday ordered in March 1933.
Newspaper Excerpt: First National Bank of Humboldt that has been operating under restrictions since the national closing ordered March
Source: newspapers

3. June 20, 1933 Reopening

Newspaper Excerpt: The new organization will also take over the assets of the First National ... and will immediately place fifty per cent of the old deposits at the demand of the depositors. ... The organizers will push the matter and complete the work with delay possible.
Source: newspapers

4. October 24, 1933 Receivership

Source: historical_nic

Newspaper Articles (1)

1. June 20, 1933 Humboldt Independent Humboldt, IA

Article from Humboldt Independent, June 20, 1933

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Article Text

PLANS CALL FOR NEW ORGANIZA'N FOR LOCAL BANK Old Deposits to be Paid Fifty Per Cent by New Deal. B. B. Watson returned from Washington, D. C., Friday of last week, where he had been in conference the United States Banking Department relatives to the of the First National Bank of Humboldt that has been operating under restrictions since the national closing ordered March Mr. Watson brought with him the conditions imposed by the department. They contemplate the sale of $50,000 worth of stock in new bank, that also to have $10,000 surplus. This new bank is to take over the business the First Nationof Humboldt has been doing since operating under restrictions, and will undoubtedly use the same building and fixtures and probably the same name as the present bank. The new organization will also take over the assets of the First National prior to March and will immediately place fifty per cent of the old deposits at the demand of the depositors. The other fifty per cent will be liquidated and paid out as rapidly as possible. The bank management considers that only be matter of months until the deposits of the old bank will paid out in full. Until the organization of the bank, the present bank tinue to operate under The ready more posits received and that with the deposits old First National should new bank off with about million dollars in deposits with general banking business that will make It profitable venture. Its stock will be non-assessable, and its deposits will be guaranteed up to $2,500 on each deposit account. Friends of the old bank are flocking to the new organization, and there has already been numerrequests for stock. The organizers will push the matter and complete the work with delay possible.