3502. Commercial State Bank (Independence, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 26, 1933
Location
Independence, Iowa (42.469, -91.889)

Metadata

Model
gpt-5-mini
Short Digest
a008ac7f

Response Measures

None

Description

All articles consistently show the Commercial State Bank in Independence placed in receivership/closed and the receiver disposing of assets through 1933–1934. No article describes a depositor run. Evidence (court approvals, receiver selling lands, charging off bad loans) indicates suspension and permanent closure with a receiver managing liquidation. Cause inferred from articles (large bad mortgage items) as bank-specific adverse information.

Events (6)
1. January 26, 1933 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank is in receivership and later filings show large bad loans/second mortgages to be charged off (insolvency/liabilities exceed assets). Court/receiver activity indicates failure rather than temporary suspension.
Newspaper Excerpt
Independence, Commercial State bank (receiver), $40,000.
Source
newspapers
2. March 5, 1933 Receivership
Newspaper Excerpt
Court Approves Bank Receiver's Fourth Report... Andrews receiver Commercial State bank Independence ... approved the fourth report of Andrews receiver Commercial State bank Independence, and Sandvig, receiver of the State bank of ... has the court sell ... dividends the closed bank. (Mar. 5, 1933).
Source
newspapers
3. June 13, 1933 Other
Newspaper Excerpt
INDEPENDENCE BANK RECEIVER WANTS TO SELL 40 A. FOR $1,640 receiver in charge of the Commercial state bank of this city, filed with the clerk of courts here on Monday asks permission to sell 40 acres ... Judge R. W Hasner fixed June 24 as the date for hearing and sale ... (Jun. 13, 1933).
Source
newspapers
4. December 19, 1933 Other
Newspaper Excerpt
BANK'S RECEIVER AT INDEPENDENCE WOULD CHARGE OFF CREDITS... made application the district court to charge off from the listed assets number of items to more than $53,000. Most of the items are second mortgages on farm lands ... (Dec. 19, 1933).
Source
newspapers
5. June 13, 1934 Other
Newspaper Excerpt
Independence Bank Receiver to Sell Cono Twp. Farm... the receiver in charge of the Commercial State bank of this city has been given permission by Judge R. W. Hasner ... to dispose of farm ... offer ... $6,300 in cash and his deposit claim against the bank ... (Jun. 13, 1934).
Source
newspapers
6. June 25, 1934 Other
Newspaper Excerpt
BANK'S RECEIVER SEEKS AUTHORITY IN SALE OF LAND... receiver of the Commercial State bank here has petitioned the district court for permission to transfer quarter section of land ... offers for the land. The receiver suggests that it would be to the interests of the bank to transfer the land back ... (Jun. 25, 1934).
Source
newspapers

Newspaper Articles (7)
1. January 26, 1933 The Muscatine Journal Muscatine, IA
Article from The Muscatine Journal, January 26, 1933

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Article Text

Early Are Announced (Continued From 1.) the First Central Trust company of Ohio, 000: Union Guardian Trust Detroit, and the Union Trust of Railroad Borrowings. Railroads likewise were being told they could borrow $224,147,000. Of this, was allowed the Baltimore and Ohio, and went to the PennOther 000 of amounts down few thousand dollars authorized from coast to coast. Along with this special report, the corporation submitted the monthly statement on its December activities. Loans approved and money allocated in that month totalled This latter analysis that the end the year the corporation assets and cash balance of $7,927,000. December Authorizations. The December loan authorizations or allocations included: $80,for financial institutions and $35,837,000 for state relief. for self-liquidating projects, for facilitating agricultural exports, to the secretary of ag. riculture for loans and advanced to farmers for capital in agricultural credit corporations and subscription to home loan bank stock. The corporation that prevailing low money rates it had, in December. decreased its interest rates onehalf per cent. Iowa Loans in December. R. loans authorized during December to Iowa institutions folBenton County State $17,000. Boone, Security Savings $75,000. Boxholm. Farmers State bank (receiver), $7,000. Carpenter, Carpenter Savings Clinton, City National bank of Clinton, $111,000. Clinton, Clinton Savings bank $150,000. Council Bluffs, State Savings bank, $98,000. Davenport, Union Savings Bank and Trust company Davenport Des Moines, Home Savings bank, $1,000. Farmers Trust and Savings Eldora, Citizens Savings bank $8,000. Exira, Exchange State bank, Gray, Farmers Savings bank Hampton, Franklin State bank, $20,000. Hartwick. The State bank. $11,000. Independence, Commercial State bank (receiver), $40,000. Indianola, The First National bank of Indiacola (receiver), $75.Iowa City, Iowa City Savings bank (receiver), $35,000. Iowa City, Johnson County Sav. ings bank (receiver), $140,000. Iowa Falls, The State National bank of Iowa Falls (receiver). $35,500. Joice, Farmers Trust and Savings bank, $13,000. Keota, Security State $13,000. The First National bank of LeMars, Lohrville Savings bank, $14,000. Lone Tree, Lone Tree Savings bank, Maquoketa, The First National bank of Maquoketa (receiver), Meservey, Farmers Savings bank (receiver), $9,500. Mitchell, Mitchell Savings bank Farmers Trust and Savings bank, $2,500. Oskalooss, The Oskaloosa Na. tional bank (receiver, $142,000. Randolph, Randolph State bank $3,814. Reinbeck, First Savings bank of Reinbeck, $7,000. Sac City, Citizens Savings bank $41,000. Sheffield, The First National

2. March 5, 1933 The Courier Waterloo, IA
Article from The Courier, March 5, 1933

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Article Text

Court Approves Bank Receiver's Fourth Rcport Ralph Hasner Saturday approved the fourth report of Andrews receiver Commercial State bank Independence, and Sandvig, receivcharge. receiver of the State bank of ence, has the court sell Mrs. Sarah Gill's promissory note the Farmers State for $310. Judge Hasner, Saturday authorAndrew, receiver the Farmers State bank of execute deed six lots Brandon, Fred Turner, for his $3,255.62 and $995.92 dividends the closed bank.

3. March 16, 1933 The Courier Waterloo, IA
Article from The Courier, March 16, 1933

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Article Text

ONE TICKET FILED AT INDEPENDENCE FOR CITY OFFICE Independent Candidate Announces for Assessor; Receiver's Office Is Moved. (Courier Independence, little for the Citizens city to be elected on March The ticket was nominated petition presents occupants the offices One opposing candidate has Cates, who has been nominated under heading of People's ticket for the fice of assessor. Personnel of Ticket. Names on the Citizens ticket are Mayor, Leon Simmons; treasurer, assessor, M. Evers: M. Assmus: aldermen, First ward, Rudolph Leytze; Second ward, Plank: Third Fred W. Clark: Fourth ward, S. K. Buell; Fifth ward, W. Bank Receiver to Move. The receiver for closed Commercial State bank has announced removal of his office from the bank building to the building by the County Title & Trust Co. This latter building is part of the assets the Commercial bank, the front will still occupied by the trust the receiver only the rear rooms. The building which the bank formerly occupied owned by the Masonic Building association.

4. June 13, 1933 The Courier Waterloo, IA
Article from The Courier, June 13, 1933

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Article Text

INDEPENDENCE BANK RECEIVER WANTS TO SELL 40 A. FOR $1,640 receiver in charge of the Commercial state bank of this city, filed with the clerk of courts here on Monday asks permission to sell 40 acres of land adjoining the Danish church property in Liberty township. Charles W Cady is the proposed buyer for consideration of $1,640 in cash Judge R. W Hasner fixed June 24 as the date for hearing and sale no better offer is received for the

5. December 19, 1933 The Courier Waterloo, IA
Article from The Courier, December 19, 1933

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Article Text

BANK'S RECEIVER AT INDEPENDENCE WOULD CHARGE OFF CREDITS (Courier Special Independence. W. Bates, examiner in charge of the Commercial State bank of city made application the district court to charge off from the listed assets number of items to more than $53,000. Most of the items are second mortgages on farm lands which the first mortgage has been foreclosed. which leaves the bank without any equity in the properties.

6. June 13, 1934 The Courier Waterloo, IA
Article from The Courier, June 13, 1934

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Article Text

Independence Bank Receiver to Sell Cono Twp. Farm Special Independence, Ia.-The receiver in charge of the Commercial State bank of this city has been given permission by Judge R. W. Hasner of the district court to dispose of farm in Cono township known as the Chesfarm consisting of 160 acres. The receiver stated that he had an offer from Frank W. Taylor to pay $6,300 in cash and his deposit claim against the bank of $672.84 less dividend of 20 per cent which the bank made some time ago.

7. June 25, 1934 The Courier Waterloo, IA
Article from The Courier, June 25, 1934

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Article Text

BANK'S RECEIVER SEEKS AUTHORITY IN SALE OF LAND Independence Institution Gets Cash Bid from Former Owner of Farm. (Courier Independence, receiver of the Commercial State bank here has petitioned the district court for permission to transfer quarter section of land in Minnesota to one Arthur Ollie from whom the bank acquired title some time ago. The petition states that Ollie has made application to the federal land bank for loan and received commitment of $2,800 and loan from the Federal Land bank commissioner for $2,200, making $5,000. which he offers for the land. The receiver suggests that it would be to the interests of the bank to transfer the land back to Ollie for this amount and asks permission to make the transfer. Judge R. W. Hasner, of the district court set July as the date for hearing on the sale, which he will allow if no better offer is received. Gardner Inventory Filed. Probate inventory of the estate of Mrs. Nellie Leehey Gardner, who died at Fairbank this month, was filed with the district court here on Saturday and lists an estate to the total value of $1,750 which consists of residence property and ten acres of land in the town of Fairbank. Sixteen adult relatives are mentioned as beneficiaries and heirs at law, including her husband. six brothers and sisters, and nine nieces and nephews. Waldenmaier Will. The will of Lewis Waldenmaier. who died here on June 20. was filed with the clerk of court here on Saturday. He leaves his entire estate to his wife, Lizzie Waldenmaier, to be hers absolutely and she is appointed executrix of the estate without bond. The will is dated June 21, 1913. GENEVA BABY DIES. month-old son of Mr. and Mrs. Carl Rabe of Geneva. died Saturday evening at the Lutheran hospital at Hampton. The child had been in hospital three weeks of its life The body is at Whitaker funeral home here.