First National Bank - Indianola, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1811
Charter Number: 1811
Start Date: January 26, 1933
Location: Indianola, Iowa (41.358, -93.557)

Metadata

Model: gpt-5-mini
Short Digest: 770eaea7

Response Measures

None

Receivership Details

Depositor recovery rate: 75.7%
Date receivership started: 1932-08-20
Date receivership terminated: 1936-04-22
Share of assets assessed as good: 23.7%
Share of assets assessed as doubtful: 74.7%
Share of assets assessed as worthless: 1.7%

Description

Articles from Jan–Sept 1933 identify the First National Bank of Indianola as being a receiver (First National bank of Indianola (receiver)). No article describes a depositor run; the bank is in receivership and received RFC loan authorizations while under a receiver. Classification: suspension leading to permanent closure/receivership (suspension_closure).

Events (5)

1. April 13, 1871 Chartered

Source: historical_nic

2. August 20, 1932 Receivership

Source: historical_nic

3. January 26, 1933 Suspension

Cause: Government Action
Cause Details: Bank is listed as in receivership in RFC loan lists (indicates prior suspension and government/receiver intervention).
Newspaper Excerpt: Indianola, The First National bank of Indiacola (receiver), $75.
Source: newspapers

4. January 27, 1933 Receivership

Newspaper Excerpt: Indianola. The First National bank of Indianola (receiver) $75,000.
Source: newspapers

5. September 7, 1933 Other

Newspaper Excerpt: First National Bank of Indianola (receiver) $23,000.
Source: newspapers

Newspaper Articles (3)

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. January 27, 1933 Iowa City Press-Citizen Iowa City, IA

Article from Iowa City Press-Citizen, January 27, 1933

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Article Text

R.F.C.LOANS IN DECEMBER Six Million Granted to Davenport Bank Last Month WASHINGTON -(AP)- Reconstruction finance loans made to Iowa institutions during December Blairstown. Benton County State Boone Security Savings bank Boxholm Farmers State bank Carpenter Carpenter Savings bank. Clinton. City National bank of Clinton, Clinton Savings bank. Council Bluffs State Savings Davenport. Union Savings Bank and Trust company of Davenport. Des Moines. Home Savings bank, Earling Farmers Trust and Sav ings bank. $15,000 Eldora. Citizens Savings bank Exira. Exchange State bank. $15. 500 Gray. Farmers Savings bank $6,000. Hampton. Franklin County State bank. Hartwick. The Hartwick State Independence Commercial State bank (receiver) $40,000. Indianola. The First National bank of Indianola (receiver) $75.000. 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 Sar ings bank $13,000 Keota. Security State bank $13. 000. Le Mars, The First National bank of Le Mars. $100,000. Lohrville. Lohrville Savings bank $14,000. Lone Tree Lone Tree Savings Maquoketa, The First National bank of Maquoketa (receiver) $84.500 Meservey. Farmers Savings bank (receiver) $9,500. Mitchell. Mitchell Savings bank, Nevada. Farmers Trust and Sav ings bank. $2,500. Oskaloosa. The Oskaloosa NaRandolph Randolph State bank. Reinbeck First Savings bank of Sac City, Citizens Savings bank Sheffield. The First National bank of Sheffield (receiver). $77.- Sheldon Security State bank, $25,000. Sloan, Sloan State bank $32,000. Stanhope, Farmers State bank, West Branch. Citizens Savings bank. $9,000. Winterset. Madison County Sav ings bank. $72,000. Davenport, Register Life Insur Des Moines, Inter-State Businses Men's Accident company $76.000. Des Moines, Iowa National Fire De Witt. Iowa Mutual Insurance Dallas Center. Bankers Livestock Agricultural Credit corporation. Sioux City, Regional Agricultural Credit corporation of Stoux City,

3. September 7, 1933 The Daily Nonpareil Council Bluffs, IA

Article from The Daily Nonpareil, September 7, 1933

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Article Text

MORE BANK LOANS ARE CANCELLED REPORT OF R. F. C. SHOWS DECREASE IN JULY DISBURSEMENTS. MUCH NOT GIVEN OUT WASHINGTON, Sept. 7, The report of the Reconstruction Finance corporation for July shows that Iowa banking and credit institutions withdrew or cancelled more loans than were authorized or received during the month. The following loans were authorized in July: City Trust and Savings bank, Boone, $50.200 (no amount disbursed to July 31.) First National Bank of Indianola (receiver) $23,000. Second National Bank of New Hampton (receiver) $24,000. Loans totaling 896,257 were authorized by the Regional Agricultural Credit corporation at Sioux City, of which $960,202 was not disbursed to July 31. The Russell State Bank and Trust company withdrew or cancelled a $15,000 loan previously authorized, and the Des Moines Mortgage company withdrew or cancelled a $2,710,550 loan. The First National Bank of Ackley (receiver, cancelled or withdrew $3,000; Citizens National Bank and Trust company of Knoxville (conservator) $10,000; National Bank of Milton (receiver) $7,500. and the Burlington Joint Stock Land Bank of Des Moines, $168,000 These amounts. which were cancelled or withdrawn. do not represent the entire sum of authorized loans