3505. Citizens Savings & Trust Company (Iowa City, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
October 1, 1931*
Location
Iowa City, Iowa (41.661, -91.530)

Metadata

Model
gpt-5-mini
Short Digest
cf75fb8c

Response Measures

None

Description

The articles state the bank closed on October 1931 and is in receivership issuing dividends in April 1932. No article describes a depositor run; events indicate suspension/closure with a receiver and later dividend payments. OCR errors in articles corrected (e.g., 'pany' -> 'company'). A later article (Dec 20, 1932) notes RFC loans approved to aid distribution of dividends but does not indicate reopening.

Events (3)
1. October 1, 1931* Suspension
Cause Details
Article states the bank closed in October 1931 but gives no specific cause for the suspension.
Newspaper Excerpt
the bank closed on October 1931.
Source
newspapers
2. April 13, 1932 Receivership
Newspaper Excerpt
Checks for the ... dividend being issued from the offices of the receivership ... The payment of the 10 per cent will mean the distribution ... depositors in the Citizens Savings and Trust company. The ... bank closed on October 1931.
Source
newspapers
3. December 20, 1932 Other
Newspaper Excerpt
Loans to Local Banks ... the Citizens Savings and Trust company ... approved for payment of dividends ... Expect funds will be available to pay out cash in January ... with the aid of the R.F.C. loans, the disbursement ... will be made early in Jan.
Source
newspapers

Newspaper Articles (2)
1. April 13, 1932 Iowa City Press-Citizen Iowa City, IA
Article from Iowa City Press-Citizen, April 13, 1932

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Article Text

DEPOSITORS IN CITIZENS BANK GET DIVIDEND 10 Per Cent Represents Payment; More Than $21,000 Paid Out In Two Days Total sum of $21,350.94 has been paid to 563 depositors Citizens Savings and Trust pany on Monday and Tuesday, Mr. Ben Summerwill, examiner, announced Wednesday. Checks for the per cent vidend being issued from the offices of the receivership located the Johnson bank. County Bank building. On Monday. the first day the dividend checks were issued. depositors received total $13,055.17. On Tuesday, depositors received the total $8,295.77, according to Mr. Mr. Summerwill. The payment of the 10 per cent will mean the distribution total sum of approximately $60,000 depositors in the Citizens to 1,569 Trust company. The Savings and the first since the payment bank closed on October 1931.

2. December 20, 1932 Iowa City Press-Citizen Iowa City, IA
Article from Iowa City Press-Citizen, December 20, 1932

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Article Text

F. C. LOANS APPROVED FOR THREE BANKS Expect Funds Will Be Available to Pay Out Cash in January to and Loans to approved Loans to Local Banks The of made to the lowa City banks follows Johnson Savings City Savings and the Citizens and Trust company The R. has approved for for payment of dende in banks early in Janu ary, this fund to be matched by like of the banks liquid as The three other loans made to are Farmers Savings bank Meservey Commer dal State bank of Independence $40,000 and the Farmers Savings With the aid of the R. loans. the disbursement of more than in the form of per cent dividends from the three closed banks will be made early in Jan has been This money. plus the $75,000 dividend of the Farmers Loan and Trust com pany Wednesday will bring the to tal near the half million mark The dividends will represent the third 10 per cent from the Johnson County Savings bank. the second from the Citizens Savings and Trust company and the first 10 per cent disbursement from the lowa City Savings hank Thirteen thousand one depositors will bene fit by the coming dividends from the four local banks Necotiations for the loan from the Finance corpor ation have been carried on by Mr Summerwill for the last five weeks The application was approved at the Des Moines and Chicago offices and then forwarded to Washington for final approval. made Monday what advance of the three other banks in the state loans. in the matter of receiving the monannounced by Asst Atty Gen Earl Wisdom legal adviser to Mr L Andrew superintendent of banking due misunderstand ing The approval of the loans sought from the R. F. C. for the three lows City banks ed in the Johnson county district court before the assets of the banks had been submitted to the R. Court actions approving the loans made to the three other Iowa banks have not yet been started