First National Bank - Kanawha, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 9018
Charter Number: 9018
Start Date: March 23, 1934
Location: Kanawha, Iowa (42.938, -93.793)

Metadata

Model: gpt-5-mini
Short Digest: 74437d3e

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1933-10-07
Date receivership terminated: 1937-04-13
Share of assets assessed as good: 37.1%
Share of assets assessed as doubtful: 54.1%
Share of assets assessed as worthless: 8.8%

Description

Articles (Mar 22-23, 1934) state the First National Bank of Kanawha is 'closed' and has a receiver H. E. Rachut. No article describes a depositor run; closure with a receiver indicates suspension leading to permanent closure/receivership.

Events (4)

1. February 4, 1908 Chartered

Source: historical_nic

2. October 7, 1933 Receivership

Source: historical_nic

3. March 23, 1934 Receivership

Newspaper Excerpt: the First National bank and its receiver, H. E. Rachut
Source: newspapers

4. March 23, 1934 Suspension

Cause: Government Action
Cause Details: Bank was closed and a receiver (H. E. Rachut) was appointed; state officials and receiver are named in suit over funds tied up in the closed bank.
Newspaper Excerpt: school funds which are tied up in the First National bank of Kanawha... the First National bank and its receiver, H. E. Rachut
Source: newspapers

Newspaper Articles (4)

1. March 22, 1934 Des Moines Tribune Des Moines, IA

Article from Des Moines Tribune, March 22, 1934

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Article Text

Studebaker to Talk To Six About Forums The Kanawha, Ia., Independent school district Thursday filed suit J. W. Studebaker, Des Moines in Polk county district court to school head, left Thursday for the recover from the state 721 34 in Pacific coast to contact six proschool funds it says are tied up in spective forum leaders for the the First National Bank of Kana- 1934-35 season. He expects to rewha. turn soon after he interviews the The action. brought in the form men. of writ of mandamus, is against State Treasurer Leo J. Wegman, State Superintendent of Banking D. W. Bates, the First National bank and its receiver, H. E Rachut, Gov. Clyde Herring, and other members of the state executive council. It is claimed by the school district that the state officials and the bank receiver have failed to allow and approve the deposit claim filed by the school, and further that the state has failed to reimburse the district, as provided by the state law, from the state sinking fund. The district asks the court to require the state to approve the claim, and that the state auditor be instructed to issue a warrant on the sinking fund for payment of the claim.

2. March 23, 1934 Globe-Gazette Mason City, IA

Article from Globe-Gazette, March 23, 1934

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Article Text

KANAWHA SEEKS SCHOOL FUNDS Files Suit to Get $6,721 Tied Up in Closed Bank From State. DES MOINES, March The Kanawha independent school district has filed suit in Polk county district court to recover from the state $6,721.34 in school funds which are tied up in the First National bank of Kanawha. The action, brought in the form of a writ of mandamus, is against State Treasurer Leo Wegman, State Superintendent of Banking D. W. Bates, the First National bank and its receiver, H. E. Rachut, Gov. Clyde Herring, and other members of the state executive council. The school district claims that the state officials and the bank receiver has failed to allow and approve the deposit claim filed by the school, and further that the state has failed reimburse the district as provided by the state law from the state sinking fund.

3. March 23, 1934 Globe-Gazette Mason City, IA

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Article Text

KANAWHA SEEKS SCHOOL FUNDS Files Suit to Get $6,721 Tied Up in Closed Bank From State. DES MOINES, March 23. (P)The Kanawha independent school district has filed suit in Polk county district court to recover from the state $6,721.34 in school funds which are tied up in the First National bank of Kanawha. The action, brought in the form of a writ of mandamus. is against State Treasurer Leo J. Wegman. State Superintendent of Banking D. W. Bates, the First National bank and its receiver, H. E. Rachut, Gov. Clyde Herring, and other members of the state executive council. The school district claims that the state officials and the bank receiver has failed to allow and approve the deposit claim filed by the school, and further that the state has failed to reimburse the district as provided by the state law from the state sinking fund.

4. March 23, 1934 Globe-Gazette Mason City, IA

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Article Text

KANAWHA SEEKS SCHOOL FUNDS Files Suit to Get $6,721 Tied Up in Closed Bank From State. DES MOINES, March 23. (7P) The Kanawha independent school district has filed suit in Polk county district court to recover from the state $6,721.34 in school funds which are tied up in the First National bank of Kanawha. The action, brought in the form of a writ of mandamus, is against State Treasurer Leo Wegman, State Superintendent of Banking D. W Bates, the First National bank and its receiver, H. E. Rachut, Gov. Clyde Herring, and other members of the state executive council. The school district claims that the state officials and the bank receiver has failed to allow and approve the deposit claim filed by the school, and further that the state has failed to reimburse the district as provided by the state law from the state sinking fund.