Bank of Kelley - Kelley, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 7, 1914
Location: Kelley, Iowa (41.951, -93.665)

Metadata

Model: gpt-5-mini
Short Digest: b057cc93

Response Measures

None

Description

Article (1914-04-07) describes the Bank of Kelley as a 'defunct bank' caused by the defalcation (embezzlement) of E. K. Penfield and ongoing creditor litigation. The story does not explicitly mention a depositor run or a formal suspension date or the appointment of a receiver. I classify this as suspension_closure because the bank is defunct/closed due to internal embezzlement (bank-specific adverse information) and remains closed; however, the record does not explicitly state suspension or receivership, so closure/defunct status is inferred from wording and documented here.

Events (1)

1. April 7, 1914 Other

Newspaper Excerpt: Litigation growing out of Penfield's operation begun; creditors bringing suit over defalcation.
Source: newspapers

Newspaper Articles (1)

1. April 7, 1914 Evening Times-Republican Marshalltown, IA

Article from Evening Times-Republican, April 7, 1914

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Article Text

# KELLEY BANK CASE CALLED. Litigation Growing Out of Penfield's Operation Begun. Special to Times-Republican. Nevada, April 7.-The first jury case assigned for trial at the present term of the Story county district court is that of Anin Anfinson vs. Bank of Kelley et al, which went on trial yesterday afternoon. It will be one of the most complicated cases tried in the courts here for years, the matter embodying ninety-two counts or that many complete cases. There is a motion to separate the cases and try them separately, which, if done, will drag the matter out for years in the courts here. Under one head the case would take probably more than a week for trial. This case is brought by the creditors of the defunct bank caused by the defalcation of E. K. Penfield and is brought against the bank, C. L. Siverly and A. C. Banks. Penfield skipped out leaving the creditors and his associates holding the sack. Siverly, now cashier of the Union National at Ames, was then connected or had been connected with the bank, and Banks was the father-in-law of Penfield. There is a large array of legal talent in the case. There are several thousand dollars involved in the case.