Le Mars National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 2818
Charter Number: 2818
Start Date: January 1, 1898*
Location: Le Mars, Iowa (42.794, -96.166)

Metadata

Model: gpt-5-mini
Short Digest: 204f9d0b

Response Measures

None

Receivership Details

Depositor recovery rate: 60.0%
Date receivership started: 1901-04-17
Date receivership terminated: 1903-01-05
OCC cause of failure: Fraud
Share of assets assessed as good: 11.8%
Share of assets assessed as doubtful: 52.4%
Share of assets assessed as worthless: 35.8%

Description

Article describes the bank as insolvent, closed in 1898 and placed in the hands of a receiver after large losses and alleged misappropriation by Ward (ex-officer). No mention of a depositor run; outcome was insolvency/receivership. Date of closure given in text as 1898.

Events (4)

1. November 13, 1882 Chartered

Source: historical_nic

2. January 1, 1898* Receivership

Newspaper Excerpt: was closed in 1898 ... receiver ... The assets ... when the institution was liquidated ... receiver paid out settlements ... paid from collateral and assets recovered by receiver was $5,220 ... receiver liquidated assets making ... $102,000 not been realized elsewhere in the statement is liquidated institution when not been 10 realized . cents joined the would Escape . subhe dollar A Way of provides one can, court, A federal fine statute ... (OCR errors corrected in notes).
Source: newspapers

3. January 1, 1898* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank became insolvent due to misappropriation and large worthless securities/estate losses (charges against officer Ward); led to closure and receiver being appointed
Newspaper Excerpt: was allowed to reopen in 1898 on account was allowed to with ... bank there Ward was made ... became insolvent was closed in 1898 ... receiver
Source: newspapers

4. April 17, 1901 Receivership

Source: historical_nic

Newspaper Articles (1)

1. October 9, 1903 The Mitchell Capital Mitchell, SD

Article from The Mitchell Capital, October 9, 1903

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Article Text

of Ward LeMars in Ex-Banker National Pleads Guilty Federal Court. STATEMENT IN HIS BEHALF Makes Showing the Attorney Persons Officer's Relations Com- to the Bank Before He Institution mitted Crime. tw Oct. s.-In sesSioux City, Ia., at the evening court here, T. short minutes the federal sentenced of sion of Smith McPherson acting president pay of Judge Ward, former National bank, until to it the F. LeMars $12,000 and go to jail to a quespaid. fine Ward said in response he had anyounced, reason tion Mr. as to whether should not add be to a to state- the why sentence he had nothing been to submit said he that ment whch Judge had McPherson did not deserve no inthere. this court. thought the sentence offense and he had statetention penitential of from looking him over just what was fact, tell remarked. ment, "In I can hardly the court his attorney. J. the offense, Ward, esterday through afternoon counts M. Mr. Parsons to the first count of seven t under general which ed the guilty indictment sentenced The charged the bank's funds. he was opriation counts of were McMillan sapple Attorney fact that The United States recites the organized ized by The statement National capital, bank, olvent was closed con the 1882 LeMars with $100,000 of its insolvent reopen bank Mr in in 1898 on account was allowed to with sident the in dition, became but associated vice presid bank there Ward was made to the and real in When paper, which are the total 1897. 1896 and worthless he came of Securities loss to enuIn was estate, of the items of $103,000 addition of to merated, without a interest in the bank estate $50,400 valued for bank. was real receiver this there paper sold and by the loss on these this $20,000, $23,000. valueless at $43,00 making was a All net of loss the Ward Institution of represented when Mr. cent. $25,000 item items bank of $175,000 A 25 per Mr. lost joinedmen to assessment the $25,000 brought of stock in the and ssment. he drafts Ward with held his portion Mr. of amount Ward used of $6,500 there The this, books show to the 1901 and the reof the he bank left in recovered April and by settlewas beforafterwards from his collateral receiver the paid bank, out is bank ceiver ments $5,220. from the The assets made of that Mr. had Ward the on have $102,000 and the been statement is liquidated institution when not been 10 realized. cents joined the would Escape. subhe dollar A Way of provides one can, court, A federal fine statute in the federal before a showing United jected thirty to days, go and, by subject to after themmissioner, property obtain States he comm has excess not of $20, be can necessary to that tion in It will not any one else discharge Ward or fine. a for either cent Mr. of the statute large under Ward, which pay Following one J. M. is the Parsons, the for light Mr. penalty Attorney shrewdly planned must pay senconvict, court States a which has 1042. his client When a of poor the cost, United nether been days Sec. by any Andine and has for tenced fine, or solely and fine confined ment appli the without to pay without in prison of thirty such fine, or in United writ non- missioner make of where he is to the he may Whability ing court cost, of cost, to any commis in the forth distric his and after the imprisoned States setting or fine and attorney offer eviimprison fine district mission pay such to the who may the appear, the notice States, heard, and determin it shall United and be to hear amination is undence proceed if, on and cost, matter; shall and him that fine, such or fine exceed jaw to such property by appear able to pay has not any such on as execution that he except taken administration and $20 in value being ssioner shall do from oath: propexempt the Following not any for debt, him the that have the a mount from solmenly ister to swear personal, to law xempt for debt, adreal or as is by precept is erty, except such civil where oath proper in taken on of (state I have no or being the laws and that or future benconveyed my thereupon any disposed God.' for And the keeper comany efit. way Somet help shall me to be the discharges setting jaller or forth the missioner such of the convictiving jail a certificate this statute and his was atfacts. The existence by Mr. of Ward was passed and client last fully known before sentence both attorney of the pen- contorney night, aware even if of before the nature there was a It alty were to be plead paid guilty. true, however, that of this, sent to is doubtless universal versal northwere thwest populari Iowa to the well-inroughouth Ward do in securing emba Mr. much to from .lictment his was had happy exit the have been him. position two Since years ago there Spectacle avoid- of former States numerous turned Sentation continua of state the chairman attorney ed the republican district colleague was for a now United uting a former he defaulted district Mr. for was prose Ward, when the Eleventh at the head chairman McMil Millan state. when H. affairs G. in the guilty yesterday counts fternoon Mr. ictment of of party Ward the pleaded first of seven him, this indiction him in the accusing the bank. count tion of funds of Like New Man. the court Appearward entered jast night, to saw When Mr. 7:30 o'clock those present the past room ceive his at sentence in the man Ward in appeared great change When Mr. two years his face, two years. grand criss- jury the fever last were his features before month the lines rest estless from were hag anxiety loss of was of his eyes and dressed flesh. immac immaculately the bench. ose-fitting a and gard Mr. fom Ward was called before suit of black when wore he a close-11 collar. He high, spotless