First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1696
Charter Number: 1696
Start Date: October 31, 1907
Location: Leon, Iowa (40.740, -93.748)

Metadata

Model: gpt-5-mini
Short Digest: daf70ae1

Response Measures

None

Description

Article (1908-10-01) refers to the First National Bank crash in this city about a year earlier (around 1907-10-31). It describes the bank as having failed and being in receivership with no immediate dividend for depositors. No explicit run is described in the provided text, so this is classified as a suspension/closure with receivership. Cause is not specified in the article, so marked as 'other'.

Events (4)

1. December 15, 1869 Chartered

Source: historical_nic

2. July 11, 1876 Voluntary Liquidation

Source: historical_nic

3. October 31, 1907 Suspension

Cause Details: Article refers only to a crash and subsequent settlement activity; no specific trigger (rumor, correspondent failure, etc.) is given.
Newspaper Excerpt: It will have been a year next Oct. 31 since the First National Bank crash in this city.
Source: newspapers

4. * Receivership

Newspaper Excerpt: Receiver Anderson has already distributed about $47,000 to the depositors, which leaves $57,000 to be paid ... No immediate dividend is in sight for the depositors of the First National.
Source: newspapers

Newspaper Articles (1)

1. October 1, 1908 The Leon Reporter Leon, IA

Article from The Leon Reporter, October 1, 1908

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Article Text

RUSSELL BANK PAYS IN FULL. Depositors Get One Hundred Per Cent Through Action of the Brandon Heirs. The heirs of Thomas Brandon, who was a partner with Mr. Crocker in the Russell Bank that was forced to close its doors through the failure of the First National, are buying all the outstanding certificates held by the depositors, and are paying the balance due on them. Receiver Anderson has already distributed about $47,000 to the depositors, which leaves $57,000 to be paid by the Brandon heirs, in order to settle up with all the claimants in full. Receiver Anderson will still have $20,000 or more to distribute, and it will now go to the Brandon heirs, as they hold the depositors' certificates. Mr. Brandon has secured permission from the district court to sell part of his property which he listed last year for the benefit of the depositors and the money is already being paid to the depositors. This action will clear up the Russell Bank tangle most satisfactorily, the depositors getting 100 cents on the dollar for all they had in the Bank. in less than a year after the bank failed. It will have been a year next Oct. 31 since the First National Bank crash in this city. There has been much more polities connected with the settlement of the First National affairs, however, than with those of the Russell Bank. No immediate dividend is in sight for the depositors of the First National. -Chariton Herald.