First National Bank - Lost Nation, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 5402
Charter Number: 5402
Start Date: January 11, 1932
Location: Lost Nation, Iowa (41.964, -90.818)

Metadata

Model: gpt-5-mini
Short Digest: 329643ef

Response Measures

None

Receivership Details

Depositor recovery rate: 75.1%
Date receivership started: 1932-01-11
Date receivership terminated: 1936-07-24
Share of assets assessed as good: 23.9%
Share of assets assessed as doubtful: 71.3%
Share of assets assessed as worthless: 4.8%

Description

The articles state the First National Bank of Lost Nation closed (closed last Jan.) and a receiver (Lewis S. Lein) was named Jan. 11. Coverage concerns receiver actions (stock assessments, lawsuits) in late 1932 and judgments in 1934. No run or depositor panic is mentioned. I infer the bank suspended and remained closed under a receiver (government-appointed), hence suspension_closure.

Events (6)

1. June 6, 1900 Chartered

Source: historical_nic

2. January 11, 1932 Receivership

Source: historical_nic

3. January 11, 1932 Receivership

Newspaper Excerpt: Lewis S. Lein, receiver for the First National bank of Lost Nation, to collect $18,500 in assessments on stockholders. The bank closed last Jan. and the receiver was named Jan. 11.
Source: newspapers

4. January 11, 1932 Suspension

Cause: Government Action
Cause Details: Bank closed and a receiver (Lewis S. Lein) was appointed Jan. 11; the closure appears to be official and followed by receiver administration.
Newspaper Excerpt: The bank closed last Jan. and the receiver was named Jan. 11.
Source: newspapers

5. December 29, 1932 Other

Newspaper Excerpt: Twenty-two lawsuits naming 24 defendants have been filed in federal district court in Davenport by Lewis S. Lein, receiver for the First National bank of Lost Nation, to collect $18,500 in assessments on stockholders.
Source: newspapers

6. April 5, 1934 Other

Newspaper Excerpt: Judgment for $400 and interest and costs was awarded to Lewis S. Lein, receiver of the First National bank of Lost Nation, Ia., by Judge Charles A. Dewey ... It was a bank stock assessment case.
Source: newspapers

Newspaper Articles (3)

1. December 29, 1932 The Daily Times Davenport, IA

Article from The Daily Times, December 29, 1932

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Article Text

LOST BANK RECEIVER SUES 24 UNDER STOCK LEVY Twenty-two lawsuits naming 24 defendants have been filed in federal district court in Davenport by Lewis S. Lein, receiver for the First National bank of Lost Nation, to collect $18,500 in assessments on stockholders. The bank closed last Jan. and the receiver was named Jan. 11. The levy stocks was to be paid by March 12, based on par value $100 share and capital stock of $40,000. Interest of six cent from March 12 is asked on the unpaid assessments. With the exception of W. Skelley and Ella Skelley of Davenport and M. H. Collins of Cedar Rapids, all of the stockholder defendants live in or near Lost Nation. The list of claims is as follows: F. W. Dickman, $2,700; Albert Dickman, $600; M. Dake, George Creger, $100; M. H. Dake, Collins and Gilroy, $400; Matilda Busch, EmBusch, $300; Bertha Busch, $300; H. Burrichter, $2,500; Frazier, $1,000. L. Grundmeier, Caroline Hohn, W. Jenkins, $200; Carl Mohl, $400; Rowe, $150; Ed Rutenbeck, Charles Ella B. Skelley, $1,000; Skelley, $500: W. Wiese, $300, and Charles Wegner, $1,000.

2. April 4, 1933 Quad-City Times Davenport, IA

Article from Quad-City Times, April 4, 1933

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Article Text

Large Number of Criminal Cases Indicated, But Civil Docket Dwindles in Court Prospects of heavy of inal cases while civil busigrew dwindled United States district court got underway this mornScott county Indication of unusually large number of criminal matters before the court seen the prediction of Robert Colflesh, United States district attor that the grand jury empaneled soon after court would be required for three and possibly days. rule the investigating body completes its work here days. addition to several liquor cases set for there known to five Dyer act mat to before the grand jury, four them having brought from other parts of the state One Mann act also slated for About 50 liquor cases presented on informations. Civil cases pending this term court faded rapidly by the tinuance route as Federal Judge Charles Dewey thru the docket attorneys, and as court recessed noon only two cases been definitely for trial. These war risk insurance brought by Clarence Fitzsimmons against government for Thursday and Wheatland Harry Rogers of New York in an auto damage suit, for assessment suits brought Lesis receiver for the First National bank of Lost will be continued the of inability of counsel to for receiver. Whether not suits brought Leona Guerink of Muscatine against Mutual Life Chicago National Life In surance companies will come trial this depend motions which will be this aft by the plaintiff. An injunction action brought Clark, for the Fed. Co., against the Detroit Fidelity Surety has been continued by stipulation both parties, the court informed. Twenty grand jury Dewey and Lone Tree appointed foreman. partial report made Wednesday after the petit jurors report. Only criminal was dis posed of this morning when How. ard McEleney Clinton fined $150 after pleading guilty charges of liquor possession. He given four to pay the of his fine. Final act of the court before tak administering the allegiance to naturalized citizens.

3. April 5, 1934 The Daily Times Davenport, IA

Article from The Daily Times, April 5, 1934

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Article Text

Lost Nation Bank Receiver Awarded Judgment by Dewey Judgment for $400 and interest and costs was awarded to Lewis S. Lein, receiver of the First National bank of Lost Nation, Ia., by Judge Charles A. Dewey in federal district court here this morning against M. H. Collins, when the defendant failed to appear and offer objections. E. Miller appeared as attorney for the plaintiff. It was a bank stock assessment case.