Article Text
MERGER HALT, GOSSIP, CLOSE MARENGO BANK Special The Democrat Marengo, Ia., Nov. -Officers of the American Savings bank this morning closed doors of that institution and called in state bank
3584. American Savings Bank (Marengo, IA)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- savings bank
- Start Date
- November 20, 1928
- Location
- Marengo, Iowa (41.798, -92.071)
Metadata
- Model
- gpt-5-mini
- Short Digest
2dca5500
Response Measures
Full suspension, Books examined
Other: Receiver (Shawver) named for American Savings Bank; merger charters denied for Peoples attempt.
Description
Articles report heavy withdrawals/rumors and the American Savings Bank closed its doors Nov 20, 1928; state authorities/receiver were called and a receiver (Shawver) was later named. The sequence is a run leading to suspension/closure with receivership.
Events (3)
1.
November 20, 1928
Run
- Cause
- Rumor Or Misinformation
- Cause Details
- Heavy withdrawals prompted by merger rumors that the bank would merge with Peoples Savings bank; action rumors and serious run referenced.
- Measures
- Closed doors to the public and called in state bank/examiner
- Newspaper Excerpt
- Officers of the American Savings bank this morning closed doors of that institution and called in state bank
- Source
- newspapers
2.
November 20, 1928
Suspension
- Cause
- Rumor Or Misinformation
- Cause Details
- Bank suspended operations after heavy withdrawals triggered by merger rumors and resulting loss of confidence; doors closed to public Nov. 20, 1928
- Newspaper Excerpt
- MARENGO BANK CLOSES DOORS TO THE PUBLIC ... bank closed its doors this morning ... serious run the bank's ... finally considered advisable
- Source
- newspapers
3.
November 30, 1928
Receivership
- Newspaper Excerpt
- Shawver has been named receiver for the American today ... the American Savings bank has the Peoples in progress officials said ... receiver named for the American today leaves Marengo without ... First National bank of Marengo closed 14.
- Source
- newspapers
Newspaper Articles (4)
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Article Text
MARENGO BANK CLOSES DOORS TO THE PUBLIC (Register's Special Iowa News bank closed its doors this morning action rumors that the bank to merged with the Peoples Savings bank The rumors, according to officials of the American Savings serious run the bank's that was finally considered advisable The American bank was organ ized in 1907 with capital stock of $25 which was later creased to $50,000 The bank surplus and $600,000 deposits. Officials of the bank Wilson, vice president, and C. Denzler, cashier.
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Article Text
MARENGO BANK FAILS TO OPEN Peoples Savings Institution Was Organized in 1905. News Service.) Marengo, Nov. PeoSavings bank which was ganized ples here in 1905. failed to open its doors this morning Ole Olson is president the bank and A The officers the bank gave its capital at surplus, and total Since the closing of the AmerNov run Savings bank has the Peoples in progress officials said A merger between the institutions failed when petition for a charter was denied Shawver has been named receiver for the American today leaves MaThe closing The First rengo without National bank of Marengo closed 14.
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Article Text
BANK CLOSES People's Savings Fails To Open Friday Morning (By Associated Press) MARENGO, Ia., Nov. the failure of the People's Savings bank to open here early Fri. day morning, Marengo is left without a single bank, the American Savings bank having closed its doors on November 20th, and the reorganization plans failing in their completion. Heavy runs have been noticed the People's bank since the closing of the American and unable to withstand the loses. The People's Savings bank was organized in 1905 with the late Arthur N. Vetty as president. After the death of Mr. Vetty the bank by Mr. Ole Olson, president, and Mr. Rouse, cashier. The capital stock was $100,000, deposits, good and the total resources estimated at $678,000.