3586. American Savings Bank (Marengo, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
January 1, 1927*
Location
Marengo, Iowa (41.798, -92.071)

Metadata

Model
gpt-5-mini
Short Digest
93e53278

Response Measures

None

Description

Articles (May–June 1934) describe the American Savings Bank of Marengo as a closed bank in receivership; the bank had closed about seven years earlier (≈1927). No contemporaneous run is described. The 1934 items record a receivership hearing (June 8) and authorization to pay a final dividend (reported June 11).

Events (3)
1. January 1, 1927* Suspension
Cause Details
Bank closed about seven years before 1934; article does not state a cause for the original suspension/closure.
Newspaper Excerpt
termination of the receivership, which is expected to produce one more 5 per cent dividend, will end disposition of land loans which seven years ago closed all three local banks.
Source
newspapers
2. June 8, 1934 Receivership
Newspaper Excerpt
Judge James P. Caffney set June 8 ... as the time for hearing the American Savings bank receiver's final report. Termination of the receivership ... will end disposition of land loans ... .
Source
newspapers
3. June 11, 1934 Other
Newspaper Excerpt
Final dividend payment of 5.662 per cent by the American Savings bank receivership was authorized ... paying out $29,132.45 to depositors in the closed Marengo bank and first dividend $613.30 to general creditors.
Source
newspapers

Newspaper Articles (2)
1. May 28, 1934 Quad-City Times Davenport, IA
Article from Quad-City Times, May 28, 1934

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Article Text

HARNED SPEAKS AT MARENGO'S MEMORIAL RITE Program in School Auditorium; Receivership Hearing June 8. Special The Marengo, Ia., May 28.-F. Paul Harned will be principal speaker at the Memorial day program 9:30 o'clock Wednesday morning in the high school auditorium. Daughters of Union Veterans will read the G A. R. ritual at the service which will be as follows: Band Brandt Logan's General Orders' Garth Vocal solo-Irene Memorial Paul Harned Gettysburg Address" Franklyn Eddy Roll of Blanche Franks. Salute to the Flag Receivership Report Hearing. Judge James P. Caffney set June 8 at m. as the time for hearing the American Savings bank receiver's final report. Termination of the receivership. which is expected to produce one more 5 per cent dividend, will end disposition of iand loans which seven years ago closed all three local banks. Defeat South Amanas, Marengo Independents won the game from South Amana All Stars there 12 to Batteries were Zimmerman and Vogt for Marengo, Salzbrimmer and Remig for South Amana.

2. June 11, 1934 The Daily Times Davenport, IA
Article from The Daily Times, June 11, 1934

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Article Text

CLOSED BANK IN MARENGO TOPAY FINAL DIVIDEN MARENGO, Ia., June 11. (Special) Final dividend pay ment of 5.662 per cent by th, American Savings bank receiver ship was authorized to close th Iowa county court week Actio by Judge James P. Gaffney ap proves paying out $29,132.45 to positors in the closed Mareng bank and first dividend $613.30 to general creditors. Examiner H. C. Weeks cites his final report a gross balance $651,486.50, with $36,284.29 total expense of receivership. Sinc Sept. 30, 1933, receipts have beer $13,834.34 and expenses $2,027.40 birthday anniversary The hour were spent socially and refresh ments were served. It has been ruled illegal to ship slot machines into New Yorl state.