First National Bank - Marengo, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 2484
Charter Number: 2484
Start Date: February 14, 1926
Location: Marengo, Iowa (41.798, -92.071)

Metadata

Model: gpt-5-mini
Short Digest: 8ffcd648

Response Measures

None

Receivership Details

Depositor recovery rate: 72.4%
Date receivership started: 1927-02-18
Date receivership terminated: 1932-06-15
OCC cause of failure: Economic conditions
Share of assets assessed as good: 26.4%
Share of assets assessed as doubtful: 59.6%
Share of assets assessed as worthless: 14.0%

Description

Articles show First National Bank of Marengo went into receivership on Feb 14, 1926 and was liquidated (72.6% paid). No article describes a depositor run; later 1929 piece mentions the receiver suing on a note and 1932 piece references liquidation/settlement activity.

Events (6)

1. June 21, 1880 Chartered

Source: historical_nic

2. February 14, 1926 Receivership

Newspaper Excerpt: The First National bank, which went into receivership Feb. 14, 1926, liquidated 72.6 per cent.
Source: newspapers

3. February 14, 1926 Suspension

Cause: Government Action
Cause Details: Bank entered receivership on Feb. 14, 1926 and proceeded to liquidation.
Newspaper Excerpt: The First National bank, which went into receivership Feb. 14, 1926, liquidated 72.6 per cent.
Source: newspapers

4. February 18, 1927 Receivership

Source: historical_nic

5. March 5, 1929 Other

Newspaper Excerpt: Suit to recover $1,005.25 due on a promissory note ... was filed in federal court here today by Frank W. McRoberts, receiver of the First National bank of Marengo against P.
Source: newspapers

6. August 11, 1932 Other

Newspaper Excerpt: The First National bank, which went into receivership Feb. 14, 1926, liquidated 72.6 per cent.
Source: newspapers

Newspaper Articles (2)

1. March 5, 1929 The Gazette Cedar Rapids, IA

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Article Text

H. Harrington of North English was a business visitor in Cedar Rapids today. Sidewalks are appreciated these days. Ridgewood has sidewalks. Bolton's. Advertisement. Members of the Master Barbers association will meet at the Chamber of Commerce this evening. Permanent wave demonstration Nestle-Le Mur new Croquignole method at Haldy's Thursday March The Washington Hi-Y club will hear a talk by Otto Ambroz on "Advertising' at its regular meeting Thursday evening at 6 o'clock. Money For Taxes. Secured easily at The Morris Ronald Evans, Coe student, has been confined to his home at 2646 Meadowbrook drive during the last week with a throat affection. Bungalow tea, demonstration electric baking, Wednesday afternoon. The The food demonstration which was to take place Wednesday at 2:30 at the First Presbyterian church has 2:30. been postponed until Thursday at The New Ford has a steel body, hydrolic shock absorbers and shatterproof windshield glass. Rude Auto Co.-Advertisement. Mrs. Earl Cargin, 316 Third avenue west, who was taken to St. Luke's hospital to undergo a minor operation Sunday is getting along as well as can be expected. Watch for our announcements. We are giving everyone in Cedar Rapids a chance to drive the new Ford. Notice the quality. Rude Auto Co.-Advertisement. Bank Receiver Sues. Suit to recover $1,005.25 due on a promissory note signed on November 2, 1925, was filed in federal court here today by Frank W. McRoberts, receiver of the First National bank of Marengo against P.

2. August 11, 1932 Quad-City Times Davenport, IA

Article from Quad-City Times, August 11, 1932

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Article Text

IOWA CO. 4-H SHOW PROGRAM IS COMPLETED Fourth Annual Three-Day Events Begins Aug. 22; Siefken Speaker. Special The Democrat Marengo, Ia., Aug. 11.-Plans for the fourth annual countywide 4-H club show in Iowa county, Aug. 22-24, were announced this week by County Club Agent R. W. Ashby, in charge of the event. Represented are 14 of 16 townonly the two inhabited by the Amana society226 farm boys and girls, 151 boys from nine clubs. In the livestock division L. W. Plager, Grundy Center, president of the Iowa State Livestock Judges' association, will select 10 from 74 calves, 30 from 133 pigs for entry in the Iowa State fair the following week. From girls' work by five clubs Grace Stevens Rylander of Muscatine will select one booth exhibit and one demonstration team for similar honors, and two individual exhibits in each of 19 classes. Dr. C. H. Herman, Amana, who annually donates his services will determine the healthiest among eight boys and five girls. In addition the livestock judging team whose results most nearly approximate those of Mr. Plager will earn the trip to Des Moines. Bank Settlement. Judge R. G. Popham has authorized public sale of remaining assets of the Peoples Savings bank Aug. 23 at p. m. Meanwhile any debt may be settled or adjusted with Receiver L. A. Andrews and withdrawn from the list. With other amounts collected since dividends totaling 75 per cent were issued, the proceeds will probably result in a final dividend of 5 to per cent. The American Savings bank, which closed ten days earlier, has paid out 50 per cent and may provide depositors with two more 10 per cent dividends. The First National bank, which went into receivership Feb. 14, 1926, liquidated 72.6 per cent. Appraise Creamery. A. W. McKusker, A. T. Akerman, and G. M. Guthrie, Marengo, have been designated by Judge R. G. Popham to appraise property of the Iowa Valley Creamery company preparatory to a public hearing Aug. 16 on its receivership. Henry Bendorf, representing the control-