First National Bank - Milford, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 5539
Charter Number: 5539
Start Date: January 1, 1927*
Location: Milford, Iowa (43.325, -95.150)

Metadata

Model: gpt-5-mini
Short Digest: c85602d4

Response Measures

None

Receivership Details

Depositor recovery rate: 14.2%
Date receivership started: 1926-07-08
Date receivership terminated: 1931-10-29
OCC cause of failure: Economic conditions
Share of assets assessed as good: 28.1%
Share of assets assessed as doubtful: 47.8%
Share of assets assessed as worthless: 24.1%

Description

Articles indicate the First National Bank of Milford had previously closed and was in receivership. No run is described. Receiver C. J. Obrecht is handling the defunct bank; in 1931 the receiver sold the final assets to Milford men for $5,010. The earlier closure is described as having occurred about four years ago (from Jan 1931), so circa 1927. Article from 1929 notes a change in receiver assignments.

Events (5)

1. August 16, 1900 Chartered

Source: historical_nic

2. July 8, 1926 Receivership

Source: historical_nic

3. January 1, 1927* Suspension

Cause: Government Action
Cause Details: Bank closed and placed in receivership (defunct national bank under federal receiver).
Newspaper Excerpt: the First National bank of Milford, which closed about four years ago,
Source: newspapers

4. August 9, 1929 Receivership

Newspaper Excerpt: He will be succeeded here by C. J. Obrecht, receiver of the defunct national banks of Spirit Lake, Milford and Estherville.
Source: newspapers

5. January 4, 1931 Other

Newspaper Excerpt: final assets of the First National bank of Milford ... were sold by the receiver Obrecht to a group of Milford men for $5,010.
Source: newspapers

Newspaper Articles (2)

1. August 9, 1929 Globe-Gazette Mason City, IA

Article from Globe-Gazette, August 9, 1929

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Article Text

Bank Receiver Leaves Federal Department SWEA CITY, Aug. 9.-Receiver Frank Bois of the First National bank. has severed his connections with the federal banking department and has accepted an engagement with the Bank of Detroit. Mich. He will be succeeded here by C. J. Obrecht, receiver of the defunct national banks of Spirit Lake, Milford and Estherville. In addition to the First National bank here Mr. Obrecht will also have charge of the defunct First National at Armstrong. making five banks in his receivership. Mr. Bois will become credit man-

2. January 4, 1931 The Des Moines Register Des Moines, IA

Article from The Des Moines Register, January 4, 1931

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Article Text

Baering Down on the News BY ARTHUR (BUGS) BAER We can never remember whether it was Cicero or Cato who demanded that Carthage must fall. NEW YORK (P)-A movement But he was a patriot. He was to colonize large sections of the for his country right or wrong. United States, Canada and Mex- And sometimes he merged 'em. ico with thousands of maladjustWhich is why we cannot undered Russian and other Slavic farmstand Senator King's (Utah) deers and refugees was made known mand that our marines quit NicSunday by the American Slavic aragua. Organization trust. A statement said the trust was Eight boys were ambushed and chartered here with capital of killed there last week-while and would have CO- they were stringing telegraph operation of scores of eastern wires. Which demands the old European emigrant societies optician's test of an eye for an abroad and in this country optic. "The co-operative has set in motion machinery to deposit the first group of agriculturists in North America this spring," the statement said. A delegation of officials returned to New York from Mexico few days ago, it was stated, having obtained concessions for settlement from President Ortiz Rubio. Because of American immigration restrictions, the first contingent of settlers will be sent to Mexico. If we were senatotr we would insist that the marines twist Augustino Sandino's nose so far he could eat garlic without smelling it. The senator claims we are protecting investments with bayonets. Which ain't bad idea We'll join the marines before we start buying on margin again. (Copyright 1931, by U. S.) Russian Progresses. to enter the Republican primaries Bank's Final Assets Sold. "thus violating the spirit and (Special Dispatch to The Register.) (Register's Special Iowa News Service.) purpose of the law. AUSTIN, TEX.-Boris L. Lerfinal assets of McKelvie testified before the ner, who could not speak Engthe First National bank of MilNye committee recently that he lish when he emigrated from Rus. ford. which closed about four contributed $10,000 to the cam- sia six years ago, has completed years ago, were sold by the repaign fund of Norris primary high school work and is now atceiver. Obrecht. to a group opponent, but that only $2,800 of tending the University of Texas. of Milford men for $5,010. spent for that purpose. was