First National Bank - Montezuma, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 2961
Charter Number: 2961
Start Date: September 16, 1929
Location: Montezuma, Iowa (41.586, -92.527)

Metadata

Model: gpt-5-mini
Short Digest: 90c3f1c4

Response Measures

None

Receivership Details

Depositor recovery rate: 57.8%
Date receivership started: 1929-09-16
Date receivership terminated: 1935-05-18
OCC cause of failure: Governance
Share of assets assessed as good: 26.5%
Share of assets assessed as doubtful: 52.9%
Share of assets assessed as worthless: 20.6%

Description

The First National Bank of Montezuma was closed by order of the Comptroller of the Currency and placed in the hands of a national bank receiver (article dated 1929-09-20). Subsequent 1930 articles discuss the receiver liquidating the bank and collecting assessments, indicating the bank did not reopen and was being liquidated. No explicit run is mentioned in the articles.

Events (4)

1. May 26, 1883 Chartered

Source: historical_nic

2. September 16, 1929 Receivership

Source: historical_nic

3. September 16, 1929 Suspension

Cause: Government Action
Cause Details: Closed by order of the Comptroller of the Currency and by vote of the bank's board of directors; placed in charge of a national bank receiver.
Newspaper Excerpt: The Tribune's ... national bank receiver is now in charge of the First National bank of Montezuma which closed Monday by an order from the comptroller of currency and vote of the board of directors.
Source: newspapers

4. September 20, 1929 Receivership

Newspaper Excerpt: national bank receiver is now in charge of the First National bank of Montezuma ... he is also in charge of closed banks at Marengo, Brooklyn, Norway and Grinnell. Frank W. McRoberts, receiver for the First National bank Montezuma, seeking collect of $2,000 ... When McRoberts took the bank receiver, he found to assess each stockholder 100 per cent his holdings to make the deficit liquidating the business of the bank. (articles describe receiver actions in 1930).
Source: newspapers

Newspaper Articles (3)

1. September 20, 1929 Des Moines Tribune Des Moines, IA

Article from Des Moines Tribune, September 20, 1929

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Article Text

MONTEZUMA BANK UNDER RECEIVER (The Tribune's erts. national bank receiver. is now in charge of the First National bank of Montezuma which "closed Monday by an order from the comptroller of currency and vote of the board of directors. At the present time he is also 'in charge of closed banks at Marengo, Brooklyn, Norway and Grinnell. The First National was one of the oldest banks in Poweshiek county having been established in Deposits totaled over $480, 1000. There were no rediscounts and no borrowed money by the

2. March 8, 1930 The Daily Times Davenport, IA

Article from The Daily Times, March 8, 1930

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Article Text

Bank Turns to Court to Collect $2,000 Assessment Frank W. McRoberts, receiver for the First National bank Montezuma, seeking collect of $2,000 from Belle Shinabarger, Muscatine, through action which has been started in the United States district court in Davenport. Although the case was filed here several weeks was not until yesterday that notice was served on the Muscatine woman, because of the illness of Deputy United States Marshal Kenney here. She held 20 shares of capital the bank with $100 each. When McRoberts took the bank receiver, he found to assess each stockholder 100 per cent his holdings make the deficit liquidating the business of the bank. Thus he states, efforts to collect from the Muscatine have been Interest cent from Oct. 1929, asked.

3. March 9, 1930 Quad-City Times Davenport, IA

Article from Quad-City Times, March 9, 1930

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Article Text

Action to Collect $2,000 Assessment Started in Court Belle F. Shinaberger of Musca. tine, has been made defendants ih an action started in United States district court in Davenport by Frank W. McRoberts, receiver for the Frist National bank of Montezuma who is seeking to collect an assessment of $2,000. While the case was filed here several weeks ago, it was not until Friday that notice was served on the Muscatine woman due to the illness of Deputy United States Marshal T. F. Kenney. She held 20 shares of capital stock in the bank with a par value of $100 each. When McRoberts took over the bank as receiver, he found it necessary to assess each stockholder 100 per cent of his holdings to make up the deficit in liquidating the business of the bank. Thus far, he states, efforts to collect from the Muscatine woman have been unsuccessful. Interest of six per cent from Oct. 16, 1929, is asked.