Article Text
TAKES UP BANK OPERATIONS Institutions at Benton and Mount Ayr Receive State Aid. Des Moines Monday law intendent them them in the State bank Mount Ayr Benton bank of Benton Under the any his with the the operate appoint
3630. Mount Ayr State Bank (Mount Ayr, IA)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Start Date
- January 23, 1933
- Location
- Mount Ayr, Iowa (40.715, -94.235)
Metadata
- Model
- gpt-5-mini
- Short Digest
bdaf9d4f
Response Measures
None
Description
Iowa banking superintendent took the Mount Ayr State Bank into state control under a new law (Jan 23, 1933). Articles describe the superintendent operating the bank and accepting new deposits in trust, indicating a government-ordered/assisted suspension of normal control with operations continuing under state management rather than a depositor run or permanent closure.
Events (1)
1.
January 23, 1933
Suspension
- Cause
- Government Action
- Cause Details
- Banking superintendent took the bank into state control under a newly passed Iowa law; operations continued under state supervision and new deposits accepted in trust.
- Newspaper Excerpt
- The Mount Ayr State bank ... requested the aid Supt. Andrew ... taken over the of state banks under the new law ... may operate bank under its old officers ... New deposits will be accepted, Andrew said, and will remain in trust entirely separate from the old funds.
- Source
- newspapers
Newspaper Articles (3)
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Article Text
OVER BY STATE Banking Superintendent of Iowa Acts Under Law Just Passed. DES MOINES. Jan. 23. banking announctoday that had taken over the of state banks under the new the bankto them placing them receiverinstitutions were the Mount State bank Mount and Benton Savings bank of Benton both in Ringgold county. passed last Fri. in series of rapid actions senate. house and Gov. Clyde Herring became effective upon Under its provisions the banking superintendent take over any institution requesting his aid, with consent the council the governor. He may operate bank under its old officers, may new ones he and full control handle the assets the bank the manner deems best interests of the deposi- Taxpayers Plan Meeting. NEW Jan taxpayers New taxpayers Independent district hold meeting the Chickasaw county house
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Article Text
NEW IOWA BANK LAW AVERTS 2 BANK CLOSINGS Des Moines, Ia., Iowa authorizing the state banking superintendent take over the of state banks voked in two cases for the first time today. The Mount Ayr State bank and the Benton bank, both in Ringgold county, requested the aid Supt. Andrew, under jurisdiction they may operated without going into The new law, rushed through both houses of the state assembly last Friday, that the banking shall in charge for one year, the time may be with the approval of the executive Andrew said in the of the two permitted now, but becomes will be the prorata New deposits will be accepted, Andrew said, and will remain in trust entirely separate from the old funds. He emphatic in pointing out that the funds in way pledged the institutions were placed in his hands.