First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1891
Charter Number: 1891
Start Date: January 1, 1894*
Location: Pella, Iowa (41.408, -92.916)

Metadata

Model: gpt-5-mini
Short Digest: 11c2e1bc

Response Measures

None

Receivership Details

Depositor recovery rate: 64.6%
Date receivership started: 1895-06-05
Date receivership terminated: 1904-09-30
OCC cause of failure: Fraud
Share of assets assessed as good: 39.4%
Share of assets assessed as doubtful: 13.1%
Share of assets assessed as worthless: 47.5%

Description

Article (1898) describes the First National Bank of Pella that failed in the summer of 1894 following discovery that its president embezzled funds; a receiver (R. R. Beard) brought suit. No run is described — this is a failure/suspension that led to receivership/closure due to bank-specific malfeasance.

Events (4)

1. October 14, 1871 Chartered

Source: historical_nic

2. January 1, 1894* Receivership

Newspaper Excerpt: Judge Grosscup ... in favor of R. R. Beard, receiver of the First national bank of Pella ... The suit was brought by the receiver to recover funds which E. R. Cassat ... had paid to the brokers before the failure of the bank in order to speculate ... The First national bank of Pella failed in the summer of 1894.
Source: newspapers

3. June 1, 1894* Suspension

Cause: Bank Specific Adverse Info
Cause Details: President E. R. Cassat was found short $65,000; indicted and imprisoned for embezzlement, causing the bank's failure.
Newspaper Excerpt: The First national bank of Pella failed in the summer of 1894.
Source: newspapers

4. June 5, 1895 Receivership

Source: historical_nic

Newspaper Articles (1)

1. May 6, 1898 Twice-A-Week Plain Dealer Cresco, IA

Article from Twice-A-Week Plain Dealer, May 6, 1898

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Article Text

WARNING TO BROKERS. Chicago Judge Gives Judgment a for Funds Lost from Bank in Speculation. A decision in suspended bank litigation was given by Judge Grosscup in the United States circuit court in Chicago in favor of R. R. Beard, receiver of the First national bank of Pella, against Milmine, Bodman & Co. and C. B. Congdon & Co., Chicago brokers. The suit was brought by the receiver to recover funds which E. R. Cassat, president of the bank, had paid to the brokers before the failure of the bank in order to speculate on the board of trade. Judgments were ordered against the first named for $20,000 and against the latter for $3,000. The case will be appealed to the highest court. The First national bank of Pella failed in the summer of 1894. Cassat was president of the bank and owned a controlling interest in it. He was found to be short in his accounts $65,000. He was indicted in Iowa for embezzlement and was sent to the penitentiary for nine years. The grounds of the attorneys for bringing the suit were that the defendants knew the money was being lost and should have ascertained whether it belonged to Cassat or to some institution with which he was connected.