Preston Savings Bank - Preston, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: May 11, 1927
Location: Preston, Iowa (42.050, -90.414)

Metadata

Model: gpt-5-mini
Short Digest: 7732ba62

Response Measures

None

Description

Article (May 11, 1927) describes the Preston Savings Bank as 'defunct' and discusses court proceedings over funds on deposit at the time of its closing. No run or reopening is mentioned; the bank is closed and in settlement/receivership proceedings.

Events (3)

1. May 11, 1927 Other

Newspaper Excerpt: petition of the county asking that the county's claim for approximately $7,000 on over-deposit be given preference in the settlement of the affairs of the defunct Preston Savings bank.
Source: newspapers

2. * Receivership

Newspaper Excerpt: settlement of the affairs of the defunct Preston Savings bank; county asking preference for claim; reference to bondsmen Federal Surety Co. to pay amount if court fails to give preference.
Source: newspapers

3. * Suspension

Cause Details: Article does not specify the reason for the bank's closing or suspension; only that it was closed and settlements are underway.
Newspaper Excerpt: the defunct Preston Savings bank
Source: newspapers

Newspaper Articles (1)

1. May 11, 1927 The Daily Times Davenport, IA

Article from The Daily Times, May 11, 1927

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Article Text

HEAR ARGUMENTS ON JACKSON CO. CLAIM TO RECOVER $7,000 MAQUOKETA, Ia., May 11.-Maines heard arguments, Tuesday in Jackson county district court, on a petition of the county asking that the county's elaim for approximately $7,000 on over-deposit be given preference in the settlement of the affairs of the defunct Preston Savings bank. The claim exists because the Preston Savings bank had on deposit at the time of its closing, a little over $6,900 more than its allotment of county funds. The remainder of the county money will be paid back under the BrookhartLovrein law, but of course this does not take care of the over-deposit. Attorney Hodges of Davenport was here, interested in the case beeause of the Federal Surety Co. which furnished the bonds for the former county treasurer. It is contended here that if the court fails to give preference to the county's claim, then the treasurer's bondsmen, the Federal Surety Co., should pay the amount. Judge Maines took the case under consideration.