3707. First National Bank (Rock Rapids, IA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
3153
Charter Number
3153
Start Date
December 16, 1930
Location
Rock Rapids, Iowa (43.427, -96.176)

Metadata

Model
gpt-5-mini
Short Digest
78754768

Response Measures

Full suspension

Other: Affairs later turned over to state banking department and receiver appointed in 1931.

Receivership Details

Depositor recovery rate
69.4%
Date receivership started
1930-12-20
Date receivership terminated
1936-06-16
OCC cause of failure
Economic conditions
Share of assets assessed as good
25.0%
Share of assets assessed as doubtful
50.9%
Share of assets assessed as worthless
24.1%

Description

Newspaper articles (Dec 1930) describe a run/heavy withdrawals and the officers' decision to close/suspend the First National Bank of Rock Rapids to conserve assets. By Oct 1931 a receiver was appointed, indicating permanent closure. Cause of the initial run is loss of confidence following failures of Sioux City banking institutions (local banks contagion).

Events (5)

1. April 11, 1884 Chartered
Source
historical_nic
2. December 16, 1930 Run
Cause
Local Banks
Cause Details
Loss of confidence and withdrawals triggered by failures of Sioux City banking institutions nearby
Measures
Officers and directors decided to close/suspend the bank to conserve assets (meeting held in Rock Rapids).
Newspaper Excerpt
An unwarranted lack of confidence, fostered by the failure of Sioux City banking institutions more than a week ago, forced the closing of four Lyon county banks... A run started on convinced the officers and directors of the four banks of the advisability of closing
Source
newspapers
3. December 17, 1930 Suspension
Cause
Local Banks
Cause Details
Banks suspended operations after heavy withdrawals and lack of confidence stemming from other regional bank failures.
Newspaper Excerpt
ROCK banks in Lyon county closed their doors Wednesday The largest was the First National bank of Rock Rapids, which had deposits of $318,000... the Alvord ... the Savings bank of Larchwood ... and the Farmers National bank of Inwood were the others which suspended business.
Source
newspapers
4. December 20, 1930 Receivership
Source
historical_nic
5. October 23, 1931 Receivership
Newspaper Excerpt
BANK RECEIVER NAMED Rock Rapids, A. Cutreceiver bank at and for the closed First National bank has been appointed ... similar position at the Lyon to County National bank, which closed this week.
Source
newspapers

Newspaper Articles (3)

Article from Des Moines Tribune, December 17, 1930

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Article Text

DOZEN ARKANSAS BANKS CLOSED FOUR LYON COUNTY BANKS CLOSE DOORS Affairs Turned Over to State Officials. LITTLE ROCK. ARK (U.P.) Twelve Arkansas banks and trust Wednesday closed their doors. turning over their affairs to the state banking de partment The closures were attributed to heavy withdrawals The banks were: Citizens Joseph Citizens Bank and Trust Co Harrison First Na tional First Na tional Eureka Springs Bank of Pass Bank of Everton Bank of Leadhill Leadhill Amer ican Exchan bank Leslie First State bank Citizens bank. Yellville Bank of Flippin, Flippin Bank of The last two banks listed were branches of the Citizens Bank of Yellville The Citizens Bank & Trust company of Harrison is the largest bank those closed with deposits totaling more than one million dollars. banks with large deposits were the Citizens* bank of Yellville and its deposits First State bank Marshall $320.000 American ExAggregate deposits of the other banks estimated at more than One In Mississippi ABERDEEN MISS The Commercial Bank Trust company. one three banking in stitutions here failed to open Wednesday and its affairs were turned over to the state banking department for liquidation Capitalization of the bank was $60. (The Tribune's Iowa News Service.) ROCK banks in Lyon county closed their doors Wednesday The largest was the First National bank of Rock Rapids. which had deposits of $318,000. according to the last published report, and of 000 The Alvord at Alvord. private institution: the Savings bank of Larchwood state bank, and the Farmers National bank of Inwood were the others which suspended business. According to the Iowa bank directory Alvord bank capitalized $22 000 and had deposits of $315,000. The Larchwood Savings bank had capital of $90 000 and deposits of $200,000, and the Farmers National bank Inwood had capital of $40,000 and deposits of Charles Shade is president of all four banks


Article from The Sioux County Index, December 26, 1930

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Article Text

Supervisors News Of Sioux County Complete Report of the Meeting of the County Board of Supervisors Members present sume as forenoon At 2 o'clock P. M. which being the time set for opening bids on 12 carloads of bridge lumber there were Nebraska Bridge Supply & Lumber Co of Omaha, Nebraska having submitted the following bid and being low bldder the board on motion awarded them the contract for the lum ber and piling: (Lumber and Piling Contract and contract prices on File at Index.) On motion the Board instructed the county auditor to return the certified checks to the unsucceseful bidders. On motion the Board approved the ffficial bond of John Vauder Hamm, ******** of the town of Ireton. On motion the Board exempted a three acre tract located In the north west corner of the Northwest Quarter of Section 1 East Orange Township used for cemetory purposes. On motion the Board exempted lots 14-15-16 and 17 Block 28 Western Town Lot Company Hawardeu, Iowa, from taxes for the year 1923 and 1930 in account of said property being used for church purposes. On motion the Board exempted lots 3 and 7 Block 29 in North Stoux Coner from taxes for the years 1929 and 1030 on account of said property beng used for church purposes. On motion the Board suspended the taxes against South one-half of Lots 7 and 8 Block 7 owned by Mrs. W. Sterrenberg for the year 1929 and 1930 as recommended by the town council of Orange City. The Board spent the remainder of the day auditing claims as found in the claim register and 07 motion Instructed the county auditor to draw On motion the Board adjurned to December 2nd, 1930 An unwarranted lack of conddence, fostered by the failure of Sioux City banking institutions more than a week ago, forced the closing of four Lyon county banks the first of last week. All wore members of the thain organized many years 050 by 2 group hoaded by Ohne Shado, long identified with the banking business 'n that county. A run started on convinced the officers and directors of the four banks of the advisability of closing In order that their assets might be conserved no far as possinle, and they moved to take such neilon at a meeting held In Rock Rapds on Tuesday evening. Banks affected by the closing order were the First National Bank of Rock RapRdA, the Alsord Bank of Alvord. the Parmers' National Bank of Inwood. and the Savinga Bank of Larchwood.


Article from Argus-Leader, October 23, 1931

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Article Text

tinue is found. until gas France campaigns against dirt metric tons of cleaning and scouring powders an- BANK RECEIVER NAMED Rock Rapids, A. Cutreceiver bank at and for the closed First National bank has been appointsimilar position at the Lyon to County National bank, which closed this week. Apples, lbs. for Sweet Potatoes, 6 lbs. Cranberries, TWO pounds for Butter, Pound Sugar, 10 lbs. Hamburger, 2 lbs. Fig Cookies, lbs. Rice Krispies, 2 for and one Sunbrite Cleanser Free 2 lbs.