3715. First National Bank (Rolfe, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
4954
Charter Number
4954
Start Date
December 20, 1930
Location
Rolfe, Iowa (42.813, -94.527)

Metadata

Model
gpt-5-mini
Short Digest
750f236e

Response Measures

None

Receivership Details

Depositor recovery rate
84.9%
Date receivership started
1928-04-03
Date receivership terminated
1931-01-31
OCC cause of failure
Economic conditions
Share of assets assessed as good
25.8%
Share of assets assessed as doubtful
41.0%
Share of assets assessed as worthless
33.2%

Description

Articles (Dec 1930) report the First National at Rolfe is in process of final closing and paying depositors ~84.9% as receivers distribute dividends after banks went broke during the deflation this week. No run or depositor panic is described. Cause attributed to the broader deflation/banking failures of late 1930.

Events (4)

1. May 10, 1894 Chartered
Source
historical_nic
2. April 3, 1928 Receivership
Source
historical_nic
3. December 20, 1930 Receivership
Newspaper Excerpt
Iowa Bank Receivers Help the Situation in Their Towns by Out Christmas of Checks to Depositors Closed Banks... The First Nationals of Rolfe ... are in process of final closing. The bank at Rolfe will pay out 84.9 per cent.
Source
newspapers
4. December 20, 1930 Suspension
Cause
Macro News
Cause Details
Bank went broke during the deflation of 1930 (widespread banking failures); final closing/suspension as part of that wave.
Newspaper Excerpt
The First Nationals of Rolfe and Forest City are in process of final closing. The bank at Rolfe will pay out 84.9 per cent.
Source
newspapers

Newspaper Articles (2)

Article from The Albert Lea Tribune, December 20, 1930

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Article Text

CHRISTMAS PRESENTS PEOPLE Iowa Bank Receivers Help the Situation in Their Towns by Out Christmas of Checks to Depositors Closed Banks. Six Kossuth county and neighboring banks which went broke during the deflation this week paid their depositors dividends amount ing to $400,000 as Christmas reminders. This belated Christmas cheer helps. The First National Bank of Algona pays final dividend of 4.85 per cent, which will put into circulation about $2,000. The final payment brings the total paid by this bank to 49.85 per cent. The First National of Britt has paid dividend of ten per cent. The First Nationals of Rolfe and Forest City are in process of final closing. The bank at Rolfe will pay out 84.9 per cent. The bank at Wesley has paid 65 per cent and will have more to pay. The First National at Burt will be ready today to pay its first dividend of about $70,000, which will be 25 per cent. The bank was closed Sept. this year. The for the County Sav ings bank of Algona will distribute over $300,000 in cash to depositors of that bank and five others, one other in Algona, and one each at Humboldt, Corwith, Luverne and Ringsted.


Article from The Sioux City Journal, December 30, 1930

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Article Text

M'FARLANE CHARGES STUDY Governor on Licutenant Home from Way West Coast San lane. governor for his home WaterMonday study charges brought him by prestagainst dent the Iowa Federation Labor. in connection alleged with the Illinois tral refused to make McFarlane until Into statement matter thoroughly Demands Resignation Moines, Lewis Des statement Saturday manding resignation of Lieut. Gov. Arch McFarlane leged dealings with the Illinois Central based his demand on Lewis between McFarlane and Williams. Illinois Central executive which Introduced an commerce commission hearing railroad chasing Chicago October 20. reports are true." Lewis should not permitted organize the He should resign his position. The alleged letter quoted Farlane telling Williams he had looked after legislation for the railroads and help securing contract the Illinois Central sell the railroad coal through his company. the and county, IN TAXES So the without fire protection. PROPOSED BUDGET recently for has launched plans Des Moines. state tax organized here, farmers In fire protection. for 1931 also to assist sell share for 1932 proposed In the approwhich will stock each priations bill prepared by Budget the title him fire Director Oscar Anderson for the each, the money shares sell $25 the legislature. community to used to purchase The bill the recommendatruck. tion by AnderDakota City, the county son for the state without Humboldt and Institutions during has voted arate fire protection. the next Discussion of the of the stock. to buy two shares will one the of the BIG TUMOR AND KIDNEY general assembly, which must ap- BOY TAKEN FROM INFANT prove the proposed expenditures beCouncil Bluffs, Dick fore they can be made. Glipin, of Mr. and Included In the draft Carson, near Roy the bill for operation state here for the removal after hospital for with pay and the kidtumor year stendy and which tumor had grown. weeks with pay after two or been good health The child had more years when he to about month In addition. authorizes 30 days up Shortly afterbegan lose weight. account of sickleave each on fell with the child wards the mother for ness or revealed her arms and an three with head of the the tumor. at the discretion of the department. OF OSCEOLA FARMERS Although state employes now KEPT ACCOUNTS COUNTY celve annual vacations, the Six hundred been placed the has county kept farmers of fifty with accounts In co-operation The bill would authorize charge farm of State cents mile for the the during past year. state employe' car, how management many persons conducted the would allot to the Indus- schools will during This year for county the farm analysis for state highway the farm bureau procome part of ployes killed or Injured In the duty. and $25,000 to gram. for litigation Involving primary pay Expires Moines. sheriff-elect Polk TWO FARMS CALL SMITH, Walker, Monday. He died early STATE county, IOWA office week. taken Des Moines, by peritonitis Death county farms are calling which an for Hmith, relinquishes the office pendicitis. Throughout Sunday and secretary Thursday mother and Emith plans to home waited Friends take over active Winterset prize corridors. The son his specialmanagement varied career, Walker had feeding hogs. In Izing he became which began when his spare time he will served as fireman Later comment for the write and policeman. Winterset of the paper, Bank to Pay Dividend The management remain in the hands Pyle, Rolfe, his Marion Gor- National bank, daughter, for the First celver took over the publication closed several ago, man, that years when father was nas announced that checks ready state, February 15, 1928. the sixth retury for payment Smith was chosen Gov. the former depositors dividend for the office after the cent being the closed bank, death of Walter the amount released at in time. Previous dividends he declined to seek to per cent have been paid. This year order become another term Tests of new device for candidate the republican Imitation rain are being made nation for governor. Smith Africa, in Egypt and in the Unsuccessful quest, central return private life. West Indies. has decided to has been his he since large ranch dreamed of owning One outstanding achieve secretary of state ments between $15,000 annual decreasing the size and $20,000 automobile license plates. SMALL GIRL AND ATTACKS more DRAWS LONG PEN Special: Council Richards, 55, sentenced the state penitentiary for years of with intent charge commit on complaint living in his girl borhood The girl told police that he uptown him Christmas presents, in automobile took an isolated place north of here. He pleaded guilty charge, first arrested he nied the girl's charge. given Virgil Olsen, in the state prison years and Thomas charge Dix. Neb., companion similar sentence Olsen, was the state reformatory the charge. with the theft four $60 from farm hogs