First National Bank - Sac City, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 4450
Charter Number: 4450
Start Date: August 15, 1930
Location: Sac City, Iowa (42.422, -94.990)

Metadata

Model: gpt-5-mini
Short Digest: d66d10e0

Response Measures

None

Receivership Details

Depositor recovery rate: 54.3%
Date receivership started: 1925-12-02
Date receivership terminated: 1931-10-31
OCC cause of failure: Economic conditions
Share of assets assessed as good: 26.6%
Share of assets assessed as doubtful: 38.7%
Share of assets assessed as worthless: 34.7%

Description

Articles (Aug 15, 1930) refer to the First National Bank of Sac City as defunct and mention a receiver (D. D. Bourne) holding judgments against officers for alleged mismanagement and concealed/excessive loans. No articles describe a depositor run; the bank is closed and in receivership.

Events (4)

1. October 27, 1890 Chartered

Source: historical_nic

2. December 2, 1925 Receivership

Source: historical_nic

3. August 15, 1930 Receivership

Newspaper Excerpt: Bank Receiver D. D. Bourne ... holds $100,000 in judgments against George B. Perkins, president, and H. S. Brant, cashier of the bank
Source: newspapers

4. August 15, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Alleged mismanagement: concealed excessive loans and improper note exchanges by president George B. Perkins and cashier H. S. Brant; receiver holds judgments against officers.
Newspaper Excerpt: the defunct First National bank of Sac City
Source: newspapers

Newspaper Articles (4)

1. June 7, 1927 The Sioux City Journal Sioux City, IA

Article from The Sioux City Journal, June 7, 1927

Click image to open full size in new tab

Article Text

first open air concert and will give every Saturday night durthe summer. The band has players. There cornets. bass three altos, four clarinets, four trombones, two snare drums and saxophone. Closed Bank Pays Dividend. Sac June 6.-Special: DeCity, First National bank, Sac City their first 25 per cent and the receiver now 15 per cent. 42 Receive Diplomas. Mt. Pleasant, Ia., June Forty-two members the Iowa leyan class given their degrees at the 72d annual ment exercises which were held the college chapel this morning.

2. August 15, 1930 The Des Moines Register Des Moines, IA

Article from The Des Moines Register, August 15, 1930

Click image to open full size in new tab

Article Text

UPHOLD JUDGE'S BANK DECISION Directors at Sac City Released From Liability. (Register's Special lews News Service) SIOUX CITY The United States Circuit Court of Appeals Thursday upheld Federal Judge George C. Scott of Sioux City in his decision releasing directors of the defunct First National bank of Sae City from liability resulting from alleged mismanagement of the bank's money Bank Receiver D. D. Bourne appealed to the circuit court last year when Judge Scott ruled for the directors. Bourne contended the directors were as much liable as the officers in charge of the Bourne holds $100.000 in judg ments against George B. Perkins president and H. S. Barnt, cash ier of the bank He alleged the officers concealed excessive loans by exchanging notes with

3. August 15, 1930 Iowa City Press-Citizen Iowa City, IA

Article from Iowa City Press-Citizen, August 15, 1930

Click image to open full size in new tab

Article Text

CLEAR DIRECTORS OF MISMANAGING SAC CITY BANK States circuit court of appeals has upheld the decision of Federal Judge George Scott of Sioux City releasing directors of the funct First National bank at Sac City from liability for alleged management of the bank's funds. The appeal to the supreme court was taken last year by Bank Receiver D. D. Bourne, who holds $100,000 judgments against George Perkins, president, and Brant,

4. August 15, 1930 The Daily Nonpareil Council Bluffs, IA

Article from The Daily Nonpareil, August 15, 1930

Click image to open full size in new tab

Article Text

BANK DIRECTORS RELEASED. SIOUX CITY, Ia., Aug. The United States circuit court of appeals has upheld the decision of Federal Judge George C. Scott of Sioux City in releasing directors of the defunct First National bank of Sac City from liability for alleged mismanagements of the bank's funds. The appeal to the supreme court was taken last year by bank receiver D. D. Bourne, who holds $100,000 in judgments against George B. Perkins, president, and H. S. Barnt, cashier.