3732. First National Bank (Sheldon, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
3848
Charter Number
3848
Start Date
April 5, 1927
Location
Sheldon, Iowa (43.181, -95.856)

Metadata

Model
gpt-5-mini
Short Digest
399c4fdb

Response Measures

None

Receivership Details

Depositor recovery rate
86.1%
Date receivership started
1927-03-29
Date receivership terminated
1933-05-15
OCC cause of failure
Economic conditions
Share of assets assessed as good
30.1%
Share of assets assessed as doubtful
69.0%
Share of assets assessed as worthless
0.9%

Description

Articles (Apr 1927) report a receiver appointed for the First National Bank of Sheldon and that the bank's doors would not be opened while proofs of claims were received; this indicates suspension and receivership (permanent closure). A Sept 1927 article refers to the bank having closed about five months earlier and to upcoming dividend payments by the receiver, confirming closure. No run or depositor panic is described.

Events (5)

1. February 24, 1888 Chartered
Source
historical_nic
2. March 29, 1927 Receivership
Source
historical_nic
3. April 5, 1927 Receivership
Newspaper Excerpt
SHELDON BANK RECEIVER TAKES UP HIS DUTIES ... has appointed receiver for the First National bank ... he does not expect to be able to open the doors of the bank until April 25. time proofs of claims the bank may be received. No further statement as to the percentage the depositors may receive ... can be made at this time. (Apr 6, 1927).
Source
newspapers
4. April 5, 1927 Suspension
Cause
Government Action
Cause Details
Receiver appointed and bank taken into receivership; bank closed to await proofs of claims and disposition by receiver.
Newspaper Excerpt
H. M. Kirkcoming ... has been appointed receiver for the First National bank. The receiver says that he does not expect to be able the doors the bank until April ... proofs claims against the bank may be received.
Source
newspapers
5. September 17, 1927 Other
Newspaper Excerpt
First National Sheldon, about five months ago. ... DIVIDENDS WILL BE PAID SOON BY TWO BANKS ... application ... for issuance dividend checks for both the banks ... the First National Sheldon, about five months ago.
Source
newspapers

Newspaper Articles (3)

Article from The Des Moines Register, April 6, 1927

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Article Text

Mississippi Man Made Sheldon Bank Receiver Sheldon, April 5.-H. M. Kirkcoming here from Ackerman, has been appointed receiver for the First National bank. The receiver says that he does not expect to be able the doors the bank until April which time proofs claims against the bank may be received No further statement the percentage the positors may receive, bank reorganization anything of like character can be made at this


Article from The Sioux City Journal, April 6, 1927

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Article Text

SHELDON BANK RECEIVER TAKES UP HIS DUTIES Sheldon, Ia., April H. M. coming here from Acker man, Miss. has appointed ceiver for the First National bank this At Ackerman Mr. Kirkman was receiver for the First National bank. He and Mrs. Kirkman will make Sheldon their home until the affairs of the bank are closed. The says that he does not expect to be able to open the doors of the bank until April 25. time proofs of claims the bank may be received. No further state ment as to the percentage the de positors may receive bank reorganiza tion of like character, can be made at this time. FORMER SPENCER RESIDENT. A PIONEER, PASSES AWAY Spencer, Ia., April 5.-Special: Mrs. L. Hammond, formerly resident of Spencer many years. died at her home in Mitchell, D., were Mr. and Mrs. Hammond have lived with their daughter the past few years. She survived by her husband. who is 93 years old: the daughter, Mrs. George King. of Mitchell, and one Orville Hammond, of Des Moines. Ia. Mrs. Hammond and her husband homesteaded pioneer times in O'Brien While living in Spencer they operated greenhouse ANTI-GERMAN LIBEL SUIT VERDICT IS REVERSED Des Moines, April Iowa supreme court today reversed Jones county district court decision awarding Henry W. Mowry, of Lowden. $40,000 damages in his against Charles Reinking, and others, for leged conspiracy to libel. The case grew out of post war anti-German feeling and an attempt to revive the annual Kriegerfest in the German community. The high court held that the verdict was excessive, that the appellants did not have fair trial, and that new trial of the case was warranted by errors of the court.


Article from The Sioux City Journal, September 17, 1927

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Article Text

DIVIDENDS WILL BE PAID SOON BY TWO BANKS Sept. ReSheldon, ceiver John Versteer, Citizens bank and the Bank of has application the lock, troller issuance dividend checks for for the both the banks. about weeks he for per expects the Citizens 30 cent dividend for the and per bank. Mr. Versteeg said he expected to able dividends about Christmas. two banks closed the time the closing First Na. tional Sheldon, about five months ago. GIRL DIES OF SLEEPING SICKNESS ATTACK Denison, Sept. HaBlunk, 10, daughter Mr. and Mrs. Blunk, eight miles northwest of Denison, fell victim sleeping died the state City. The girl an attack of enza and that sickness followed result of the attack. The body was brought here and funeral Frese, tor of the Lutheran church, officiating. COUNTY SUING BONDSMEN FOR DEPOSITS Sept. While of Martin. president of the County Savings bank, are trying get him paroled the penitentiary Fort Madison, round of long battle being fought determine stand the the county's deposits being brought by Plymouth county against H. Schultz, Clason George sureties the deposit bonds, collect which, the state supreme court has decided, county not entitled to preferred payment. RODEO COMPANY MAY FIND BAN ON Des Moines, Sept. Roping and exhibition and rodeo held will Charles Young, of the Iowa society, his with the Des Moines city Young the council today permit the show here that in the to animals. The to give the quest BABES ESCAPE DEATH TORNADO DESTROYS HOME Mason City, Ia., Sept. small children in farm house near Mason City escaped injury when small visited section and lifted she over their heads. Por. tions the house carled 80 feet. Orchards destroyed wind. brakes blown down on several farms vicinity. Another house moved from its foundation, several other buildings were damaged. HOT DOG RUNS DOWN FARMER'S BACK Sept. Fred Matern in one of LeMars' pitals burns boiling hot hog dip, which he it spilled over his back and shoulders. Mr. Matern was the scald. ing liquid. from outhouse the dipping his heel caught the threshold door. He fell with the container hog dip on top. CLAY COUNTY'S NEW FARM AGENT PICKED YBUREAU Ia., Sept. Paul Busenbark, Falls, been engaged agent by the Clay County Farm will succeed Henry has accepted position county agent in Boone county, Ia. Ask Cattle Be Tested. Sept. At meeting Plymouth county board petition for the of the county area plan for the elimination bovine tuberculosis filed with the board. The tition covered only, there 24 townships the county. Backers proposition intended Plymouth county included in the plan before time, but unexpected opposition developed and the question eventually may be decided by vote. Carroll Lions Club Elects. Carroll, Sept. Boyd Thompson, athletic director in the Carroll school, took the chair president the Carroll Lions club regular Thompelected first vice president the the election ofifcers short time takes the vacant by the tion of Satter, Carroll Central where he purchased County Engages Social Worker. Sept. The Miss Elsie Taylor, by county will this Miss comes the the the state In duties Taylor will the poor the and their will supervision their needs. Church Highway. Marcus, Sept. The Trinity Lutheran nancing the the road from