Sheldon National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 7880
Charter Number: 7880
Start Date: January 17, 1961
Location: Sheldon, Iowa (43.181, -95.856)

Metadata

Model: gpt-5-mini
Short Digest: 3ec3a6dd

Response Measures

None

Description

Article reports an internal embezzlement discovered at Sheldon National Bank; FDIC announced it had taken over for liquidation and bank was closed. No run is described. Controller of the Currency/liquidation indicates permanent closure/receivership.

Events (3)

1. August 23, 1905 Chartered

Source: historical_nic

2. January 17, 1961 Receivership

Newspaper Excerpt: As receiver for the closed bank, the FDIC will liquidate the bank's assets in an orderly manner, Jesse P. Wolcott, chairman of the FDIC, said. Directors voted to turn it over to the controller of currency for liquidation. Federal authorities arrested Mrs. Geiger. The bank... has been closed temporarily. - AP report dated Jan. 17, 1961 (Evening Star).
Source: newspapers

3. January 17, 1961 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Discovery of a $2,126,859.10 shortage due to admitted embezzlement by assistant cashier/director Burnice Iverson Geiger.
Newspaper Excerpt: First public word of the bank's troubles came from Washington, where the FDIC announced it had taken over liquidation of the bank. The FDIC said the bank's directors voted last night to turn it over to the controller of currency for liquidation. This was because the shortages would cause the bank substantial losses.
Source: newspapers

Newspaper Articles (1)

1. January 17, 1961 Evening Star Washington, DC

Article from Evening Star, January 17, 1961

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Article Text

Woman Banker Admits $2,126,859 Shortage "She had a way of covering SIOUX CITY, Iowa, Jan. 17 (AP).-United States District up," the district attorney said, Attorney F. E. Van Alstine "but I can't give you any said today that Mrs. Burnice details." Iverson Geiger, 58, had adFederal officials declined to mitted embezzling $2,126,859.10 say and Sheldon residents said from the Sheldon National Bank, of which she was assisthey did not know what the tant cashier and director. money was used for. He said Mrs. Geiger is now Fred J. Pylman, bank cashier, in the custody of Federal said that "apparently there authorities in Sioux City and are some things that examinaa grand jury will consider the tions just don't reveal." charges at its next session. First public word of the Mrs. Geiger is married. She bank's troubles came from and her husband have no Washington, where the FDIC children. She is the daughter announced it had taken over of W. P. Iverson, president of liquidation of the bank. The the bank for the last 45 years. FDIC said the bank's directors The bank, Mr. Van Alstine voted last night to turn it over said, has been closed temto the controller of currency for porarily. Bank officials at liquidation. This was because Sheldon said Federal Deposit the shortages would cause the Insurance Corp. officials were bank substantial losses. on their way and that pay"As receiver for the closed ments to depositors would bank, the FDIC will liquidate probably be started tomorrow. the. bank's assets in an orderly Federal Bureau of Investigamanner," Jesse P. Wolcott, tion agents are investigating chairman of the FDIC, said. the shortage, officials said. "All possible consideration will The FBI arrested Mrs. Geiger. be given to the welfare of the Just how the reported emcommunity and the bank's cusbezzlement was accomplished tomers." officials did not say.