First National Bank - Sioux Rapids, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 9585
Charter Number: 9585
Start Date: June 10, 1933
Location: Sioux Rapids, Iowa (42.893, -95.151)

Metadata

Model: gpt-5-mini
Short Digest: 10127108

Response Measures

None

Receivership Details

Depositor recovery rate: 18.2%
Date receivership started: 1933-02-13
Date receivership terminated: 1934-10-31
Share of assets assessed as good: 2.3%
Share of assets assessed as doubtful: 69.1%
Share of assets assessed as worthless: 28.5%

Description

Articles refer to the First National Bank of Sioux Rapids being in receivership (receiver D. D. Bourne). No article describes a depositor run. Court action (directed verdict) dated 1933-06-10 confirms receiver; a 1934-01-22 article reports embezzlement charges against a former receiver. Evidence indicates the bank suspended and remained closed under receivership due to bank-specific problems (embezzlement/insolvency).

Events (6)

1. November 18, 1909 Chartered

Source: historical_nic

2. January 30, 1930 Voluntary Liquidation

Source: historical_nic

3. February 13, 1933 Receivership

Source: historical_nic

4. June 10, 1933 Receivership

Newspaper Excerpt: A verdict of $2,400 was directed...in favor of D. D. Bourne, receiver of the First National bank of Sioux Rapids, against John Hafdenfeldt, director and stockholder in the bank.
Source: newspapers

5. January 22, 1934 Other

Newspaper Excerpt: Spencer, Iowa, Jan. 22-Charges of embezzlement have been filed against Robert D. Gage, forty-one, Spencer bookeeper and former receiver of the First National bank of Sioux Rapids. He is alleged to have embezzled $1.500. He is under arrest.
Source: newspapers

6. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was in distress leading to appointment of a receiver; later articles allege embezzlement by a former receiver and director withdrawals when bank was about to close.
Newspaper Excerpt: Judge Directs Verdict Favoring Bank Receiver...in favor of D. D. Bourne, receiver of the First National bank of Sioux Rapids...
Source: newspapers

Newspaper Articles (3)

1. June 10, 1933 The Sioux City Journal Sioux City, IA

Article from The Sioux City Journal, June 10, 1933

Click image to open full size in new tab

Article Text

Judge Directs Verdict Favoring Bank Receiver A verdict of $2,400 was directed by Judge George C. Scott in federal court Friday in favor of D. D. Bourne, receiver of the First National bank of Sioux Rapids, against John Hafdenfeldt, director and stockholder in the bank. The court held that under the evidence the defendant knew the bank was about to close when he withdrew $2,200 in cash and wrote checks for an additional $200 against his account.

2. June 10, 1933 The Sioux City Journal Sioux City, IA

Click image to open full size in new tab

Article Text

BEG YOUR PARDON The suit of D. D. Bourne, receiver, against John Hadenfeldt, director and stockholder, for the recovery of $2,400 alleged to have been withdrawn by the defendant involves the First National bank of Sioux Rapids, not the First National bank of

3. January 22, 1934 The Austin Daily Herald Austin, MN

Article from The Austin Daily Herald, January 22, 1934

Click image to open full size in new tab

Article Text

Bank Receiver Is Under Arrest Spencer, Iowa, Jan. 22-Charges of embezzlement have been filed against Robert D. Gage, forty-one, Spencer bookeeper and former receiver of the First National bank of Sioux Rapids. He is alleged to have embezzled $1.500. He is under arrest.