3804. Citizens National Bank (Spencer, IA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
6941
Charter Number
6941
Start Date
May 1, 1927*
Location
Spencer, Iowa (43.141, -95.144)

Metadata

Model
gpt-5-mini
Short Digest
15847647

Response Measures

None

Receivership Details

Depositor recovery rate
65.2%
Date receivership started
1926-11-19
Date receivership terminated
1933-01-03
Share of assets assessed as good
23.4%
Share of assets assessed as doubtful
26.6%
Share of assets assessed as worthless
49.9%

Description

The Citizens National Bank of Spencer had a receiver in place by May 1927 (article dated 1927-05-05 referencing Albert H. Denton as receiver). No articles describe a depositor run; coverage documents closure and receivership and later sale of remaining assets (1932). Exact suspension/closing date not stated; receiver activity by 1927 indicates the bank was already closed by then.

Events (5)

1. August 28, 1903 Chartered
Source
historical_nic
2. November 19, 1926 Receivership
Source
historical_nic
3. May 1, 1927* Suspension
Cause Details
Article states the bank had closed and a receiver was in charge; no specific cause (rumor, correspondent failure, or macro shock) is given in the articles.
Newspaper Excerpt
Albert H. Denton, receiver for the Citizens National bank, of Spencer, Ia.
Source
newspapers
4. May 5, 1927 Receivership
Newspaper Excerpt
Spencer Bank Receiver Sues Everly Bank ... Albert H. Denton, receiver for the Citizens National bank, of Spencer, Ia. ... the Spencer bank just before it closed its doors cashed the checks which were drawn on the Everly bank.
Source
newspapers
5. August 28, 1932 Other
Newspaper Excerpt
The remaining assets of the Citizens National Bank of Spencer were sold Aug. 28th. S. C. Hays, bank receiver, to the National Investment Company of Storm Lake for $835. The bank has previously paid dividends which amount to 60 per cent.
Source
newspapers

Newspaper Articles (3)

Article from The Sioux City Journal, May 5, 1927

Click image to open full size in new tab

Article Text

Spencer Bank Receiver Sues Everly Bank Suit against the First National bank of Everly, Ia., for $1,572 money due checks has been brought federal court by Albert H. Denton, receiver for the Citizens National bank, of Spencer, Ia. The receiver alleges that the Spencer bank just before it closed its doors cashed the checks which were drawn on the Everly bank.


Article from The Sioux City Journal, January 7, 1928

Click image to open full size in new tab

Article Text

MAN FALLS FROM TREE; HAS THREE BROKEN RIBS Ia., Jan. 6.-Special: While trees, Birch had bad tied partly severed tree had climbed another nearby swing the rope into tion the final pull. when the cut toppled brushed the ground. breaking three ribs and cut ting and bruising ALTO COUNTY SCHOOL SUPERINTENDENT BRIDE Jan. Gertrude Thornvall county tendent schools Palo county and Larson. member the board were married and Larson reside on east of Em metsburg. Miner Sent to Prison. Jan. Blozevich today sentenced three years reformatory charge conspiracy fined for assault. following his conviction trial which accused of being among number men alleged miners returing work the Garfield under brotherhood scale, opposed by the United Mine remain under $2,000 bond pending appeal the state supreme court. State Senator Candidate Again. Rodman. Breakenridge, of the senatorial district, comprising Alto, Kossuth, will He completing first senator. Senator chairman the Palo county engaged farming farm Formerly county in Cherokee county Many Car License Delinquents. Accord ing of records county treasurer's more than 4,200 car licenses were issued county before the ginning the new large number due the of month for delinquent between and county will be compelled pay the penalty Monona County Picks Engineer. Onawa, Ia., Jan. 6.-Special: R. been assistant county engineer Woodbury county was elected county engiMonona county, meeting the county board He take office Monday years has spent greater in Monona with an aviation unit the world war. Named Spencer Bank Receiver. national has Albert Denof closed Citizens National bank Spencer, and is charge. Mr. Denton appointed member United States succeeding Almee To Visit Iowa. Des Moines, Jan. Semple McPherson conduct series evangelistic meetings in Moines beginning March 12, local announced today. through three Moines has headquarters for missionary movement the middle west. Blows Off His Head. Mt. Jan. farmer, committed suicide by blowing off the his shotgun the home here to Heineman came here several days ago to his children and insisted staying. County Board Chairman Named. Alta, Jan. 6.-Special: Olson, Maple Valley township, elected the board of pervisors Buena Vista county the annual meeting the board. This Mr. Olson's second term as chairman. Otto Dokken. of Linn Grove, member the board to succeed H. Pierce.


Article from The Independent, September 8, 1932

Click image to open full size in new tab

Article Text

Rev. M. C. Haecker of Hudson has accepted a call to the Congregational church at Gregory, S. D., and will take up his duties there immediately. Rev. Haecker has been in charge of the Congregational church at Hudson for the past three years. The remaining assets of the Citizens National Bank of Spencer were sold Aug. 28th. S. C. Hays, bank receiver, to the National Investment Company of Storm Lake for $835. The bank has previously paid dividends which amount to 60 per cent. Dr. Geo. Mattison of Akron won the championship of the Akron golf club this season with J. A. Jensen a close second. Dr. Mattison was presented with the silver championship cup for the coming year and Jensen was awarded a half dozen golf balls. More than 14,000 bushels of grain were threshed in the Frank Mousel threshing ring of 12 farms in East Orange township in Sioux county this season. The average was 55 bushels of oats to the acre and the grain weight ran 85 to 90 bushels to the triple box load. Cars driven by Dr. R. W. Meyer and Henry Gerlof of George collided at a blind corner where aicorn field made it impossible to see cars approaching from side roads. The Gerlof car turned over and the Meyer car went into the ditch. Dr. Meyer suffered fractured ribs and a number of bruises but the occupants of the other car were not seriously injured. Both machines were badly damaged. Miss Elva Hock, aged 19, of Sloux Rapids, was painfully burned about her arms and lower limbs Aug. 27th when gasoline fumes ignited following the cleaning of some clothes for the family. The flames engulfed the kitchen and porch but Mr. Hock and the other members of the family succeeded in putting out the blaze before the damage was very great. The loss is covered by insurance. Bobby Lewis, 8-year-old son of Mr. and Mrs. George Lewis of Storm Lake, was bitten by a monkey Aug. 25th. Some show people who had been at the Buena Vista county fair at Alta had stopped at Storm Lake to repair a flat tire. The pair of monkeys they had with them attracted the attention of a number of children and Bobby put his hand on the cage. The monkey pulled the finger in and chewed it badly. Mrs. Dewey Holman, aged 27, of Sanborn, was killed the evening of Aug. 26th when her car collided with a truck driven by H. Williamson of Sioux Center. Mrs. Holman, the wife of a farmer, was returning home from a shoping trip when she was fatally injured. Mrs. Holman was thrown a distance of five feet and suffered a fractured skull and a broken back. She died a few minutes later when she was being taken to a doctor's office. She is survived by her husband and four children, the oldest of whom is nine years and the youngest but five weeks old. The Weir oil station at Sheldon was robbed of $17 the night of Aug. 27th. The robbery was committed about 11 o'clock at night when three men drove up to the station and had gas put into the car. Two of the men went inside of the station and when Harley Pantier, the attendant, came in to get his money he was covered with a gun and $17 was scooped up from the cash drawer. However, the robbers failed to get the change Mr. Pantier had on himself. After the robbery Pantier was commanded to walk down the street and not to report the robbery. He gave a description of the men to the officers but the drove away and made a safe getaway. Walter Keller of Cherokee was seriously injured and "Choppy" Rhodes and Clarence Jensen, also of Cherokee, were slightly injured Aug. 29th when the Ford in which they were riding crashed into a gasoline supply tank. The car and tank wagon were traveling in the same direction and the car crashed into the truck from the rear. About half the tank supply of gasoline leaked out of it and burned in the road. Keller suffered serious burns on the right leg and minor ones on the left leg and a number of severe cuts. The other two were slightly burned and cut. The force of the collision forced the radiator back into the body and one tire was destroyed by the blaze. Henry W. Bristow, aged 83, of Merrill, retired farmer, passed away Aug. 30th following a mysterious injury received about ten days previous when he returned to his home from a visit with his son in Minnesota. He was at home alone when he was attacked and he did not fully regain consciousness after he was injured SO that he was unable to tell just what did take place. Money which was reported by relatives as missing was located finally but the facts of his fatal injury have not been learned and perhaps never will be. It was noticed that while his face was covered with blood as well as the basement steps at his home his hands had no blood on them. His daughter and her husband who lived with him were in Sioux City where the husband had submitted to an operation. They did not know that the aged man had returned home until his daughter came a couple of days later and found her father propped up in a high chair, ap. pearing as if dead. Robbers entered the Renaux Ice Cream Company building in Spencer the night of Aug. 20th and took between $20 and $25 from the cash reg. ister and made their escape without leaving any clues. The theft was discovered the following morning by Claude Porter, an employee. when he went to work. The thieves gained entrance into the building by breaking a window in the rear enabling them to reach the bolt lock. A one-armed magazine salesman. who visited Rock Rapids last week, is being sought in connection with a petty thievery at the Mabon Hat and Dress Shop in that city Aug. 30th. Mrs. Kathryn Mabon, owner of the shop, reports that the salesman called on her wanting to sell magazines and during the conversation they were interrupted as R customer called. When Mrs. Mabon returned to the salesman he had lost interest and soon left. After he had departed Mrs. Mabon opened her purse which was on a table nearby and discovered that four dollars had been removed. The farm home of Mr. and Mrs. Earl Kludas near Cherokee was destroyed by fire early the morning of Aug. 28th. It is believed that the blaze was started from a bolt of lightning. Mrs. and Mrs. Kludas were sleeping on the second floor and were awakened when the fire broke through a porch window. They were rescued by three men who had stopped when they saw the blaze. The roof had been burning some time before the fire was detected by Mr. and Mrs. Kludas. Mr. Kludas carried $2,700 insurance but this will not cover the loss as it was practically new, having been built three years ago. The furniture on the first floor was saved but everything on the secand floor and in the basement was destroyed.