First National Bank - Titonka, IA

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 5597
Charter Number: 5597
Start Date: January 1, 1931
Location: Titonka, Iowa (43.237, -94.041)

Metadata

Model: gpt-5-mini
Short Digest: f27d7c45

Response Measures

Full suspension

Other: Bank was taken over by U.S. Treasury for liquidation (receiver assigned).

Receivership Details

Depositor recovery rate: 52.1%
Date receivership started: 1930-12-30
Date receivership terminated: 1936-03-07
OCC cause of failure: Governance
Share of assets assessed as good: 27.0%
Share of assets assessed as doubtful: 67.3%
Share of assets assessed as worthless: 5.7%

Description

Article (Kossuth County Advance, 1931-01-01) reports a slow run on the First National Bank of Titonka, failure to open on Friday, and the U.S. Treasury taking the bank over for liquidation (receiver assigned). OCR errors corrected (e.g., 'T1tonka' -> Titonka; garbled sentences). The run was attributed to lack of confidence after closing of Burt First National, so cause classified as distress from local banks; suspension/closure resulted in receivership by federal authorities.

Events (5)

1. October 15, 1900 Chartered

Source: historical_nic

2. December 30, 1930 Receivership

Source: historical_nic

3. January 1, 1931 Other

Newspaper Excerpt: TITONKA FIRST NATIONAL TURNED OVER TO RECEIVER ... taken over by the U. treasury department for liquidation.
Source: newspapers

4. January 1, 1931 Receivership

Newspaper Excerpt: taken over by the U. treasury department for liquidation.
Source: newspapers

5. January 1, 1931 Run

Cause: Local Banks
Cause Details: Lack of confidence following the earlier closing of the Burt First National; depositors made withdrawals (a slow run).
Newspaper Excerpt: The run the bank was slow that few Titonkans even suspected it, and failure to open came as shock.
Source: newspapers

Newspaper Articles (1)

1. January 1, 1931 Kossuth County Advance Algona, IA

Article from Kossuth County Advance, January 1, 1931

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Article Text

TITONKA FIRST NATIONAL TURNED OVER TO RECEIVER The First National bank at T1tonka failed open its doors Friday, and taken over by the U. treasury department for liquidation. The bank had been subject since the closing of the Burt First National months ago, and the lack of confidence closing conserve resources. The bank organized October 15, 1900. Budlong president, H. Rachut, cashier, and Edith Budlong, assistant cashier. The bank's capitalization $25,000, and the last statement showed posits and footings nearly $300,000. The run the bank was slow that few Titonkans even suspected it, and failure to open came as shock.