First National Bank - Toledo, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 6432
Charter Number: 6432
Start Date: October 1, 1926*
Location: Toledo, Iowa (41.996, -92.577)

Metadata

Model: gpt-5-mini
Short Digest: 50e76dff

Response Measures

None

Receivership Details

Depositor recovery rate: 65.0%
Date receivership started: 1926-11-03
Date receivership terminated: 1929-12-16
OCC cause of failure: Economic conditions
Share of assets assessed as good: 44.2%
Share of assets assessed as doubtful: 53.9%
Share of assets assessed as worthless: 1.9%

Description

Article (1928-11-10) states the 'old First National bank Toledo which closed in October, 1926' and is paying a dividend in 1928. No run is mentioned; the bank appears to have closed (failed) in Oct 1926 and remained under settlement/receivership (creditor dividends being paid), so classify as suspension leading to closure/receivership. Exact reason for closure not given in the excerpt; OCR appears accurate for relevant facts.

Events (4)

1. September 20, 1902 Chartered

Source: historical_nic

2. October 1, 1926* Suspension

Cause Details: Bank closed in October 1926 (failure/settlement); specific trigger not given in article.
Newspaper Excerpt: The old First National bank Toledo which closed in October, 1926, to pay its first dividend today.
Source: newspapers

3. November 3, 1926 Receivership

Source: historical_nic

4. November 10, 1928 Receivership

Newspaper Excerpt: The old First National bank Toledo which closed in October, 1926, to pay its first dividend today. About $20,000 was to be distributed among the creditors of the institution. One-fourth of the original claims will be paid with this dividend. Sixty-five per cent was paid when the First National bank opened, and 25 per cent was released in less than month after the opening.
Source: newspapers

Newspaper Articles (1)

1. November 10, 1928 The Gazette Cedar Rapids, IA

Article from The Gazette, November 10, 1928

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Article Text

PLANE TO CHASE BANDITS. SIOUX CITY, Nov. 10. (UP) Bank robbers who operate in Woodbury county will face pursuit by both land and air, Paul T. Beardsley announced here today. Woodbury county bankers and vigilantes have arranged for plane to be ready to pursue bandits at any time. TRAER The old First National band Toledo which closed in October, 1926, to pay its first dividend today. About $20,000 was to be distributed among the creditors of the institution. One-fourth of the original claims will be paid with this dividend. Sixty-five per cent was paid when the First National bank opened, and 25 per cent was released in less than month after the opening.