3865. Pioneer National Bank (Waterloo, IA)

View Charter #5120 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
5120
Charter Number
5120
Start Date
February 17, 1932
Location
Waterloo, Iowa (42.493, -92.343)

Metadata

Model
gpt-5-mini
Short Digest
d17e5a19

Response Measures

Full suspension

Other: Receiver appointed and operated; receivers moved offices and changed attorneys over 1932-1934.

Receivership Details

Depositor recovery rate
58.5%
Date receivership started
1932-02-18
Date receivership terminated
1940-10-29
Share of assets assessed as good
9.2%
Share of assets assessed as doubtful
90.5%
Share of assets assessed as worthless
0.2%

Description

Article states the bank was closed Feb 17, 1932 by order of the board after steady withdrawals that cut deposits in half during the prior year; a receiver (W. C. Pyle) was appointed and the bank remained in receivership with no distributions paid to Pioneer depositors as of Aug 1933. Sequence: run (heavy withdrawals) → suspension/closure → receivership. No reopening reported.

Events (5)
1. May 4, 1898 Chartered
Source
historical_nic
2. February 17, 1932 Receivership
Newspaper Excerpt
Offices of W. C. Pyle, receiver for the Pioneer National ... will be moved ...; Pyle became receiver of the Pioneer National bank in February, 1932.
Source
newspapers
3. February 17, 1932 Run
Cause
Bank Specific Adverse Info
Cause Details
Sustained heavy withdrawals over the prior year that halved deposits; loss of depositor confidence in this bank led to run-like withdrawals
Measures
Bank closed by order of the board of directors (suspension/closure); receiver later appointed
Newspaper Excerpt
Officers said the closing was caused by steady withdrawals which cut deposits in half during the last year
Source
newspapers
4. February 17, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Board-ordered closure following steady withdrawals and diminished deposits over the previous year
Newspaper Excerpt
Pioneer National Bank of Waterloo is Closed ... The Pioneer National bank here was closed today by order of the board of directors
Source
newspapers
5. February 18, 1932 Receivership
Source
historical_nic

Newspaper Articles (8)
1. February 17, 1932 Globe-Gazette Mason City, IA
Article from Globe-Gazette, February 17, 1932

Click image to open full size in new tab

Article Text

Pioneer National Bank of Waterloo is Closed TERLOO Feb. 17. The Pioneer National bank here was closed today by order of the board of directors The capital is $100,000 surplus deposits $1,850,000 Young. D J. Walker and Bert McCulloch are vice presidents. Officers said the closing was caused by steady withdrawals which cut deposits in half during the last year Bassett Bank Closed BASSETT Feb. 17. The Bassett Savings bank was closed today Its capital was listed in the most recent report of the state sup. erintendent of banking as $25,000 and deposits $161,646 Fred W Tucker is president and Walter Trusty. cashier

2. August 21, 1932 The Courier Waterloo, IA
Article from The Courier, August 21, 1932

Click image to open full size in new tab

Article Text

Bank Receiver's Office Moved to Commercial Nat'l Offices of W. C. Pyle, receiver for the Pioneer National and Commercitl National banks, will be moved to the quarters of the latter concern on the of Fourth and morning, the Saturday. Doors of the Commercial bank will be opened at that time and persons desiring to file claims on either bank or to see the receiver for any reason are asked to see Pyle in the new office quarters. "We making the move to save explained. A small staff will remain in the

3. June 13, 1933 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, June 13, 1933

Click image to open full size in new tab

Article Text

BANK RECEIVER REMOVAL ASKED Cut Dickinson's Debt, Willford Says. WATERLOO, of W. C. Pyle from his position receiver of the Pioneer National bank and the Commercial National bank, both of Waterloo, was quested Monday by Congressman Willford. Democratic leaders were advised of the action by telegram received here from the congress man. Charges Compromise. Willford asked Comptroller Currency O'Connor to remove Pyle, charging Pyle, while ceiver of the First National Bank Algona, at Algona, made settlement with Senator Dickinson. which lieved the senator of more than $11,000 on the pay. ment of $700 by Dickinson. Given O. by Judge. Pyle was appointed receiver the First National bank of Algona 1925 Dickinson at that time the congressman from the old tenth Iowa district Willford told the comptroller Monday that the application for the compromise settlement was filed by Pyle in Kossuth county district court Dec. 13, 1929. and that the settlement with Dickin son was authorized the same day by Judge James Deland. Doubts "Best Interest." Congressman Willford told the comptroller that he did not believe these settlements were in the best interest of the depositors of the First National Bank of Algona. He charged in asking Pyle's moval that the settlement in ques tion concerned four notes of the Algona Auto Machinery owned by Dickinson, Pyle. (Continued on Page

4. June 15, 1933 Iowa City Press-Citizen Iowa City, IA
Article from Iowa City Press-Citizen, June 15, 1933

Click image to open full size in new tab

Article Text

ASK OUSTER OF BANK RECEIVER Willford Wants Demos in Every Position in His District Refusing to elucidate details of his attempt to unseat W. C. Pyle as receiver of the Commercial Na. tional bank and Pioneer National bank of Waterloo. Congressman A. C. Willford said Wednesday had been recommending the removal for three months. This week, however, he forward ed to the comptroller of the cur rency a letter from an unidentified Waterloo resident protesting Pyle's work. Wants Jobs for Demos "Pyle is republican, and want democrat on the job," Willford said here. "I want democrats in every appointive office in my district. All a man needs to be is republican and I'm in favor of his removal. That goes for Pyle. No. body can tell me there isn't competent democrat for every competent republican officeholder. and want jobs held by people who want this democratic administration to succeed.' Dickinson Drawn In Willford declined to comment on a report that Senator Dickinson (R) of Iowa had been drawn into the controversy. Dickinson himself branded the controversy as "an attempt to stir up something that was settled five or six years ago." It had been rumored Dickinson received favor from Pyle during the settlement of Dickinson's receivership. Dickinson denied this, asserting that the case had been settled in the courts and is mat. ter of public record. "Pyle has been a good receiv. er." Dickinson said. "I did not rec. ommend him for the post. as seems to be reported now. He was ap pointed directly by the banking department. This entire matter is over as far as I'm concerned."

5. June 25, 1933 The Courier Waterloo, IA
Article from The Courier, June 25, 1933

Click image to open full size in new tab

Article Text

U. S. Authorizes Attorney Change By Bank Receiver Special Service) Washington, D. receiver for the and Pioneer National banks of Waterloo Saturday was authorized by the comptroller name John Sullivan and Reed for Congressman office announced. Naming of the recommended Comptroller O'Connor by Willford climaxes political feud the of attorneys for the banks posts under its receivership, said Sullivan and Reed will succeed George Pike, Ben Swisher, and Pressey H. Frank. for the pointed under the Republican regime. W. C. receiver for the Pioneer banks, Saturday he had received authorifrom the comptroller the currency naming of new bank attorneys. finest King Edward (advertisement)

6. August 2, 1933 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, August 2, 1933

Click image to open full size in new tab

Article Text

PYLE RESIGNS AT WATERLOO Succeeded by Mornin As Bank Receiver. (The Register's WATERLOO, IA.-W. C. Pyle, receiver for the Commercial and Pioneer National banks of Waterloo, announced his resignation Tuesday, and George S. Mornin, Cedar Falls, was named as his successor. The resignation follows the resignations of attorneys for the receiverships who were named by the Republican administration. Effective Today. Pyle's resignation from the Commercial bank receivership will be effective today, and from the Pioneer bank receivership Thursday. The resignation was requested in telegram from the office of the comptroller of currency, Pyle said. Mornin is director of the Citizens Security Savings bank of Cedar Falls, formerly was president of the Security Trust and Savings bank of that city. He is secretary to the farm loan board for Black Hawk county. Named in 1932. Pyle became receiver of the Pioneer National bank in February, 1932. and in July was appointed to the Commercial bank receivership. The Commercial bank has paid 40 per cent of its indebtedness to depositors, releasing $1,348,000. Nothing has been paid to the Pioneer National bank depositors.

7. August 2, 1933 The Oelwein Daily Register Oelwein, IA
Article from The Oelwein Daily Register, August 2, 1933

Click image to open full size in new tab

Article Text

Mornin Named Bank Receiver Waterloo. Ia., Aug. George Mornin. Cedar Falls, day became receiver for the Commercial and Pioneer National banks here, succeeding W. Pyle. Pyle was receiver of the banks in 1932. His resignation requested by federal currency comptroller. he said.

8. November 27, 1934 The Courier Waterloo, IA
Article from The Courier, November 27, 1934

Click image to open full size in new tab

Article Text

Bank Receiver's Office Will to The office of George Mornin, ceiver of Commercial National and Pioneer National banks. now cated in the former Waterloo ings bank site Fourth and Commercial streets, will occupy the mezzanine floor the First National bank building Fourth and Sycamore streets about Mornin announced Tuesday. number sites were offered but the effort has been to select location that would easily accessible and that would have ample vault facilities for the safeguarding of all assets under the control the receiver," Mornin The building now occupied by the receiver's office has been leased by the Ford Hopkins drug site, and alterations will be started soon as the building is vacated by the receiver. Vaults in the receiver's location are separate from those of the National bank.