First National Bank - Waukon, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 4921
Charter Number: 4921
Start Date: November 28, 1925
Location: Waukon, Iowa (43.269, -91.476)

Metadata

Model: gpt-5-mini
Short Digest: a706e49a

Response Measures

None

Receivership Details

Depositor recovery rate: 53.8%
Date receivership started: 1926-01-18
Date receivership terminated: 1934-04-24
OCC cause of failure: Economic conditions
Share of assets assessed as good: 27.6%
Share of assets assessed as doubtful: 56.5%
Share of assets assessed as worthless: 15.9%

Description

Articles state the First National Bank of Waukon closed its doors in late November 1925 and was placed in receivership (W. G. Kane) Jan 19, 1926. No run or depositor panic is described in the texts; cause of failure is not given in the excerpts.

Events (4)

1. May 29, 1893 Chartered

Source: historical_nic

2. November 28, 1925 Suspension

Cause Details: Article reports failure/closure on Nov 28, 1925 but gives no reason for the suspension/closure.
Newspaper Excerpt: When the First National Bank here failed on Nov. 28, 1925, the Waterville Savings Bank had $41,930.58 in this bank.
Source: newspapers

3. January 18, 1926 Receivership

Source: historical_nic

4. January 19, 1926 Receivership

Newspaper Excerpt: First National bank which closed doors Nov 1925 went into the hands of receiver today W. G. Kane was appointed
Source: newspapers

Newspaper Articles (2)

1. January 20, 1926 The Des Moines Register Des Moines, IA

Article from The Des Moines Register, January 20, 1926

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Article Text

Andrews Orders Cut in Size of Dry Force Washington Jan Assistant Secretary of the Treasury An drews today ordered his twenty three prohibition to cut down immediately the number of dry agents on their pay rolls. Andrews wired administrators that the expenses of the reor ganized dry forces were running over $11 000 appropriation and unless the cuts were made immediately huge deficit would result Name Bank Receiver. Waukon. la., Jan. 19 (Special) First National bank which closed doors Nov 1925 went into the hands of receiver today W. G. Kane was appointed

2. May 21, 1931 Postville Herald Postville, IA

Article from Postville Herald, May 21, 1931

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Article Text

WATERVILLE DEPOSITORS SUE BANK RECEIVER KANE A suit was filed in Clerk of Court William Shafer's office Wednesday by Heman Olson of Waterville, says the Dubuque in behalf of the depositors of the Waterville Savings Bank of Waterville against William G. Kane, now of Chicago, former receiver of the First National Bank of Waukon. The suit was filed by Attorney John E. O'Brien to attach and recover funls from Kane. When the First National Bank here failed on Nov. 28, 1925, the Waterville Savings Bank had $41,930.58 in this bank. At three different periods since that time the depositors of the First National Bank received a ten per cent dividend. Then Mr. Kane, who was receiver of the bank, purchased the Waterville Sav ngs Bank account for the sum of $4,930.58, telling them he did not think they would recover any more money on their deposits. Ten days after that the First National paid out another ten per cent, netting Mr. Kane $4,108.81 and is now about ready to pay out another ten per cent which will again net him $4,108.81 and will probably pay out more in the future. The suit was brought by Mr. Olson in behalf of the depositors to recover the dividends with the exception of the $4,903.58 paid out by Mr. Kane for the account. The petition alleges that Kane as receiver for the Waterville Savings Bank and later as receiver of the First National Bank of Waukon fraudulently violated oath of his trust and that he used knowledge obtained in his position as receiver of banks to enrich himself, and asks that the money thus obtained be reverted back to the depositors of the closed Waterville Savings Bank.