West Grove Savings Bank - West Grove, IA

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: January 18, 1928
Location: West Grove, Iowa (40.725, -92.560)

Metadata

Model: gpt-5-mini
Short Digest: b63fbe9d

Response Measures

None

Description

The article (Des Moines Register, 1928-01-18) discusses the West Grove Savings Bank having closed and the dispute over appointment of a receiver; there is no mention of any depositor run. The court decision concerns who may be appointed receiver and notes Moulton State Savings Bank took over administration of the estate. Classified as a suspension followed by permanent closure/receivership (suspension_closure). OCR errors in the original text were corrected for readability.

Events (2)

1. January 18, 1928 Receivership

Newspaper Excerpt: The Iowa supreme court held yesterday that the law making the state superintendent of banking receiver for closed banks does not make that official the only person who may be appointed receiver... The West Grove bank did not close until ... Moulton State Savings bank took over administrator of the estate of the Grove bank. Judge W. M. Walker... denied Mr Andrew's of asking that he be named receiver ... the supreme court held with Judge Walker in his decision that of receiver for bank should be made by the court and that he did not have to appoint ... Andrew Unqualified.
Source: newspapers

2. * Suspension

Cause: Government Action
Cause Details: Bank had closed and court/administration actions were taken; dispute over appointment of state superintendent as receiver indicates closure and legal/administrative action by courts and banking authorities.
Newspaper Excerpt: The West Grove bank did not close until been made the Moulton State Savings bank took over administrator of the estate of the Grove bank.
Source: newspapers

Newspaper Articles (1)

1. January 18, 1928 The Des Moines Register Des Moines, IA

Article from The Des Moines Register, January 18, 1928

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Article Text

BANK RECEIVER DOORS OPENED BY HIGH COURT Rules Others Than L. A. Andrew May Serve. The Iowa supreme court held yesterday that the law making the state superintendent of banking receiver for closed banks does not make that official the only person who may be appointed receiver. The law in question had not previously been interpreted as to that point and Attorney General Fletcher intervened in the suit to make test case it. The rule was not made general the opinion, written Justice Morling. was made to apply specifically to the situation involved in the particular decision In this court held that Andrew, state superintendent of banking. not be pointed receiver for the West Grove Savings bank of West Grove, because his private interests in the Citizens Savings bank of of he is presiconflict with of others interested in the West Grove bank. Have Business Interests. The Citizens Savings bank did business the Grove bank and there items two of importance the banks which must be handled by This whoever is appointed receiver. situation one which for the by the district done fore the law making the superclosed intendent of banks was disinterested receiver. the supreme court held. The West Grove bank did not close until been made the Moulton State Savings bank took over administrator of the estate of the Grove bank. asked for appointment of receiver for bank as well as an accounting notes given by the late Mr. Harris, the ground that they had been given for accommo intion the bank. Upholds Judge Walker. Judge W. M. Walker. heard the gave the administrator of the Harris estate judgment for and denied Mr Andrew's of asking that he be named If ceiver Judge Walker has never appointed a resupreme court held with Judge Walker in his decision that of receiver for bank should be made by the court and that he did not have to appoint not one the which the of cause of illegal practices or solvency of bank. to the district court for his appointment as personal or adverse in terest does not of itself disquali fy one from being appointed ceiver, the general rule nevertheless is one interested should not except for special reasons, or under circumstances, be appointed. Andrew Unqualified. "While the court has full of and necessity largely upon his faithful and disin terested opinion and recommenda tions. These normally have weight with the court and enter into the judgment. judge, interested this ceeding. as Mr Andrew would be totally disqualified to