First National Bank (Cresco, IA)

View Charter #4897 on SPMC View balance sheet

Episode Information

Episode UID
489701599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
48970 national
Charter Number
4897
Start Date
March 4, 1933
Location
Cresco, Iowa (43.381, -92.114)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
61c22ea2b2c4487c

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-10-30
Date receivership terminated
1937-08-21
Share of assets assessed as good
58.2%
Share of assets assessed as doubtful
30.4%
Share of assets assessed as worthless
11.4%

Events (4)
1. May 23, 1893 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Government Action
Cause Details
Statewide bank holiday proclaimed by Iowa governor/lieutenant governor as part of nationwide banking restrictions
Newspaper Excerpt
Iowa Proclaims Holiday. Des Moines, Ia., March 4.-[Spe... Gov. N. G. Kraschel today ordered moratorium effective once.
Source
newspapers
3. October 30, 1933 Receivership
Source
historical_nic
4. November 2, 1933 Receivership
Newspaper Excerpt
Two Iowa national banks which had been operating under conservators were thrown into receivership Wednesday. Julius Boeckh of Lansing, Ia., arrived at Cresco Wednesday to take charge as receiver of the First National bank there.
Source
newspapers

Newspaper Articles (8)
1. March 5, 1933 Chicago Tribune Chicago, IL
Article from Chicago Tribune, March 5, 1933

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Article Text

EVERY STATE JOINS IN MOVE TO SAVE BANKS Take Holiday or Impose Restrictions. Wilmington, Del., March 4.-(P)Delaware, the last of the nation's 48 states not under form of banking restriction, declared bank holiday tonight, e.ective Monday and continuing until further notice." Harold W. Horsey, state banking missioner, said Gov. C. Douglas Buck had directed him to notify all banks in the state as follows: Not of anything that has in tion but wholly because of the action practically all the other in declaring bank holiday and the observance thereof by the Federal Reserve bank, this bringing about temporary suspension of banking business over the country, am with no alternative to take action protect Delaware banks and their depositors. Wisconsin Plans Reopening. Milwaukee, Wis., March 4.-[Speof this city and Wisconsin are making plans to reopen next week, but on what day had not been determined tonight. In Madison, Banking Commissioner Arthur Kingston said that plan has been devised for reopening Wisconsin banks morning, although he withheld details of the plan pending an expected President at Washington on the situation. hand, Walter Kasten, president the First Wisconsin Na. tional member of committee appointed by the Milwaukee Clearing House association to work out plan, said the Milwaukee banks will not reopen until Wednesday at the earliest, and then probably will operate under scrip plan similar to that used in 1907. In the meantime the fourteen day bank holiday proclaimed by Gov. R. G. Schmedein effect. No Holiday in Indiana. Indianapolis, Ind., March 4.-[Spebanks, under the bank code recently rushed through the state legislature, have the power to limit withdrawals one-tenth per cent. Therefore, no state-wide bank moratorium will be declared in Indiana Gov. Paul McNutt today informed state officials from Washington, where he attended the inaugurabanks today continued to pay per cent and 100 per on deposits made they declared per cent withdrawal last Monday. few upstate banks have limited withdrawals to per cent. Plan Michigan Reopening. Detroit, Mich., March 4.-[Special.] -There up of banking anxieties Detroit the tion of the state legislature on relief bills which are scheduled be passed on Monday They should become laws not later than next Saturday and thereby permit banks re-open and permit another withdrawal of funds amounts to decided upon. Operations in Detroit will be immediresumed by the First National bank and the Guardian National Bank of Commerce. Iowa Proclaims Holiday. Des Moines, Ia., March 4.-[SpeGov. N. G. Kraschel today ordered moratorium effective once. In his proclamation the lieutenant governor set no definite time, declaring only temporary banking holiday mandatory for all Iowa banks, savings banks and [Continued on page 6, column 8.]

2. March 6, 1933 The Courier Waterloo, IA
Article from The Courier, March 6, 1933

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Article Text

IOWA'S BANKS BE PERMITTED TO RAISE BAN FRIDAY Will Not Be Allowed to Open Before Under Permission from Treasury. NEED RESERVES TIED UP IN CHICAGO BANKS Use of Clearing House Scrip Will Afford Means for Circulation. Des bank holiday effective until the ban on withdrawals from New York Chicago banks is lifted. Lieut. Gov. N. Kraschel said Monday. reserves of Iowa banks are held by national banks in Chicago and New York," Kraschel said. "Until those reserves are available, Iowa banks that opened would be exposed the dangers of withdrawals, particularly business organizations which might wish obtain money from Iowa deposits for use in other states.' It was indicated that Iowa situation will continue unchanged at least until Friday. earliest when congressional action could lift the Iowa's banking holiday remained despite the terms of President that liquid banks remain open during the holiday given permission by the secretary treasury. Agree To Keep Banks Closed. Lieut. Gov. Kraschel early Monday Iowa banks will not permitted to take advantage that provision the president's proclamation that the state hollday will remain in effect on all Iowa Agreement to the Iowa clamation force reached in telephone between Lieut. Gov. Kraschel and Gov. Clyde Herring, who in Washington. Officials the Iowa Bankers association met here Sunday for discussion of legislation to be considered by the legislature which reconvened Monday following week's recess. Fred Figge of Ossian, president the said the legislation would deal with methods of bank withdrawals after the holidays are suspended. Details of the proposals could not be discussed, Figge as they discussed further with the banking committees Monday. Two Banks Told To Stay Shut. Bank officials discussed the issuance clearing house certificates as provided for in President Roosevelt's Information concerning the certificates, which would be issued under regulations the Chicago Federal Reserve bank, was expected Gov. Kraschel said he had ordered officials two Iowa banks to observe state holiday not to open their banks today had declared they would do. Henry M. Carpenter, president of the Monticello State bank, and Robinson, assistant cashier of the Anita bank Anita, were ordered Mr. Kraschel to open Monday. Must Restrict Openings. Des Moines Reopening of banks the nation must be on restricted payment basis, Andrew, state of banksaid "There no question, he said in formal statement, "that when the banks the country be restricted payment and with use, in many cities, of banking scrip consisting of clearing Such scrip, he asserted, will provide medium for cities in which issued. This scrip, promise pay all the banks in clearing and has behind good assets cover the entire Calling upon public to face (Continued on page column seven

3. March 6, 1933 Ames Tribune Ames, IA
Article from Ames Tribune, March 6, 1933

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Article Text

IA. BANK HOLIDAY WILL CONTINUE (Continued from Page One) from Washington, it was believed. The banking holiday, also added incentive to the stamp money plan which originated at Hawarden, Ia., and which, due to legislative action 10 days ago, may now be set in motion by every county in the state for poor relief. Some amendment to this law to make it applicable to present conditions was suggest ed to legislators. Kraschel, however, said that no emergency legislation by Iowa was necessary. The state, he said, had already set its financial house in order and would be ready to proceed with normal bank business at the expiration of the national holiday. Kraschel telephone Gov. Clyde L. Herring, who is attending the governors' conference in Washing ton. before announcing early Monday that the lowa proclamation closing banks until further notice would be rigidly enforced. Several score banks throut the state, it was said, were prepared to open their doors at the first possible op portunity in spite of the proclamation of the lientenant governor, and had closed temporarily only under protest One bank. the Iowa-Des Moines National here. had announced Datly that it would re-open Wednesday. In view of President Roosevelt's proclamation however, this plan probably will be changed coincide with present developments. l'ending a readjustment of emergency money matters, merchants scrip, several kinds of barter and agreements honoring checks of roliable firms in Heu of cash, were being worked out in individual cities thruout the state Kraschel urged that all business in honoring these until lowa's banks reopen.

4. March 8, 1933 The Gazette Cedar Rapids, IA
Article from The Gazette, March 8, 1933

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Article Text

Iowa Maintains Solid Front In Banking Crisis DES MOINES Gov. ernor Kraschel announced shortly after noon Wednesday that all Iowa state and national banks were closed to conform with the state Several of the banks which opened accept new deposits discontinued the after conversations with state Kraschel The banks may continue to make change allow patrons to use their safety deposit position extremely Kraschel said He bankers for their and said that Governor Herring in has kept hourly contact with the Iowa "Within few days and sounder banking arise for the service of the he His statement was as follows: Iowa banks are closed strict conformity with the state The operation that they have shown upholding our hands gives us hope of obtaining release of Iowa money in Chicago and New York It is that of our banks were to and permit als of our position would be lost is unfortunate that America's business should be but Iowa's position is extremely strong in such have food products that the the country and we would weak indeed did not demand the of sound currency for our own funds now in city banks before normal business resumed do not seek an unfair vantage of sister states but the present bank crisis is due to tation and unsound banking in higher circles over which had no blame for this therefore would be weak failed our position at this time for the protection of our own people. "President Roosevelt forward and manner Gov. Herring hourly with advising as to the Within few days new sounder banking structure will for the of the nation We need to be tient but few days and the loyalty of our ers and the patience our peoin the maintenance of our state program. DUBUQUE BANK OPEN. DUBUQUE (AP)-The First tional here for open business Wednesday despite advice from Lieut Kraschel that should Iowa banks, both state national, closed with the state banking holidty.

5. November 2, 1933 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, November 2, 1933

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Article Text

TWO BANKS IN RECEIVERSHIP Assets at Dunkerton, Cresco Are Taken Over. Two Iowa national banks which had been operating under conservators were thrown into receivership Wednesday. Julius Boeckh of Lansing, Ia., arrived at Cresco Wednesday to take charge as receiver of the First National bank there. The receivership action was described as a surprise by Cresco bank officials, who recently submitted reorganization plan to the federal reserve bank in Chicago. They thought the plan was meeting with approval, they said. In Chicago, officers of the federal reserve bank said the comptroller had named a receiver for the Cresco bank because the reorganization plans were not satisfactory. They declared, however, that the bank may be reorganized later if the comptroller gives his approval. A. M. Place of Waterloo took charge of the First National bank at Dunkerton as receiver Wednesday. He was notified of his appointment by Comptroller J. F. T. O'Connor.

6. November 8, 1933 Globe-Gazette Mason City, IA
Article from Globe-Gazette, November 8, 1933

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200 PROTEST BANK RECEIVER 200 Sign Statement to Comptroller Offering 45 Per Cent Waiver. CRESCO, Nov. 8.-More than 200 persons signed a statement at a mass meeting Tuesday night protesting the appointment of a recelver for the First National bank. The meeting or depositors was not attended by officers, directors, stockholders or employes of the bank. D. M. Evans called the session to order. H. G. Addie was chosen chairman and Eugene Irving, secretary. The chairman read EL statement setting out the disadvantages of receivership and the steps that had been taken by the directors of the bank to put the bank on R sound basis and their plan for reorganization and reopening of the bank. Dr. George Kessel was called upon by the chairman, who after FL few remarks advising the depositors that they should speak for themselves and look after their own interests, read & report of the findings of R. committee of five depositors who had examined the proposed plan for reorganization. Elma Man Heard. Following reading of this report. D. M. Evans was called on by the chairman to tell of the experience of depositors, towns and communities where banks had gone through receivership. William Jinderlee of Elma told of the depressing effect of the bank receivership there on the business interests of the town as well as on the depositors. J. D. Robbins told of the altuation at Waukon, following bank closings and receivership management in the sales of assets. W. H. Eischeid and Fred Wodrich related their experience with banks under receivership as did V. W. Scarcy. It was suggested that a committee of three be appointed to act for the depositors and in their behalf in future activities that may be taken to accomplish the rescinding of the order placing a recelver in charge of the First National bank and to aid the directors in getting their plan for the reopening This carried by unanimous vote. H. G. Addie, D. M. Evans and Dr. George Kessel were chosen on this committee. At the close of the meeting, the following statement was presented to the depositors present and it was signed by upwards of 200 for themselves or representing deposit nccounts: "To the comptroller of the currency, Washingto The undersigned depositors in the First National bank of Cresco, respectfully and most urgently request that the order placing said bank in receivership be rescinded, the receiver withdrawn and the bank restored to the management of the conservator pending the taking of steps to effect IL reorganization of the bank. Would Impose Penalty. "To liquidate this bank under a receiver with the well known loss which Inevitably follows such liquidations will impose a wholly unwarranted penalty on the depositors, disastrous effects on the bank debtors, and a serious blow to the confidence and well being of the community at large, which community the bank has served the past 40 years. "Each one of the signers of this request states that he or she is ready and willing to sign 2L walver of 45 per cent of his or her respective deposits and have such waived deposits placed in a trust in order that orderly steps may be taken to effect a reopening of the bank on the plan submitted to the chief examiners office In Chicago on Oct. 26, 1933. We voice our unqualified confidence In the integrity and ability of the directors of our bank." This was signed by H. G. Addle, chairman, and Eugene Irving, secretary.

7. November 8, 1933 Globe-Gazette Mason City, IA
Article from Globe-Gazette, November 8, 1933

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Article Text

200 PROTEST BANK RECEIVER 200 Sign Statement to Comptroller Offering 45 Per Cent Waiver. CRESCO, Nov. 8.-More than 200 persons signed a statement at a mass meeting Tuesday night protesting the appointment of a recelver for the First National bank. The meeting or depositors was not attended by officers, directors, stockholders or employes of the bank. D. M. Evans called the session to order. H. G. Addie was chosen chairman and Eugene Irving, secretary. The chairman read EL statement setting out the disadvantages of receivership and the steps that had been taken by the directors of the bank to put the bank on R sound basis and their plan for reorganization and reopening of the bank. Dr. George Kessel was called upon by the chairman, who after FL few remarks advising the depositors that they should speak for themselves and look after their own interests, read & report of the findings of R. committee of five depositors who had examined the proposed plan for reorganization. Elma Man Heard. Following reading of this report. D. M. Evans was called on by the chairman to tell of the experience of depositors, towns and communities where banks had gone through receivership. William Jinderlee of Elma told of the depressing effect of the bank receivership there on the business interests of the town as well as on the depositors. J. D. Robbins told of the altuation at Waukon, following bank closings and receivership management in the sales of assets. W. H. Eischeid and Fred Wodrich related their experience with banks under receivership as did V. W. Scarcy. It was suggested that a committee of three be appointed to act for the depositors and in their behalf in future activities that may be taken to accomplish the rescinding of the order placing a recelver in charge of the First National bank and to aid the directors in getting their plan for the reopening This carried by unanimous vote. H. G. Addle, D. M. Evans and Dr. George Kessel were chosen on this committee. At the close of the meeting, the following statement was presented to the depositors present and it was signed by upwards of 200 for themselves or representing deposit nccounts: "To the comptroller of the currency, Washingtor The undersigned depositors in the First National bank of Cresco, respectfully and most urgently request that the order placing said bank in receivership be rescinded, the receiver withdrawn and the bank restored to the management of the conservator pending the taking of steps to effect IL reorganization of the bank. Would Impose Penalty. "To liquidate this bank under a receiver with the well known loss which Inevitably follows such liquidations will impose a wholly unwarranted penalty on the deposttors, disastrous effects on the bank debtors, and a serious blow to the confidence and well being of the community at large, which community the bank has served the past years. "Each one of the signers of this request states that he or she is ready and willing to sign 2L walver of 45 per cent of his or her respective deposits and have such waived deposits placed in a trust in order that orderly steps may be taken to effect a reopening of the bank on the plan submitted to the chief examiners office In Chicago on Oct. 26, 1933. We voice our unqualified confidence In the integrity and ability of the directors of our bank." This was signed by H. G. Addle, chairman, and Eugene Irving, secretary.

8. November 8, 1933 Globe-Gazette Mason City, IA
Article from Globe-Gazette, November 8, 1933

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Article Text

200 PROTEST BANK RECEIVER 200 Sign Statement to Comptroller Offering 45 Per Cent Waiver. CRESCO, Nov. 8.-More than 200 persons signed & statement at a mass meeting Tuesday night protesting the appointment of a receiver for the First National bank. The meeting of depositors was not attended by officers, directors, stockholders or employes of the bank. D. M. Evans called the session to order. H. G. Addie was chosen chairman and Eugene Irving, secretary. The chairman read a statement setting out the disadvantages of receivership and the steps that had been taken by the directors of the bank to put the bank on a sound basis and their plan for reorganization and reopening of the bank. Dr. George Kessel was called upon by the chairman, who after a few remarks advising the depositors that they should speak for themselves and look after their own interests, read a report of the findings of a committee of five depositors who had examined the proposed plan for reorganization. Elma Man Heard. Following reading of this report, D. M. Evans was called on by the chairman to tell of the experience of depositors, towns and communities where banks had gone through receivership William Jinderlee of Elma told of the depressing effect of the bank receivership there on the business interests of the town as well as on the depositors. J. D. Robbins told of the situation at Waukon, following bank closings and receivership management in the sales of assets. W. H. Eischeid and Fred Wodrich related their experience with banks under receivership as did V. W. Searcy. It was suggested that a committee of three be appointed to act for the depositors and in their behalf in future activities that may be taken to accomplish the rescinding of the order placing a receiver in charge of the First National bank and to aid the directors in getting their plan for the reopening. This carried by unanimous vote, H. G. Addie, D. M. Evans and 40 Dr. George Kessel were chosen on this committee. At the close of the meeting, the following statement was presented to the depositors present and It was signed by upwards of 200 for themselves or representing deposit accounts: "To the comptroller of the currency, Washingt The undersigned depositors in the First National bank of Cresco, respectfully and most urgently request that the order placing said bank in receivership be rescinded, the receiver withdrawn and the bank restored to the management of the conservator pending the taking of steps to effect a reorganization of the bank. Would Impose Penalty. "To liquidate this bank under a receiver with the well known loss which inevitably follows such liquidations will impose a wholly unwarranted penalty on the depositors, disastrous effects on the bank debtors, and a serious blow to the confidence and well being of the community at large, which community the bank has served the past years. "Each one of the signers of this request states that he or she is ready and willing to sign a waiver of 45 per cent of his or her respective deposits and have such waived deposits placed in a trust in order that orderly steps may be taken to effect a reopening of the bank on the plan submitted to the chief examiners office in Chicago on Oct. 26, 1933. We voice our unqualified confidence in the integrity and ability of the directors of our bank." This was signed by H. G. Addie, chairman, and Eugene Irving, secretary.