First National Bank (Swea City, IA)

View Charter #5637 on SPMC View balance sheet

Episode Information

Episode UID
563701534
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
56370 national
Charter Number
5637
Start Date
October 29, 1927
Location
Swea City, Iowa (43.384, -94.315)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ebd57b63468bec42

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
41.9%
Date receivership started
1927-10-29
Date receivership terminated
1932-08-01
OCC cause of failure
Economic conditions
Share of assets assessed as good
24.6%
Share of assets assessed as doubtful
60.0%
Share of assets assessed as worthless
15.4%

Description

Closed Oct 29, 1927 by a Controller representative after heavy withdrawals; later placed in receivership and assets auctioned.

Events (6)
1. December 13, 1900 Chartered
Source
historical_nic
2. October 29, 1927 Receivership
Source
historical_nic
3. October 29, 1927 Run
Cause Details
Heavy withdrawals depleted reserves (run on the bank); no specific rumor or external bank failure cited
Newspaper Excerpt
Depleted reserves, due to heavy withdrawals, are assigned as reason for the closing
Source
newspapers
4. October 29, 1927 Suspension
Cause
Government Action
Cause Details
Closed and placed under control of a Controller of the Currency representative following depleted reserves from heavy withdrawals
Newspaper Excerpt
Three Kossuth County banks ... and the First National Bank at Swea City -were closed at noon today. ... the national bank is in charge of a representative of the Controller of the Currency.
Source
newspapers
5. August 9, 1929 Receivership
Newspaper Excerpt
Receiver Frank Bois of the First National bank. has severed his connections with the federal banking department ... He will be succeeded here by C. J. Obrecht, receiver of the defunct national banks ... In addition to the First National bank here Mr. Obrecht will also have charge of the defunct First National at Armstrong.
Source
newspapers
6. April 7, 1932 Other
Newspaper Excerpt
Receiver W. Helden, Swea City, likewise advertising the assets of the closed First National bank, of that town, at public sale.
Source
newspapers

Newspaper Articles (4)
1. October 30, 1927 Evening Star Washington, DC
Article from Evening Star, October 30, 1927

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Article Text

THREE BANKS CLOSED. Two Iowa Institutions in Hands of State Examiners. MASON CITY, Iowa, October 29 (AP).-Three Kossuth County banksthe County Savings Bank of Algona, the Algona State Bank, Algona, and the First National Bank at Swea City -were closed at noon today. The first two banks are in the hands of State banking examiners, and the national bank is in charge of a representative of the Controller of the Currency. Depleted reserves, due to heavy withdrawals, are assigned as reason for the closing in each case.

2. August 9, 1929 Globe-Gazette Mason City, IA
Article from Globe-Gazette, August 9, 1929

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Article Text

Bank Receiver Leaves Federal Department SWEA CITY, Aug. 9.-Receiver Frank Bois of the First National bank. has severed his connections with the federal banking department and has accepted an engagement with the Bank of Detroit. Mich. He will be succeeded here by C. J. Obrecht, receiver of the defunct national banks of Spirit Lake, Milford and Estherville. In addition to the First National bank here Mr. Obrecht will also have charge of the defunct First National at Armstrong. making five banks in his receivership. Mr. Bois will become credit man-

3. October 18, 1929 Globe-Gazette Mason City, IA
Article from Globe-Gazette, October 18, 1929

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Article Text

Economic Status of Swea City Community Is Improving Rapidly SWEA CITY, Oct. 18.-Improvements in the economic status of the community is reflected in the collections of the two defunct banks here, the First National and the State bank. Since the banks closed two years ago this month, the borrowers have paid in more than a quarter of a million dollars on their obligations. A steady stream of cash trickles in eevry month, some borrowers paying by the week, some making monthly payments while others wait several months for a surplus to accumulate before they make a payment. For the most part the bank receivers have been working hand in hand with the borrowers, making it as easy as possible for them. It is expected the affairs of the State bank will be closed this fall or winter since the building has been

4. April 7, 1932 Kossuth County Advance Algona, IA
Article from Kossuth County Advance, April 7, 1932

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Article Text

Two Bank Auctions. Receiver W. published in Friday's Mason City list assets the Security National bank, Mason City, and advertised the same for sale auction Friday, April The list took four columns of small type. Receiver W. Helden, Swea City, likewise advertising the assets of the closed First National bank, of that town, at public sale.