Bank of Denison (Denison, IA)

Episode Information

Episode UID
72028971496
Episode Type
Run → Suspension → Closure
Bank Type
private
Bank ID
7202897 routing
Routing Number
72-0289
Start Date
August 27, 1924
Location
Denison, Iowa (42.018, -95.355)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3b47f37fd721dc2d

Response Measures

None

Description

Owners later indicted for embezzlement; bank closed Aug. 27, 1924 after a small run.

Events (5)
1. August 27, 1924 Run
Cause
Bank Specific Adverse Info
Cause Details
Small run on Aug. 26–27 preceded closing; later indictments for embezzlement and allegations of mismanagement linked to the failure.
Newspaper Excerpt
The bank closed its door August 27, after a small run the day before.
Source
newspapers
2. August 27, 1924 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended/closed following the small run and emerging allegations of embezzlement and financial difficulties.
Newspaper Excerpt
Bank closed in August. ... The bank closed its door August 27, after a small run the day before.
Source
newspapers
3. September 29, 1924 Other
Newspaper Excerpt
Hearing on the petition to have a receiver named for the Bank of Denison, Ia., will be held in Council Bluffs September 29, Federal Judge George Scott ... announced Tuesday ... Creditors of the bank petitioned the court three weeks ago to declare the bank bankrupt.
Source
newspapers
4. November 11, 1924 Other
Newspaper Excerpt
William Knutson ... has assumed charge of the affairs of the Bank of Denison, Denison, Ia., as temporary receiver.
Source
newspapers
5. March 21, 1925 Other
Newspaper Excerpt
Admitting their inability ... they are willing to be adjudged bankrupts and that they consent to an adjudication in bankruptcy ... petition asking that the Bank of Denison be adjudged bankrupt was filed by alleged creditors, last September.
Source
newspapers

Newspaper Articles (13)
1. September 10, 1924 The Omaha Evening Bee Omaha, NE
Article from The Omaha Evening Bee, September 10, 1924

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Article Text

BANK RECEIVER HEARING SEPT. 29 Hearing on the petition to have a receiver named for the Bank of Denison, Ia., will be held in Council Bluffs September 29, Federal Judge George Scott of Sioux City announced Tuesday with the opening of the fall term of court in Council Bluffs. Creditors of the bank petitioned the court three weeks ago to declare the bank bankrupt. Charles L. Voss and Carl S. Kuehnle, officers of the bank, declared Tuesday that the bank is in a thoroughly sound position, with assets totaling more than twice the amount of all liabilities. Bedford Plans Paving. Bedford, Ia., Sept. 9.---Bedford city council has passed resolutions authorizing 31 additional blocks of paving, the first of the paving program for 1925.

2. September 19, 1924 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, September 19, 1924

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Article Text

Embezzling Charge of Grand Jury D. E. Voss of Denison and Brother Face Serious Accusation; Bank Closed in August. Friends Stand by Them Special Dispatch to The Omaha Bee. Denison, Ia., Sept. 18.—Denison was shaken tonight by the indictment of C. L. Voss and his brother, D. E. Voss, connected with the closed Bank of Denison, by a grand jury. Both men are charged with embezzlement, with an additional charge of forgery against C. L. Voss. The indictments are said to have been the outgrowth of the closing of the bank. At the time there were rumors of difficulties, but owners of the bank, which is a private institution, denied that its financial difficulties were serious. Respected Citizens. "We are able to pay $2 for every $1 on deposit," said an official of the bank when told that certain depositors were considering asking federal court to declare the institution bankrupt. Friends of Voss and his brother tonight refuse to believe that there is adequate foundation for the indictments drawn by the grand jury. Both have been wealthy and respected citizens of Denison for a number of years and their bank has been one of the largest and most stable in western Iowa. Run on Bank. In 1923 its financial responsibility was listed at $2,000,000. It is now said to be in the neighborhood of $1,000,000. The charge of forgery brought against C. L. Voss is alleged to be in connection with the handling of certain mortgages. The bank closed its door August 27, after a small run the day before. It was the second Denison bank to close its doors within four months, the other being the Farmers State bank.

3. September 19, 1924 The Omaha Evening Bee Omaha, NE
Article from The Omaha Evening Bee, September 19, 1924

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Article Text

IOWA BANKERS ARE INDICTED True Bills Charge Voss Brothers of Denison With Fraud. Special Dispatch to The Omaha Bee. Denison, Ia., Sept. 18.—Denison was shaken tonight by the indictment of C. L. Voss and his brother, D. E. Voss, connected with the closed Bank of Denison in the grand jury return. Both men are charged with embezzlement, with an additional charge of forgery against C. L. Voss. The indictments are said to have been the outgrowth of the closing of the bank. At the time there were rumors of difficulties, but owners of the bank, which is a private institution, denied that its financial difficulties were serious. Respected Citizens. "We are able to pay $2 for every $1 on deposit," said an official of the bank when told that certain depositors were considering asking federal court to declare the institution bankrupt. Friends of Voss and his brother tonight refuse to believe that there is adequate foundation for the indictments drawn by the grand jury. Both have been wealthy and respected citizens of Denison for a number of years and their bank has been one of the largest and most stable in western Iowa. Run on Bank. In 1923 its financial responsibility was listed at $2,000,000. It is now said to be in the neighborhood of $1,000,000. The charge of forgery brought against C. L. Voss is alleged to be in connection with the handling of certain mortgages. The bank closed its doors August 27, after a small run the day before. It was the second Denison bank to close its doors within four months, the other being the Farmers State bank.

4. November 11, 1924 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, November 11, 1924

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Article Text

S. C. Man Named Bank Receiver William Knutson, Sioux City, who for the past several years has been state bank examiner, has assumed charge of the affairs of the Bank of Denison, Denison, Ia., as temporary receiver. He recently was appointed to take charge of the affairs

5. February 3, 1925 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, February 3, 1925

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Article Text

VOSS AND KUEHNLE ARE EMPLOYED TO AID BANK RECEIVER Council Bluffs, Ia., Feb. At an adjourned hearing of the creditors of the Bank of Denison held before Judge Martin J. Wade in federal court here. the employment of Ora Thomas by the receiver which was resisted by the creditors, was set aside and Carl F. Kuehnle and Voss, principal owners of the bank, were employed salary of $150 a month. W. M. Knutsen, receiver. whose remuneration was reduced from $600 month to $300 month, says that he will resign. Liquidation the bank has been the cause of bitter contention in court between creditors and those in charge of its affairs

6. March 21, 1925 The Daily Nonpareil Council Bluffs, IA
Article from The Daily Nonpareil, March 21, 1925

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Article Text

DENISON BANKERS ADMIT BANKRUPTCY CANNOT DISPOSE OF LANDS AND BILLS RECEIVEABLE TO MEET DEBTS. LONG CONTINUED CASE Taking of Testimony Has Been In Progress for Five Months—Largest Filing In History of Bankrupt Court. Admitting their inability to make a sale of their lands and to realize on their bills receivable in a sufficient amount to discharge indebtedness and stating that they are willing to be adjudged bankrupts and that they consent to an adjudication in bankruptcy, attorneys for Carl Kuehnle and Charles L. Voss, doing business as the Bank of Denison, filed an amendment to their answer in federal district court here today. The petition asking that the Bank of Denison be adjudged bankrupt was filed by alleged creditors, last September.

7. March 24, 1925 Quad-City Times Davenport, IA
Article from Quad-City Times, March 24, 1925

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Article Text

JUDGE SCOTT IS TO HEAR THE CASE OF BANK RECEIVER Federal Judge George Scott of Sioux City. is expected in Council Bluffs Friday in connection with numerous applications presented by W. M. Knutson. receiver of the bank of Denison. Mr. Knutson seeks direction of the court in cancellation of an insurance policy by C. L. Voss that the rendered value may become part of the asset. He also seeks to recover 750 shares of Crawford county telephone stock sold by C. F. Kuehnle to his son-in-law, E. A. Howard at $30,000. According to Knutson's petition the stock is worth $53,000. He asks for authority to obtain the services of an engineer in appraising the stock. Judge Scott will also hear Knutson's petition asking that certain Sioux City interests be restrained from suing him in connection with the bank affairs

8. March 25, 1925 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, March 25, 1925

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Article Text

DENISON BANK RECEIVER GOES TO FEDERAL COURT Council Bluffs, Ia., March 24.—Federal Judge George Scott, of Sioux City, is expected in Council Bluffs Friday in connection with numerous applications presented by W. M. Knutson, receiver of the Bank of Denison. Mr. Knutson seeks direction of the court in cancellation of an insurance policy by C. L. Voss that the surrendered value may become part of the assets. He also seeks to recover 750 shares of Crawford County Telephone stock, sold by C. F. Kuehnle to his son-in-law, E. A. Howard, at $30,000. According to Knutson's petition, the stock is worth $55,000. He asks for authority to obtain the services of an engineer in appraising the stock. Judge Scott also will hear Knutson's petition asking that certain Sioux City interests be restrained from suing him in connection with the bank affairs. Classy—Roomy—Economical—Buick Coach. Wade & Burnight, 310 West Seventh street.

9. April 29, 1925 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, April 29, 1925

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Farm Bureau Plans Outing. Galva, Ia., April 28.—Special: The Galva Union Elevator company and the farm bureau of Galva township are planning a picnic to be held at Galva some time in June. There will be a speaker, music and other entertainment. Oto Woman 90 Years Old. Oto, Ia., April 28.—Special: Mrs. Kate Harding of Oto, who makes her home with her son, W. C. Harding, has just passed her 90th birthday anniversary. Relatives and friends helped her celebrate. She is vigorous and hearty in spite of her age. Bank Receiver Asks Release. Council Bluffs, Ia., April 28.—W. S. Knudson, receiver of the Bank of Denison for the past few months, filed his final report today in federal court here and asked immediate release. Jacob Johnson, of Denison, trustee, is in charge. Paralysis Kills Old Settler. Larchwood, Ia., April 28.—Special: H. F. Gottlob, an old resident of this place, died from a stroke of paralysis. No arrangements for the funeral have been made.

10. April 29, 1925 The Muscatine Journal Muscatine, IA
Article from The Muscatine Journal, April 29, 1925

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AINSWORTH Ainsworth Ia., April 29-Miss Marie Schmidt to her school work in Waterloo Monday morning. having been here to attend the funeral of her aunt, Mrs. Pearson. Mrs. Mary Hartwick and son came Monday morning, called by the death of Mrs. Hartwick's mother, Mrs. Pearson. Miss Helen Snelson has returned to her teaching in Hudson after spending several days at home. Randolph Kelsey who has been working in the Ainsworth Savings bank. quit May and go next week to Colorado for an extended visit. The Methodist church parlors were the scene of interesting party Tuesday evening which was given in honor of Dr. and Mrs. Alcorn. On account of the bad weather only 50 were present. The evening entertainment consisted of program of music Denison Bank Receiver Reports Council Bluffs, April H Knudson receiver of the Bank of Denison for the past few months his final report today in federal here and immediate release Jacob Johnson of Denison, trustee, is in charge. Hold Negro as Murder Suspect Keokuk, Ia., April Police are holding one armed negro here last week on charge of vag. rancy suspect wanted in Columbia. Tenn. for breaking jail pending trial for murder. Finger prints were sent to Columbia today following wire from police there to hold the man.

11. May 2, 1925 The Omaha Evening Bee Omaha, NE
Article from The Omaha Evening Bee, May 2, 1925

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Against Bank Receiver's Report Filed Objections to the final report receiver of the funct Bank of Denison. were filed federal court. Council Bluffs, Friday morning by Jacob Johnson, trustee in bankruptcy Charles Voss and Carl Kuchnle, owners of the bank. Johnson claims the report hensible. hearing on the report will be held Saturday morning before Judge Martin Wade in federal Council Bluffs.

12. May 3, 1925 The Daily Nonpareil Council Bluffs, IA
Article from The Daily Nonpareil, May 3, 1925

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OBJECTIONS KNUDSEN REPORT WITHDRAWN DENISON BANK RECEIVER'S BILL ARE APPROVED AND FILED. Objections filed to the final report of William Knudsen, receiver for the Bank of Denison, which were filed Friday in federal district court by Jacob Johnson, trustee for the bank, were withdrawn yesterday. Federal Judge Martin J. Wade, who appointed Knudson receiver, March 23, approved the report as filed and Knudson was given his discharge. The following bills presented by the receiver were allowed: E. J. Kelly, Des Moines, special master in chancery, for seven days' work commencing September 29, $1,589; L. W. Powers, Denison, attorney for the receiver, $2,640; Wright & Kistle, attorneys for the receiver, $824; Shull & Stillwell, Sioux City, attorneys for the receiver, in two foreclosure actions, $250; Sims & Page, Denison, attorneys for the bankrupt, $1,451, and Paul Richards, special master in chancery on certain compromise matters, $40. The receiver's report shows that disbursements totaled $22,168; cash receipts, $53,471; cash in First National bank of Council Bluffs, $10,000; cash in Council Bluffs Savings bank, $11,312; cash in First National bank of Denison, $5,109; cash in Crawford County State bank, $4,855, and in other banks, $625. Bank bills receivable total $11,252; commission notes, $1,066; overdrafts, $1,634; tax sale certificates, $2,215; interest coupons advanced, $1,630; bank real estate, $3,190; cash received from banks, $5,003; cash item, $3; profit and loss, $2,022, and interest received, $1,238, a total of $29,354.82. The receiver's report on the estate of C. F. Voss is real estate, $17,891; mortgages, $542; notes receivable, $128; securities, $135; a total of $18,697. The report on the estate of Carl Kuenhnle is, real estate, $3,650, and securities, $100, a total of $3,750. The obligation to the Illinois Merchants' Trust company, has been cut from $180,000 to $116,628.16. The company originally filed suit last August.

13. August 26, 1925 The Daily Nonpareil Council Bluffs, IA
Article from The Daily Nonpareil, August 26, 1925

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An application asking that Charles I. Voss, bankrupt, partner of Carl Kuehnle in the defunct Bank of Denison, and his wife, Gertrude A. Voss, and other parties submit to an examination by creditors was filed yesterday in bankruptcy court by Jacob Johnson, trustee. The application alleges that several discoveries have been made by the trustee since the original examinations. The principal allegation set forth by the trustee is that concerning the alleged security held by Charles Tabor of Hollywood, Calif., who is listed in Voss' schedule of liabilities as an unsecured creditor. The trustee alleges that he has recently learned that Tabor filed with the county recorder of San Diego county, California, on June 23, 1925, a paper purporting to be a mortgage executed by Voss on February 2, 1914, and purporting to convey to Tabor a 247 acre tract of land in California, known as the Drouillard ranch. The transaction is alleged to have been entered into as security for the payment of a promissory note of $132,883. It is claimed by the trustee that in Voss' schedules he was listed as having one-half interest in the Drouillard ranch which was valued at $75,000 and encumbered to the extent of only $25,000, according to the allegations. It is pointed out by those in close touch with the situation that if the mortgage is established and satisfied, the creditors will lose just that much more. It is the contention of the creditors that the balance in favor of Voss in the Drouillard ranch matter is an equity due the creditors. Just what is the status of the matter will not be determined until Paul Richards, referee in bankruptcy has made his report. May Call Creditors on Shaw Offer. The offer of $35,000 for the assets of the estate of Charles I. Voss, bankrupt, partner with Carl Kuehnle in the defunct bank of Denison, which was made by Leslie M. Shaw, formerly associated in the bank with Kuehnle and former Iowa governor and secretary of the treasury under Roosevelt, will be presented to the creditors soon. This was intimated in bankruptcy court yesterday after Shaw's offer had been filed. Referee in Bank-