County Savings Bank (Algona, IA)

Episode Information

Episode UID
72031271534
Episode Type
Run → Suspension → Unsure
Bank Type
savings
Bank ID
7203127 routing
Routing Number
72-0312
Start Date
October 29, 1927
Location
Algona, Iowa (43.070, -94.233)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c0c6e1cd3e50c207

Response Measures

None

Description

Banks were closed and placed in hands of state examiners; no information on reopening or receivership in these articles.

Events (2)
1. October 29, 1927 Run
Cause Details
Heavy withdrawals depleted reserves leading to a run on the bank.
Newspaper Excerpt
Depleted due to heavy withdrawals are for the closing in each case.
Source
newspapers
2. October 29, 1927 Suspension
Cause
Government Action
Cause Details
Closed at noon and placed in hands of state banking examiners due to depleted reserves from heavy withdrawals.
Newspaper Excerpt
The County Savings Bank of Algona ... were closed at noon today. The first two banks are in the hands of State banking examiners.
Source
newspapers

Newspaper Articles (2)
1. October 29, 1927 The Daily Plainsman Huron, SD
Article from The Daily Plainsman, October 29, 1927

Click image to open full size in new tab

Article Text

MASON Oct. 29. Kossuth county banks, County Savings Bank of Algona, Algona State Bank. Algona, and the Bank Swea City were closed at noon day. The first two banks are in the hands state banking examiners and the National bank charge representative of the comptrollers the currency. Depleted due to heavy withdrawals are for the closing in each case.

2. October 30, 1927 Evening Star Washington, DC
Article from Evening Star, October 30, 1927

Click image to open full size in new tab

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.