Citizens Bank - Story City, IA

Episode Information

Episode UID: 72049471348
Episode Type: Suspension → Closure
Bank Type: private
Bank ID: 7204947 routing
Routing Number: 72-0494
Start Date: April 10, 1912
Location: Story City, Iowa (42.187, -93.596)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 1f6d4553ab31b5e8

Response Measures

None

Description

Closure followed discovery that the cashier absconded after misappropriating funds.

Events (2)

1. April 10, 1912 Receivership

Newspaper Excerpt: A receiver will be appointed by the court and will take charge of the business.
Source: newspapers

2. April 10, 1912 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Cashier M. J. Swan absconded after squandering and taking bank funds, prompting the bank to close.
Newspaper Excerpt: the Citizens Bank at Story City, which recently closed its doors when the cashier, M. J. Swan, absconded after squandering some of the bank's funds in speculation and taking the ready cash on hand.
Source: newspapers

Newspaper Articles (1)

1. April 10, 1912 Evening Times-Republican Marshalltown, IA

Article from Evening Times-Republican, April 10, 1912

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Article Text

OWNER OF OITIZENG BANK AT STORY CITY MAKES ASSIGN. MENT. LISTS LIABILITIES OF ASSETS ABOUT THE SAME Time will BO Required to sets Into Cash and Pay Obligations -Owan Owee Varione Banks $18,000 -Court WIII Wind Up Affairs of Failed Institution. Special to Times-Republican Des Moines, April 10-1 petition in voluntary bankruptcy was filed today in the federal court here by John Swan. president of the Citizens Bank at Story City, which recently closed its doors when the cashier, M. J..Swan, absconded after squandering some 04 the bank's funds in speculation and taking the ready cash on hand. Mr. Swan admits liabilities of $85, 000 and lists assets of about the same amount. represented in mortgage loans and other paper. Among the debta listed is $16,000 owing to banks in Des Moines, Chicago, and Marshalltown, the Marshalltown State Bank being creditor for a nominal sum. A receiver will be appointed by the court and will take charge of the bustness. Some time will be required to convert the paper into cash and settle with the various creditors. If the assets are all good the creditors will not lose heavily, but Mr. Swan will be im poverished.