State Savings Bank

Episode Information

Episode UID: 72062571491
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 7206257 routing
Routing Number: 72-0625
Start Date: March 15, 1924
Location: Afton, Iowa (41.027, -94.198)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: a68ea161bc897943

Response Measures

None

Description

Cashier disappeared and report cites missing government bonds and indictment for fraudulent banking; article implies permanent failure though receiver not explicitly named.

Events (1)

1. March 15, 1924 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Cashier William E. Pierson disappeared; alleged fraudulent banking and $16,000 in government bonds missing.
Newspaper Excerpt: disappeared from Afton, March 13 last, two days before the bank failed to open its doors.
Source: newspapers

Newspaper Articles (1)

1. October 8, 1924 The Muscatine Journal Muscatine, IA

Article from The Muscatine Journal, October 8, 1924

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Article Text

IOWA CASHIER IS HELD IN MISSOURI (Continued from Page One.) ple in a bank failure. I see I made a mistake, now, and if I get a chance I'll pay back every cent of the overdrafts." Mrs. Pierson planned to return with her husband this afternoon. Missing Since March. Creston, Ia., Oct. 8.—William E. Pierson, missing cashier of the State Savings bank of Afton, this county, who was arrested in St. Louis today, disappeared from Afton, March 13 last, two days before the bank failed to open its doors. He was indicted the following month by a grand jury here on a charge of fraudulent banking, it being alleged that he accepted deposits when he knew the bank was insolvent. The report of the bank's condition, reported by the state bank examiner, showed government bonds for $16,000 could not be found.