Gravity Bank (Gravity, IA)

Episode Information

Episode UID
72099271567
Episode Type
Suspension โ†’ Closure
Bank Type
private
Bank ID
7209927 routing
Routing Number
72-0992
Start Date
July 1, 1930*
Location
Gravity, Iowa (40.761, -94.744)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
251add33421555ab

Response Measures

None

Description

Bank closed prior to Dec 1930 and was in receivership paying dividends; no run is described.

Events (4)

1. July 1, 1930* Receivership
Newspaper Excerpt
receiver ... effort to accumulate funds for first dividend
Source
newspapers
2. July 1, 1930* Suspension
Cause Details
Bank had previously closed (July 1930); articles do not specify precipitating cause such as run or government action.
Newspaper Excerpt
Gravity Bank, which closed its doors last July
Source
newspapers
3. December 25, 1930 Other
Newspaper Excerpt
Gravity State bank, 25 per cent, ... Nineteen other closed banks have paid Christmas dividends
Source
newspapers
4. January 8, 1931 Other
Newspaper Excerpt
Closed Gravity First Dividend Pays ... the first dividend within payment months after the bank closed ... the money due the bank being collected ... the fund set aside for the first dividend
Source
newspapers

Newspaper Articles (2)

Article from Globe-Gazette, December 25, 1930

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Article Text

CLOSED PAY DIVIDEND AS CHRISTMAS GIFT Eight of Iowa Institutions Make Final Payments to Depositors. DES MOINES, Dec. 25. (P)Eight closed Iowa banks have paid the final dividend to depositors as a Christmas gift, L. Andrew, state superintendent of banking, reported today. They are as follows: Parnell Savings bank, $12,944.59; Farmers Savings banks at Troy Mills, $4,721.97; Odebolt Savings bank, $11,789.21; Winthrop State bank, $38,789.21; Ringsted State bank, $51,250.22; Farmers Savings bank at Odebolt, $18,874.14; Farmers State bank at Clutier, $19,321.72; Jesup State bank, $28,853.86. Nineteen other closed banks have paid Christmas dividends as follows: Farmers Savings bank at Bernard, 25 per cent, $36,662.48. Farmers and Traders State bank at Bonaparte, 15 per cent, $51,128.49. First State Savings bank at McCausland, 25 per cent, $29,331.55. Peoples Savings bank at Marengo, 5 per cent, $22,512.66. Malcolm Savings bank, 10 per cent, $19,974.14. Des Moines Commercial Savings bank, 5 per cent, $92,514.70. Security State bank at Promise City, 25 per cent, $45,017.87. County Savings bank at Algona, 10 per cent, $137,669.38. United State bank at Des Moines, 5 per cent, $67,165.18. Floris Savings bank, 30 per cent, Peosta Savings bank, 20 per cent, $12,016.99. Farmers Savings bank at Corwith, 25 per cent, $53,442.13. Gravity State bank, 25 per cent, Peoples State bank at Humboldt, 10 per cent, $43,644.67. Anthon tSate bank, 10 per cent, Citizens State bank at Anthon, 10 per cent, $26,743.92. Farmers State bank at Rockwell,


Article from Adams County Free Press, January 8, 1931

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Article Text

Closed Gravity First Dividend Pays Gravity Bank, which closed its doors last July the paying cent creditors. The of of the first dividend within payment months after the bank closed be unusual the the state banking that in most cases where they have taken over bank has required much longer period accumulate funds to dividend. This enough pay dividend taken to indicate that the bank bad condition when Here in where the Hogan State Bank closed November indications that the first dividend are cent will be paid probably per in 1931, probably about March early Mason states that the money due the bank being collected well be expected the present may of considerable depression amount been paid upon the money borrowed the bank and the fund set aside for the first dividend being gradually increasing. will quire about $35,000 to and this much five per cent money turned over to the people the community stimulate better financial conditions considerably. December for filing claims against the bank. Down Nodaway, receiver the Nodaway bank which closed before the Hogan State shortly Bank closed, working away effort to accumulate funds for first dividend. that considering present business satisfactory and that forseen expects twenty cent within days. twenty