Kiefer Savings Bank (Hazleton, IA)

Episode Information

Episode UID
72101471359
Episode Type
Run → Suspension → Closure
Bank Type
savings
Bank ID
7210147 routing
Routing Number
72-1014
Start Date
March 10, 1913
Location
Hazleton, Iowa (42.621, -91.900)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6c8e9580e5a4317a

Response Measures

None

Description

Run was triggered by suspicion after the Kiefer private bank closed; state examiner later took charge and a receiver was appointed.

Events (3)
1. March 10, 1913 Run
Cause
Bank Specific Adverse Info
Cause Details
Run began after the Kiefer private bank voluntarily closed and depositors feared the savings bank's stability due to shared officers.
Measures
Officers voluntarily closed the bank March 18 and summoned the state bank examiner.
Newspaper Excerpt
On the following business day, Monday, March 10, a run started on the Savings bank.
Source
newspapers
2. March 18, 1913 Suspension
Cause
Government Action
Cause Details
Bank officers voluntarily closed doors on March 18 following the run; state examiner subsequently took charge and posted 'Closed, being examined by the state auditor.'
Newspaper Excerpt
Officers voluntarily close the bank March 18 and summon Bank Examiner A. O. Woelever of Des Moines.
Source
newspapers
3. March 20, 1913 Receivership
Newspaper Excerpt
The Kiefer Savings Bank ... was closed March 20, 1913, on the order of a state bank examiner.
Source
newspapers

Newspaper Articles (3)
1. March 21, 1913 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, March 21, 1913

Click image to open full size in new tab

Article Text

HAZLETON BANK CLOSED. State Examiner Takes Charge of Savings Institution-May Reopen. Hazleton, March 21.-The doors of the Kiefer Savings Bank were closed by a bank examiner who came here from the office of the auditor of state at Des Moines yesterday. A sgin bearing the inscription, "Closed, being examined by the state auditor," was posted on the front door. A. O. Wolerber, state bank examiner, said that he had closed the bank and was making an investigation into the bank's affairs. He says the institution was closed owing to the embarrassment caused by a run on the bank by depositors. He places the liabilities at $49,000 and the assets at $62,000. He says the savings bank so far appears solvent and will be reopened in a few days.

2. March 26, 1913 Decorah Public Opinion Decorah, IA
Article from Decorah Public Opinion, March 26, 1913

Click image to open full size in new tab

Article Text

HAZLETON BANK FAILS. Kiefer Savings Bank Closed After Run by Depositors Last Week. That the run on the Kiefer Savings Bank of Hazleton, which caused that institution to voluntarily close its doors on the afternoon of March 18, was occasioned by the action of the officers of the Kiefer private bank turning over its business to the trustees of the Savings bank, in which the officers of the private bank are interested, was the statement today made by Karl Kiefer, vice president of the Savings bank. On March 8 the Kiefer private bank voluntarily closed its doors and turned its books over to the trustees of the other institution. On the following business day, Monday, March 10, a run started on the Savings bank. One depositor grew suspicious that the closing of the private bank would involve the stability of the Savings Bank because the Kiefers Adam and Karl, who had the private bank, were president and vice president, respectively, of the other institution. He demanded his money; it was paid. He went out and told his neighbor. The neighbor hastened to the bank and demanded his deposit. While he was being paid, the first man found a number of other friends who hurried to the bank and demanded the full amount of their deposits. And so it went. The report started by the one man spread into a panic and the bank was stormed. Result-officers voluntarily close the bank March 18 and summon Bank Examiner A. O. Woelever of Des Moines. According to Vice President Kiefer, the liabilities of the institution are about $50,000, assets $60,000. The capital is $10,000. The elder Mr. Kiefer has been in the banking business in Hazleton for forty years. A nephew is identified with the only other bank in Hazleton and, altho' he bears the name of Kiefer, he has no business connection with the Kiefer Savings Bank. William Smith is the cashier. Mr. Woelever expects to complete his examination soon, after which the bank will reopen, probably under other management or a new bank will be organized.

3. March 9, 1914 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, March 9, 1914

Click image to open full size in new tab

Article Text

FORMER HEAD OF HAZELTON SAVINGS BANK CONVICTED OF CHEATING. TRIE DON TWO OF FIFTY-ONE COUNTS IN INDICTMENT Institution Which Kiefer Headed Failed Failed and Affairs Were Found Badly Involved-Indictments Pending Against Several Other Members of Kiefer Family-Other News. Independence, March 9.-A verdict of guilty was read in court in the case of Iowa vs. Adam Kiefer, in which the defendant was charged with cheating by false pretenses. The specific charge was in connection with the payment of two notes, each for $700, and issued by D. B. Stoner. Kiefer is the former president of the Kiefer Savings Bank of Hazelton, which institution wos closed March 20, 1913, on the order of a state bank examiner. The Ktefer Savings Bank was organized in 1910, with a capital of $10,000. In 1863 a private bank was organized by the Kiefer brothers, Adam, John and William. The concern was known as the Kiefer Brothers' Banking Company. About five years ago It was rumored that the private bank was in a critical condition. The savings bank was then organized by the Kiefers, and it was generally supposed that the two banking institutions would be merged within a short time. However the private bank continued to do business and solicit deposits on the promise of payment of 6 per cent interest. while the savings bank offered 4½. About March 1, 1913, Adam Kiefer refused to pay depositors in the private bank. Shortly after this date the bank went into the hands of a receiver. Last October a large number of indictments were returned by the grand jury in connection with the failure of the bank. Those against whom in. dictments were returned, were Adam Kiefer, fifty-one count; John Kiefer, William Kiefer, Earl Kiefer, Kyle Kiefer and William Smith. Bonds from $1,800 to $15,000 were furnished by those indicted. The trial commenced last Monday and Friday evening the jury retired for deliberation. A motion for a new trial will be made, and if overruled an appeal will be taken.