Decatur State Savings Bank (Decatur, IA)

Episode Information

Episode UID
72111171433
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7211117 routing
Routing Number
72-1111
Start Date
May 14, 1919
Location
Decatur, Iowa (40.742, -93.834)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2be33c49a81f15c9

Response Measures

None

Events (2)
1. May 14, 1919 Suspension
Cause
Government Action
Cause Details
State bank examiners found unsatisfactory notes and demanded $50,000 cash; directors could not provide it, prompting closure by state examiners.
Newspaper Excerpt
Decatur State Savings Bank ... was closed by the state bank department last Wednesday evening.
Source
newspapers
2. May 17, 1919 Receivership
Newspaper Excerpt
Francis Varga is Receiver. ... Judge Evans appointed Francis Varga of Leon as receiver of the bank to wind up the business.
Source
newspapers

Newspaper Articles (11)
1. May 15, 1919 The Leon Reporter Leon, IA
Article from The Leon Reporter, May 15, 1919

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Article Text

Notice. TO THE PUBLIC: On account of the unusual conaitions occasioned by the sudden closing of the Decatur State Savings Bank, Decatur, Iowa, we wish to advise you that we are willing and ready to assist you in every way possible, financially or otherwise, in relieving you of any embarrassment or inconvenience caused by the failure of our neighbor bank. We have no long story to tell. We have plenty of money and credit to take care of any emergency that may arise, and you may rest assured that we will co-operate with you in meeting your immediate demanas while the readjustment of this unfortunate affair is being effected. The following is a copy of a telegram just received from our Chicago correspondent, and we received the same assurances from our Des Moines and St. Joseph correspondents by letter: "Citizens State Savings Bank, "Decatur, Iowa. "Understand Decatur State Savings Bank has suspended. If we can co-operate with you in meeting unusual conditions please advise us. "Signed-Continental and Commercial National Bank, Chicago, Ill." With the assurance of our willingness to serve you, and particularly at this unpleasant moment, we are Yours very truly, Citizens State Savings Bank, By James Creswell, President; H. T. Rauch, Vice President; O. F. Walker, Cashier; Clarence Townsend, Assistant Cashier.

2. May 15, 1919 The Leon Reporter Leon, IA
Article from The Leon Reporter, May 15, 1919

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Article Text

DECATUR BANK CLOSED Decatur State Savings Bank Closed Last Week by State Examiners. Francis Varga is Receiver. The Decatur State Savings Bank Decatur was closed by the state at banking department last Wednesday evening. Two state bank examiners had been going over the books and affairs of the bank for several days, and were not satisfied with some of the notes carried by the bank as a part of their resources, and on Wednesday they notified the directors that they must replace $50,000 of the notes with cash or the bank would not be permitted to open Thursday morning, and the directors were unable to arrange for this amount of cash. Friday on the application of Mrs. Nancy Bedell, a stockholder in the bank, Judge Evans appointed Francis Varga of Leon as receiver of the bank to wind up the business, and Mr. Varga gave a bond for $100,000, and has taken charge of the bank, which is now open for the receipt of money from persons who have notes in the bank, but of course no money is being paid out. Attorneys and interested parties that in all probability the depositors say in the bank will receive their money in full as soon as the business can be wound up, but the stockholders will probably be called upon to stand a loss, The officers of the bank were W. H. Lloyd, president; Joseph Han ton, vice president; J. C. Cozad, cashier; M. E. Boatman, assistant cashier. The bank had a capital stock of $25,000, divided into 250 shares of $100 each, the following being a list of the stockholders and the number of shares owned by each: J. C. Cozad 104, Joseph Hamilton 20, M. J. Powers 31, L. T. Lee 15, F. J. Euritt 15. George Lloyd 10, Nancy Bedell 10, A. T. Weldon 10, Geo. M. Hamilton 10, W. H. Lloyd 7, Ivo Welsh 5, F. W. Euritt 5, A. Euritt 3, C. W. Hoffman 2, L. F. Euritt 2, Winifred Hamilton 1. The last statement of the condition of the bank published at the close of business on March 4th showed total liabilities including capital stock of $217,724.44, with assets to balance. Receiver Varga has been going over the books and notes, and states he finds the books correct so far as known, and the only serious question is to realize on some of the At the notes held by the bank. time the bank closed they had in round numbers $17,000 in cash in the bank and on deposit with other banks, $18,000 worth of Liberty bonds, the bank building and fixtures valued at about $5,000, and bills receivable of about $150,000, making the total assets about $190,000, the liabilities being the same, including the capital stock of $25,000, time deposits of $92,000. and demand deposits of $43,000, and $30,000 bills payable. Of course it is impossible to tell what the shrinkage of the notes owned by the bank will be, but the receiver at this time thinks the amount will probably not exceed $30,000 Mr. Cozad, the cashier, is reported to be in financial difficulty with his personal business not connected with the bank, but nothing definite in regard to this can be learned at this time. The closing of the bank has not caused very much excitement, and friends of Mr. Cozad are standing loyally by him, and hope to get everything straightened out in the near future. Mr. Cozad has been cashier of the bank since its organization about twelve years ago. The closing of this bank has not affected any other bank in Decatur county, although they were prepared with funds to meet any calls made upon them, as they knew of the trouble in the affairs of the bank at Decatur.

3. May 15, 1919 The Leon Reporter Leon, IA
Article from The Leon Reporter, May 15, 1919

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Article Text

New Court Cases. Inter-State Garage Co. vs. L. G. Wood. Suit is on a promissory note for $550 dated Oct. 9: 1918. A. P. Olsen attorney for plaintiff. Mrs. N. Bedell vs. Decatur State Savings Bank. Plaintiff is the owner of ten shares of stock in the bank of a par value of $100 each. She alleges in her petition that the bank has been running at a loss and not paying dividends for some time, that creditors are pressing the bank upon obligations due, and there is danger of a run on the bank. That the state examiners have demanded that at least $50.000 in cash be added to the assets of the bank on penalty of closing the bank, and it is impossible for the bank to meet the demand. That unless a receiver is appointed the bank will be closed as insolvent which will result in loss to plaintiff and other stock holders. and asks that a receiver be appointed to take charge of the bank and wind up its affairs. J. M. Parson attorney for plaintiff. Edgar Cave vs. S. H. Covington and J. C. Cozad. Suit is on a note for $1,200, signed by Covington and endorsed by Cozad. Baker & Parrish attorneys for plaintiff Fred Teale vs. J. C. and Vinetta Cozad, Plathtiff alleges that on March 9. 1916, plaintiff and defenu-ant purchased a farm of 202 acres, |and for convenience title was taken in the name of J. C. Cozad. That on Aug. 12, 1916, plaintiff sold his interest in said land to Cozad for $1,000, the purchaser agreeing to pay all mortgages, giving plaintiff his note for $1,000 which was sold to the Farmers & Traders State Bank, and on account of the financial difficulties of Cozad plaintiff has been compelled to take up said note, and asks that the amount due on the note be declared a vendor's lien on the real estate. McGinnis & McGinnis attorneys for plaintiff. Mrs. P. L. Kendall vs. H. C. Kendall. The parties were married on Dec. 23, 1916, and lived together until Oct. 1, 1918. Plaintiff asks for a decree of divorce on the ground of cruel and inhuman treatment. C. W. Hoffman attorney for plaintiff.

4. May 17, 1919 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, May 17, 1919

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Article Text

Decatur Bank Closed. Leon, May 17.-As the result of action by State Bank Examiners Wilson and Morrisce, the Decatur State Savings Bank at Decatur. J. C. Cozad, cashier, was closed and Francis Varga has been made receiver. The capital is $25,000 and deposits $133,000. These will be paid out. The officers of the bank were W. H. Lloyd. president: Joseph Hamilton, vice-president: J. C. Cozad, cashier: M. E. Boatman. assistant cashier.

5. May 22, 1919 The Leon Reporter Leon, IA
Article from The Leon Reporter, May 22, 1919

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Article Text

Notice of Appointment of Receiver and as to Filing Claims, In the District Court of the State of Iowa and for Decatur County. Mrs. N. Bedell, Plaintiff, Vs. The Decatur State Savings Bank of Decatur, Iowa, Defendants. To Whom It May Concern Notice is hereby given that the undersigned has been appointed and qualified as receiver of the Decatur State Savings Bank of Decatur, Iowa. All persons in any manner indebted to said bank will make payment to the undersigned; and all those having claims against said bank will file their claims with the receiver within 90 days from June 26, 1919, upon the form to be obtained from him, or the same will not be allowed. Dated this 17th day of May, 1919. Francis Varga, Receiver of the Decatur State Sav41-6t ings Bank of Decatur, Iowa.

6. May 29, 1919 The Leon Reporter Leon, IA
Article from The Leon Reporter, May 29, 1919

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Notice of Appointment of Receiver and as to Filing Claims, In the District Court of the State of lowa and for Decatur County. Mrs. N. Bedell, Plaintiff, Vs. The Decatur State Savings Bank of Decatur, Iowa, Defendants. To Whom It May Concern Notice is hereby given that the undersigned has been appointed and qualified as receiver of the Decatur State Savings Bank of Decatur, Iowa. All persons in any manner indebted to said bank will make payment to the undersigned; and all those having claims against said bank will file their claims with the receiver within 90 days from June 26, 1919, upon the form to be obtained from him, or the same will not be allowed. Dated this 17th day of May, 1919. Francis Varga, Receiver of the Decatur State Savings Bank of Decatur, Iowa. 41-6t

7. June 5, 1919 The Leon Reporter Leon, IA
Article from The Leon Reporter, June 5, 1919

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Notice of Appointment of Receiver and as to Filing Claims. In the District Court of the State of Iowa and for Decatur County. Mrs. N. Bedell, Plaintiff, Vs. The Decatur State Savings Bank of Decatur, Iowa, Defendants. To Whom It May Concern Notice is hereby given that the undersigned has been appointed and qualified as receiver of the Decatur State Savings Bank of Decatur, Iowa. All persons in any manner indebted to said bank will make payment to the undersigned; and all those having claims against said bank will file their claims with the receiver within 90 days from June 26, 1919, upon the form to be obtained from him, or the same will not be allowed. Dated this 17th day of May, 1919. Francis Varga, Receiver of the Decatur State Savings Bank of Decatur, Iowa. 41-6t

8. June 12, 1919 The Leon Reporter Leon, IA
Article from The Leon Reporter, June 12, 1919

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Notice of Appointment of Receiver and as to Filing Claims. In the District Court of the State of Iowa and for Decatur County. Mrs. N. Bedell, Plaintiff, Vs. The Decatur State Savings Bank of Decatur, Iowa, Defendants. To Whom It May Concern Notice is hereby given that the undersigned has been appointed and qualified as receiver of the Decatur State Savings Bank of Decatur, Iowa. All persons in any manner indebted to said bank will make payment to the undersigned; and all those having claims against said bank will file their claims with the receiver within 90 days from June 26, 1919, upon the form to be obtained from him, or the same will not be allowed. Dated this 17th day of May, 1919. Francis Varga, Receiver of the Decatur State Sav41-6t ings Bank of Decatur, Iowa.

9. June 19, 1919 The Leon Reporter Leon, IA
Article from The Leon Reporter, June 19, 1919

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Notice of Appointment of Receiver and as to Filing Claims. In the District Court of the State of Iowa and for Decatur County. Mrs. N. Bedell, Plaintiff, Vs. The Decatur State Savings Bank of Decatur, Iowa, Defendants. To Whom It May Concern Notice is hereby given that the undersigned has been appointed and qualified as receiver of the Decatur State Savings Bank of Decatur, Iowa, All persons in any manner indebted to said bafik will make payment to the undersigned; and all those having claims against said bank will file their claims with the receiver within so days from June 26, 1919, upon the form to be obtained from him, or the same will not be allowed. Dated this 17th day of May, 19b9. Francis Varga, Receiver of the Decatur State Sav41-6t ings Bank of Decatur, Iowa.

10. June 26, 1919 The Leon Reporter Leon, IA
Article from The Leon Reporter, June 26, 1919

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Notice of Appointment of Receiver and as to Filing Claims. In the District Court of the State of Iowa and for Decatur County. Mrs. N. Bedell, Plaintiff, Vs. The Recatur State Savings Bank of Decatur, Iowa, Defendants. To Whom It May Concern Notice is hereby given that the undersigned has been appointed and qualified as receiver of the Decatur State Savings Bank of Decatur, Iowa. All persons in any manner indebted to said bank will make payment to the undersigned; and all those having claims against said bank will file their claims with the receiver, within 90 days from June 26, 1919, upon the form to be obtained from him, OF the same will not be allowed. Dated this 17th day of May, 1919. Fvancis Varga, Receiver of the Decatur State Sav41-6t ings Bank of Decatur, Iowa.

11. October 9, 1919 The Leon Reporter Leon, IA
Article from The Leon Reporter, October 9, 1919

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District Court News. Court is still in session with Judge Fuiler presiding now. The case of E. A. Silvers vs. H. A. Silvers, which was commenced on Monday 01 last week before Judge Evans, and which was expected to only last a day, dragged along until Friday when it was finally submitted to the court who took it under advisement and will render his decision later. The case was over a partnership between the parties and it developed into quite a law suit before they got through with it, eight attorneys being employed, O. M. Slaymaker, Baker & Parrish and S. H. Amos for the plaintiff and C. W. Steele, C. W. Hoffman and McGinnis & McGinnis for the defendant. The following cases have been disposed of since our report last week: Criminal. State vs. George Overholtzer. Defendant enters plea of guilty of assault with intent to do great bodily injury and is fined $500 and costs, which was paid in full and defendant discharged. State vs. George Overholtzer. Defendant pleads guilty to gambling and fined $200 and costs, which was paid in full. Law and Equity Zora O. Cash et al. vs. W. H. Cash et al. Referee's report of sale and deed to E. B. Ryan approved. Don Hacker vs. Fred B. Haley. Dropped from docket. Lillian R. Clark vs. Arthur Cave. Dismissed at plaintiff's cost. Wm. Henderson vs. Josephine Henderson. Dronned from calendar. T. J. Guthrie vs. C. M. Akes. Dropped from calendar. Fred Wiseman vs. A. J. Henecker. et al. Dropped from calendar. Erle L. Beavers vs. Henry Sauter and wife. Settled. Estes & Co., vs. C. P. Browning. Settled. W. A. Cox vs. Charles Smith. Settled. Cordelia Anderson vs. F. M. Weld. Settled. Victoria Sims vs. Alma J. Lundegreen et al. Decree of partition. F. E. Sheldon vs. Addie Zornes et al. Judgment on note. D. O. Thompson vs. Homer Kellogg et al. Decree quieting title, A R. Switzer vs. John C. Grimm. Settled.. Ella Warner vs. J. S. Warner and wife. Settled. Guy L. Stark vs. M. F. Miller et al. Decree quieting title. Jacob Piper vs. Esther J. Hatfield et al. Decree quieting title. Geo. W. Johnson vs. John E. Logan et al. Decree quieting title. J. F. Cox vs. M. M. Cox et al. Decree of partition.. Maude Beavers vs. Freely Beavers, Settled. Haw Hardware Co., vs. Variety Store of Murray et al. Judgment on account for $187.63. A. J. Owens vs. Walter Cox. Judgment on promissory note. F. Varga, Receiver vs. C. Bechtel. Judgment on promissory note. F. Varga, Receiver vs. Nellie Dale et al. Settled. F. Varga, Receiver vs. Leo Bird et al. Settled., First National Bank of Grand River vs. F. A. Greenland. Judgment on note and decree of foreclosure.. J. E. Brittan vs. Geo. Woodard et al. Judgment on account for $112.35. Clyde Stephens vs. M. E. Newlin. Judgment on promissory note. International Harvester Co., vs. W. L. Barry. Trial commenced to court and by agreement plaintiff dismisses action and defendant dismisses his counter claim. T. A. Sutherlin vs. Henrietta Norman. By agreement decree made fixing ownership of disputed land. The Homestead Co., vs. H. D. DeKalb. Judgment on account for $287.13. Mrs. N. Bedell vs. Decatur State Savings Bank. Report of settlement of claims by receiver approved. Receiver F. Varga authorized to sell real estate and personal property, and to remove books and records to his office at Leon. Receiver authorized to pay a dividend of 20 per cent on all claims allowed. Probate. Estate of Larkin McDaniel. Administrator authorized to commence suit on surety contract for funds deposited in bank. Guardianship of Luther McCormick. Guardian authorized to expend funds. Estate of W. H. Webster. Executor's report of sale and deed to James A. Spidle approved. Estate of J. M. Ashburn. Annual report approved. Guardianship of Hazel and Thelma Baxter. Report of sale and deed to Henry Schmidt approved. Estate of Strubble Sherrow. Appointment of H. C. Sherrow administrator approved. Guardianship of May McMorris. Decree of sale. Estate of Wm. H. Foland. Appointment of Emett Foland administrator confirmed. Estate of S. L. Cox. Administrator authorized to sell personal property. Estate of M. J. Baird. Final report approved. Guardianship of Horner heirs. Annual report aproved. Estate of J. E. Sutherlin. Administrator ordered to file inventory and report on or before Oct. 17th. Estate of Thomas Quayle. Final report of administrator approved. Estate of W. H. Webster. Annual report approved. Estate of Robert McClain. Administrator authorized to expend $150 for monument. Estate of E. N. Heath. Appointment of Arthur E. Heath administrator confirmed. Estate of Norman L. Chase Will probated. Lucy Chase appointed executrix and Ralph W. Chase administrator with bond of $7.500 and authorized to sell personal property. Big Foot Ball Game at Lamoni Saturday