Eldridge Trust & Savings Bank (Eldridge, IA)

Episode Information

Episode UID
72114071616
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
7211407 routing
Routing Number
72-1140
Start Date
August 10, 1934
Location
Eldridge, Iowa (41.658, -90.585)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c779e55ccd8a0a54

Response Measures

None

Description

Bank was placed in receivership Aug. 10, 1934 and assets partly taken over by a newly organized Central Trust & Savings bank.

Events (2)
1. August 10, 1934 Receivership
Newspaper Excerpt
part of the holdings of the bank were placed in the hands of D. W. Bates, receiver and Iowa state superintendent of banking, Aug. 10, 1934; receivership references continue in 1935 articles (receiver filing suits, liquidating assets).
Source
newspapers
2. August 10, 1934 Suspension
Cause
Government Action
Cause Details
Bank placed in receivership and holdings transferred under supervision of state superintendent/receiver
Newspaper Excerpt
part of the holdings of the bank were placed in the hands of D. W. Bates, receiver and Iowa state superintendent of banking, Aug. 10, 1934
Source
newspapers

Newspaper Articles (3)
1. March 10, 1935 Quad-City Times Davenport, IA

Article Text

HENRY LAMP NAMED IN $516 NOTE SUIT BY ELDRIDGE BANK Suit to collect $516.53 claimed due on a promissory note given by Henry Lamp has been filed in the Scott county district court by the Eldridge Trust & Savings bank receivership, represented by Alfred C. Mueller, attorney. Interest and costs from Feb. 8 are also asked. Norma M. Orth, Davenport, assignee of Lane & Waterman, attorneys, has filed suit against LeRoy M. and Leila Curtis for $215.06 claimed due for legal services rendered Curtis and his wife in connection with a mortgage foreclosure action in which they were defendants. James Lamb is the plaintiff's attorney.

2. August 27, 1935 The Daily Times Davenport, IA

Article Text

$121,256 RFC Debt Satisfied in Year By Eldridge Bank In approximately one year since the Eldridge Trust & Savings bank entered a Scott county district court receivership, an indebtedness of $121,256.61 in favor of the Reconstruction Finance Corp. has been fully satisfied it was learned today. The last quarterly report, filed to cover the period ending June 30, showed a balance of $19,920.48. Any cash realized now in the liquidation of assets of the receivership will go into a fund to pay another dividend to depositors who received 50 per cent when the RFC loan was negotiated at the time when part of the holdings of the bank were placed in the hands of D. W. Bates, receiver and Iowa state superintendent of banking, Aug. 10, 1934, and the rest was taken over by the newly organized Central Trust & Savings bank of Eldridge. Recover Collateral The RFC debt having been discharged, the balance of unliquidated notes, mortgages, stocks, bonds and other collateral held by that federal agency are being returned to P. E. Phillips, who was appointed examiner-in-charge by District Judge W. R. Maines on the recommendation of Mr Bates. These assets will be placed with others already under Mr Phillips' control for the purpose of liquidation for the benefit of depositors. He is unable to predict now the amount and time of the next dividend. The examiner-in-charge found it possible to pay off the RFC indebtedness within about a year's time because of the payment of various obligations in cash by debtors and through the refinancing of mortgages by the Federal Farm Mortgage Corp. and the Home Owners Loan Corp., which he was able to arrange. Stockmen's Bank Next Mr Phillips is now working for the full satisfaction of the RFC indebtedness of the Stockmen's Savings bank of Long Grove, which was associated with the Eldridge Trust & Savings in the consummation of the plan for the payment of an initial 50 per cent dividend to the depositors and the organization of the new bank at Eldridge. The balance of this loan is approximately $17,000, which is expected to be paid within the next several weeks. Smith & Swift and Alfred C. Mueller of Davenport are legal counsel for the receiver and the examiner-in-charge.

3. December 15, 1935 Quad-City Times Davenport, IA

Article Text

OFFER $10,000 IN DEBT SETTLEMENT; HEARING IS FIXED Hearing on the application of the Eldridge Trust & Savings bank receiver to accept $10,000 in cash from William and Fannie Dittmer in settlement of a $10,000 mortgage, on which $2,987.50 is also due, and a chattel mortgage on which principal and interest of $500 is unpaid, has been set for Dec. 19 by District Judge W. R. Maines. In his application filed by Smith & Swift, attorneys, the receiver explains that $7,000 of the amount will be turned over to the Central Trust & Savings bank at Eldridge under an agreement affected under the reorganization plan. The amount offered will also cover a $200 promissory note held by the Stockmen's Savings bank receiver, Long Grove, who will accept $175 to liquidate this obligation. Net to the Eldridge bank receiver will be $2,575.