Peoples Savings Bank (Grand Mound, IA)

Episode Information

Episode UID
72134871486
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
7213487 routing
Routing Number
72-1348
Start Date
October 5, 1923
Location
Grand Mound, Iowa (41.824, -90.648)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6202aa8d501427b4

Response Measures

None

Description

Bank failure linked to alleged embezzlement by its president; receiver involved.

Events (2)
1. October 5, 1923 Receivership
Newspaper Excerpt
Former president of the People's Savings bank of Grand Mount, Ia., now in the hands of the state banking department ... in the county jail to await a hearing on three indictments charging him with the embezzlement of funds of the bank and its customers.
Source
newspapers
2. October 5, 1923 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Alleged embezzlement of bank and customer funds by president J. W. Reihman.
Newspaper Excerpt
J. W. Reihman, former president of the People's Savings bank of Grand Mount, Ia., now in the hands of the state banking department ... a crowd had gathered ... many from Grand Mound who had lost heavily in the bank failure.
Source
newspapers

Newspaper Articles (2)
1. October 5, 1923 The Muscatine Journal Muscatine, IA
Article from The Muscatine Journal, October 5, 1923

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Article Text

Former Banker of Grand Mound is in Clinton Jail Now Clinton, Ia., Oct. 5.—J. W. Reihman, former president of the People's Savings bank of Grand Mount, Ia., now in the hands of the state banking department, today is in the county jail to await a hearing on three indictments charging him with the embezzlement of funds of the bank and its customers. The alleged defaulting bank president was brought here from Baker, Idaho and was rushed by automobile to the jail following the arrival last night of the train which bore him and his captors, County Attorney Delaney and Sheriff Horace Ingwersen. A crowd had gathered at the depot, among the spectators being many from Grand Mound who had lost heavily in the bank failure. Constantinople—The new Turkish constitution will provide that Turkey be proclaimed a republic with an elected president, it was announced. Washington—President and Mrs. Coolidge observed their eighteenth wedding anniversary.

2. May 27, 1924 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, May 27, 1924

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Article Text

PROVIDES PUBLICITY FOR CAMPAIGN FUNDS Washington, May 27.—Every contribution to foster or oppose the election of any candidate for congress or a federal office, with the name, residence and official position, if any, of each contributor would be made public at ten day intervals during the coming campaigns under an amendment added to the pending postal pay increase bill by the senate. The amendment, proposed late yesterday by Senator Borah (rep.) of Idaho and adopted by a vote of 55 to 0, makes no attempt to limit contributions. Providing penalties of imprisonment for not more than one year, a fine not exceeding $5,000, or both, it brings within its requirements "all committees, local, state or national, and all persons, or parties, having any part, or share, in the election or in the campaign for the election of members of congress and all officers or officials of the government of the United States." BANKER REIHMAN RETURNED TO PRISON Clinton, Ia., May 27.—J. W. Reihman, former president of the People's Savings bank of Grand Mound, now in the hands of a receiver, will be returned to the state penitentiary at Fort Madison, probably tomorrow, it was announced today by Sheriff Horace Ingwersen. Reihman is a patient in a Clinton hospital and will go into the prison hospital. He was brought here to testify in connection with the trial of civil actions against the bank in the Clinton county district court.