Pilot Mound Bank (Pilot Mound, IA)

Episode Information

Episode UID
72152671352
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
7215267 routing
Routing Number
72-1526
Start Date
August 2, 1912
Location
Pilot Mound, Iowa (42.164, -94.017)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a70f5ce04bd2018f

Response Measures

None

Description

Articles state the bank will not reopen but do not explicitly name a receiver for the bank.

Events (1)
1. August 2, 1912 Suspension
Cause
Local Shock
Cause Details
Large overdrafts ($30,000) caused by exposure to the Two-Good Construction Co., which entered receivership and embarrassed the bank.
Newspaper Excerpt
The Pilot Mound bank will not reopen for business. Overdrafts amounting to $30,000 have caused the wrecking of the institution.
Source
newspapers

Newspaper Articles (3)
1. August 2, 1912 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, August 2, 1912

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Article Text

BANK NOT TO REOPEN Wrecked Financial Institution at Pilot Mound Will Remain Closed-President Turns Over Property for Benefit of Depositors-Causes Which Led to Failure. Special to Times-Republican. Boone, Aug. 2.-The Pilot Mound bank will not reopen for business. Overdrafts amounting to $30,000 have caused the wrecking of the institution. President W. B. Linn is prostrated at his home and has turned over his property with that of the vice president, Alfred Lundblad, to pay the depositors, who had over $50,000 in the wrecked institution. The receivershhip of the Two-Good Construction Company caused embarrassment to the bank, which was a private innetitution. The directors, with Attorney J. J. Snell of Boone, today will completo the examination of the books and a statement will be issued late today or tomorrow. The Two-Good Construction Company had headquarters in Boone with a plant in Pilot Mound, and the people of that vicinity believed it in solid financial condition. There are no irregularities on the part of any one connected with the bank.

2. August 4, 1912 The Daily Gate City Keokuk, IA
Article from The Daily Gate City, August 4, 1912

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Article Text

Boone Bank In Trouble. [United Press Leased Wire Service.] BOONE, Ia., Aug. President W. B. Linn, of the Pilot Mound bank is prostrated at his home and has turned over all his property to make good overdrafts of $30,000 which have closed the doors of the bank probably for good. Depositors had over $50,000 in the institution and Vice President Alfred Lundblad has also turned over his personal property to help make the shortage good. The bank was a private institution. Directors of the concern and Attorney J. J. Schnell, of this place are examining the books of the bank and will issue a statement later. Two construction companies had headquarters in Boone with a plant in Pilot Mound and it is supposed the bank became connected with them and suffered when they went into the hands of a receiver. There is no charge of irregularity on the part of any one connected with the bank.

3. August 8, 1912 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, August 8, 1912

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Article Text

Pilot Mound Bank Closes. Boone, Aug. 6.-The Pilot Mound bank will not reopen for business. Overdrafts amounting to $30,000 have caused the wrecking of the institution. President W. B. Linn is prostrated at his home and has turned over his property with that of the vice president, Alfred Lundblad, to pay the depositors, who had over $50,000 in the wrecked institution. The receivership of the Two-Good Construction Co. caused embarrassment to the bank, which was a private institution. The directors, with Attorney J. J. Snell of Boone, will complete the examination of the books and a statement will be issued. The Two-Good Construction Co. had headquarters in Boone with a plant in Pilot Mound, and the people of that vicinity believed it in solid financial condition. There are no irregularities on the part W. any one connected with the bank.