Citizens State Bank (Arthur, IA)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
February 23, 1924
Location
Arthur, Iowa (42.335, -95.347)
Bank Type
state
Routing Number
72-1944

Metadata

Episode ID
Bank ID
City ID
190454245
Model
gpt-5-mini
Short Digest

Notes

State bank examiners were put in charge; no reopening reported in these articles.

Events (2)
1. February 23, 1924 Run
Cause
Bank Specific Adverse Info
Cause Details
Frozen paper believed to have been the cause of the collapse (illiquid/bad assets)
Newspaper Excerpt
Following a run Saturday afternoon on the Citizens State bank here, the directors of the institution have closed its doors
Source
newspapers
2. February 26, 1924 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed doors after run; state examiners placed in charge following asset problems (frozen paper)
Newspaper Excerpt
the directors of the institution have closed its doors and the state bank examiners now are in charge.
Source
newspapers

Newspaper Articles (2)
1. February 27, 1924 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, February 27, 1924

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Article Text

Run on Bank Causes Its Doors to Close

Arthur, Ia., Feb. 26.—Special: Following a run Saturday afternoon on the Citizens State bank here, the directors of the institution have closed its doors and the state bank examiners now are in charge.

The last statement published by the bank was as follows: deposits, $296,000; capital, $25,000; surplus, $28,000, and loans, $434,000. Frozen paper is believed to have been the cause of the collapse.

G. N. Cressey was president of the bank and C. G. Fredell, cashier.

2. February 27, 1924 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, February 27, 1924

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Article Text

Its Doors to Close

Arthur, Ia., Feb. 26.—Special: Following a run Saturday afternoon on the Citizens State bank here, the directors of the institution have closed its doors and the state bank examiners now are in charge.