gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bf4be36494ab55f6
Response Measures
None
Description
Bank placed under state banking department supervision and a municipal banking holiday declared; later outcome not provided.
Events (1)
1.January 31, 1933Suspension
Cause
Government Action
Cause Details
Bank to be operated under supervision of the state banking department, followed by mayoral two-week banking holiday
Newspaper Excerpt
declared a two weeks' banking holiday here after officers of the Iowa State Savings bank announced that the bank would be operated hereafter under supervision of the state banking department
Source
newspapers
Newspaper Articles (3)
1.January 31, 1933Globe-GazetteMason City, IA
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Article Text
Creston Mayor Calls 2 Weeks Bank Holiday
Ray Emerson today declared a two weeks' banking holiday here after officers of the Iowa State Savings bank announced that the bank would be operated hereafter under supervision of the state bank. ing department. To comply with Mayor Emerson's holiday proclamation not the First National bank did open this Emerson clared to said the morning holiday was Mayor deavoid possible run on the National bank and would be for "two weeks or longer.' that it
2.February 1, 1933Iowa City Press-CitizenIowa City, IA
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Article Text
Mayor of Creston Declares 2 Weeks Banking Holiday
CRESTON S Ray Emerson Tuesday declared a two week's banking holiday here after officers of the Iowa State Savings bank announced that the bank would be operated hereafter under supervision of the state banking department To comply with Mayor Emer son's holiday proclamation. the First National bank did not open Mayor Emerson said the holiday was declared to avoid R possible run on the national bank and that
3.February 1, 1933The Omaha Morning Bee-NewsOmaha, NE
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Article Text
CRESTON CALLS
CRESTON. Ia., Jan. 31, Mayor Ray Emerson Tuesday declared two-week banking hollday here after officers of the Iowa State Savings bank announced the bank would be operated hereafter under supervision of the state banking department. To comply with Mayor Emerholiday proclamation. the First National bank did not open Tuesday morning. Mayor Emerson said the holiday was declared avoid possible run on the National and that it would be for weeks or longer The Farmers and Merchants' Savings bank. the only other bank here, went under supervision of the state banking department several days ago.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
