Tipton National Bank (Tipton, IA)

View Charter #13232 on SPMC View balance sheet

Episode Information

Episode UID
1323201597
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
132320 national
Charter Number
13232
Start Date
January 18, 1933
Location
Tipton, Iowa (41.770, -91.128)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
27a6d087706d28b4

Response Measures

None

Description

Bank later reorganized/expected to reopen under a state charter as Tipton State Bank.

Events (5)
1. August 20, 1928 Chartered
Source
historical_nic
2. January 18, 1933 Suspension
Cause
Government Action
Cause Details
Suspended as part of a mandated/declared banking holiday (two-week state/local holiday)
Newspaper Excerpt
The bank suspended !business Jan. 18 under two week banking holiday
Source
newspapers
3. January 26, 1933 Other
Newspaper Excerpt
Tipton National Reopening Depositors Show Inclination to Accept Conditions; Many Sign Waivers.
Source
newspapers
4. February 17, 1933 Reopening
Newspaper Excerpt
the former Tipton National bank might open Saturday morning as the Tipton State bank were seen here today if present plans are completed.
Source
newspapers
5. June 8, 1933 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (6)
1. January 26, 1933 The Muscatine Journal Muscatine, IA

Article Text

Tipton National Reopening Depositors Show Inclination to Accept Conditions; Many Sign Waivers. Tipton busiattended meeting callthe Tipton Chamber Commerce, in dining room the Tinton hotel, Monday purpose of passing plans for the the Tipton National bank which, other banks of Cedar county has holiday until Feb. The by James Des Moines attorney, who explained plan whereby the bank may reopen and to serve this comare askeds to sign depositor's whereby they agree place 50 per cent their deposits for period five years, per cent interevery six months. The other 50 per cent be used to purchase like amount of least desirable sets of the bank, which are to be liquidated an orderly manner and dividends paid depositors fast funds are available. This last 50 per cent is to be placed trust fund, in charge of HarDodds, farmer west Tipton, CasterTipton attorney, and Rumble, former business man and present employee the bank. The directors of the bank, in turn, pledge the earnings the bank, during the period liquidation, to make any defiand be paid the stockholders during this period. The 50 per cent which placed in time deposits is pledgmost desirable assets the bank. The Tipton Chamber of Commerce the plan and committee was cure signers the depositor's similar meeting, which was held in the high school here Tuesday evening, attended by 300 depositors of the bank. The plan to the group able taken. It was announced that as soon the necessary were signed the would Bank who were pointed out that, under the as proposed, Tipton would have run proof which would able serve this community without fear. Deposits made after the bank reopens will not be bound by any depositor's agreement and loans can be deposits now in the bank order that there be no hardship to the depositors. While securities the bank are said to be sound, they could not be dumped on to the market the present time withthe depositors. Foreclosures, forced, would entail hardship to both the borrower but, it was exorderly over longer period, would be for the best interests all concernrealization of full 100 cent by the depositors not Similar plans are being adoptin other towns the county no trouble being found securing signers of the agreements. Each bank will open as soon as its depositors have signthe expected that will week. In the the Union Trust and Savings bank of 100 cent per signing of agreements fore-

2. February 17, 1933 The Muscatine Journal Muscatine, IA

Article Text

State May Open Bank at Tipton Former National Bank Reported Forming State Charter; May Open Saturday. (Journal News Service.) that the former Tipton National bank might open Saturday morning as the Tipton State bank were seen here today if present plans are completed. A new charter for the state bank was reported to be in process of formation, upon the completion of which the bank is expected to open under state supervision as outlined in senate file 111. The bank suspended !business Jan. 18 under two week banking holiday, which was later extended two weeks, and on Wednesday night was extended two more days.

3. March 5, 1933 Chicago Tribune Chicago, IL

Article Text

EVERY STATE JOINS IN MOVE TO SAVE BANKS Take Holiday or Impose Restrictions. Wilmington, Del., March 4.—(AP)—Delaware, the last of the nation's 48 states not under some form of banking restriction, declared a bank holiday tonight, effective Monday and continuing "until further notice." Harold W. Horsey, state banking commissioner, said Gov. C. Douglas Buck had directed him to notify all banks in the state as follows: "Not because of anything that has occurred in Delaware, nor any condition existing here, but wholly because of the action of practically all the other states in declaring a bank holiday and the observance thereof by the Federal Reserve bank, this bringing about a temporary suspension of banking business over the country, I am left with no alternative but to take action to protect Delaware banks and their depositors." Wisconsin Plans Reopening. Milwaukee, Wis., March 4.—[Special.]—Banks of this city and Wisconsin are making plans to reopen next week, but on what day had not been determined tonight. In Madison, Banking Commissioner Arthur C. Kingston said that a plan has been devised for reopening Wisconsin banks Monday morning, although he withheld details of the plan pending an expected announcement from President Roosevelt at Washington on the banking situation. On the other hand, Walter Kasten, president of the First Wisconsin National bank, and also a member of a committee appointed by the Milwaukee Clearing House association to work out a plan, said the Milwaukee banks will not reopen until Wednesday at the earliest, and then probably will operate under a scrip plan similar to that used in 1907. In the meantime the fourteen day bank holiday proclaimed by Gov. R. G. Schmedeman remains in effect. No Holiday in Indiana. Indianapolis, Ind., March 4.—[Special.]—Indiana banks, under the new bank code law recently rushed through the state legislature, have the power to limit withdrawals to one-tenth of 1 per cent. Therefore, no state-wide bank moratorium will be declared in Indiana Gov. Paul V. McNutt today informed state officials from Washington, where he attended the inauguration. Indianapolis banks today continued to pay 5 per cent on both savings and checking accounts, and 100 per cent on deposits made since they declared a 5 per cent withdrawal limitation last Monday. A few upstate banks have limited withdrawals to 2 per cent. Plan Michigan Reopening. Detroit, Mich., March 4.—[Special.]—There was an easing up of banking anxieties in Detroit because of the action of the state legislature on relief bills which are scheduled to be passed on Monday. They should become laws not later than next Saturday and thereby permit banks to re-open and permit another withdrawal of funds in amounts yet to be decided upon. Operations in Detroit will be immediately resumed by the First National bank and the Guardian National Bank of Commerce. Iowa Proclaims Holiday. Des Moines, Ia., March 4.—[Special.]—Lieut. Gov. N. G. Kraschel today ordered a banking moratorium effective at once. In his proclamation the lieutenant governor set no definite time, declaring only "a temporary banking holiday mandatory for all Iowa banks, savings banks and

4. March 6, 1933 The Courier Waterloo, IA

Article Text

IOWA'S BANKS MAY BE PERMITTED TO RAISE BAN FRIDAY Will Not Be Allowed to Open Before Under Permission from Treasury. NEED RESERVES TIED UP IN CHICAGO BANKS Use of Clearing House Scrip Will Afford Means for Circulation. Des Moines—(AP)—Iowa's bank holiday will be effective until the ban on withdrawals from New York and Chicago banks is lifted, Lieut. Gov. N. G. Kraschel said Monday. "Many reserves of Iowa banks are held by national banks in Chicago and New York," Kraschel said. "Until those reserves are available, Iowa banks that were opened would be exposed the dangers of withdrawals, particularly by business organizations which might wish to obtain money from Iowa deposits for use in other states." It was indicated that Iowa situation will continue unchanged at least until Friday, the earliest date when congressional action could lift the ban. Iowa's banking holiday remained mandatory despite the terms of President Roosevelt's proclamation that liquid banks could remain open during the national holiday if given permission by the secretary of treasury. Agree To Keep Banks Closed. Lieut. Gov. Kraschel said early Monday that Iowa banks will not be permitted to take advantage of that provision in the president's proclamation and that, the state holiday started Saturday will remain in effect on all Iowa banks. Agreement to keep the Iowa proclamation in force was reached in a telephone conversation between Lieut. Gov. Kraschel and Gov. Clyde L. Herring, who is in Washington. Officials of the Iowa Bankers association met here Sunday for a discussion of additional legislation to be considered by the state legislature which reconvened Monday following a week's recess. Fred J. Figge of Ossian, president of the association, said the legislation would deal with methods of bank withdrawals after the holidays are suspended. Details of the proposals could not be discussed, Figge said, as they were to be discussed further with the banking committees Monday. Two Banks Told To Stay Shut. Bank officials also discussed the issuance of clearing house certificates as provided for in President Roosevelt's proclamation. Information concerning the certificates, which would be issued under regulations of the Chicago Federal Reserve bank, was expected from Chicago. Lieut. Gov. Kraschel said he had ordered officials of two Iowa banks to observe the state holiday and not to open their banks today as they had declared they would do. Henry M. Carpenter, president of the Monticello State bank, and A. R. Robinson, assistant cashier of the Anita bank at Anita, were ordered by Mr. Kraschel not to open Monday. Must Restrict Openings. Des Moines—(AP)—Reopening of banks of the nation must be on a restricted payment basis, L. A. Andrew, state superintendent of banking, said Monday. "There is no question," he said in a formal statement, "that when the banks of the country reopen, it must be on a restricted payment basis and with the use, in many cities, of banking scrip consisting of clearing house certificates." Such scrip, he asserted, will provide a circulating medium for cities in which it is issued. This scrip, he said, "is a promise to pay by all of the banks in a clearing house and has behind it good assets to cover the entire issue." Calling upon the public to face

5. March 6, 1933 Ames Tribune Ames, IA

Article Text

IA. BANK HOLIDAY WILL CONTINUE (Continued from Page One) ed from Washington, it was believed. The banking holiday, also added incentive to the stamp money plan which originated at Hawarden, Ia., and which, due to legislative action 10 days ago, may now be set in motion by every county in the state for poor relief. Some amendment to this law to make it applicable to present conditions was suggested to legislators. Kraschel, however, said that no emergency legislation by Iowa was necessary. The state, he said, had already set its financial house in order and would be ready to proceed with normal bank business at the expiration of the national holiday. Kraschel telephone Gov. Clyde L. Herring, who is attending the governors' conference in Washington, before announcing early Monday that the Iowa proclamation closing banks until further notice would be rigidly enforced. Several score banks thruout the state, it was said, were prepared to open their doors at the first possible opportunity in spite of the proclamation of the lieutenant governor, and had closed temporarily only under protest. One bank, the Iowa-Des Moines National here, had announced flatly that it would re-open Wednesday. In view of President Roosevelt's proclamation however, this plan probably will be changed to coincide with present developments. Pending a readjustment of emergency money matters, merchants scrip, several kinds of barter and agreements honoring checks of reliable firms in lieu of cash, were being worked out in individual cities thruout the state. Kraschel urged that all business houses cooperate in honoring these temporary adjustments made locally until Iowa's banks re-open.

6. March 8, 1933 The Gazette Cedar Rapids, IA

Article Text

Iowa Maintains Solid Front In Banking Crisis DES MOINES (AP)—Acting Governor Kraschel announced shortly after noon Wednesday that all Iowa state and national banks were closed to conform with the state proclamation. Several of the banks which opened Wednesday morning to accept new deposits discontinued the practice after conversations with state officials, Kraschel indicated. The banks may continue to make change and allow patrons to use their safety deposit boxes. "Iowa's position is extremely strong," Kraschel said in a statement. He commended bankers for their co-operation and said that Governor Herring in Washington has kept in hourly contact with the Iowa officials. "Within a few days a new and sounder banking structure will arise for the service of the nation," he declared. His statement was as follows: "All Iowa banks are closed in strict conformity with the state proclamation. The splendid co-operation that they have shown in upholding our hands gives us hope of obtaining release of Iowa bank money in Chicago and New York. It is perfectly obvious that if some of our banks were to disregard our proclamation and permit withdrawals of cash, our position would be lost forever. "It is unfortunate that America's business should be so paralyzed, but Iowa's position is extremely strong in such a crisis. "We have food products that the remainder of the country must have, and we would be weak indeed if we did not demand the creation of a sound currency for release of our own funds now in city banks before normal business is resumed. "We do not seek an unfair advantage of our sister states but the present bank crisis is due to exploitation and unsound banking practices in higher circles over which we had no control. We are not to blame for this situation, therefore we would be weak if we failed to exercise our position at this time for the protection of our own people. "President Roosevelt is moving forward boldly and in a constructive manner. Gov. Herring is in hourly contact with us, advising us as to the progress. Within a few days a new and sounder banking structure will arise for the service of the nation. We need to be patient but a few days more, and I commend the loyalty of our bankers and the patience of our people in the maintenance of our state program." DUBUQUE BANK OPEN. DUBUQUE (AP)—The First National bank here remained open for business Wednesday despite advice from Lieut.-Gov. Kraschel that all Iowa banks, both state and national, should remain closed in conformity with the state banking holiday.