First National Bank (Sioux Rapids, IA)

View Charter #13400 on SPMC View balance sheet

Episode Information

Episode UID
1340001592
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
134000 national
Charter Number
13400
Start Date
August 1, 1932
Location
Sioux Rapids, Iowa (42.893, -95.151)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e34c5da9982e6fa5

Response Measures

None

Receivership Details

Depositor recovery rate
52.5%
Date receivership started
1932-08-01
Date receivership terminated
1937-09-22
Share of assets assessed as good
19.5%
Share of assets assessed as doubtful
66.3%
Share of assets assessed as worthless
14.1%

Description

The articles describe post-closure litigation and receivership issues; the suspension cause is inferred from the context of a director withdrawing funds just before closing.

Events (4)
1. December 9, 1929 Chartered
Source
historical_nic
2. August 1, 1932 Receivership
Source
historical_nic
3. August 1, 1932 Receivership
Newspaper Excerpt
D. D. Bourne, receiver of the First National bank of Sioux Rapids
Source
newspapers
4. August 1, 1932 Suspension
Cause Details
Bank closed and entered receivership; specific trigger not detailed beyond director's knowledge of impending closure.
Newspaper Excerpt
the defendant knew the bank was about to close when he withdrew $2,200 in cash
Source
newspapers

Newspaper Articles (3)
1. June 10, 1933 The Sioux City Journal Sioux City, IA

Article Text

Judge Directs Verdict Favoring Bank Receiver A verdict of $2,400 was directed by Judge George C. Scott in federal court Friday in favor of D. D. Bourne, receiver of the First National bank of Sioux Rapids, against John Hafdenfeldt, director and stockholder in the bank. The court held that under the evidence the defendant knew the bank was about to close when he withdrew $2,200 in cash and wrote checks for an additional $200 against his account.

2. June 10, 1933 The Sioux City Journal Sioux City, IA

Article Text

BEG YOUR PARDON The suit of D. D. Bourne, receiver, against John Hadenfeldt, director and stockholder, for the recovery of $2,400 alleged to have been withdrawn by the defendant involves the First National bank of Sioux Rapids, not the First National bank of

3. January 22, 1934 The Austin Daily Herald Austin, MN

Article Text

Bank Receiver Is Under Arrest Spencer, Iowa, Jan. 22-Charges of embezzlement have been filed against Robert D. Gage, forty-one, Spencer bookeeper and former receiver of the First National bank of Sioux Rapids. He is alleged to have embezzled $1.500. He is under arrest.