Citizens National Bank (Des Moines, IA)

View Charter #1970 on SPMC View balance sheet

Episode Information

Episode UID
197001165
Episode Type
Run Only
Bank Type
national
Bank ID
19700 national
Charter Number
1970
Start Date
January 21, 1897
Location
Des Moines, Iowa (41.601, -93.609)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
68af07dec26cc98a

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Partial suspension

Clearinghouse involved: Yes (loan, examination, or other measures)

Description

Articles describe a city-wide scare after the failure of the German Savings Bank; Citizens National not named directly.

Events (4)
1. April 24, 1872 Chartered
Source
historical_nic
2. January 21, 1897 Run
Cause
Local Banks
Cause Details
Failure of the German Savings Bank in Des Moines triggered fear of withdrawals at other banks.
Measures
Imported nearly $500,000–$1,000,000 from Chicago and elsewhere; clearing house required notices from time depositors; savings banks invoked sixty-day clause.
Newspaper Excerpt
The banks of Des Moines have all fortified themselves against all dangers of a run tomorrow, following the failure of the German Savings bank.
Source
newspapers
3. January 22, 1897 Other
Newspaper Excerpt
All danger of a run on Des Moines banks is considered to be past. This morning nearly a million dollars arrived from Chicago on the early trains for different banks... they announced that they would take advantage of their contracts and require notices from time depositors before permitting withdrawals and the savings banks took advantage of the sixty-day clause in the law. - Omaha Daily Bee 1897-01-23 reporting Des Moines Jan. 22 }
Source
newspapers
4. June 30, 1917 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)
1. January 22, 1897 The Herald Los Angeles, CA
Article from The Herald, January 22, 1897

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Article Text

PREPARING FOR TROUBLE. DES MOINES, Iowa, Jan. 21.-The banks of Des Moines have all fortified themselves against all dangers of a run tomorrow, following the failure of the German Savings bank. Fully $500,000 will be received tomorrow from Chicago and other points.

2. January 23, 1897 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, January 23, 1897

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Article Text

DANGER TO THE BANKS HAS PASSED. Million Dollars Imported from Chiengo is Not Needed. DES MOINES, Jan. 22.-(Special Telegram.) -All danger of a run on Des Moines banks is considered to be past. This morning nearly a million dollars arrived from Chicago on the early trains for different banks. Express wagons heavily guarded were in waiting and when the banks opened this money, together with what they had on hand, enabled them to display great piles of bills and coin before the eyes of callers. Acting on the clearing house resolution, the banks announced that they would take advantage of their contracts and require notices from time depositors before permitting withdrawals and the savings banks took advantage of the sixty-day clause in the law. It is believed that before the sixty days is up, apprehension on the part of depositors will pass away. In banking circles the failure of the German Savings bank yesterday is said to have resulted from careless banking. Loans were made indiscriminately, business men failing to get accommodation elsewhere going to it. The bank had built up a big business in three years, but did it by offering great inducements. As high as 4 per cent interest was allowed depositors on daily balances. It will take many months to close out the bank's business and its assets will depreciate materially, but will pay 75 or 80 cents on the dollar.