First National Bank - Creston, IA

Episode Information

Episode UID: 258601500
Episode Type: Suspension → Reopening
Bank Type: national
Bank ID: 25860 national
Charter Number: 2586
Start Date: December 22, 1924
Location: Creston, Iowa (41.059, -94.361)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 15b08e9fb191b010

Response Measures

None

Receivership Details

Depositor recovery rate: 37.1%
Date receivership started: 1925-12-12
OCC cause of failure: Economic conditions
Share of assets assessed as good: 58.4%
Share of assets assessed as worthless: 41.6%

Description

Bank was closed by state examiners; records show a later receivership on 1925-12-12 not covered by these articles.

Events (4)

1. November 15, 1881 Chartered

Source: historical_nic

2. December 22, 1924 Suspension

Cause: Government Action
Cause Details: Closed after failing to meet requirements of the State Examining Board; compelled to cease payments by examiners.
Newspaper Excerpt: The First National Bank at Creston was compelled to close its doors to the public, Monday morning, being unable to meet the requirements of the State Examining Board.
Source: newspapers

3. March 26, 1925 Voluntary Liquidation

Source: historical_nic

4. December 12, 1925 Receivership

Source: historical_nic

Newspaper Articles (1)

1. December 25, 1924 Mt. Ayr Journal Mount Ayr, IA

Article from Mt. Ayr Journal, December 25, 1924

Click image to open full size in new tab

Article Text

Creston Bank Closed The First National Bank at Creston was compelled to close its doors to the public, Monday morning, being unable to meet the requirements of the State Examining Board. The failure was caused by conditions similar to those, which have caused other closures all over the country. There is a strong probability that the bank will be reorganized and reopened for business soon. The prominent citizens of Creston are holding meetings already, with this in view.