Le Mars National Bank (Le Mars, IA)

Episode Information

Episode UID
281801124
Episode Type
Run โ†’ Suspension โ†’ Reopening
Bank Type
national
Bank ID
28180 national
Charter Number
2818
Start Date
August 18, 1893
Location
Le Mars, Iowa (42.794, -96.166)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b28067961ae16206

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
60.0%
Date receivership started
1901-04-17
Date receivership terminated
1903-01-05
OCC cause of failure
Fraud
Share of assets assessed as good
11.8%
Share of assets assessed as doubtful
52.4%
Share of assets assessed as worthless
35.8%

Events (5)

1. November 13, 1882 Chartered
Source
historical_nic
2. August 18, 1893 Run
Cause Details
Heavy withdrawals and local depositor panic drawing out over $500,000 in sixty days.
Measures
Banks decided not to open; directors met and closed as a protective measure.
Newspaper Excerpt
The action of the banks was a complete surprise and has caused a panic in the town.
Source
newspapers
3. August 18, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to realize on assets and exhaustion of cash reserves after large withdrawals.
Newspaper Excerpt
Four banks at this place failed to open their doors this morning... They closed because of the impossibility of getting cash.
Source
newspapers
4. September 16, 1893 Reopening
Newspaper Excerpt
The Le Mars national bank of Lemars, Ia., were permitted to reopen for business: The Le Mars national bank of Le Mars, Ia.
Source
newspapers
5. April 17, 1901 Receivership
Source
historical_nic

Newspaper Articles (13)

Article from The Helena Independent, August 19, 1893

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Article Text

LEMARS, Iowa, Aug. 8.-Four - banks at this place failed to open their doors this morning. They are the First National, capital $100,000; Lemars National, same capital; German-American Savings. $50,000, All and the German State bank, $50,000. have large surplus accounts and have been ranked among the best institutions in the state. They closed because of the impossibility of getting cash. The notion of the banks WAS R complete surprise and has caused a panio in the town. Officers of the banks say they will pay every dollar when they can liquidate advantageously.


Article from The Daily Morning Astorian, August 19, 1893

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Article Text

FOUR SOLID BANKS GONE. Le Mars, Iowa, Aug. 18.-Four banks at this place failed to open their doors this morning. They are the First National, with a capital of $100,000, the Le Mars National with the same cap. ital, the German American Savings Bank, with $50,000 capital and the German State Bank, with $50,000. All have large surplus accounts and have been ranked among the best institutions in the state. They closed because of -the impossibility of getting cash. All were in good condition for ordinary times, but withdrawals of cash had been steady and collaterals could not be realized on. The action of the banks was a complete surprise and has caused a panic in town. The officers of the banks say that they will pay every dollar when they can liquidate advantageously.


Article from The Seattle Post-Intelligencer, August 19, 1893

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Article Text

BUSINESS TROUBLES. The effort to oust Sheriff McDade from the receivership of the Pacific bank, San Francisco, has failed. The First National, Lemars National, German Savings and German State banks, at Lemars, Ia., have suspended payment. T. J. Davis & Co., wholesale dry goods, New York and Chicago, have assigned. Assets and liabilities about $200,00) each. A proposition has been made to the creditors of John Cudahy which will yield $1,300,000 instead of $800,000. John's brothers, Michael, Edward and Patrick, have signed a contract to pay the creditors $500,000 in yearly installments of $100,000, in addition to the securities which John has heretofore furnished. First Regiment band Madison park every Sunday. Chairman Magoun, of the Santa Fe railway board, announces the extension of guarantee fund notes to November to the amount of $0,000,000.


Article from Rock Island Daily Argus, August 19, 1893

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Article Text

BOTH BANKS ARE CLOSED, Although the Assets Will More Than Pay Liabilities. LE MARS, Ia., Aug. 19.-Le Mars was surprised by the suspension of all the banks in the city. They were the First National and Le Mars National, with a capital of $100,000 each. Notices were posted on the doors that the suspensions are due to inability to realize on assets, but that all the depositors will be paid. At a meeting of the bankers of the city it was decided not to open. During the past three months over $500,000 have been withdrawn from the banks by depositors and the banks decided that they could not stand the strain any longer. The Le Mars National bank, the oldest bank in the city, notified the other bank that they could not open and as a means of self-protection the other bank dediced to close. The Le Mars National has paid out over $200,000 on deposits during the past three mouths. The assets of the banks are far in excess of the liabilities.


Article from Omaha Daily Bee, August 20, 1893

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Article Text

LEMARS DEPOSITORS EXCITED. Business Men Much Surprised at the Sus pensions-Means Serious Embarrassment, LEMARS. Ia., Aug. 19.-Depositors thronged the streets in front of the closed banks all day yesterday. In some cases small depositors, ignorant of the business exig encies, became demonstrative and had to be kept in check by the more level headed people. To the business men the action of the banks was a surprise. The houses control a large amount of English capital and were thought to be as strong as any in the state, and it is still thought the tie-up may only be temporary. The Lemars National bank appears to have been the first to go to the wall. Thursday night Cashier McLagan told the other banks he would not open the bank in the morning. The other banks being in no condition to stand a run, followed suit. McLagan stated that $500,000 of deposits had been withdrawn in the past six months. This bank had a capital of $100,000. with $10,000 surplus. The other banks were the First National with $100,000, $50,000 surplus; the State Bank of Lemars with a capital of $50,000, and the German Savings bank with $50,000. Until the state bank examiner for the district returns no statement will be made by the two state banks. An attempt was made to secure a statement from the National bank, but nothing more definite was got from them than that they would easily pay out when currency could be obtained. The business men are generally disposed to think this true, but will be seriously embarrassed in the meantime. Small depositors are still very much excited. According to the last statement, the bank's assets are largely in the form of real estate and farm securities. Several Sioux City capitalists, who have scattered their deposits among the smaller towns, were caught. State Bank Examiner Miller arrived this morning and proceeded to examine the state banks. It will probably take him till Monday to finish. Merchants are accepting checks on the banks in trade, and grain and stock men have made arrangements for cash to conduct their business. Bank Examiner McHugh took charge of the First National bank this morning and tonight said the bank is solvent, and he sees no reason why it should not resume in a few days.


Article from The Madison Daily Leader, August 21, 1893

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Article Text

Le Mars Banks Suspend. LE MARS, Ia., Aug. 21.-Le Mars was surprised during the morning by the suspension of all the banks in the city. They were the First National and the Le Mars National, with a capital of $100,000 each, and the Le Mars Strte and German Savings banks. Notices were posted on the doors that suspensions were due to inability to realize on assets, but that all depositors would be paid.


Article from Reporter and Farmer, August 24, 1893

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Article Text

FOUR BANKS CLOSE. Le Mars, Iowa, Aug. 19.-Le Mars was surprised this morning by the suspension of all the banks in the city. They were the First National and the Le Mars National, with a capital of $100,000 each, and the Le Mars State and German Savings banks. Notices were posted on the doors that suspensions were due to inability to realize on assets, but that all the depositors would be paid. At a meeting of the directors of all the banks yesterday the step was decided upon because of a run by which over $500,000 was drown out in sixty days.


Article from Wood County Reporter, August 24, 1893

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Article Text

FOUR BANKS SUSPEND. Lemars Institutions Crippled by Unwise Depositors. Lemars, Iowa, Aug. 18.-Four banks of this city did not open for business this morning owing to continued withdrawals of deposits. They were the Lemars National, First National, German-American Savings, and German State banks.


Article from Courier Democrat, August 24, 1893

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Article Text

FOUR BANKS CLOSE. Le Mars, Iowa, Aug. 19.-Le Mars was surprised this morning by the suspension of all the banks in the city. They were the First National and the Le Mars National. with a capital of $100,000 each. and the Le Mars State and German Savings banks. Notices were posted on the doors that suspensions were due to inability to realize on assets, but that all the depositors would be paid. At it meeting of the directors of all the banks yesterday the step was decided upon because of a run by which over $500,000 was drown out in sixty days.


Article from Iowa County Democrat, August 25, 1893

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Article Text

FOUR BANKS SUSPEND. Lemars Institutions Crippled by Unwise Depositors. Lemars, Iowa, Aug. 18.-Four banks of this city did not open for business this morning owing to continued withdrawals of deposits. They were the Lemars National, First National, German-American Savings, and German State banks.


Article from The Irish Standard, August 26, 1893

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Article Text

lowa Banks Suspend. LE MARS, Ia., Aug. 19.-All the banks in this city suspended yesterday. They were the First national and Le Mars national with a capital of $100,000 each, and the Le Mars state and German savings banks. The private bank of J. T. Knapp & Co. at Cedar Falls, also closed its doors.


Article from The Sun, September 17, 1893

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Article Text

National Banks Resume. WASHINGTON. Sept. 16.-The following national banks which recently suspended payment have been permitted to reopen their doors for business: The First National Bank of East Portland. Or., the First National Bank of Decatur. Ala., and the Lemars National Bank of Lemars. Ia.


Article from Perrysburg Journal, September 23, 1893

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AT Washington park, Chicago, Directum lowered the stallion record to 2:06 1/4 and Flying Jib paced a mile in 2:04, equaling Mascot's record. FOOTPADS waylaid some twenty employes of a St. Louis firm on pay day and robbed them of their earnings. Two MASKED men held up the stage near Tahlequah, I. T., and after robbing the passengers carried off the mail pouches. LYDIA BULLIVANT shot her husband fatally at Spokane, Wash., and then shot herself. No cause was known for the deed. THE Cleveland, Canton & Southern railroad was placed in the hands of receivers. STAPLES GREEN. a negro, was hanged at Livingstone, Ala., for murder. He prayed and sang on the scaffold and confessed his guilt. BUSINESS failures to the number of 814 occurred in the United States in the seven days ended on the 15th, against 821 the preceding week and 154 during the same time last year. a FIRE at Cynthiana, Ky., destroyed livery stable and fifteen horses were cremated. FOREST fires still raged in northern Wisconsin and hundreds of persons were homeless. The loss to forests alone was estimated at $6,000,000. WILLIAM JACKSON. a negro, was taken from jail at Nevada, Mo., and hanged to a tree for assault. FIRE destroyed the Benton club stables at St. Joseph, Mo., and 100 vehieles and eleven valuable horses were burned. NEARLY 100,000 persons made the race for land in the Cherokee strip and in the run six persons were known to have been killed and many others were injured. FOREST fires were still raging in northern Wisconsin, covering an area of nearly 200 square miles, and many lives had been lost. FIVE highwaymen held up fifteen harvest hands near Fargo, N. D., killing one of the workmen and terribly pounding three. REDMOND BURKE was murdered at Breckinridge, Mo., by white caps. He had been charged with frequently beating his wife. VOLSIN. Baslie and Paul Julian (colored), brothers of Roselius Julian, who murdered Judge Victor Estopinal in Jefferson parish, La., were lynched by mob. JAMES WICKS at Niagara Falls fatally injured two Italians and barely escaped lynching. THE flouring mill at Patterson, O., caught fire, and before the flames could be checked over a third of the town was destroyed. AN open switch caused an accident on Paul at and Charles the George St. Heddings, W. road Remsen, fireman, Oliver, engineer, and Minn. Anthony Brewer, brakeman, were instantly killed. All lived in Minneapolis. NEARLY the entire business portion of Bunker Hill, Ill., was destroyed by fire. THE First national bank of East Portland, Ore, and the Le Mars national bank of Le Mars, Ia., were permitted to reopen for business. WHILE the family of G. M. Raney, of Decaturville, Tenn., was asleep, robrs entered and robbed them of $4,700 and their jewelry. effigy of President Cleveland was found dangling to a tree in Sacramento, Cal. YELLOW fever is epidemic in Brunswich, Ga. The residents refilled with terror but cannot leave the city. LEADERS at Pittsburgh, Pa., were taking toward the formation of a new national association embracing all labor societies. HENRY S. COCHRANE, who had worked for the government forty-three years, confessed to stealing $134,000 in gold from Philadelphia's mint. TWELVE business houses at Manistique, Mich., were destroyed by fire, the loss being $150,000; partially insured. Ex-CITY TREASURER ISENOEE, of Whateom, Wash., was arrested on the charge of embezzling $47,000 of city money. INSANE patients to the number of 300 were given a picnic in Buckeye grove, near Columbus, O. FOR twelve consecutive hours Chicago firemen fought a prairie fire covering of twenty the world's Columbian an Seven adjoining area nearly guards fair blocks were grounds. in over- part come by the intense heat and smoke, and two will probably die. IN a collision between two sections of a Big Four train at Manteno, Ill., seven persons were known to have been killed'and twenty injured and it was probable that many bodies were buried under the wreck. IN a fight between Hungarian and American workingmen at Benwood, W. Va., five of the former were fatally hurt. THE Wayne iron works of Brown & Co. at Pittsburgh resumed operations as a nonunion mill. The plant employs 600 men and has been one of the strongest in the Amalgamated association. A GALE swept the Cherokee strip, laving low many of the tented towns.