gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b59edeb852e9bef9
Response Measures
None
Receivership Details
Depositor recovery rate
72.3%
Date receivership started
1932-07-18
Date receivership terminated
1941-04-30
Share of assets assessed as good
28.6%
Share of assets assessed as doubtful
67.3%
Share of assets assessed as worthless
4.1%
Description
Used published closure date (July 14, 1932) and known receivership in July 1932; later formation of a new bank freed assets but Commercial National remained closed.
Events (7)
1.March 29, 1883Chartered
Source
historical_nic
2.July 14, 1932Suspension
Cause
Government Action
Cause Details
Bank ceased operations and suspended payments leading to receiver control after banking distress.
Newspaper Excerpt
The bank closed July 14, 1932.
Source
newspapers
3.July 18, 1932Receivership
Source
historical_nic
4.July 18, 1932Receivership
Newspaper Excerpt
W. C. Pyle, receiver for the Pioneer National and Commercitl National banks, will be moved to the quarters of the latter concern
Source
newspapers
5.November 7, 1932Other
Newspaper Excerpt
The comptroller of currency has approved a plan whereby a new Waterloo bank will be formed and more than $1,500,000 tied up in the closed Commercial National bank will be released.
Source
newspapers
6.June 15, 1933Other
Newspaper Excerpt
A net gain of $164,000 in deposits over withdrawals was reported ... following the opening Thursday of the new bank in Waterloo east; persons who withdrew part or all the 40 per cent dividend paid by W. C. Pyle, receiver of the Commercial National bank
Source
newspapers
7.February 18, 1934Other
Newspaper Excerpt
Checks in payment of the second dividend to depositors of the closed Commercial National bank ready for distribution Monday ... The bank closed July 14, 1932.
Source
newspapers
Newspaper Articles (11)
1.August 21, 1932The CourierWaterloo, IA
Article Text
Bank Receiver's Office Moved to Commercial Nat'l
Offices of W. C. Pyle, receiver for the Pioneer National and Commercitl National banks, will be moved to the quarters of the latter concern on the of Fourth and morning, the Saturday. Doors of the Commercial bank will be opened at that time and persons desiring to file claims on either bank or to see the receiver for any reason are asked to see Pyle in the new office quarters. "We making the move to save explained. A small staff will remain in the
2.November 7, 1932The Daily TimesDavenport, IA
Article Text
Plan Approved For Opening of Waterloo Bank
WATERLOO, Ia., Nov. 7.—(Associated Press)—The comptroller of currency has approved a plan whereby a new Waterloo bank will be formed and more than $1,500,000 tied up in the closed Commercial National bank will be released.
After approval of the plan by the bulk of the depositors of the Commercial National bank, the receiver would declare a 40 per cent dividend to depositors, approved assets of this amount to be placed in the new bank.
It is planned to sell 2,000 shares of stock at $125 each, making a capital stock of $200,000 and surplus, undivided profits and reserve of $50,000.
3.November 7, 1932Iowa City Press-CitizenIowa City, IA
Article Text
WATERLOO
Comptroller of Currency Approves Plan for Institution comp troller of currency has approved plan whereby new Waterloo bank will formed and more than 500,000 tied in the closed Commercial National bank will be leased.
After approval of the plan the bulk of the depositors of the Commercial National bank, the receiver would declare per cent dividend depositors. approved assets this amount to be placed in the planned to sell shares stock $125 making capital stock and sur plus. undivided profits and
4.November 7, 1932Globe-GazetteMason City, IA
Article Text
New Waterloo Bank to Free Money Tied Up in Defunct One
Nov. comptroller currency proved plan whereby terloo bank will formed and than tied the up Commercial National bank be released. After of the plan by the bulk the depositors the mercial National bank, the receiver declare 40 depositors, this amount in
5.December 8, 1932The CourierWaterloo, IA
Article Text
Bank Sales Army Opens Campaign for Agreements
(CONTINUED FROM PAGE ONE) the excellent results already the volunteer signers and by sales me that Waterwill have bank.' Rath Tells Origin. John Rath, original member the preparing the plan, spoke briefly of the work of setting the plan. plan you are selling proved the comptroller currency, said Rath. was an he gave Even after the compthe the of and cent liquid. bank of that character that the government be to the Waterloo. "Nectssary to Pct. Dividend." Allen Head answered question frequently finalleft doubt "The bank will able dividend old bank the amount of the money going into it," Head declared. "The closed Commercial National be to pay dividend cent the present time without borrowing money from Reconstruction Finance Need 2,600 More.
"Originally there were about 13,000 depositors the bank. Payment depositors full will leave 7,500 depositors. those with deposits $25 or cuts the number 4,500. 1,900 2,600 to be complete the Cheney some number his committee for reports. The reports out were most satisfactory with Tesmer and Chapman has assisted Hoxie getting together his army. explained the card system to be by men.
6.June 16, 1933The CourierWaterloo, IA
Article Text
National Bank's Deposits Increase $164,000 in Day
A net gain of $164,000 in deposits over withdrawals was reported by Rodney P. Lien, vice president of National bank, Friday following the opening Thursday of the new bank in Waterloo east, Persons who withdrew part or all the 40 per cent dividend paid by W. C. Pyle, receiver of the Commercial National bank, took out of the bank approximately $50,000, while new deposits totaled approximately Practically the same ratio of deposits to withdrawals was being maintained Friday as number of other business firms opened large accounts at the new bank. School savings depositors continued to make up the majority of those making withdrawals, "The first day's work is over," declared Lien. "Now we can settle down to business.'
7.August 2, 1933The Oelwein Daily RegisterOelwein, IA
Article Text
Mornin Named Bank Receiver
Waterloo. Ia., Aug. George Mornin. Cedar Falls, day became receiver for the Commercial and Pioneer National banks here, succeeding W. Pyle. Pyle was receiver of the banks in 1932. His resignation requested by federal currency comptroller. he said.
8.October 8, 1933The CourierWaterloo, IA
Article Text
Two Defendants Among Five Are Found Not Liable
Miss Conroy's $7,500 Damage Suit Against Other Three Will Go to Jury.
Trial of the personal injuries damage suit in which Miss Della Conroy, stenographer, is seeking judgment for $7,500 against five different will be resumed Monday at with two of the defendants eliminated by directed Following arguments and answers by five attorneys the various which occupied the entire day Friday, Judge George Wood sustained motions to rect for the First National Buildcompany and the First Nationbank, holding that these porations could not be held liable for the accident. This leaves the Commercial National bank (receiver). the H. Maine company, and the Waterloo Window Cleaning company as defendants when issue damages is submitted to the jury Arguments to the jury will be commenced at the opening of court Miss Conroy was injured when an iron pipe, used condult for electric wires street clock and which had been left lying upon
9.February 18, 1934The CourierWaterloo, IA
Article Text
COM'L PAY $280,007 MONDAY
Represents 8 Pct. on Claims, in Addition to 40 Pct. Paid Last June.
Checks in payment of the second dividend to depositors of the closed Commercial National bank ready for distribution 10 Monday, George S. Mornin, receiver, Saturday. The checks represent per cent dividend. the 5,529 claims filed, and may obtained Mornin's office the Waterloo Savings Bank building. When calling for their dividend checks, persons claims against the bank should the pink ceipts given them at the time their claims were filed, said. The major part of the total dividend will depositors Waterloo, there were comparatively few depositors out city. Checks will be mailed latter. The first dividend to Commercial bank depositors was 40 per when the new National opened last June loan obtained Mornin from the Reconstruction Finance corporation made the second dividend time. The bank closed July 14, 1932.
10.November 27, 1934The CourierWaterloo, IA
Article Text
Bank Receiver's Office Will to
The office of George Mornin, ceiver of Commercial National and Pioneer National banks. now cated in the former Waterloo ings bank site Fourth and Commercial streets, will occupy the mezzanine floor the First National bank building Fourth and Sycamore streets about Mornin announced Tuesday. number sites were offered but the effort has been to select location that would easily accessible and that would have ample vault facilities for the safeguarding of all assets under the control the receiver," Mornin The building now occupied by the receiver's office has been leased by the Ford Hopkins drug site, and alterations will be started soon as the building is vacated by the receiver. Vaults in the receiver's location are separate from those of the National bank.
11.January 2, 1935The CourierWaterloo, IA
Article Text
Bank Receiver to Move Jan. 12
Offices of the receiver for the Commercial National and Pioneer National banks, now located in the former Waterloo Savings bank site at Fourth and Commercial streets, will be moved to new quarters on the second floor of the First National building Saturday, Jan. 12, it was announced Wednesday at the receiver's office.
Installation of the new floor over the National banking room has been completed and installation of fixtures in the receiver's rooms begun.
Time when the Ford Hopkins company, which has taken a 10-year lease on the space being vacated by the receiver and an adjacent store space, will start remodeling is indefinite, J. J. Miller, cashier of the Waterloo Savings bank, said.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.