First National Bank (Grundy Center, IA)

View Charter #3225 on SPMC View balance sheet

Episode Information

Episode UID
322501122
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
32250 national
Charter Number
3225
Start Date
June 17, 1893
Location
Grundy Center, Iowa (42.362, -92.769)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4de9fa9c8d7d88c6

Response Measures

None

Receivership Details

Depositor recovery rate
50.5%
Date receivership started
1934-04-11
Date receivership terminated
1937-05-08

Events (5)
1. July 18, 1884 Chartered
Source
historical_nic
2. June 17, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Ascribed to payment of a high rate of interest and to unfortunate loans; bank known to be in shaky condition.
Newspaper Excerpt
The First National bank of Grundy Center closed its doors this morning and notified Bank Examiner McHugh that it could not do business any longer.
Source
newspapers
3. September 1, 1893 Reopening
Newspaper Excerpt
The First National Bank of Grundy Center, Iowa ... have today been permitted to reopen their doors for business: ... First National bank of Grundy Center, Iowa.
Source
newspapers
4. August 27, 1929 Voluntary Liquidation
Source
historical_nic
5. April 11, 1934 Receivership
Source
historical_nic

Newspaper Articles (13)
1. June 17, 1893 Evening Journal Wilmington, DE
Article from Evening Journal, June 17, 1893

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Article Text

BROWNWOOD'S BANK BREAKS. City National Bank "Closed By Order of the Directors." DALLAS, Tex., June 17,-A News' Brownwood, Tex., special says: "The City National Bank of Brownwood closed its doors yesterday. A sign was hung out "Closed by order of the directors." Tightness of the money market and slow collections are the causes assigned by the directors. A run on the bank was begun yesterday that continued until they were compelled to close. The capital of the bank is $150,000. The Waterloo Bank's Waterloo. WATERLOO, Iowa, June 3.-The First National Bank of Grundy Centre closed its doors yesterday.

2. June 18, 1893 New-York Tribune New York, NY
Article from New-York Tribune, June 18, 1893

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Article Text

FAILURE OF BANKS IN THE WEST ANOTHER LIMB OF THE ZIMRI DWIGGINS TREE FALLS TO THE GROUND. Wabash, Ind., June 17 (Special).-This morning the Citizens' Bank, of Converse, owned by L. Gottschalk and George Ober, and which began business this spring. failed to open Its doors. The proprietors. who came from Geneva, Ind., were associated with Zimri Dwiggins, of Columbia National Bank fame, and, it is asserted, lost from $10,000 to $12,000 in the Columbia failure. No statement of assets and 11a bilities has been made to Roscoe Kimple, to whom the bank a-signed. The capital Invested was about 420,000, and the deposits from 825,000 to $30,000. Cashier Gottschalk says all depositors will be paid in full. Waterloo, Iowa. June 17.-The First National Bank of Grundy Centre closed its doors yesterday and In formed Bank Examiner MeHugh that If could not do business any longer. The statement of the condition of the bank May 4. showed deposits subject to check to the amount of $34.761 72. demand certificates ito the amount of 827,836 70. and time certificates amount ing to $74,715.50. The capital stock was $50,000 amount of liabilities is not known. Dallas, Tex., June 17.-A "News" Brownwood Tex. dispatch says: "The City National Bank of Brown wood closed its doors yesterday. A sign was hung out: Closed by order of the directors. Tightness of the money market and slow collections are the the on causes assigned by the directors. A run bank was begun yesterday that continued until they were compelled to close. The capital of the bank is $130,000. San Bernardino, Cel. June 17.-The Farmers' Ex change Bank closed its doors this morning. St. Paul, June 17.-A dispatch from Crystal Falls Mich., says all the mines there except the Mahs field. Claire and Michigan have suspended work. and one of these will close In a few days. Both banks of the city have suspended and there is simply no money whatever In circulation. Many are leaving the town.

3. June 18, 1893 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, June 18, 1893

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Article Text

Grundy Center Bank Failure. WATERLOO, Ia., June 17.-The First National bank of Grundy Center closed its doors this morning and notified Bank Examiner McHugh that it could not do business any longer. George Wells, who is supposed to be the wealthiest man in Grundy county, is president of the bank, and Chris C. Shuler, cashier. The statement of the condition of the bank on May 4 last, showed that it had at that time deposits subject to check to the amount of $34,761.72; demand certificates to the amount of $27,836.70 and time certificates amounting to $74,715.50. The capital stock of the bank was $50,000 and the surplus $16,000. The bank had $12,551 invested in the banking building and $9,000 in other real estate and mortgages. The suspension IS ascribed to the payment of a high rate of interest and to unfortunate loans. The bank Has been known to be in a shaky condition for some time and the suspension caused no surprise.

4. September 1, 1893 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, September 1, 1893

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Article Text

RESUMPTIONS, National Banks Now Ready for Business Again. WASHINGTON, Sept. 1.-Comptroller Eckels says that 145 national banks have suspended since January 1. Of these one has gone into voluntary liquidation, 57 have been placed in the hands of receivers, 62 are in the hands of national bank examiners, with excellent prospects of early resumption, and 34 have already resumed business. The following national banks, which recently suspended payment, have today been permitted to reopen their doors for business: American National bank of Nashville, Tenn.; First National bank of Grundy Center, Iowa, and First National bank of Harrisonville, Mo.

5. September 2, 1893 The Times Richmond, VA
Article from The Times, September 2, 1893

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Article Text

National Banks Resume. WASHINGTON, D. C., Sept. 1.-The following National Banks, which recently suspended payment have to-day been permitted to re-open their doors for business: The American National Bank of Nashville, Tenn., the First National Bank, of Grundy Center, Iowa, and the First National Bank, of Harrisonville Mo.

6. September 2, 1893 The Morning News Savannah, GA
Article from The Morning News, September 2, 1893

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Article Text

Three Banks to Reopen. Washington, Sept. 1.-The following national banks which recently suspended payment have to-day been permitted to reopen their doors for business: American National of Nashville, Tenn., First National Bank of Grundy Center, Ia., and First National Bank of Harrisonville, Mo.

7. September 2, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, September 2, 1893

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Article Text

A BETTER TONE. Good Supply of Money and Gold Still Coming. NEW YORK, Sept. 1.-Money is in decidedly better supply throughout the country. The rise in domestic exchange rates in New York, chiefly due to falling off in the supply of drafts pressing upon the market, shows none the less that the needs of interior consignors have been satisfied in other ways. At Chicago, where the banks have no loan certificates to liquidate, the easing of the money market progressed SO rapidly today that contracts for December wheat delivery broke with great violence, with the September price standing unchanged. There is. indeed, good reason for supposing that the $40,000,000 foreign gold imported during August has for the most part been sent West, where it is now at last restoring the monetary equlibrium. The steamer Germania, which arrived today, has on board £21,130 gold. The Augusta Victoria also has £90,000 gold. WASHINGTON. Sept. 1.-The following national banks which recently suspended payment have today been permitted to reopen their doors for business: American National, Nashville, Tenn.: First National of Grundy Center, Io.; First National of Harrisonville, Mo.

8. September 2, 1893 The Sun New York, NY
Article from The Sun, September 2, 1893

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Article Text

Banks Resuming Business. WASHINGTON, Sept. 1.-The following national banks. which recently suspended payment. have to-day been permitted to reopen their doors for business: The American National Bank of Nashville. Tenn.: the First National Bank of Grundy Centre, Iowa, and the First National Bank of Harrisonville. Mo.

9. September 6, 1893 The Star Reynoldsville, PA
Article from The Star, September 6, 1893

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Article Text

FINANCIAL AND COMMERCIAL. The following national banks, which ... cently suspended payment, have been pe mitted to resume business: American of Nashville; First, of Grundy Center, Ia.; and the First, of Harrisonville, Mo.

10. September 7, 1893 Reporter and Farmer Webster, SD
Article from Reporter and Farmer, September 7, 1893

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Article Text

MAY RESUME. Washington, Sept. 2.-The following national banks, which recently suspended payment, have to-day been permitted to reopen their doors for business: The American National Bank of Nashville, Tenn.; the First National Bank of Grundy Center, Iowa, and the First Na. tional Bank of Harrisonville. Mo.

11. September 7, 1893 The Middleburgh Post Middleburg, PA
Article from The Middleburgh Post, September 7, 1893

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Article Text

FINANCIAL AND COMMERCIAL. The following national banks, which recently suspended payment, have been permitted to resume business: American of Nashville; First, of Grundy Center, Ia ; and the First, of Harrisonville, Mo.

12. September 7, 1893 The Princeton Union Princeton, MN
Article from The Princeton Union, September 7, 1893

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Article Text

MAY RESUME. Washington, Sept. 2.-The following national banks, which recently suspended payment, have to-day been permitted to reopen their doors for business: The American National Bank of Nashville, Tenn.; the First National Bank of Grundy Center, Iowa, and the First National Bank of Harrisonville. Mo.

13. September 7, 1893 Courier Democrat Langdon, ND
Article from Courier Democrat, September 7, 1893

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Article Text

MAY RESUME. Washington, Sept. 2.-The following national banks, which recently suspended payment, have to-day been permitted to reopen their doors for business: The American National Bank of Nashville, Tenn.: the First National Bank of Grundy Center. Iown, and the First National Bank of Harrisonville. Mo.