gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
05aa2bf8b8b11105
Response Measures
None
Description
Bank was taken over by the state banking department and later placed in receivership; closure appears permanent.
Events (2)
1.December 31, 1924Suspension
Cause
Government Action
Cause Details
Closed by order of the State Banking Department after inability to obtain surety bonds for public deposits and prospect of heavy withdrawals of public and private funds.
Newspaper Excerpt
Two Des Moines banks, the Mechanics Savings Bank and the Commercial Savings Bank closed their doors today and were taken over by the State Banking Department.
Source
newspapers
2.February 11, 1925Receivership
Newspaper Excerpt
School district suit... representing the independent school district Des Moines naming R Leach receiver Commercial Savings and Mechanics Savings banks.
Source
newspapers
Newspaper Articles (19)
1.December 31, 1924The Daily RepublicanPoplar Bluff, MO
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Article Text
2 LARGE BANKS IN DES MOINES CLOSED TODAY
[By The Associated Press.]
Des Moines, Ia., Dec. 31.—Two Des Moines banks, the Mechanics Savings Bank and the Commercial Savings Bank closed their doors today and were taken over by the State Banking Department. The cause in each case was given as prospective or actual heavy withdrawals of public and private funds.
The Commercial Savings Bank had $1,500,000 of public funds on deposit at the time it was closed. It was closed on orders of the state banking department.
Inability of the bank to obtain surety for public funds, deposited by the state, the city of Des Moines, Polk county and the school board is said to have caused the action, these depositors being compelled under the law to withdraw the funds in the absence of depository bonds. The bank, it is said, was unable to withstand such heavy withdrawals.
2.January 1, 1925Birmingham Post-HeraldBirmingham, AL
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Article Text
FIVE BANKS CLOSE
Iowa Institutions Unable To Withstand DES MOINES. Dec. 31.-Five of of priv ate and Moines institutions closed almost bank did The Commercial Savings not open for business at all this ing the Merchants ving closed shortly o'clock after depositors started The First National at Denison closed account of its inability to collect funds withdraw taking with branch banks at Vail and Dow City.
Five Iowa Banks Close on Last Day of Year
Des Moines, Iowa, Dec. 31.—A combination of causes, including the probable withdrawal of large sums of public money because of failure of banks to obtain depository bonds for public moneys, and shaken public confidence, was assigned by various officials tonight for the series of bank suspensions in Iowa today.
Five banks closed their doors during the day and two of them, the Commercial Savings and Mechanics Savings banks here, were turned over to the state banking department. The others included the First National bank of Denison, Iowa, and private banks controlled by that institution in Dow City and Vail.
4.January 1, 1925The Daily AstorianAstoria, OR
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Article Text
BANKS IN IOWA IN BIG CRASH
Combination of Causes Is Fatal to Five: Runs Met by Others.
DES MOINES, Iowa, Dec. 31. (A) combination of causes, including uncertainty as to subrogation rights of surety public deposits, the probable withdrawal of large sums of public money because of failure of banks to obtain depository bonds for public moneys and shaken public confidence, was assigned by various officials tonight for the series of bank suspensions in Iowa today. Five banks closed their doors during the day and two of them were turned over to the state banking department, which, it was announced, exert every effort to protect the interests depositors. These two were the Commercial Savings and the Mechanics Savings banks here The ohters included the First National bank of Denison, lawo, and pri(Continued on Page Three)
5.January 1, 1925The Des Moines RegisterDes Moines, IA
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Article Text
BANKS WHICH CLOSED YESTERDAY
These pictures were taken yesterday by Register photographer, following the closing of the Mechanics Savings bank and the Commercial Savings bank The Mechanics bank is located at 319 avenue and the Commercial bank at the northwest corner of Fifth avenue and Locust street.
6.January 1, 1925Lincoln Journal StarLincoln, NE
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Article Text
FIVE BANKS of Causes Given for Combination Suspension of lic Money Withdrawn. DES MOINES, Ia., combination causes, including rights surety probable withpublic deposits, large sums of failure banks obtain depositary bonds for shaken public assigned various tonight for series Iowa today banks closed their doors and of them during day turned the state bankwhich, exert effort to interests depositors. protect These Commercial Savings and banks others included the First National and Savings bank institution Officers declared obtain funds
7.January 1, 1925The Butte MinerButte, MT
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Article Text
String of Iowa Banks In Hands of Receiver
DES MOINES, Iowa, Dec. bination of causes, including uncertainty to subrogation of rights of surety companies guaranteeing public deposits, the probable withdrawal of large sums of public money because of failure of banks obtain depository bonds for public moneys and shaken confidence was by rious officials tonight for the series bank Iowa today. Five banks closed their doors during the and two of them turned over the state department, which, was announced, exert every effort protect interests of depositors. These two were the Commercial Savings and the Mechanics Savings banks here. The others included the First Na. tional Bank of Denison, Iowa, and private banks controlled by that institution in Dow City and Veil.
8.January 1, 1925Hartford CourantHartford, CT
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Article Text
FIVE IOWA BANKS FORCED TO CLOSE
Two Are in Des Moines Heavy Withdrawals Given As Cause.
Des Moines, In., Dec Des the Commercial Savings. closed today and were taken over by the state bank due announced to prospective tual heavy of public and The banking this that the First Bank of the of Dow Traders' of had been drawals thre the Refused to Renew Bonds. The of in carried deposits public first they had of the withdrawal the The Mechanics Bank was the Commer state funds and held by large by here Bank of Officers of the that withdrawals had prompted of be turned by the up counts had the bank
Question for The Attorney Gibson the was of decided claim funds the defunct the in should pass to Officials the safeguard be
9.January 1, 1925Beatrice Daily SunBeatrice, NE
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Article Text
FIVE IOWA BANKS CLOSE DOORS IN DAY
Des Moines, tion of causes, uncertainty as to subrogation rights companies guaranteeing public posits, the probable withdrawal large sums of public money of failure banks to obtain itary bonds for public moneys shaken public confidence. signed by various officials for the series of bank suspension Iowa oday Five banks closed doors the day and two of turned over to the state partment which, was will exert every effort protect interest of depositors. One was Commercial Savings Mechan banks here The others included the ional bank of Denison. private banks controlled stitution in Dow City and The Commercial Savings here was the largest institution close its doors, Officers they were unable to obtain surety the state posit and that sum was in in the on Suspension of the Farmers' was also reported.
10.January 1, 1925The Lexington HeraldLexington, KY
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Article Text
FIVE IOWA BANKS CLOSE
Two of Institutions Turned Over to State Department
DES MOINES, Iowa, Dec. 31.—A combination of causes, including the probable withdrawal of large sums of public money because of failure of banks to obtain depository bonds for public moneys and shaken public confidence, was assigned by various officials tonight for a series of bank suspensions in Iowa today.
Five banks closed their doors during the day and two of them were turned over to the state banking department, which, it was announced, will exert every effort to protect the interests of depositors. These two were the Commercial Savings and the Mechanics Saving Bank here.
The others included the First National Bank of Denison, Iowa, and private banks controlled by that institution in Dow City and Vail.
11.January 1, 1925Statesman JournalSalem, OR
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Article Text
FIVE IOWA BANKS FORCED TO CLOSE
Failure of Banks Is Laid to Combination of Causes; Money Withdrawn
DES MOINES, Iowa, Dec. 31.—A combination of causes, including uncertainty as to abrogation rights of surety companies guaranteeing deposits, the probable withdrawal of large sums of public money because of failure of banks to obtain depository funds from their public moneys and shaken public confidence was assigned by various officials tonight for the series of bank suspensions in Iowa today.
Five banks closed their doors during the day or two of them were turned over to the state banking department, which, it was announced will exert every effort to protect the interests of the depositors. These two were the Commercial Savings and the Mechanic Savings banks here.
12.January 1, 1925The RecordStockton, CA
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Article Text
FIVE BANKS IN IOWA ARE CLOSED DURING THE DAY
DES MOINES, Jan. 1.-A combination causes, including uncertainty as subrogation rights guaranteeing public deposits, the probable withdrawal of large sums of public money failure of banks obtain depository bonds public moneys and shaken public confidence, assigned by various officials night the series bank suspensions in Iowa terday. Five banks closed their doors during the day and two of them turned the bankexert every effort protest the interests deposiThese the Com* mercial Savings the Mechanics Savings banks here. others included First National bank Denison, private controlled by that institution Dow City and
13.January 1, 1925Miles City StarMiles City, MT
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DES MOINES BANK FAILS
THE ASSOCIATED PRESS) Des Moines. Dec. 31 Com mercial Savings bank here failed to open its doors this morning under orders of the state banking department The bank had $1,500,000 of public funds on deposit.
14.January 1, 1925Miles City StarMiles City, MT
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TWO BANKS FAIL
THE ASSOCIATED PHEAS) Des Moines, Dec. Des Moines banks: the Mechanics Savings and the Commercial Savings closed their doors today and were takeu by the state banking department The cause each case being given as prospective or tual heavy withdrawals of public and
FIVE BANKS IN IOWA SUSPEND
Combination Causes Bring Failures.
DES MOINES, Ia., Jan. 1.—A combination of causes, including uncertainty as to subrogation rights of surety companies guaranteeing public deposits, the probable withdrawal of large sums of public money because of failure of banks to obtain depository bonds for public moneys and shaken public confidences, was assigned by various officials tonight for the series of bank suspensions in Iowa, today.
Five banks closed their doors during the day and two of them were turned over to the state banking department, which it was announced, will exert every effort to protect the interests of the depositors. These two were the Commercial Savings and the Mechanics Savings Banks here.
The others include: The First National Bank of Denison, Iowa and private banks controlled by that institution in Dow City and Vail.
The Commercial Savings Bank here was the largest institution to close its doors. Officers declared they were unable to obtain surety for the $600,000 state funds on deposit and that withdrawal of this sum was in prospect with the changing administration in the state treasury on Friday.
FIVE BANKS IN
IOWA SUSPEND
Des Moines.-A combination of causes, including uncertainty as to subrogation of surety companies guaranteeing public deposits, the probable withdrawal of large sums of public money because of failure of banks to obtain depository bonds for public moneys and shaken public confidence, was assigned by various officials for the series of bank suspensions in Iowa Wednesday. Five banks closed their doors during the day and two of them were turned over to the state banking department, which, it was announced will exert every effort to protect the interests of depositors. These two were Commercial Savings and the Mechanics Savings bank here. The others nclude the First National bank of Denison. Iowa. and private banks controlled by that institution in Doe City and Vall.
17.February 11, 1925The Des Moines RegisterDes Moines, IA
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Article Text
SCHOOL DISTRICT SEEKS PREFERENCE IN BANK FUNDS was begun yesterday in district court represent ing the independent school district Des Moines foreing R Leach receiver Com mercial Savings and Mechanics Savings banks, to accord preference to district accounts when begins to settle with the The petitions filed assert that at time the Commercial Sav ings bank suspended business on Charles Grabl. school district treasurer had $495,040 deposit district's claim against the Mechanics Sav. ings bank totals it was stated
18.April 24, 1925Des Moines TribuneDes Moines, IA
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YEOMEN WANT BANK DEPOSIT
Commercial Bank Receiver and Bonding Companies Are Sued
The of American Yeomen today filed suit the Polk county district court against defunct Commerical Savings Robert receiver for the closed bank and companies in the the papers filed for the except which bonded
19.September 11, 1928The Des Moines RegisterDes Moines, IA
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BANK RECEIVERS TAKE OFFICES IN BUILDING
The combined receiverships of the three closed Des Moines banks will have offices. beginning today. on the eleventh floor of The Reg and Tribune building instead the banking quarters of the Iowa Loan Trust company in the Southern Surety building H. Vanderploeg. examiner In charge of the receiverships of Iowa Loan & Trust company the Commercial Savings bank and the Mechanics Savings bank. and his staff moved to their new quarters last night Distribution of dividends from the three banks will be made from The Register and Tribune building offices. The Southern Surety company owners of the building which housed the Iowa Loan & Trust company, will occupy the bank's former quarters. Cancellation of the Iowa Loan & Trust company lease, which had thirty years to run, will save the about $850 per month. 1. Andrew state super 'endent of banking. announced for the sale of the banking fixtures are nearing
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.
