3599. First National Bank (Marshalltown, IA)

View Charter #411 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
411
Charter Number
411
Start Date
May 16, 1914
Location
Marshalltown, Iowa (42.049, -92.908)

Metadata

Model
gpt-5-mini
Short Digest
4cc99c85

Response Measures

Full suspension

Other: Receiver appointed later (permanent receiver named in 1928); bank remained defunct with receiver taking legal actions in 1931.

Description

A run in May 1914 led to the bank closing its doors (suspension). The bank remained defunct and a permanent receiver was named in 1928; receiver continued actions into 1931. Cause of the run/suspension is described as slow assets (bank-specific adverse information).

Events (4)
1. May 16, 1914 Run
Cause
Bank Specific Adverse Info
Cause Details
Certain slow assets (poor/illiquid loans) cited as primary cause of the run
Measures
Bank closed its doors (suspension) in response to heavy withdrawals
Newspaper Excerpt
Ben Newcomb, cashier of the First National Bank, said that bank officials confidently expected to pay every depositor 100 per cent. He declared that certain slow assets were the primary cause of the run. which resulted in the closing of the bank's doors.
Source
newspapers
2. May 16, 1914 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closure/suspension followed heavy withdrawals caused by slow assets
Newspaper Excerpt
the run. which resulted in the closing of the bank's doors.
Source
newspapers
3. August 17, 1928 Receivership
Newspaper Excerpt
MARSHALLTOWN BANK RECEIVER APPOINTED ... Bosworth of Manly named permanent receiver for the defunct First National bank here by comptroller of currency at Washington ... It was presumed efforts of business men to reopen the bank now will be 100 per cent stock assessment recently was ordered. (Des Moines Tribune, 1928-08-17).
Source
newspapers
4. December 20, 1931 Receivership
Newspaper Excerpt
MARSHALLTOWN, IA.-Melvin Royer, receiver of the First National bank here, filed two suits ... (Des Moines Register, 1931-12-20).
Source
newspapers

Newspaper Articles (3)
1. May 16, 1914 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, May 16, 1914

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Article Text

out all the money we had on hand." Ben Newcomb, cashier of the First National Bank, said that bank officials confidently expected to pay every depositor 100 per cent. He declared that certain slow assets were the primary cause of the run. which resulted in the closing of the bank's doors.

2. August 17, 1928 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, August 17, 1928

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Article Text

MARSHALLTOWN BANK RECEIVER APPOINTED 17 Bosworth of Manly named permanent receivfor the defunct First National bank here by comptroller currency at Washington, it was announced Bosworth succeeds V. WIIson. national bank examiner. who was temporary receiver. It was presumed efforts of business men to reopen the bank 100 now will be per cent stock assessment recently was ordered.

3. December 20, 1931 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, December 20, 1931

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Article Text

Bank Receiver Files Marshalltown Suits MARSHALLTOWN, IA.-Melvin Royer, receiver of the First National bank here. filed two suits with the district court clerk Saturday. The first action is against C.H. Van Law, local attorney, Alice Van Law and H. C. Cox for $2,500 on an alleged delinquent promissory note. The second suit against the Van Laws and W. N. Norris asks Judgment for $5,000 and the foreclosure of a real estate mortgage used to secure an alleged delinquent promissory note.