3801. First National Bank (Sioux Rapids, IA)

View Charter #9585 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
9585
Charter Number
9585
Start Date
June 10, 1933
Location
Sioux Rapids, Iowa (42.893, -95.151)

Metadata

Model
gpt-5-mini
Short Digest
10127108

Response Measures

None

Receivership Details

Depositor recovery rate
18.2%
Date receivership started
1933-02-13
Date receivership terminated
1934-10-31
Share of assets assessed as good
2.3%
Share of assets assessed as doubtful
69.1%
Share of assets assessed as worthless
28.5%

Description

Articles refer to the First National Bank of Sioux Rapids being in receivership (receiver D. D. Bourne). No article describes a depositor run. Court action (directed verdict) dated 1933-06-10 confirms receiver; a 1934-01-22 article reports embezzlement charges against a former receiver. Evidence indicates the bank suspended and remained closed under receivership due to bank-specific problems (embezzlement/insolvency).

Events (6)
1. November 18, 1909 Chartered
Source
historical_nic
2. January 30, 1930 Voluntary Liquidation
Source
historical_nic
3. February 13, 1933 Receivership
Source
historical_nic
4. June 10, 1933 Receivership
Newspaper Excerpt
A verdict of $2,400 was directed...in favor of D. D. Bourne, receiver of the First National bank of Sioux Rapids, against John Hafdenfeldt, director and stockholder in the bank.
Source
newspapers
5. January 22, 1934 Other
Newspaper Excerpt
Spencer, Iowa, Jan. 22-Charges of embezzlement have been filed against Robert D. Gage, forty-one, Spencer bookeeper and former receiver of the First National bank of Sioux Rapids. He is alleged to have embezzled $1.500. He is under arrest.
Source
newspapers
6. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was in distress leading to appointment of a receiver; later articles allege embezzlement by a former receiver and director withdrawals when bank was about to close.
Newspaper Excerpt
Judge Directs Verdict Favoring Bank Receiver...in favor of D. D. Bourne, receiver of the First National bank of Sioux Rapids...
Source
newspapers

Newspaper Articles (3)
1. June 10, 1933 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, June 10, 1933

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Article Text

Judge Directs Verdict Favoring Bank Receiver A verdict of $2,400 was directed by Judge George C. Scott in federal court Friday in favor of D. D. Bourne, receiver of the First National bank of Sioux Rapids, against John Hafdenfeldt, director and stockholder in the bank. The court held that under the evidence the defendant knew the bank was about to close when he withdrew $2,200 in cash and wrote checks for an additional $200 against his account.

2. June 10, 1933 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, June 10, 1933

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Article Text

BEG YOUR PARDON The suit of D. D. Bourne, receiver, against John Hadenfeldt, director and stockholder, for the recovery of $2,400 alleged to have been withdrawn by the defendant involves the First National bank of Sioux Rapids, not the First National bank of

3. January 22, 1934 The Austin Daily Herald Austin, MN
Article from The Austin Daily Herald, January 22, 1934

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Article Text

Bank Receiver Is Under Arrest Spencer, Iowa, Jan. 22-Charges of embezzlement have been filed against Robert D. Gage, forty-one, Spencer bookeeper and former receiver of the First National bank of Sioux Rapids. He is alleged to have embezzled $1.500. He is under arrest.