First National Bank (Carroll, IA)

View Charter #3969 on SPMC View balance sheet

Episode Information

Episode UID
396901306
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
39690 national
Charter Number
3969
Start Date
October 19, 1908
Location
Carroll, Iowa (42.066, -94.867)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
26427171ff60d17d

Response Measures

None

Receivership Details

Depositor recovery rate
63.2%
Date receivership started
1908-10-21
Date receivership terminated
1915-08-09
OCC cause of failure
Fraud
Share of assets assessed as good
17.6%
Share of assets assessed as doubtful
78.7%
Share of assets assessed as worthless
3.7%

Description

Failure followed president's suicide and apparent misappropriation of funds; receiver appointed.

Events (5)
1. January 25, 1889 Chartered
Source
historical_nic
2. October 19, 1908 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed immediately after the president's suicide and discovery of heavy losses/misappropriation of funds.
Newspaper Excerpt
closed its doors in Carroll on Oct. 19 on account of the suicide of its president.
Source
newspapers
3. October 21, 1908 Receivership
Source
historical_nic
4. October 21, 1908 Receivership
Newspaper Excerpt
Examiner Shaw took charge of the First National bank of Carroll this morning and a hasty examination of the books showed that the bank is entirely solvent... (Oct. 21 article noting examiner took charge).
Source
newspapers
5. May 1, 1909 Other
Newspaper Excerpt
Receiver J. W. Fowler brought suit for $264,292 against the estate of the late W. F. Culbertson, president of the bank, who committed suicide; this represents amount taken by the late president from the funds of the bank.
Source
newspapers

Newspaper Articles (15)
1. October 22, 1908 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, October 22, 1908

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Article Text

TRIBUTE TO DEAD JUDGES Iowa Superior Court Makes That the First Business of Session. IOWA MAN BOOMED FOR SPEAKER Bank Examiner Says Carroll Bank, Whose President Committed Suicide, Is Solvant and all Claims Will Be Paid in Full. (From a Staff Correspondent.) DES MOINES, Oct. 21.-(Special.)-The Iowa supreme court resumes its sittings today for the September term and at the opening gave over two hours to a memorial service for three distinguished judges. Resolutions were spread upon the court records commemorative of the life and services of Josiah Given, Galusha Parsons and Charles A. Bishop. Given was a distingulshed soldier of the Mexican and civil wars and was chief justice of Iowa five times. Parsons was long a leader of the bar, but went to Portland, Ore., a number of years ago, and died there recently. Bishop recently died suddenly while attending a state bar meeting. He was one of the youngest of the supreme judges. Addresses were made to the court by C. C. Cole, Crom Bowen, Charles Powell, Carroll Wright and others. The court listened to arguments in favor of a rehearing in the case of Mrs. Cain, whose husband committed suicide after killing a prominent citizen. She was left with six small children and a controversy arose over her property and its illegal use for sale of liquors and as a result she was left destitute. The court refused to reverse the court in Scott county in the case involving a Judgment of $20,000 for damages to Baggageman O'Conner, who was injured in a Rock Island accident. The judgment was complained of as excessive. The court reversed a wife desertion case on the ground that the lower court had stated too strongly the duty of the husband to support his wife and family in a "home suitable to their condition in life." Court decisions today: Laura Miles, appellant. against Otto Schenk: Woodbury county: affirmed. James Will'ams. appellant. against Chicago, Milwaukee & St. Paul railway: Keokuk county: affirmed. F. M. Parker against city of Bedford. appellant; Taylor county: affirmed. E. J. O'Conner against Chicago, Rock Island & Pacific railway, appellant: Scott county: affirmed. State against John E. Stort appellant; Cedar county: reversed. T. W. McCray, appellant, against Lake City Electric Light company; Calhoun county; affirmed. Iowa Man for Speaker. Sentiment among the republican candidates for congress appears to be gathering for the selection of an Iowa man for speaker of the next congress. Two of the candidates have pronounced themselves as positively in favor of Judge Walter I. Smith of Council Bluffs for speaker to succeed Cannon. The first suggestion was from Cngressman Dawson. though the Idea was not new with him. Immediately Frank P. Woods. candidate in the Tenth district, formerly chairman of the republican state committee. doclared himself in favor of Smith as a candidate for speaker. It is expected Hull, Good, Hubbard and other strong men of the Iowa delegation will also to the same. Hard Blow at Backet Shoppers. In the district court today a fine of $250 was laid against O. M. Olsen upon his plea of guilty under indictment for running a bucket shop in Des Moines. Judge McHenry llso warned him to leave the state, and t is understood he is under agreement to save at once. Olsen insists he is being persecuted by the regular exchanges or tersons in their service. Carroll Bank is All Right. Examiner Shaw took charge of the First National bank of Carroll this morning and 1 hasty examination of the books showed hat the bank 18 entirely sclvent and there vill be no losses. Of the $100,000 capital tock all but $2,000 was owned by Culberton, Macomber and Coburn. The suicide if President Culbertson was not in fact is urprise to the people of Carroll, as It was tnown he had lost heavily and most of his ormer wealth was gone and that he was lespondent. He had been closely watched or a long time. He lost heavily in western ands.

2. October 23, 1908 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, October 23, 1908

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Article Text

Mrs. Culbertson, Wife of Carroll Banker, Will Sacriftce Home if Necessary DEPOSITORS MUST BE PAID Technical Examination of Bank's Assets in Progress-No Other Bank Involved With Carroll Institution Was Oldest Bank in Carroll County. I Special to Times-Republican. Carroll, Oct. 23.-Mrs. W. L. Culbertson, widow of President Culbertson, who committed suicide Tuesday, made a statement that she would turn over every bit of property belonging to the Culbertson estate, if necessary, to see that the depositors of the bank received every dollar belonging to them. She also stated that she was perfectJy willing to sacrifice her home, and wanted it understood that that was included in her conception of her duty. Words of praise are heard on all sides for Mrs. Culbertson and her attitude is one to be admired. However, those best posted on the situation do not believe it will be necessary for her to sacrifice her homestead and are inclined to the opinion that the Culbertson estate is a large one and will amply meet all the requirements on the part of the bank to settle its debts. The Wyoming canal deal is in good shape and almost came within point of being sold for $200,000. The work in connection with the land and canal has gone far enough to make it ready for the market and it is certain to produce a goodly sum of money If nurtured and the interests involved protected. National Bank Examiner Shaw .is working on his technical investigation into the securities of the First National. An investigation into the worth of the notees and other bills receivable will be made, after which it is expected that a receiver will 'be appointed to wind up the affairs of the bank. No other bank is badly involved, it is now claimed, altho several had funds on deposit here. The amount due other banks was, three weeks ago, about $36,000. This amount, it is claimed, was much smaller when the doors of the First National closed. There has been no trouble experienced by the other banks of the citythe German and the German-American banks. They were not in any way affected by the failure of the First National. The First National is the oldest bank in the history of the county, being founded in 1868, just after the town of Carroll was located. It was for a great many years owned by Guerdon Wattles, now of Omaha. W. L. Culbertson, the late president, was the founder of the Bank of Carroll, which for years was operated in this place. He later affected a consolidation by buying controlling stock in the First National. Roger Culbertson arrived from Worland, Wyo., and he was visibly affected by the tragic turn of affairs. He went direct to the family home and thas given out nothing relating to the circumstances leading up to the suicide of his father. The naval department at Washington has been notified of the death of Mr. Culbertson, in order that the news may be forwarded to W. L. Culbertson, Jr., an ensign in the transport service somewhere off Honolulu.

3. December 3, 1908 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, December 3, 1908

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Article Text

CARROLL BANK WILL PAY. Assurances Received That Creditors Will Not Lose. Carroll, Dec. 3.-The editor of the Carroll Herald is in receipt of a letter from the treasury department at Washington in regard to the condition of the First National bank that closed its doors in Carroll on Oct. 19 on account of the suicide of its president. Bank Examiner H. M. Bostwick completed the examination several days ago and mailed his report to the controller of the currency. The face or bank value of the assets of the bank was found to be $647,118. Of this amount tthe receiver lists $114,088 as f good, $509,331 doubtful, and $23,698 worthless. Of the doubtful paper fully 75 per cent will be realized on, approximating $380,000, and with an assessment that has been ordered on the stockholders, 100 per cent, there will be sufficient funds to pay depositors in I full and eventually return a small dividend to stockholders.

4. December 4, 1908 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, December 4, 1908

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Article Text

CARROLL BANK MAY PAY ALL. Examiner Bostwick Completes Examination of Defunct Bank. Carroll.-The First National bank of this city, now in the hands of I. W. Fowler of Ottumwa as receiver, will pay out, according to the report made to the national treasury department by Bank Examiner H. M. Bostwick. It is estimated that 75 per cent of the doubtful paper will be collected, placing its value at $380,000. With the 100 per cent which has been levied on the stockholders, all depositors will be paid in full, and there may even be a small dividend to be returned to the stockholders.

5. December 4, 1908 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, December 4, 1908

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Article Text

DEFUNCT BANK MAY PAY ALL DEPOSITORS Report Is Filed by Examiner of First National Bank at Carroll WILL ASSESS STOCKHOLDERS Good News of Failed Bank's Condition, Received in Letter Sent From, the Treasury Department at Washington -Face Value of Assets Estimated at $647,118-Other Details. Special to Times-Republican. Carroll, Dec. 4.-A letter from the treasury department in Washington, has been received by the Carroll Herald editor, in regard to the condition of the First National bank, which closed its doors in Carroll on Oct. 19, on account of the suicide of its president. Bank Examiner H. M. Bostwick completed the examination several days ago and mailed his report to the comptroller of the currency. The face or bank value of the assets of the bank was found to be $647,118. Of this amount the receiver lists $114,088 as good, $509,331 doubtful, and $23,698 worthless. Of the doubtful paper fully 75 per cent will be realized on, approximating $380,000, and with the assessment that has been ordered on the stockholders-100 per cent-there will be sufficient funds to pay depositors in full and eventually return a small dividend to the stockholders. I. W. Fowler, formerly of Ottumwa, is the receiver in charge.

6. January 21, 1909 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, January 21, 1909

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Article Text

Carroll Firm Bankrupt. Council Bluffs, Jan. 21.-Proceedings in involuntary bankruptcy were begun in the federal court with the filing of a petition of creditors of the Gerlach Drug and Jewelry company, of Carroll. The creditors are I. W. Fowler, receiver of the First National bank, of Carroll; Walter M. Lowney & Co., of

7. April 1, 1909 Audubon Republican Audubon, IA
Article from Audubon Republican, April 1, 1909

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Cashier Coburn Indicted Our readers will remember that W. F. Culbertson, president of the First National Bank at Carroll, committed suicide last October and the affairs of the bank went into the hands of a receiver. At Council Bluffs last week an indictment was returned against the cashier Mr. R.E. Coburn. When bankers commence speculating it bodes no good to them or their patrons.

8. April 12, 1909 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, April 12, 1909

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# Bank Must Pay Tax. Carroll, April 12.-I. W. Fowler, of the First National Bank of this city appeared before the board of supervisors requesting that the taxes for the failed bank be remitted for the year of 1908 on the grounds that at the time of taxation in January the stock of the bank was practically without value, therefore not rightly to be taxed. Members of the board of supervisors declared that the bank was reported solvent and in good condition at that time and that it continued to run and do business for several months after with the sanction of the national banking department of the government. The board was disposed to treat the matter as a joke and declined to consider the receiver's request.

9. May 1, 1909 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, May 1, 1909

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Sues for Money Stolen CARROLL, Iowa, April 30.-J. W. Fowler, receiver for the First National bank which failed last October, brought suit today for the creditors for $264,292 against the estate of the late W. F. Culbertson, president of the bank, who committed suicide October 19, 1908. This represents the amount of money taken by the late president from the funds of the bank.

10. May 1, 1909 The Daily Missoulian Missoula, MT
Article from The Daily Missoulian, May 1, 1909

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Article Text

SUES TO RECOVER MONEY. Carroll, Iowa, April 30.-J. W. Fowler, receiver of the First National bank, which failed last October, brought suit today for the creditors against the estate of the late W. F. Culbertson, president of the bank, who committed suicide, for $264,000. This represents the amount of money taken by the late president from the funds of the bank.

11. May 1, 1909 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, May 1, 1909

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FOWLER WANTS $264,000 Former Ottumwan, Receiver for Carroll Bank, Makes Demands on Cubertson Estate. Carroll, April 30.-Receiver I. W. Fowler for the First National bank. which failed last October, brought suit today for the creditors against the estate of the late W. F. Culbertson for $264,000. This represents the amount taken by the late president from the funds of the bank.

12. October 22, 1909 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, October 22, 1909

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CARROLL FINANCIAL INSTITUTION LEAVES CREDITORS IN THE HOLE. FINAL SETTLEMENT WILL NET DEPOSITORS ONLY 40 PER CENT Only 30 Per Cent of Amount of Claims Paid During First Year of Receivership-Creditors Hold Meeting and Organize for Mutual Benefit-Other State News. Carroll, Oct. 22.It was one year ago the nineteenth of October that the First National bank of Carroll closed its doors, after the tragic death of its president, W. L. Culbertson. It has been a weary year of suspense and waiting for many of the depositors who lost their all in the wreck of the bank. The receiver, who has been diligent in the discharge of his trust, has been able to pay but 30 per cent of the deposits. The meager results of such efforts have been a grievous disappoint-

13. March 16, 1911 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, March 16, 1911

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New Receiver Named. Special to Times-Republican. Carroll, March 16.-W. R. Lee, senfor member of the firm of Lee & Robb, has been appointed receiver of the First National Bank, defunct, to succeed Col. George W. Ball, who has been in charge of affairs for more than a year. It is understood that the appointment was not made on account of any inefficiency on the part of Mr. Ball, but thru application of the depositors to reduce the expenses of the receivership. C. C. Helmer is the administrator of the Culbertson estate.

14. March 18, 1911 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, March 18, 1911

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Lee Appointed Receiver of Bank. Carroll, March 17.-W. R. Lee, senior member of the law firm of Lee & Rob, has been appointed to succeed Col. George W. Ball as receiver of the defunct First National bank of this city. Ball will go to New York to accept the presidency of a large financial concern.

15. September 20, 1911 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, September 20, 1911

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To Hurry Carroll Bank Case. Counil Bluffs, Sept. 20.-Judge Smith McPherson ordered the appointment of a special examiner to take testimony in the case of William R. Lee, receiver of the First National Bank of Carroll against Carroll county and others. In suggesting that this case should be disposed of as soon as possible, Judge MePherson said the courts_ were being criticised for slow procedure. "I am satisfied," said the court, "that where any slow progress is made, it is the fault of the court. If the court wants to let things drag, they will drag. But this case has been pending a long while and I want to get it out of the road."