gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ecce64e573e258b2
Response Measures
None
Events (3)
1.December 31, 1924Receivership
Newspaper Excerpt
were taken over by the State Banking Department. ... turned over to the state banking department which ... will exert every effort to protect the interests of the depositors.
Source
newspapers
2.December 31, 1924Run
Cause
Bank Specific Adverse Info
Cause Details
Run triggered by prospect and actual heavy withdrawals tied to failure to obtain depository/surety bonds for public funds and shaken public confidence.
Measures
Bank officers closed the bank and turned it over to the State Banking Department after heavy withdrawals.
Newspaper Excerpt
The Mechanics bank ... suspended business after experiencing a run during the first hour this morning.
Source
newspapers
3.December 31, 1924Suspension
Cause
Government Action
Cause Details
Closed and taken over by the State Banking Department in face of prospective/actual heavy withdrawals and inability to secure surety for public deposits.
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
Newspaper Articles (25)
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, 1925The State JournalFrankfort, KY
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FIVE BANKING HOUSES CLOSE
Combination of Causes Results In Their Failure.
DES MOINES. lowa. Dec. 31 (By A. Pt A combination of causes. includ ing uncertainty as to subrogation rights of surety companys guaranteeing to public deposits the public with drawal of large sums of public money because of failure of banks to obtain depository bonds for public mon eye and shaken public confidence, was assigned by various officials to night for series of bank suspensions in 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 rests of depositors. These two were the Commercial Savings and the Mechanics Savings Bank here. The others included the First Na tional Bank of Denison. lowa and private banks controlled by that institu tion in Dow City and Vail. The Commercial Savings Banks 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 state treasury on Friday. The Mechanics Bank. closely allied with the Commercial. suspended business after experiencing a run during he first hour this morning. Reports of the suspensions caused runs upon other banks here throughout the day. but none was reported in
3.January 1, 1925The Washington PostWashington, DC
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STATE FUNDS UNSECURED, TWO IOWA BANKS CLOSE
Uncertainty of Security Companies' Rights Among Causes Assigned.
DOORS OF 3 OTHERS SHUT
Des Moines, Ia., Dec. 31.-A combination of causes, including uncertainty as to subrogation rights of surety guaranteeing public deposits, the probable withdrawal of large sums of public money because of failure of banks to obtain depository bonds for publie moneys and shaken public confidence, was assigned by various of ficials 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 and the Mechanics Savings banks The others include the First National bank, of Denison, Ia., 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 The Mechanics bank, closely allied with the Commercial, suspended business after experiencing a run this morning. Reports of the suspensions caused runs upon other banks here throughout the day. but none was reported in diffeulties tonight. Robert Leach, superintendent of banking, is examining the condition of the banks. It was said progress was being made toward consolidations with other banks of the two which closed here.
4.January 1, 1925The Register-GuardEugene, OR
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FIVE BANKS IN STATE OF IOWA CLOSE THEIR DOORS
VARIOUS CAUSES ASSIGNED FOR
Shaken Public Confidence, With drawal of Public Money and Lack of Surety Some Reasons
DES MOINES, In. Dec. combination causes, including uncertainty as subrogation rights of surety companies guaranteeing public probable drawal of large sums of public money of failure of banks obtain bonds for pubHe moneys and shaken confidence assigned tonight for the series of bank suspensions in Iowa today. Five banks closeu them doors during the day and them state banking which, WILH exert every effort to protect the interest depositors. These two Commercial Savings Mechanics Savings banks here. The others included the First National bank Denison, Iown, and private banks controlled by that Dows and Vail. Commercial Savings banks here the largest instituto its doors. Officers to obtain for the state funds the this was with the changing in the state treasury on Friday.
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.
6.January 1, 1925The Daily AstorianAstoria, OR
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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)
7.January 1, 1925The Des Moines RegisterDes Moines, IA
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BANKERS PLAN OF LIQUIDATION 2 INSTITUTIONS
Conference to Be Held Tomorrow.
Bankers and others interested in De Moines banks will meet tomorrow for conference which may result in the working out of feasible plan for liquidation of the Mechanics Savings bank and the Commercial Savings bank. which were closed yesterday Conferences were held Tuesday fternoon and evening by bank ers in an effort to keep open the Savings bank bring about consolidation with some other institution but failed to produce too short period of time in which to work out The Com mercial Savings bank failed to open its doors yesterday morning at clock Officers posted notice that the bank had been turned over the state banking department. Threatened withdrawal state and county deposits. totaling $442,000. was given as the cause of closing
Many Withdraw Deposits. Within two hours of the closing of the Commercial bank many de positors in the Mechanics Savings bank withdrew their deposits and officers decided close Announcement was made the bank had turned to the state banking department. Other banks in the city were not seriously affected by the closing of the two institutions. few citizens rushed to other banks and small sums. but the prompt manner in which payment demands met resulted in normal condition being reached before all banks closed for the day at m. Many persons who withdrew deposits from the im mediately their money in other banks of the city Robert Leach. state banking said last night he believed the two banks will pay out quicker than the general public believes He also declared. he had heard that plan is being formulated by bankers for either the liquidation of the Commercial and Mechanics or their consolidation with other institutions.
No Intention of Closing.
George Messenger, president of the Mechanics, said yesterday the officers had no intention of closing the when it was opened business at m There not much to say he said. "The smaller banks have had tough sledding for several months and when the closing of the Commercial Savings bank started flood of withdrawals from our bank there was nothing else to do but to close report of the department of the state of banking conditions of June 30. 1924 shows deposits of the Commercial Savings bank to be $3.Reliable figures obtained yesterday by The Register show that deposits of public funds in the Commercial bank amounted to approximately $851,000 Charles Grahl. treasurer and employe of the bank had $409. 000 of district funds in the bank The county treasurer had $188 000 on deposit and state funds amounted $254 000 There were no city funds on deThe Mechanics reported on June 30. 1924, total deposits of School deposits amounted to $22,500. state funds were 4.000. county funds totaled $86,000 and city money on deposit was $60. 000 Total funds on deposit amounted to $322,500
School District Protected.
Harry Evans. president of the board of education told The Reg. ister last night the school district is amply protected in its deposits in both of the banks, by depository or surety bonds, as well as personal bonds taken out by Grahl when he qualified for the position of school treasurer Names of the bonding companies and persons could not be secured last night W Burbank. who retires as state treasurer Jan. said last night he could not immediately obtain the names of his surety on deposits in the two banks Col. E. Bennett. retiring county treasurer said surety bonds on his deposit in the Mechanics totaled and in dition personal bonds the deposit in the Commercial amount to $300 000 The surety bonds on the Mehanics county deposit made the following Union Indemnity company of New Orleans. $25,000: National Surety company $10.000: Aetna Casual& Security company of Hartford. Conn. $10,000 Southern Surety 000: Indemnity Insurance company of North Amerity & Casualty company of New York Surety bonds on the county fund in the Commercial bank were made by the following com-
8.January 1, 1925The Des Moines RegisterDes Moines, IA
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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.
9.January 1, 1925The Star PressMuncie, IN
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5 IOWA BANKS CLOSE FOR VARIOUS CAUSES
Lack of Surety for Deposits and Probable Withdrawal of Public Money.
Des Moines, Ia., Dec. 31.—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 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 will exert every effort to protect the interests of depositors. These two were the Commercial Savings and the Mechanics Savings banks here.
The others included the First National Bank of Denison, Ia., and private banks controlled by that institution in Dow City and Vail.
$600,000 of State Funds.
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; that withdrawal of this sum was in prospect with the changing administration in the state treasury on Friday.
The Mechanics Bank, closely allied with the Commercial, suspended business after experiencing a run during the first hour this morning.
Reports of the suspensions caused runs upon other banks here throughout the day, but none were reported in difficulties tonight.
It was said progress was being made toward consolidations with other banks of the two which closed here.
10.January 1, 1925The Butte MinerButte, MT
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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.
11.January 1, 1925Hartford CourantHartford, CT
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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
12.January 1, 1925The Boston Daily GlobeBoston, MA
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Public Funds Removed on Ruling They Arn't Preferred Claims
DES MOINES, Ia. Dec 31—The Commercial Savings Bank here failed to open today, under orders of the State Banking Department. The bank had $1,500,000 of public funds on deposit.
Later another Des Moines bank, the Mechanics Savings, closed and was taken over by the State Banking Department, due, it was announced, to prospective or actual heavy withdrawals of public and private funds.
The banking department was this afternoon unofficially informed that the First National Bank of Denison, Iowa, the bank of Dow City, Iowa, and the Traders' Bank of Vail, Iowa, also had been closed, because of heavy withdrawals. These three institutions are closely related.
The Commercial Savings Bank was the first to close, officers stating they had been advised of the probable withdrawal of the public funds because surety companies declined to renew depository bonds.
13.January 1, 1925The Fresno Morning RepublicanFresno, CA
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BANKS DOORS
Combination Of Causes Assigned For Suspensions
By the Associated Press DES MOINES, Iowa, Dec. assigned by various officials tonight for the series of bank suspensions in Iowa today. Five banks closed their doors during the day and of them turned the bank. ing which, was mounced, will exert effort to protect the interests of depositors. These were the Commercial Savings and the Mechanics Savings banks here. The others included the First National bank Denison, Iowa, and private banks controlled 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 obtain surety for the six hundred thousand dolfunds on deposit and that withdrawal of this pect with the changing administration the state treasury on Friday. The Mechanics bank, closely lied with the suspended business after experiencing run during the first hour this morning. Reports of the suspensions caused runs upon other banks here throughout the day, none reported in difficulties tonight.
14.January 1, 1925The RecordStockton, CA
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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
15.January 1, 1925The Times LeaderWilkes-Barre, PA
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FIVE BANKS IN
Two Are Turned Over to the State Department
VARIOUS CAUSES
Des Moines, Iowa, Dec. 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 confidence. was assigned by various officials to-night for the series of bank suspensions in Iowa to-day. Five banks closed their doors during the day and two of them were turned over to the State banking department. which, announced, will exert effort to protect the interests of depositors. These two were the Commercial Savings the Mechanics Savings Banks here. The others included the First National private controlled by that institution in Dow City and Val. The 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 this sum was prospect with the changing administration in the State treasury on Frlday The Mechanics Bank, closely allied with the Commercial busiexperiencing run during the first hour this morning. Reports of the suspensions caused runs on other banks here throughout the but none were reported in difficulties
16.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 CLOSE DOORS IN
Des Moines. Iowa, Dec. By on of causes, including uncertain to subregation rights of sure deposits, the probable wi hdrawal of arge sum of public money because failure of banks to obtain deesitory bonds for public moneys nd shaken public confidence, was ssigned by various officials tonight or the series of bank suspensions Iswa today. Five banks closed heir doors to. ay and two of them were handed the banking depart ment which it wa sannounced, will every effort to protect the terests of the deposiors. These 2 the and Savings nd the Mechanies Savings Bank of his city The other include: The First National Bank of Denison, Iowa, and private banks controlled by that institution in Dow City and Vail.
18.January 7, 1925The Weekly Kansas City StarKansas City, MO
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IOWA CLOSE.
Runs Three Towns Blamed
Des Moines- Des Moines banks. the Mechanics and the Savings, closed their last week taken by the state the in each actual heavy withdrawals of public and private funds. banking department was formed National Bank Denison, the Bank and the Traders Bank of Vail also been closed of were said be closely related.
RUN WITH KINDNESS.
Des Bank Feeds Depositors Waiting Their Des and coffee were furnished local bank at noon today group of depositors who were waiting money institution following closing two Des Moines banks The depositors had been waiting lunch time but did not relinquish their places in the line. bank's officers came rescue, however, ordering the nearby furnish and coffee to the The bank withstood the run
Read the advertisements the FarmWant advantage of the bargains livestock food products, implements, etc.
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.
20.January 16, 1925The CourierWaterloo, IA
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Bank Reorganization May Pay 75 Per Cent
Des Moines, Jan. state banking department today nounced plans were under way for the bank stockholders and surety concerned of thru which depositors of three defunct banks might be paid 75 per cent of their claims. The banks are the United State bank, the Mechanics Savings Savings. The banking department, said, favors the plan.
21.February 11, 1925The Des Moines RegisterDes Moines, IA
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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
22.October 6, 1925The Des Moines RegisterDes Moines, IA
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Pay County's Claim on Mechanics Bank
Settlement between surety companies and Polk county on the county's deposits in the closed Mechancis Savings bank was reached yesterday on the terms under which the state settled with the bonding companies on its deposits in that bank The county. under the settlement, to receive the full amount of deposit and interest at the rate per cent. the same as would have received if the bank had not closed The total amount the county will receive is $50.934 The county's dividend check, not yet issued. will be rewritten and paid to the surety companies by the bank receiver. The amounts paid by each surety company are follows: Indemnity Insurance company $3,847.01; Aetna Casualty and Surety company. Fidelity and Casualty company, $13.464 Union Indemnity company. $19 235.07 National Sure-
23.December 28, 1926The Sioux City JournalSioux City, IA
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BOND CONCERNS PAY STATE FOR LOST DEPOSITS
Des Moines, Treasurer Johnson today final payment the state interest and replaceunder surety bond of public with the Central deposit when closed its doors. The bonding company now claim against the assumed state's receiver. restores to the state payment the deposit Des Moines Treasoffice, with the of remaining unfrom the Mechanics Savings bank. $500,000 on deposit Iowa Loan and Trust pany which closed week ago today, and will reimbursed under bank guaranty law replacement fund permits. The bonding companies that paid state were National today company, the Fidelity the Continental company, company and the Southern
24.September 21, 1927The GazetteCedar Rapids, IA
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More Than Million Paid By lowa Bank Receivers
DES MOINES. Sept. 21 Nearly million quarter dol lars in dividends To depositors in closed Iowa banks were paid during the last month by state The total paid depositors was the thirty banks the Peoples State bank of and the Farm ers State bank of paid 40 banks six fifteen per one, two. per cent ten per cent, and three paid less than ten per In amount of money paid the Mechanics Savings bank of Des Moines with Among those listed are the follow ing Central City Savings 25 per cent. Garwin bank 15 per $31 Lost Nation Savings bank cent. Savings bank, Tama, 10 per cent, $61,516.05
25.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
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