Cedar Rapids Savings Bank (Cedar Rapids, IA)

Episode Information

Episode UID
47000271612
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
4700027 routing
Routing Number
47-0002
Start Date
April 24, 1934
Location
Cedar Rapids, Iowa (42.008, -91.644)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f7e8eed0ffa1b3dc

Response Measures

None

Description

State superintendent appointed a receiver under IA Senate File 111 and receivership actions continued into autumn; bank did not resume independent operations.

Events (3)
1. April 24, 1934 Suspension
Cause
Government Action
Cause Details
State superintendent of banking (D. W. Bates) petitioned and judge appointed a receiver under Iowa Senate File 111, placing the bank in receivership and halting normal operations
Newspaper Excerpt
Cedar Rapids Bank in Receiver's Hands ... appointed receiver the Cedar Rapids Savings bank and the American Trust bank ... order specified receiver should proceed liquidation until further order
Source
newspapers
2. May 3, 1934 Other
Newspaper Excerpt
depositors in the two old banks will receive 50 pay-out of their frozen funds ... through the new bank, the Guaranty Bank & Trust ... receivership obtained by Bates ... was vacated and Mr Bates' application for new receivership ... was approved.
Source
newspapers
3. September 29, 1934 Receivership
Newspaper Excerpt
Appraisers Appointed In Two Bank Receiverships ... appointed permanent appraisers in the receiverships of the Cedar Rapids Savings bank and Trust company ... application for appointment was made by D. W. Bates, state superintendent of banking, as receiver for both banks.
Source
newspapers

Newspaper Articles (10)
1. April 8, 1934 The Sioux City Journal Sioux City, IA

Article Text

Nebraska Negro Gets Life Term in Murder Case Gering, district court jury late Friday night convicted Bert Williams, 40, North Platte Negro, of murder in the first degree, and set his penalty life imprisonment. It deliberated five hours. Williams was charged with the murder "Happy Joe" Camper, Negro restaurant owner, in Scottsbluff March On the Williams said he "shot Camper to keep him from killing me." He accused Camper of drawing pistol from pocket, before he was shot. Other witnessee denied that Camper made any move to defend himself. Bank Receiver Suits Cedar Rapids, asking appointment of receivers for the Cedar Rapids Savings bank and the American Trust and Savings bank of this and attacking the stitutionality senate file 111, under which those banks have been operating, were filed Saturday in district court by Harry Paar as executor of the H. Foy estate. Emery Business Men Organize Emery, The Emery Business Men's association has been formed here. Floyd Hanlon has been named president; Tom Nolan, secretary Melvin Swyter, Litz and Ed Leiten were elected directors.

2. April 18, 1934 The Daily Nonpareil Council Bluffs, IA

Article Text

DISMISS CEDAR RAPIDS BANK RECEIVER PLEA CEDAR April 18. (P) filed April and which to be heard today asking the of receivers the Cedar Rapids Savings bank and the American Trust and Savings bank. this city, and which attacked of Senate File 111, under which those banks have have court the plaintiff. Harry executor the Foy estate. The dismissal order was entered by Judge John Moffit.

3. April 24, 1934 The Des Moines Register Des Moines, IA

Article Text

Omaha OMAHA MONDAY (P) (United against the Cedar Rapids Savings States Department of Agriculbank Monday and filed a similar action in federal court here. The new petition attacks the Friday: good to choice 180 to 280 constitutionality of senate file 111, lbs, $3.30@3 40: top. $3.45 for odd under which the bank has been lots choice 210 to 270 lbs. Medium grades rather numerous operating since Jan. 25, 1933, and at desirable 280 to asks that a receiver other than 340 140 to 180 the state superintendent of bankfeeder pigs, $1.50 ing be appointed. The banking packing $2.75@2.85 superintendent is made a defendlight weights, average cost ant in the federal suit. day, $3.26; weight, 239 lbs; for 100 Per Cent. the week. $3.25: weight, 250 lbs. The petition asks that if a receiver appointed. he be required Price to bring action against the stockholders to assess 100 per cent liability. An amendment was filed in district court to the O. R. C. receivership suit against the American Trust and Savings bank and also one in behalf of James Lacalves, 300 head: weighty steers velle, intervenor in the O. R. C. and weights and better district court suit against the grades light steers and yearlings Cedar Rapids Savings bank. fully steady: short fed light steers and yearlings, slow. weak; she 80 Per Cent Signed. stock and bulls, steady to weak, Eighty per cent of the deposexcept good to choice heavy heif- itors in the two banks have signed waivers and agreed to the conlower; stockers and feeders in solidation of the two banks. light supply, slow, weak. The amendments to the suits Fed steers and yearlings, $5.50 declare that depositors should be paid in full before stockholders weighty steers, around 450 lbs, participate in earnings of the pro$7 and 1,320 lbs, $7.35: some posed new bank. held slightly higher: heifers. $4.25 @5.50: few lots, $5.60@6.00; beef cows, $3.00@4.00; odd head. $4.25 MEAT PACKERS cutter grades, medium bulls, $2.75@2.90; odd TO AIR DISPUTES Washington Meeting Slated Wednesday. WASHINGTON, D. C. (P)1267 Widespread labor disputes in the 910 meat packing industry will be aired here Wednesday at R meeting called for the national labor board. Disputes are said by board repSHEEP 3,000 head, resentatives to center about union including 450 through; lambs, ac recognition as well as wages, hours tive, 25c to mostly 50c higher: and other working conditions. other classes, scarce, steady; fed The Amalgamated Meat Cutters and Butchers of America was inpaid by packers; early sales vited to represent labor. All firms fresh shorn lambs, $7.75@8.00; which have experienced any disnative spring lambs. $10.00@ putes were invited to participate. 10.25; shorn ewes down from Among them are the Rath Pack-

4. April 24, 1934 The Courier Waterloo, IA

Article Text

Cedar Rapids Bank in Receiver's Hands Cedar Rapids, Bates. of banking day appointed receiver the Cedar Rapids Savings bank and the American Trust bank this city Judge the district after Bates had filed petition such action Judge Clark's order specified receiver should proceed liquidation until further order the status insofar deposits the Senate File 111, under which banks have been Deposits the banks under Senate File fected the receivership

5. April 24, 1934 The Courier Waterloo, IA

Article Text

ASKS DISMISSAL OF BANK'S RECEIVER Cedar Rapids, petition remove Bates, state superintendent banking, receiver the Cedar Rapids Savings bank federal here Tuesday the Order Railway petition asks that receiver appointed required action against stockholders to assess 100 The conductors' organization Monwithdrew similar county district court, in favor the federal suit.

6. May 3, 1934 The Daily Times Davenport, IA

Article Text

$1,500,000 CEDAR RAPIDS, May sociated Press) Legal entanglements which had blocked posed plan of liquidation for the Cedar Rapids Savings bank and the American Trust bank of this city, and the organization of new bank, were cleared today with the result that depositors in the two old banks will receive 50 pay-out of their frozen funds per within few days, possibly this week. The first pay-out will aggregate $1,500,000 and will made through the new bank, the Guaranty Bank & Trust which capitalized with $50.surplus and undivided profits. Heading the new bank president will Van Vechten Shaffer Cedar Rapids, former vice president of the National bank. George Laird, general manager of the Quaker Oats plant here, will be vice president the bank and Reginald B. Figge of Ossian will be cashier. suits which had been filed state and federal courts by the Order of Railway Conductors and James Lavelle against the Cedar Rapids Savings the American Trust the receivership obtained by Bates, state superintendent of banking, against both banks was vacated and Mr Bates' application for new ceivership of the two banks under senate file 111 was approved.

7. July 14, 1934 The Gazette Cedar Rapids, IA

Article Text

Sues Life Ins. Co. Isla M. Gibson filed notice of suit against the Bankers Life Insurance company of Des Moines in district court Saturday, asking for $831.52 allegedly due her by the company from a life insurance policy on Oliver J. Boland. The policy was for $2,000, of which the plaintiff is claiming one-third, with interest. Bldg. Accts. To Be Separate. Judge A. B. Clark in district court Saturday granted the plea of D. W. Bates, receiver for the American Trust and Savings bank and the Cedar Rapids Savings bank and Trust company, that the building accounts of the two bank buildings

8. September 29, 1934 The Gazette Cedar Rapids, IA

Article Text

Appraisers Appointed In Two Bank Receiverships Horace G. Hedges, W. J. Conway, Harvey C. McClary, H. J. Soper, C. M. Doolittle, and Robert I. Safely were appointed permanent appraisers in the receiverships of the Cedar Rapids Savings bank and Trust company, and the American Trust and Savings bank in district court by Judge H. C. Ring Saturday morning. The application for appointment was made by D. W. Bates, state superintendent of banking, as receiver for both banks. Asks For Former Name. Shirley Keith in a district court divorce suit against Floyd D. Keith asks restoration of her former name of Shirley Sauter, a name under a former marriage. The name was erroneously given as her maiden name in Friday's Gazette. Her maiden name, according to Henry Sauter, 818 A avenue NE, was DeWitt. The word "tabloid" was coined fifty years ago as a name for compressed chemical products, and is

9. October 17, 1934 The Gazette Cedar Rapids, IA

Article Text

was shown as $10,092.97. Dividends totaling forty per cent or approximately $90,000 have been paid to depositors to date. Hears Compensation Case. Deputy Industrial Commissioner Ralph S. Young of Des Moines Wednesday morning at the courthouse heard a workman's compensation case brought by E. S. Plummer, who suffered a fractured right leg Aug. 28, 1933, while cutting trees for railroad ties at Amana. The claimant designates the Webster Lumber company of St. Paul, Minn., and Roy Gaddis as his employers, but the parties named contend that Plummer was employed by independent contractors. D. W. Bates, state superintendent of banking, as receiver of the Cedar Rapids Savings Bank and Trust company, seeks $17,656.59 judgment in district court against Lucian T. Wilcox and Steele H. Wilcox in action on a secured note.

10. December 9, 1934 Quad-City Times Davenport, IA

Article Text

CITY Iowa City, Dec. Johnson County Savings and Farmers Trust and Savings banks will pay cent dividends to their depositors the week of Dec. 17. Ben examiner in charge, today The will amount to more than Depositors of the Johnson County bank will receive about dividend ment depositors since the in 1931. With the the bank will paid cent dividends. The Farmers Trust paid two dividends per cent each and the payment will total bringing the total depositors since its closing two ago, Mr. announced that the Downey Savings bank will pay to its depositors, the Ely Trust and Savings bank will disburse $23,000 cent dividend and the Cedar Rapids Savings bank will pay about in dividends of similar