Iowa State Savings Bank - Cedar Rapids, IA

Episode Information

Episode UID: 47000971599
Episode Type: Suspension → Closure
Bank Type: savings
Bank ID: 4700097 routing
Routing Number: 47-0009
Start Date: March 4, 1933
Location: Cedar Rapids, Iowa (42.008, -91.644)

Metadata

Model: gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 956e9dfbd56e4ba6

Response Measures

None

Description

The article describes the bank in a state of liquidation following the 1933 banking crisis, noting it was excluded from a merger/reopening plan involving other local banks.

Events (2)

1. March 4, 1933 Suspension

Cause: Government Action
Cause Details: The bank was caught in the general banking holiday and subsequent liquidation process rather than being part of the local reopening plan.
Newspaper Excerpt: The Iowa State has been assiduously liquidating its assets throughout the last several months.
Source: newspapers

2. April 28, 1934 Other

Newspaper Excerpt: It soon was apparent that the Iowa State Savings bank could not be included in a liquidation plan that ultimately might involve at least a 50 per cent initial deposit release.
Source: newspapers

Newspaper Articles (1)

1. April 28, 1934 The Gazette Cedar Rapids, IA

Article Text

No Enthusiasm Here. It was in the enjoyment of whatever degree of satisfaction one can have in the act of assuring decent interment for old friends, and the honest distribution of whatever they may have left to the care of conscientious former associates, that I hustled home, arriving on an early morning train. Before the banks were open I was at one of them, and, a little later, at another. My report of what I had done, and the promise of R. F. C. co-operation I had obtained, aroused no apparent enthusiasm. Of course, it was not a time or occasion conducive to enthusiasm; that I admit. At any rate, I was told that as soon as everyone could get at it, the problem of liquidating under the best possible circumstances would have to be considered. This cooled me off. I insisted on knowing when some initiative would be shown by the banks in an effort to carry through what I had started. I was told that it would not be longer than two or three weeks, and with that I had to be content. Well, things did begin to move in a month or so, but with exasperating deliberation. It would be useless to go into all the details of delay, some of it excusable, some of it inexcusable. Joint Committee Formed. It soon was apparent that the Iowa State Savings bank could not be included in a liquidation plan that ultimately might involve at least a 50 per cent initial deposit release. To have added that bank's assets and liabilities to the plan that was evolving for disposition of the American Trust and Cedar Rapids Savings assets and liabilities would have created insurmountable difficulties. And the United State bank already was working out its own plans for re-opening without restrictions. The Iowa State has been assiduously liquidating its assets throughout the last several months. Ultimately a joint committee of three directors each from the American Trust and the Cedar Rapids Savings banks was organized. On it were Ernest Cameron, W. R. Boyd and Lumir Severa for the American Trust, George Laird, Robert Sinclair of Indianapolis and Charles Knox for the Cedar Rapids Savings.