First National Bank (Cresco, IA)

View Charter #4897 on SPMC View balance sheet

Episode Information

Episode UID
489701599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
48970 national
Charter Number
4897
Start Date
March 4, 1933
Location
Cresco, Iowa (43.381, -92.114)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
878134f81ceda16b

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-10-30
Date receivership terminated
1937-08-21
Share of assets assessed as good
58.2%
Share of assets assessed as doubtful
30.4%
Share of assets assessed as worthless
11.4%

Events (4)
1. May 23, 1893 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Government Action
Cause Details
Statewide Iowa banking holiday/moratorium ordered by lieutenant governor to conform with state proclamation and national actions.
Newspaper Excerpt
Lieut. Gov. N. G. Kraschel today ordered a banking moratorium effective at once. ... the Iowa proclamation closing banks until further notice would be rigidly enforced.
Source
newspapers
3. October 30, 1933 Receivership
Source
historical_nic
4. October 30, 1933 Receivership
Newspaper Excerpt
Julius Boeckh of Lansing, Ia., arrived at Cresco Wednesday to take charge as receiver of the First National bank there. The receivership action was described as a surprise by Cresco bank officials ... the comptroller had named a receiver for the Cresco bank because the reorganization plans were not satisfactory. (Article dated 1933-11-02 reporting receiver appointment.) Note: government-record receivership date used as authoritative per bank data provided.
Source
newspapers

Newspaper Articles (8)
1. March 5, 1933 Chicago Tribune Chicago, IL

Article Text

EVERY STATE JOINS IN MOVE TO SAVE BANKS Take Holiday or Impose Restrictions. Wilmington, Del., March 4.—(AP)—Delaware, the last of the nation's 48 states not under some form of banking restriction, declared a bank holiday tonight, effective Monday and continuing "until further notice." Harold W. Horsey, state banking commissioner, said Gov. C. Douglas Buck had directed him to notify all banks in the state as follows: "Not because of anything that has occurred in Delaware, nor any condition existing here, but wholly because of the action of practically all the other states in declaring a bank holiday and the observance thereof by the Federal Reserve bank, this bringing about a temporary suspension of banking business over the country, I am left with no alternative but to take action to protect Delaware banks and their depositors." Wisconsin Plans Reopening. Milwaukee, Wis., March 4.—[Special.]—Banks of this city and Wisconsin are making plans to reopen next week, but on what day had not been determined tonight. In Madison, Banking Commissioner Arthur C. Kingston said that a plan has been devised for reopening Wisconsin banks Monday morning, although he withheld details of the plan pending an expected announcement from President Roosevelt at Washington on the banking situation. On the other hand, Walter Kasten, president of the First Wisconsin National bank, and also a member of a committee appointed by the Milwaukee Clearing House association to work out a plan, said the Milwaukee banks will not reopen until Wednesday at the earliest, and then probably will operate under a scrip plan similar to that used in 1907. In the meantime the fourteen day bank holiday proclaimed by Gov. R. G. Schmedeman remains in effect. No Holiday in Indiana. Indianapolis, Ind., March 4.—[Special.]—Indiana banks, under the new bank code law recently rushed through the state legislature, have the power to limit withdrawals to one-tenth of 1 per cent. Therefore, no state-wide bank moratorium will be declared in Indiana Gov. Paul V. McNutt today informed state officials from Washington, where he attended the inauguration. Indianapolis banks today continued to pay 5 per cent on both savings and checking accounts, and 100 per cent on deposits made since they declared a 5 per cent withdrawal limitation last Monday. A few upstate banks have limited withdrawals to 2 per cent. Plan Michigan Reopening. Detroit, Mich., March 4.—[Special.]—There was an easing up of banking anxieties in Detroit because of the action of the state legislature on relief bills which are scheduled to be passed on Monday. They should become laws not later than next Saturday and thereby permit banks to re-open and permit another withdrawal of funds in amounts yet to be decided upon. Operations in Detroit will be immediately resumed by the First National bank and the Guardian National Bank of Commerce. Iowa Proclaims Holiday. Des Moines, Ia., March 4.—[Special.]—Lieut. Gov. N. G. Kraschel today ordered a banking moratorium effective at once. In his proclamation the lieutenant governor set no definite time, declaring only "a temporary banking holiday mandatory for all Iowa banks, savings banks and

2. March 6, 1933 The Courier Waterloo, IA

Article Text

IOWA'S BANKS MAY BE PERMITTED TO RAISE BAN FRIDAY Will Not Be Allowed to Open Before Under Permission from Treasury. NEED RESERVES TIED UP IN CHICAGO BANKS Use of Clearing House Scrip Will Afford Means for Circulation. Des Moines—(AP)—Iowa's bank holiday will be effective until the ban on withdrawals from New York and Chicago banks is lifted, Lieut. Gov. N. G. Kraschel said Monday. "Many reserves of Iowa banks are held by national banks in Chicago and New York," Kraschel said. "Until those reserves are available, Iowa banks that were opened would be exposed the dangers of withdrawals, particularly by business organizations which might wish to obtain money from Iowa deposits for use in other states." It was indicated that Iowa situation will continue unchanged at least until Friday, the earliest date when congressional action could lift the ban. Iowa's banking holiday remained mandatory despite the terms of President Roosevelt's proclamation that liquid banks could remain open during the national holiday if given permission by the secretary of treasury. Agree To Keep Banks Closed. Lieut. Gov. Kraschel said early Monday that Iowa banks will not be permitted to take advantage of that provision in the president's proclamation and that, the state holiday started Saturday will remain in effect on all Iowa banks. Agreement to keep the Iowa proclamation in force was reached in a telephone conversation between Lieut. Gov. Kraschel and Gov. Clyde L. Herring, who is in Washington. Officials of the Iowa Bankers association met here Sunday for a discussion of additional legislation to be considered by the state legislature which reconvened Monday following a week's recess. Fred J. Figge of Ossian, president of the association, said the legislation would deal with methods of bank withdrawals after the holidays are suspended. Details of the proposals could not be discussed, Figge said, as they were to be discussed further with the banking committees Monday. Two Banks Told To Stay Shut. Bank officials also discussed the issuance of clearing house certificates as provided for in President Roosevelt's proclamation. Information concerning the certificates, which would be issued under regulations of the Chicago Federal Reserve bank, was expected from Chicago. Lieut. Gov. Kraschel said he had ordered officials of two Iowa banks to observe the state holiday and not to open their banks today as they had declared they would do. Henry M. Carpenter, president of the Monticello State bank, and A. R. Robinson, assistant cashier of the Anita bank at Anita, were ordered by Mr. Kraschel not to open Monday. Must Restrict Openings. Des Moines—(AP)—Reopening of banks of the nation must be on a restricted payment basis, L. A. Andrew, state superintendent of banking, said Monday. "There is no question," he said in a formal statement, "that when the banks of the country reopen, it must be on a restricted payment basis and with the use, in many cities, of banking scrip consisting of clearing house certificates." Such scrip, he asserted, will provide a circulating medium for cities in which it is issued. This scrip, he said, "is a promise to pay by all of the banks in a clearing house and has behind it good assets to cover the entire issue." Calling upon the public to face

3. March 6, 1933 Ames Tribune Ames, IA

Article Text

IA. BANK HOLIDAY WILL CONTINUE (Continued from Page One) ed from Washington, it was believed. The banking holiday, also added incentive to the stamp money plan which originated at Hawarden, Ia., and which, due to legislative action 10 days ago, may now be set in motion by every county in the state for poor relief. Some amendment to this law to make it applicable to present conditions was suggested to legislators. Kraschel, however, said that no emergency legislation by Iowa was necessary. The state, he said, had already set its financial house in order and would be ready to proceed with normal bank business at the expiration of the national holiday. Kraschel telephone Gov. Clyde L. Herring, who is attending the governors' conference in Washington, before announcing early Monday that the Iowa proclamation closing banks until further notice would be rigidly enforced. Several score banks thruout the state, it was said, were prepared to open their doors at the first possible opportunity in spite of the proclamation of the lieutenant governor, and had closed temporarily only under protest. One bank, the Iowa-Des Moines National here, had announced flatly that it would re-open Wednesday. In view of President Roosevelt's proclamation however, this plan probably will be changed to coincide with present developments. Pending a readjustment of emergency money matters, merchants scrip, several kinds of barter and agreements honoring checks of reliable firms in lieu of cash, were being worked out in individual cities thruout the state. Kraschel urged that all business houses cooperate in honoring these temporary adjustments made locally until Iowa's banks re-open.

4. March 8, 1933 The Gazette Cedar Rapids, IA

Article Text

Iowa Maintains Solid Front In Banking Crisis DES MOINES (AP)—Acting Governor Kraschel announced shortly after noon Wednesday that all Iowa state and national banks were closed to conform with the state proclamation. Several of the banks which opened Wednesday morning to accept new deposits discontinued the practice after conversations with state officials, Kraschel indicated. The banks may continue to make change and allow patrons to use their safety deposit boxes. "Iowa's position is extremely strong," Kraschel said in a statement. He commended bankers for their co-operation and said that Governor Herring in Washington has kept in hourly contact with the Iowa officials. "Within a few days a new and sounder banking structure will arise for the service of the nation," he declared. His statement was as follows: "All Iowa banks are closed in strict conformity with the state proclamation. The splendid co-operation that they have shown in upholding our hands gives us hope of obtaining release of Iowa bank money in Chicago and New York. It is perfectly obvious that if some of our banks were to disregard our proclamation and permit withdrawals of cash, our position would be lost forever. "It is unfortunate that America's business should be so paralyzed, but Iowa's position is extremely strong in such a crisis. "We have food products that the remainder of the country must have, and we would be weak indeed if we did not demand the creation of a sound currency for release of our own funds now in city banks before normal business is resumed. "We do not seek an unfair advantage of our sister states but the present bank crisis is due to exploitation and unsound banking practices in higher circles over which we had no control. We are not to blame for this situation, therefore we would be weak if we failed to exercise our position at this time for the protection of our own people. "President Roosevelt is moving forward boldly and in a constructive manner. Gov. Herring is in hourly contact with us, advising us as to the progress. Within a few days a new and sounder banking structure will arise for the service of the nation. We need to be patient but a few days more, and I commend the loyalty of our bankers and the patience of our people in the maintenance of our state program." DUBUQUE BANK OPEN. DUBUQUE (AP)—The First National bank here remained open for business Wednesday despite advice from Lieut.-Gov. Kraschel that all Iowa banks, both state and national, should remain closed in conformity with the state banking holiday.

5. November 2, 1933 The Des Moines Register Des Moines, IA

Article Text

TWO BANKS IN RECEIVERSHIP Assets at Dunkerton, Cresco Are Taken Over. Two Iowa national banks which had been operating under conservators were thrown into receivership Wednesday. Julius Boeckh of Lansing, Ia., arrived at Cresco Wednesday to take charge as receiver of the First National bank there. The receivership action was described as a surprise by Cresco bank officials, who recently submitted reorganization plan to the federal reserve bank in Chicago. They thought the plan was meeting with approval, they said. In Chicago, officers of the federal reserve bank said the comptroller had named a receiver for the Cresco bank because the reorganization plans were not satisfactory. They declared, however, that the bank may be reorganized later if the comptroller gives his approval. A. M. Place of Waterloo took charge of the First National bank at Dunkerton as receiver Wednesday. He was notified of his appointment by Comptroller J. F. T. O'Connor.

6. November 8, 1933 Globe-Gazette Mason City, IA

Article Text

200 PROTEST BANK RECEIVER 200 Sign Statement to Comptroller Offering 45 Per Cent Waiver. CRESCO, Nov. 8.-More than 200 persons signed a statement at a mass meeting Tuesday night protesting the appointment of a recelver for the First National bank. The meeting or depositors was not attended by officers, directors, stockholders or employes of the bank. D. M. Evans called the session to order. H. G. Addie was chosen chairman and Eugene Irving, secretary. The chairman read EL statement setting out the disadvantages of receivership and the steps that had been taken by the directors of the bank to put the bank on R sound basis and their plan for reorganization and reopening of the bank. Dr. George Kessel was called upon by the chairman, who after FL few remarks advising the depositors that they should speak for themselves and look after their own interests, read & report of the findings of R. committee of five depositors who had examined the proposed plan for reorganization. Elma Man Heard. Following reading of this report. D. M. Evans was called on by the chairman to tell of the experience of depositors, towns and communities where banks had gone through receivership. William Jinderlee of Elma told of the depressing effect of the bank receivership there on the business interests of the town as well as on the depositors. J. D. Robbins told of the altuation at Waukon, following bank closings and receivership management in the sales of assets. W. H. Eischeid and Fred Wodrich related their experience with banks under receivership as did V. W. Scarcy. It was suggested that a committee of three be appointed to act for the depositors and in their behalf in future activities that may be taken to accomplish the rescinding of the order placing a recelver in charge of the First National bank and to aid the directors in getting their plan for the reopening This carried by unanimous vote. H. G. Addie, D. M. Evans and Dr. George Kessel were chosen on this committee. At the close of the meeting, the following statement was presented to the depositors present and it was signed by upwards of 200 for themselves or representing deposit nccounts: "To the comptroller of the currency, Washingto The undersigned depositors in the First National bank of Cresco, respectfully and most urgently request that the order placing said bank in receivership be rescinded, the receiver withdrawn and the bank restored to the management of the conservator pending the taking of steps to effect IL reorganization of the bank. Would Impose Penalty. "To liquidate this bank under a receiver with the well known loss which Inevitably follows such liquidations will impose a wholly unwarranted penalty on the depositors, disastrous effects on the bank debtors, and a serious blow to the confidence and well being of the community at large, which community the bank has served the past 40 years. "Each one of the signers of this request states that he or she is ready and willing to sign 2L walver of 45 per cent of his or her respective deposits and have such waived deposits placed in a trust in order that orderly steps may be taken to effect a reopening of the bank on the plan submitted to the chief examiners office In Chicago on Oct. 26, 1933. We voice our unqualified confidence In the integrity and ability of the directors of our bank." This was signed by H. G. Addle, chairman, and Eugene Irving, secretary.

7. November 8, 1933 Globe-Gazette Mason City, IA

Article Text

200 PROTEST BANK RECEIVER 200 Sign Statement to Comptroller Offering 45 Per Cent Waiver. CRESCO, Nov. 8.-More than 200 persons signed a statement at a mass meeting Tuesday night protesting the appointment of a recelver for the First National bank. The meeting or depositors was not attended by officers, directors, stockholders or employes of the bank. D. M. Evans called the session to order. H. G. Addie was chosen chairman and Eugene Irving, secretary. The chairman read EL statement setting out the disadvantages of receivership and the steps that had been taken by the directors of the bank to put the bank on R sound basis and their plan for reorganization and reopening of the bank. Dr. George Kessel was called upon by the chairman, who after FL few remarks advising the depositors that they should speak for themselves and look after their own interests, read & report of the findings of R. committee of five depositors who had examined the proposed plan for reorganization. Elma Man Heard. Following reading of this report. D. M. Evans was called on by the chairman to tell of the experience of depositors, towns and communities where banks had gone through receivership. William Jinderlee of Elma told of the depressing effect of the bank receivership there on the business interests of the town as well as on the depositors. J. D. Robbins told of the altuation at Waukon, following bank closings and receivership management in the sales of assets. W. H. Eischeid and Fred Wodrich related their experience with banks under receivership as did V. W. Scarcy. It was suggested that a committee of three be appointed to act for the depositors and in their behalf in future activities that may be taken to accomplish the rescinding of the order placing a recelver in charge of the First National bank and to aid the directors in getting their plan for the reopening This carried by unanimous vote. H. G. Addle, D. M. Evans and Dr. George Kessel were chosen on this committee. At the close of the meeting, the following statement was presented to the depositors present and it was signed by upwards of 200 for themselves or representing deposit nccounts: "To the comptroller of the currency, Washingtor The undersigned depositors in the First National bank of Cresco, respectfully and most urgently request that the order placing said bank in receivership be rescinded, the receiver withdrawn and the bank restored to the management of the conservator pending the taking of steps to effect IL reorganization of the bank. Would Impose Penalty. "To liquidate this bank under a receiver with the well known loss which Inevitably follows such liquidations will impose a wholly unwarranted penalty on the deposttors, disastrous effects on the bank debtors, and a serious blow to the confidence and well being of the community at large, which community the bank has served the past years. "Each one of the signers of this request states that he or she is ready and willing to sign 2L walver of 45 per cent of his or her respective deposits and have such waived deposits placed in a trust in order that orderly steps may be taken to effect a reopening of the bank on the plan submitted to the chief examiners office In Chicago on Oct. 26, 1933. We voice our unqualified confidence In the integrity and ability of the directors of our bank." This was signed by H. G. Addle, chairman, and Eugene Irving, secretary.

8. November 8, 1933 Globe-Gazette Mason City, IA

Article Text

200 PROTEST BANK RECEIVER 200 Sign Statement to Comptroller Offering 45 Per Cent Waiver. CRESCO, Nov. 8.-More than 200 persons signed & statement at a mass meeting Tuesday night protesting the appointment of a receiver for the First National bank. The meeting of depositors was not attended by officers, directors, stockholders or employes of the bank. D. M. Evans called the session to order. H. G. Addie was chosen chairman and Eugene Irving, secretary. The chairman read a statement setting out the disadvantages of receivership and the steps that had been taken by the directors of the bank to put the bank on a sound basis and their plan for reorganization and reopening of the bank. Dr. George Kessel was called upon by the chairman, who after a few remarks advising the depositors that they should speak for themselves and look after their own interests, read a report of the findings of a committee of five depositors who had examined the proposed plan for reorganization. Elma Man Heard. Following reading of this report, D. M. Evans was called on by the chairman to tell of the experience of depositors, towns and communities where banks had gone through receivership William Jinderlee of Elma told of the depressing effect of the bank receivership there on the business interests of the town as well as on the depositors. J. D. Robbins told of the situation at Waukon, following bank closings and receivership management in the sales of assets. W. H. Eischeid and Fred Wodrich related their experience with banks under receivership as did V. W. Searcy. It was suggested that a committee of three be appointed to act for the depositors and in their behalf in future activities that may be taken to accomplish the rescinding of the order placing a receiver in charge of the First National bank and to aid the directors in getting their plan for the reopening. This carried by unanimous vote, H. G. Addie, D. M. Evans and 40 Dr. George Kessel were chosen on this committee. At the close of the meeting, the following statement was presented to the depositors present and It was signed by upwards of 200 for themselves or representing deposit accounts: "To the comptroller of the currency, Washingt The undersigned depositors in the First National bank of Cresco, respectfully and most urgently request that the order placing said bank in receivership be rescinded, the receiver withdrawn and the bank restored to the management of the conservator pending the taking of steps to effect a reorganization of the bank. Would Impose Penalty. "To liquidate this bank under a receiver with the well known loss which inevitably follows such liquidations will impose a wholly unwarranted penalty on the depositors, disastrous effects on the bank debtors, and a serious blow to the confidence and well being of the community at large, which community the bank has served the past years. "Each one of the signers of this request states that he or she is ready and willing to sign a waiver of 45 per cent of his or her respective deposits and have such waived deposits placed in a trust in order that orderly steps may be taken to effect a reopening of the bank on the plan submitted to the chief examiners office in Chicago on Oct. 26, 1933. We voice our unqualified confidence in the integrity and ability of the directors of our bank." This was signed by H. G. Addie, chairman, and Eugene Irving, secretary.