First National Bank (Waukon, IA)

View Charter #4921 on SPMC View balance sheet

Episode Information

Episode UID
492101511
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
49210 national
Charter Number
4921
Start Date
November 28, 1925
Location
Waukon, Iowa (43.269, -91.476)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
86ec4f1deaacd8eb

Response Measures

None

Receivership Details

Depositor recovery rate
53.8%
Date receivership started
1926-01-18
Date receivership terminated
1934-04-24
OCC cause of failure
Economic conditions
Share of assets assessed as good
27.6%
Share of assets assessed as doubtful
56.5%
Share of assets assessed as worthless
15.9%

Description

Newspaper lists suspension on 1925-11-28 and receiver appointed Jan 19, 1926; government-record receivership date given as 1926-01-18 (one-day difference).

Events (4)
1. May 29, 1893 Chartered
Source
historical_nic
2. November 28, 1925 Suspension
Cause Details
Article states the bank closed doors/suspended business on Nov. 28, 1925 but gives no specific cause.
Newspaper Excerpt
This bank suspended business on Nov. 28, 1925.
Source
newspapers
3. January 18, 1926 Receivership
Source
historical_nic
4. January 19, 1926 Receivership
Newspaper Excerpt
First National bank which closed doors Nov 1925 went into the hands of receiver today W. G. Kane was appointed
Source
newspapers

Newspaper Articles (3)
1. January 20, 1926 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, January 20, 1926

Click image to open full size in new tab

Article Text

Andrews Orders Cut in Size of Dry Force Washington Jan Assistant Secretary of the Treasury An drews today ordered his twenty three prohibition to cut down immediately the number of dry agents on their pay rolls. Andrews wired administrators that the expenses of the reor ganized dry forces were running over $11 000 appropriation and unless the cuts were made immediately huge deficit would result Name Bank Receiver. Waukon. la., Jan. 19 (Special) First National bank which closed doors Nov 1925 went into the hands of receiver today W. G. Kane was appointed

2. May 21, 1931 Postville Herald Postville, IA

Article Text

WATERVILLE DEPOSITORS SUE BANK RECEIVER KANE A suit was filed in Clerk of Court William Shafer's office Wednesday by Heman Olson of Waterville, says the Dubuque in behalf of the depositors of the Waterville Savings Bank of Waterville against William G. Kane, now of Chicago, former receiver of the First National Bank of Waukon. The suit was filed by Attorney John E. O'Brien to attach and recover funls from Kane. When the First National Bank here failed on Nov. 28, 1925, the Waterville Savings Bank had $41,930.58 in this bank. At three different periods since that time the depositors of the First National Bank received a ten per cent dividend. Then Mr. Kane, who was receiver of the bank, purchased the Waterville Sav ngs Bank account for the sum of $4,930.58, telling them he did not think they would recover any more money on their deposits. Ten days after that the First National paid out another ten per cent, netting Mr. Kane $4,108.81 and is now about ready to pay out another ten per cent which will again net him $4,108.81 and will probably pay out more in the future. The suit was brought by Mr. Olson in behalf of the depositors to recover the dividends with the exception of the $4,903.58 paid out by Mr. Kane for the account. The petition alleges that Kane as receiver for the Waterville Savings Bank and later as receiver of the First National Bank of Waukon fraudulently violated oath of his trust and that he used knowledge obtained in his position as receiver of banks to enrich himself, and asks that the money thus obtained be reverted back to the depositors of the closed Waterville Savings Bank.

3. November 2, 1933 The La Crosse Tribune La Crosse, WI

Article Text

BANK BUILDING IS SOLD AT AUCTION FOR 1-10 ITS VALUE Remaining Assets of Two Waukon Banks Disposed of at Sale WAUKON, Ia. — (Special.) — Remaining assets of the two closed banks, the People's National and the First National, which have been under receivership for several years, were sold at auction Tuesday. The auctions were conducted by J. P. Rigler, receiver in charge. The assets of the People's National bank included the bank building, the value of which is estimated at about $70,000. There were several bidders, but the highest bid was $7,521 made by G. B. Richter, who represented several Waukon men, namely: G. A. Hansmeier, Sherman Hart, J. H. Hager, D. Schwartz, Ludvig Larson, H. Halhlen, John Dotseth and F. H. Lee. The bidding was contested principally between them and Thomas Bakewell of Lansing. The bank closed June 27, 1927. Edward Roach of Jefferson township was the successful bidder on the assets of the First National bank, which were sold for $4,620. This bank suspended business on Nov. 28, 1925. Survey for Dam Engineers employed by the state have been in this vicinity of Harpers Ferry the past week preparing plans for the building of the dam and lock across from that place to Lynxville, Wis., as one of the steps in the nine-foot channel. The contract will be let on Nov. 16. The location for the dam on the Iowa side will be about three miles above Harpers Ferry. On the Wisconsin side the location will be the Cava farm, the oldest settled piece of land in that locality.