First National Bank (Decorah, IA)

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Episode Information

Episode UID
49301163
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
4930 national
Charter Number
493
Start Date
November 10, 1896
Location
Decorah, Iowa (43.303, -91.786)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
418f354bb7f6e953

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
46.5%
Date receivership started
1896-11-24
Date receivership terminated
1903-10-01
OCC cause of failure
Excessive lending
Share of assets assessed as good
19.2%
Share of assets assessed as doubtful
40.8%
Share of assets assessed as worthless
40.0%

Description

Comptroller-ordered examination led to closure; receivership date reported Nov 24, 1896.

Events (5)
1. August 6, 1864 Chartered
Source
historical_nic
2. November 10, 1896 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals (a run) combined with inability to realize on assets/securities caused liquidity strain.
Newspaper Excerpt
the bank had suffered a run for some weeks and was unable to convert assets fast enough.
Source
newspapers
3. November 10, 1896 Suspension
Cause
Government Action
Cause Details
Closed by order of the Comptroller of the Currency following a special examination; examiner placed in charge.
Newspaper Excerpt
The First National Bank of this city failed to open its doors this morning as a result of a special examination by order of the Comptroller of the Currency. Bank Examiner Stone is in charge pending the appointment of a receiver.
Source
newspapers
4. November 24, 1896 Receivership
Source
historical_nic
5. November 24, 1896 Receivership
Newspaper Excerpt
Comptroller Eckels today appointed William H. Dent of Lemars, Ia., receiver of the First National bank of Decorah, Ia., which closed its doors about two weeks ago.
Source
newspapers

Newspaper Articles (22)
1. November 11, 1896 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, November 11, 1896

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TWO IOWA BANKS FAIL. In One Case the Depositors Will Lose Heavily, and in the Other They Will Be Paid in Full. SIOUX CITY, Iowa, Nov. 10.-The Iowa Savings Bank failed to-day, posting a notice on its door this morning that it had suspended payment. Eri Richardson was president; George W. Wakefield, vicepresident, and F. B. Hutchins, cashier of the institution. A statement this morning showed assets in loans and discounts, $419,000; cash, $617; liabilities, due depositors, $122,000; capital stock, $250,000. The bank also had a nominal surplus of $50,000. Inability to realize on assets except at great sacrifice caused the failure. The depositors will be paid in full and the capital will be saved in part. DECORAH, IOWA, Nov. 10.-The First National Bank of this city failed to open its doors this morning as a result of a special examination by order of the Comptroller of the Currency. Bank Examiner Stone is in charge pending the appointment of a receiver. The bank had suffered a run for some weeks and was unable to

2. November 11, 1896 The Morning Times Washington, DC
Article from The Morning Times, November 11, 1896

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Iowa Banks Fail. Sioux City, Iowa, Nov. 10.-Inability to realize on its securities and heavy withdrawals of deposits caused the lowa Savings Bank to close its doors this morning. The bank's last statement shows assets $470,000; deposits, $150,000. W.P.Manley was appointed receiver. Decorah, Iowa, Nov. 10.-The First Nationa! Bank of this city failed to open its doors this morning as a result of a special examination by order of the Comptroller of the Currency. Bank Examiner Stone is in charge pending the appointment of a receiver. The bank had suffered a run for some weeks, and was unable to convert assets, fast enough. It has $75,000 capital. No statement has been made public of its condition.

3. November 11, 1896 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, November 11, 1896

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Depositors Will Lose. DECORAH, Ia., Nov. 10.-The First National bank of this city failed to open its doors this morning, as a result of a special execution by order of the comptroller of the currency. Bank Examiner Stone is in charge, pending the appointment of a receiver. The bank has suffered a run for some weeks, and was unable to convert assets fast enough. It has $75,000 capital. No statement has been made public of its condition, but it is said to be in such shape that the capital will all be lost, and depositors will lose heavily.

4. November 11, 1896 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, November 11, 1896

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$445,515,45 Total F. B. Hutchins, cashier, says the depositors will be paid in full. and there will be a surplus for the stockholders. It will take some time to realize on the assets, but the business will be closed at once. The bank occupied the block known as the Iowa Savings Bank block, but did not own the building. DUBUQUE, Nov. 10.-(Special Telegram.) -The First National bank of Decorah, Ia. suspended today. TOPEKA. Kan., Nov. 10.-The state bank commissioner has taken charge of the Bank of Hays City at Hays City, this state. The bank's deposits aggregated $37,300 and it is stated that the depositors cannot receive over 50 per cent. The failure was due to mismanagement and the recent crop failures in western Kansas.

5. November 13, 1896 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, November 13, 1896

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IOWA BANKS FAIL. fown Savings Bank of Sloux City Has a Receiver. SIOUX CITY, Nov. 11.-Inability to realize on its securities caused the Iowa Savings Bank to close its doors. The bank's last statement showed assets, $470,000, deposits $150,000. W. P. Manley has been appointed receiver. WASHINGTON, Nov. 11.-Comptroller Eckels has closed the First National Bank at Decorab. capital $75,000, and placed Bank Examiner Stone in charge. The bank is in bad shape, being unable to realize on its aesets.

6. November 13, 1896 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, November 13, 1896

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IOWA BANKS FAIL. Iowa Savings Bank of Sloux City Has a Receiver. SIOUX CITY, Nov. 11.-Inability to realize on its securities caused the Iowa Savings Bank to close its doors. The bank's last statement showed assets, $470,000, deposits $150,000. W. P. Manley has beenappointed receiver. WASHINGTON, Nov. 11.-Comptroller Eckels has closed the First National Bank at Decorab capital $75,000, and placed Bank Examiner Stone in charge. The bank is in bad shape, being unable to realize on its acsets.

7. November 13, 1896 Twice-A-Week Plain Dealer Cresco, IA
Article from Twice-A-Week Plain Dealer, November 13, 1896

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IOWA BANKS FAIL. Withdrawals and Inability to Realize on Securities the Causes. Sioux City, Ia., Nov. 11.-W. P. Manley has been appointed receiver of the Iowa savings bank of this city. Heavy withdrawalsand slow collections caused the failure. Assets are $445,000 and liabilities about the same. Officers say they will pay in full. Decorah, Ia., Nov. 11.-The First national bank of this city failed to open its doors Tuesday morning as a result of a special examination by order of the comptroller of the currency. Bank Examiner Stone is in charge pending the appointment of a receiver. The bank had suffered a run for some weeks and was unable to convert assets fast enough. It has $75,000 capital. No statement has been made public of its condition, but it is said to be in such shape that the capital will be lost and depositors will lose heavily.

8. November 14, 1896 The Diamond Drill Crystal Falls, MI
Article from The Diamond Drill, November 14, 1896

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IOWA BANKS FAIL. Withdrawals and Inability to Realize on Securities the Causes. Sioux City, la., Nov. 11.-W. P. Manley has been appointed receiver of the Iowa savings bank of this city. Heavy withdrawalsand slow collections caused the failure. Assets are $445,000 and liabilities about the same. Officers say they will pay in full. Decorah, Ia., Nov. 11.-The First national bank of this city failed to open its doors Tuesday morning as a result of a special examination by order of the comptroller of the currency. Bank Examiner Stone is in charge pending the appointment of a receiver. The bank had suffered a run for some weeks and was unable to convert assets fast enough. It has $75,000 capital. No statement has been made public of its condition, but it is said to be in such shape that the capital will be lost and depositors will lose heavily.

9. November 17, 1896 Decorah Public Opinion Decorah, IA
Article from Decorah Public Opinion, November 17, 1896

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CLOSED ITS DOORS. The First National Bank Taken in Custody by Examiner Stone. Seldom has the news of an unusual occurrence permeated our homes and places of business as did the announcement on last Tuesday that the First National Bank of this city had been closed. It spread from house to house in a remarkably short time, and the report was unbelieved by many until they went to the bank for themselves and found affixed to the door a notice stating that it had been closed by the bank examiner. The stability of the bank was far from suspicion, and no one expected such a crisis would occur, as for the past thirty-four years'it has held the confidence of our people, and its financial strength has been beyond question. Weare able to give no cause for this unexpected result, save that invest ments were made when it appeared that there was money to be made out of them, but the panic of '93 and other causes rendered them unsuccessful, and the hard times of the past few years have placed these investments in such shape that full value cannot be realized from them. Mr. J. H. Easton, the president, has put forth every endeavor to realize upon them, but has failed, and notwithstanding this, he expected until just prior to the closing of the bank, assistance from eastern parties that would have bridged over these difficulties, but when the National Bank Examiner arrived, it was found that the inevitable result must follow. No statement of its condition has as yet been offered, but we have authority in stating that after paying the time deposits due the bank closed with cash on hand amounting to $24,000, this being about forty per cent of the demand deposits. We hope that a final examination of the books will show assets enough to pay all depositors, which examination, however, may causesome delay, thus being considerable inconinvenience to depositors. Though nothing can be definitely stated at present, yet it is thought by many that a reorganization will be perfected, which we hope will prove to be the case.

10. November 25, 1896 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, November 25, 1896

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Named as Receiver. LEMARS, Io., Nov. 24.-Hon. William Hamilton Dent, of Lemars, is notified of his appointment as receiver of the First National Bank of Decorah, Io.

11. November 25, 1896 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, November 25, 1896

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STOCK CERTIFICATE MOVING Will Likely Reach the Secretary of the Treasury Today. APPROPRIATION SEEMS COMING NEARER Red Tape of the Department is Slowly Unwinding, Promising the Enterprise Encouragement in the End. WASHINGTON, Nov. 24.-(Special Telegram.)-Chief Clerk Logan Carlisle of the Treasury department stated today that the certificate of Transmississippi Exposition stock subscriptions would in all probability go to Acting Secretary of the Treasury Curtis tomorrow. That if, upon examination, the stock subscriptions were found to be in good faith, he had no doubt but the secretary would so certify, and the way be thus paved for actually beginning plans for the government. Mr. Carlisle stated further that he understood it was Congressman Mercer's intentions to endeavor to secure a larger appropriation for the exposition, which he looked upon as being entirely proper, "for," said Mr. Carlisle, "if the government is going into the show business, I believe in making it the biggest kind of a show in the whole country." It is believed in treasury circles that only the appropriation for $150,000 will have to be taken care of in the sundry civil, or some other appropriation bill, $50,000 being appropriated outright in the Exposition bill for the construction of buildings. Interest is being aroused on all sides over the coming exposition. and western men living here are confident it will be of vast benefit to the whole transmississipp1 country. John T. Clarke and W. E. Clarke of Omaha were in the city today. Comptroller Eckels today appointed William H. Dent of Lemars, Ia., receiver of the First National bank of Decorah, Ia., which closed its doors about two weeks ago. Dr. Victor Rosewater, managing editor of The Bee, is expected to arrive in Washington tomorrow from the south, and will spend Thanksgiving with friends here.

12. December 3, 1896 Courier Democrat Langdon, ND
Article from Courier Democrat, December 3, 1896

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McKINLEY'S PROSPERITY. Inability to realize on its securities and the heavy withdrawals of deposits caused the Iowa Savings bank, of Sioux Falls, to close its doors a few days ago. John E. Wilkies, one of the oldest dry goods merchants of Grand Rapids Mich., has filed chattel mortgages aggregating $33,000 for the benefit of his creditors. Comptroller Eckels has closed the First National bank of Decorah, Ia, capital $75,000, and place Bank Examiner Stone in charge. The bank is in bad shape being unable to realize on its assets. Charles F. Burkholzer wholesale millinery firm of Chicago has assigned. Assets $20,000, liabilities $32,000. The Paul Paper Mills company, of Menashs, Wis., made an assignment for the benefit of creditors last week. The assetsare $100,000 and liabilities half that amount. The concern lost heavily by Chicago and Minneapolis failures. Edward J. Ross, of New York, has been appointed receiver of the assets and property in this state. of Ross & Baker, a New Jersey corporation, manufacturers of silk fabrics. The company has a capital stock of $150,000. The habilities are reported to be over $140,000.

13. December 22, 1896 Decorah Public Opinion Decorah, IA
Article from Decorah Public Opinion, December 22, 1896

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Depositors, First National Bank. A meeting of the depositors of the First National Bank will be held at the court house next Tuesday afternoon, December 29th, at two o'clock. The committee desire that depositors bring their Receiver's receipts with them. Depositors only will be allowed at the COMMITTEE. meeting.

14. March 30, 1897 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, March 30, 1897

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would have in the supposed deal between that road and Mr. Hill's Great Northern. Opinions differ in that respect, but it is believed by those who profess to have information of an authoritive kind, that the two companies would be operated with comparative harmony, although possibly not in conjunction. GULF'S PRESIDENT RESIGNS. Kansas City, Mo., March 29.-E. L. Martin, president of the Kansas City, Pittsburg and Gulf, resigned this afternoon. A. E. Stillwell, vice president and general manager, was chosen by the board of directors to succeed him, and Mr. Martin was immediately appointed to fill the vacancy made by Mr. Stillwell. The board voted a leave of absence of six months to Mr. Martin, whose health has been poor for some time. E. L. Martin has been president of the road since it was Arst organized in 1890 as the Kansas City, Nevada and Fort Smith railway. Robert Gilham, chief engineer, will be placed in his position during his absence. RECEIVER APPOINTED Buffalo, N. Y., March 29-Judge Lambert has appointed Frederick W. Áruze, of Olean, receiver for the Allegheny and Kinzcua River railroad, pendng the result of an action to recover me ney alleged to have been loaned on worthless bonds by the Central Trust company of New York. WITH INTENT TO DECEIVE. Pittsburg, Pa., March 29.-The report that the Pittsburg Plate Glass company had offered $250,000 for the Marsh Plate Glass patent is denied by the Pittsburg concern. The report, they say, was made for the purpose of deceiving the public. BUSINESS FAILURES. Louisville, Ky., March 29.-Whittingill Bros., doing a dry goods business, made an assignment this morning. The liabilities and assets are said to be about $60,000. The firm also had branch houses at Madsonville, Ky., and Huntington, W. Va. Whittingill Bros. bought the Seashols Dry Goods company here last fall. The creditors are located principally in Louisville and New York. Dull times and inability to make collections caused the failure. Columbus, Ohio, March 29.-Butler, Crawford & Co., coffee and spice mills, assigned today to H. W. Henderson. Assets about $100,000; liabilities the same, but neither amount is settled. The firm's weakness dates from the G. A. R. national encampment here in 188, when the firm lost heavily on contracts. SAVINGS BANK RESUMES. Keene, N. H., March 29.-The Keene Savings bank, which suspended some time ago, has resumed business. The institution is making loans on eastern securities, but will make none in the west at present. INSOLVENT BANK DIVIDEND. I t Washington, March 29.-The comp0 troller of the currency has declared a I dividend of 20 per cent in favor of creditors of the First National bank, of Decorah, Iowa. ( THE OZARK NATIONAL. Washington, March 29.-The comp1 troller of the currency has granted auI thority for the organization of the I Ozark National bank, of Springfield, I Mo., capital $100,000. 1

15. November 23, 1897 Decorah Public Opinion Decorah, IA
Article from Decorah Public Opinion, November 23, 1897

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Suit on Notes. Papers were filed Monday afternoon with Clerk Van Duzee in the federal court in the case of W. H. Dent, receiver, vs. J. H. Easton, A. W. Grow and Wm. Budge. It is an action on a number of (promissory notes aggregating about $7,000. J. H. Easton was president of the First National Bank of Decorah when that institution closed its doors and was endorser on the notes upon which suit has been brought. W. H. Dent is the receiver of the defunct bank.-Dubuque - Daily Times.

16. February 10, 1898 Audubon Republican Audubon, IA
Article from Audubon Republican, February 10, 1898

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Creditors Get a Dividend. Receiver Derrt, of the First national bank of Decorah, which failed a little over a year ago for $300,000, has announced that he will pay another ten per cent. dividend to creditors within a few days. This will make a total of 40 per cent. in dividends thus far paid.

17. March 22, 1899 Decorah Public Opinion Decorah, IA
Article from Decorah Public Opinion, March 22, 1899

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natures. Otto Arneson called and identified signatures, etc. Friday morning the state called Tolef Svenungson, W. P. MeClaskey, Ammi Smith, P. D. Halvorson, Henry Deters, Sarah M. Larson, L. H. 3 G. Larsen, Miss E. Wendling and Geo. Yarwood, all of whom testified to having made deposits and received certificates, and identified the certificates as the ones issued at the time of the deposits. Friday afternoon E. R. Baker was called. He testified that he entered the employ of the First National Bank over twenty years ago, first as messenger then bookkeeper, teiler, and in 1884 was elected assistant cashier, and after Geo. Q. Gardner's death cashier, in which office he continued until the suspension of the bank. He identified the signatures of the officers and directors of the bank as appearing in the directors' minutes "Record A. and B," which were introduced and admitted as evidence. The state attempted to introduce certificates of shares, but it was objected to by defendant and ruled out by the Court, with the same ruling later on as to stock ledger "A." and stock journal. The state resumed the evidence of depositore, calling the following witnesses: M. H. Tvetter. Ole O. Hokaasen, Ole Olson Tolhaug, John O. Tvetter, T. B. Tillinghast, and Ole V. Wingaard, who testified to deposits made, etc. On Saturday morning Peter Pteiffer testified to having seven certificates of deposit for various amounts in his possession, August 21, 1896. Jos. M. Lennon testified to having a certificate of deposit on Aug. 13, 1896, and that he presented the same to the bank for payment Aug. 22, 1896, and that the bank refused payment thereof, and that he was compelled to indorse it over to the Winnesheik County Bank, which paid it. Then Nels Jagerson, A. H. Vigerness and B. J. Geving testified to having deposits in the First National Bank Aug. 21, '896, and that the bank had paid them nothing on their certificates up to that time. E. R. Baker was re-called, identified the bank books of daily balance, and testified that Aug. 21, 1896 the banks resources were as follows:

18. April 6, 1899 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, April 6, 1899

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Hearing an Iowa Bank Case. Judge Lochren, of the United States district court, yesterday heard arguments in chambers in the case of W. H. Dent, receiver of the First National bank, of Decorah, Io., and the Black River Falls National bank, of Lowville, against the Security Trust company, as administradeceased. tor of the estate of Sumner W. Mattson, The plaintiffs sue to recover claims aggregating $20,000, and the defendant sets up the defense that the estate has been settled and closed. The hearing will be resumed today.

19. April 18, 1899 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, April 18, 1899

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# Decisions by Judge Lochren. Judge Lochren yesterday filed two decisions in the federal court, in both instances finding for the plaintiffs. The cases were the Black River National bank, of Lowville, vs. the Security Trust company, as administrator; and William H. Dent, as receiver of the First National bank, of Decorah, Io., vs. the Security Trust company et al.

20. September 23, 1903 Decorah Public Opinion Decorah, IA
Article from Decorah Public Opinion, September 23, 1903

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E. J. Curtin. First National Bank Dividend. Receiver E. F. Brown. of Chicago, who has had charge of the affairs of the defunct First National Bank of this city, since Mr. W. H. Dent concluded his part of the work, announces in a card in this paper that he is now ready to pay the final dividend to depositors having money in the bank at the time of its failure, and requests holders of certificates to forward them to him. The amount of the dividend is not stated, but it will probably not be over four or five per cent.

21. December 14, 1910 Decorah Public Opinion Decorah, IA
Article from Decorah Public Opinion, December 14, 1910

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Dent Asks for Recount. Le Mars, Ia., Dec. 12.-W. H. Dent, democratic candidate for representative from Plymouth county at the recent election, has filed notice of contest against Hon. H. N. Newell, republican, who was re-elected to the office. Mr. Dent charges irregularities in the contest and claims that a recount of the votes will give him the election. On the official count, canvassed by the board of supervisors, Mr. Newell won by eighty-three majority. Mr. Dent was the receiver for the First National Bank in Decorah after it failed.

22. February 15, 1911 Decorah Public Opinion Decorah, IA
Article from Decorah Public Opinion, February 15, 1911

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Wm. H. Dent in Politics. Decorahians will be interested in learning that Wm. H. Dent, who was receiver for the defunct First National Bank of this city some years ago, has been active in politics in LeMars of late. At the election last fall he was defeated by only a few votes as the democratic candidate for representative, and now is candidate for mayor of the city. His friends here will wish him success.