First National Bank (Chelsea, IA)

View Charter #5412 on SPMC View balance sheet

Episode Information

Episode UID
541201599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
54120 national
Charter Number
5412
Start Date
March 4, 1933
Location
Chelsea, Iowa

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
78a1a2402c3d50b7

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-10-30
Date receivership terminated
1938-04-29
Share of assets assessed as good
54.8%
Share of assets assessed as doubtful
37.7%
Share of assets assessed as worthless
7.6%

Description

Known receivership date (1933-10-30) cited; March 1933 state holiday applied statewide.

Events (4)
1. June 9, 1900 Chartered
Source
historical_nic
2. March 4, 1933 Suspension
Cause
Government Action
Cause Details
Statewide banking moratorium ordered by Iowa officials as part of the March 1933 bank holiday.
Newspaper Excerpt
Iowa Proclaims Holiday.
Source
newspapers
3. October 30, 1933 Receivership
Source
historical_nic
4. October 30, 1933 Receivership
Newspaper Excerpt
the First National bank of Chelsea, also filed ... when that bank suspended business Oct. 30, 1933.
Source
newspapers

Newspaper Articles (6)
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. April 7, 1934 The Gazette Cedar Rapids, IA

Article Text

JESUP — The marriage of Miss Josephine Krempjas, daughter of Mr. and Mrs. Matt Krempjas, and Harold Weber, son of Mr. and Mrs. T. S. Weber, of Raymond, was solemnized at St. Athanasius church in Jesup Wednesday, the Rev. David Lonergan officiating. Attendants were her brother, Matt, and his sister, Florence. Mrs. Jake Ehr presided at the organ and Matt Weber and Leroy Bahl sang. They will reside on a farm southwest of Jesup. EARLVILLE — Miss Ila Binning, daughter of Mr. and Mrs. Fred Binning of Norfolk, and Albert Harbach, son of Mr. and Mrs. Charles Harbach of Delhi, were married at the home of the bride at noon Thursday. The Rev. L. C. Smith, pastor of the Earlville Methodist Episcopal church, officiated. They were attended by Mrs. Nelson Freeze and Charles Binning. They will make their home on a farm near Delhi. SIGOURNEY—J. V. Niewald, 24, of Barge City, waived to the grand jury Friday afternoon in Justice William Weller's court on a charge of breaking and entering. Niewald's daybook was found at the Hillcrest oil station, north of Delhi, which was robbed of 20 gallons of gasoline Tuesday night. The lock on a garage door and a lock on the gas pump were broken. The finding of the daybook led to the arrest of Niewald in Oskaloosa Thursday. The grand jury will be in session April 11. TOLEDO — Several bank assessment suits were filed in the Tama county district court Friday, the majority of them by Arthur J. Bird, receiver of the First National bank of Montour. He says the capital stock of the bank consisted of 300 shares when the bank suspended business on March 3, 1933. Judgment was asked against the following persons: $3,400 from F. K. Finney; $500 from N. P. Cronk; $500 from Mattie R. Cronk; $100 from Murray Moffett; $300 from J. E. Rouse; $1,000 from Frank Sturtz. J. V. O'Meara, receiver of the First National bank of Chelsea, also filed an assessment suit, asking judgment of $300 against William O. Ryan, owner of three shares of stock when that bank suspended business Oct. 30, 1933. WEST LIBERTY — Mrs. Eliza Hesser quietly observed her eighty-third birthday Friday at the home of her son-in-law and daughter, Mr. and Mrs. John Mills. Mrs. Hesser is a great-great-grandmother. She is the mother of nine children, eight of whom are living. There are more than 100 persons in the five generations. Mrs. Hesser spent the day in her daughter's home, where she received flowers and greeting cards. She enjoys reading the daily newspapers and an occasional walk about the town. On Sunday members of her family will hold a dinner at the Mills home. KALONA — Funeral services for Mrs. Peter Kinsinger, 87, who died at her home one mile west of Sharon, were held Friday. Her death resulted from a stroke suffered Tuesday afternoon. Surviving are four daughters, Mrs. Jacob Knepp and Mrs. Enos Kauffman of Sharon, Mrs. Melvin Bates of Windham and Kate, at home; three sons, John and Jacob of Sharon, and Aaron, at home. DELTA—Earl Houdek, editor of the Delta Press, suffered two crushed fingers Thursday when his right hand became caught in a linotype machine. It was feared that it might be necessary to amputate one of the fingers. Houdek's calls for help brought three men, who extricated his hand. ANAMOSA—Dick Twachtman of Lowden, sentenced by Judge H. C. Ring to pay a fine or serve ninety days in the county jail on a charge of driving while intoxicated, paid the fine of $300 and costs Thursday and was released. TIPTON—R. A. Will was elected dictator of Tipton lodge No. 730, L. O. O. M., for the sixth consecutive time at the annual election of officers held in the Moose hall here Thursday. Donald Rogers was elected vice-dictator; L. E. Carlisle, prelate; M. L. Gesme, treasurer, and George Wehde, jr., trustee for three years. Charles H. Elwood was elected representative to the international and state conventions and R. A. Will was elected as alternate. The newly elected officers will be installed with appropriate ceremonies in the Moose hall here April 26. A dinner and entertainment is being planned for the occasion. MAQUOKETA—A thief broke into the office of the county treasurer here Friday noon and took about $2 which had been left out of the vault during the lunch hour. Entrance had been gained by breaking the lock on the office door. Sheriff Leo Heinecke took fingerprints. ANAMOSA—The junior vested choir of St. John's Episcopal church of Clinton will sing the Easter cantata, "Life Eternal," Sunday evening at 7:30 o'clock at St. Mark's Episcopal church here. Miss M. East is directing the cantata and Miss Marguerite Hypes is organist. Solo parts will be taken by Mary K. Iverson, Evelyn Torr and Doris Torr. WHEATLAND — Sixteen students are in the class which will be grad-

6. February 10, 1935 The Courier Waterloo, IA

Article Text

Bank Receiver at Chelsea Sued for Proceeds of Note (Courier Special Service) Toledo Ia.—E. P. Willey Friday filed suit in the Tama county district court against J. V. O'Meara, receiver of the First National bank of Chelsea, and against O'Meara as an individual, demanding judgment for $676.10. In his petition Willey says he is the owner of a promissory note dated Dec. 17, 1931, and executed to him by Mr. and Mrs. Frank Tesar, originally made for $2,822.82 and secured by a chattel mortgage. He claims that prior to Aug. 2, 1934, the note and mortgage were assigned by him to O'Meara as collateral security for indebtedness on a note executed by Willey to the bank before its insolvency. He declares that before Aug. 2, 1934, the indebtedness evidenced by the note had been fully liquidated and that the note and mortgage were his property and were being held by the defendant subject to reassignment and delivery to plaintiff on his demand. Willey alleges various credits were applied on the note, making the total sum due on principal and interest $750. He claims that Aug. 2, 1934, he and O'Meara made a verbal agreement and contract whereby O'Meara agreed to bring suit against the makers of the note, which he did and recovered from the Tesars $676.10. Willey charges that O'Meara has refused to account to him for the proceeds as they agreed upon, and that O'Meara has retained the money and refuses to deliver it to Willey. He alleges the money is detained by O'Meara either in his capacity as receiver or as an individual.