Algona State Bank (Algona, IA)

Episode Information

Episode UID
5455036991523
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
545503699 hash
Start Date
November 26, 1926
Location
Algona, Iowa (43.070, -94.233)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
152c016115f52a2b

Response Measures

None

Description

Bank suspended Nov 1926 and reopened; a heavy-withdrawal closure Oct 29, 1927 led to examiners and eventual receivership/dissolution.

Events (6)
1. November 26, 1926 Suspension
Cause Details
Voluntary suspension while a stabilization plan was implemented
Newspaper Excerpt
which suspended operations on Nov. 26 while a stabilization plan was being put into effect
Source
newspapers
2. December 7, 1926 Reopening
Newspaper Excerpt
reopened its doors yesterday. This is the last of the three banks here to re-open and save one it is the last the Kossuth county financial instituTime ... The opening took place at 9 o'clock and the depositors as they came in this afternoon ... were greeted with the cheeriest of smiles
Source
newspapers
3. October 29, 1927 Run
Cause
Local Banks
Cause Details
Heavy withdrawals depleted reserves; contemporaneous closures of other local Kossuth County banks
Measures
State banking examiners and a Comptroller representative took charge; banks closed at noon
Newspaper Excerpt
Three Kossuth County banks... were closed at noon today. The first two banks are in the hands of State banking examiners... Depleted reserves, due to heavy withdrawals, are assigned as reason for the closing in each case.
Source
newspapers
4. October 29, 1927 Suspension
Cause
Local Banks
Cause Details
Closed by state examiners after heavy withdrawals depleted reserves
Newspaper Excerpt
Three Kossuth County banks... were closed at noon today. The first two banks are in the hands of State banking examiners... Depleted reserves, due to heavy withdrawals, are assigned as reason for the closing in each case.
Source
newspapers
5. January 23, 1930 Other
Newspaper Excerpt
Algona State bank receiver versus C. C. Chubb
Source
newspapers
6. September 28, 1933 Other
Newspaper Excerpt
Final Report of D. W. Bates, Receiver of the Algona State Bank... asks that he be authorized to pay the Final Dividend... and the dissolution of the corporation.
Source
newspapers

Newspaper Articles (5)
1. December 8, 1926 The Gazette Cedar Rapids, IA
Article from The Gazette, December 8, 1926

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Article Text

ALGONA STATE BANK IS DOING BUSINESS Closed Institution Re-Opens With Its Affairs In Good Condition. ALGONA, Dec. The Algona State bank, which suspended operations on Nov. 26 while a stabilization plan was being put into effect reopened its doors yesterday. This is the last of the three banks here to re-open and save one it is the last the Kossuth county financial instituTime waivers on deposits been procured from practically every pat ron of the bank and the institution has the complete approval of the banking department. With the exception of the replace of the stock held by Frank W. Dingley and his withdrawl as vice. president, the organization of the bank Intacts Tom C. Sherman is president, C. Howard Beardsley, cashier, Joel Herbet, assistant cashier, and the board of directors comprises the following: C. T. Chubb, chairman. George L. Galbraith, Myron Schenck and C. C. Chubb, addition to the officers. Mr. Dingley's vacancy will be filled at the regular January meeting, It was The opening took place at 9 o'clock and the depositors as they came in this afternoon to add to their cash in the bank were greeted with the cheeriest of smiles and given cigars. It happy day in Algona, with the three banks of the city all operating in normal way again. The State bank was organized in 1891 by Charles St. Clair, now president of the First Na tional. Senator Chubb, father of the board of directors' A. D. Clark, George Galbraith, John Goeders, and others backing it. The capital stock is $50,000, the surplus $15,000 and deposits aggregate more than half has ranked among the strong financial institutions of northern Iowa.

2. October 29, 1927 The Daily Plainsman Huron, SD
Article from The Daily Plainsman, October 29, 1927

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Article Text

MASON Oct. 29. Kossuth county banks, County Savings Bank of Algona, Algona State Bank. Algona, and the Bank Swea City were closed at noon day. The first two banks are in the hands state banking examiners and the National bank charge representative of the comptrollers the currency. Depleted due to heavy withdrawals are for the closing in each case.

3. October 30, 1927 Evening Star Washington, DC
Article from Evening Star, October 30, 1927

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Article Text

THREE BANKS CLOSED. Two Iowa Institutions in Hands of State Examiners. MASON CITY, Iowa, October 29 (AP).-Three Kossuth County banksthe County Savings Bank of Algona, the Algona State Bank, Algona, and the First National Bank at Swea City -were closed at noon today. The first two banks are in the hands of State banking examiners, and the national bank is in charge of a representative of the Controller of the Currency. Depleted reserves, due to heavy withdrawals, are assigned as reason for the closing in each case.

4. January 23, 1930 Globe-Gazette Mason City, IA
Article from Globe-Gazette, January 23, 1930

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Article Text

Kossuth District Court Has Lightest Schedule of Cases in Many Years ALGONA, Jan. 23.-The district court of Kossuth county will open next Monday with Judge Lovrien of Humboldt on the bench. This will be the lightest term for & long time. Only 43 cases have been filed since last term which is about half the usual number. Only seven cases are set down for trial during the term as follows: L. F. Walsh et al versus William O'Donnell; County Savings bank receiver versus Elizabeth Yanser; Algona State bank receiver versus C. C. Chubb; Hart Parr company versus Harm Groen; J. A. Hamilton versus Harold G. Hamilton; May Eleanore Stehle versus Emma Geimer and Estate of Andrew J. Helmer, deceased.

5. September 28, 1933 Kossuth County Advance Algona, IA

Article Text

NOTICE In the District Court of the State of Iowa, in and for Kossuth county. In the Matter of the Algona State Bank, Algona, Iowa. To the Depositors, Creditors, Stockholders ,and All Persons Interested: You and each of you are hereby notified that there is now on file in the office of the Clerk of the District Court of Kossuth county, the Final Report of D. W. Bates, Receiver of the Algona State Bank, Algona, Iowa, showing all receipts and disbursements and final disposition made of the remaining assets. You are further notified that the Receiver herein asks in said Rethat he be authorized to pay port the Final Dividend, deposit with the Clerk of the Court all funds of the Receivership which cannot be delivered to any person whose whereabouts are unknown and the dissolution of the corporation. You are further Report notified has that been the fixed hearing by on the said Court to be held at the Court House in Algona, Iowa, on the 4th day of October, 1933, at 10 o'clock a. m., and that unless you appear thereto on or before said be date and show cause, if there any, why said report should not be approved and said Receiver and Examiner in Charge released from all liability and discharged, that an Order will be made and entered as prayed by the applicant. D. W. BATES, (Signed) Receiver Algona State Bank, Algona, Iowa.