gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e8e19b011ee1d2e0
Response Measures
None
Description
Run Sept 30, 1931; bank paid depositors but later voluntarily liquidated and placed in receivership Dec 1932 with RFC arranging 40% payouts.
Events (3)
1.September 30, 1931Run
Cause
Local Banks
Cause Details
Run triggered by announcement/closing of American Savings Bank and contagion to local banks, plus unwarranted fears and rumors.
Measures
Paid depositors in full, extended hours (remained open until 3pm), accepted large new deposits and publicly showed business-as-usual.
Newspaper Excerpt
When the American Bank closed September 29, 1931, the Union Savings Bank valiantly stood a heavy run in which depositors took out several million dollars before it subsided.
Source
newspapers
2.December 27, 1932Receivership
Newspaper Excerpt
Each depositor of the Union bank will be furnished with a pass book on the new Davenport bank, showing his or her 40 per cent that is available in deposit there. There is no need for Union depositors to present themselves... Depositors in the Union Savings Bank may call at the Union Bank any time during banking hours and have their accounts cleared and receive a bank book on the new Davenport Bank & Trust Co. for 40 per cent of their good deposits.
Source
newspapers
3.December 27, 1932Suspension
Cause
Voluntary Liquidation
Cause Details
Officers and directors chose to close and liquidate due to continued withdrawals, rumors and impaired asset values; RFC arranged funds for 40% payouts.
Newspaper Excerpt
announcement of the voluntary liquidation of the Union Savings Bank & Trust Co., and the closing of several outlying banks.
Source
newspapers
Newspaper Articles (23)
1.September 30, 1931Quad-City TimesDavenport, IA
Article Text
BETTENDORF MADE BANK BOARD HEAD
Car Manufacturer to Aid In Reorganizing American Savings.
UNION SHOWS STRENGTH
Business Leaders Show Faith by Increasing Deposits.
Davenport business interests rallied today to express their confidence in the strength of the local financial situation. The Union Savings Bank & Trust Co. took the lead by continuing a policy of "business as usual." No notice was required for the withdrawal of funds and payment was made to all depositors who requested it. J. W. Bettendorf, president of the Bettendorf Co., and one of the leading business men and financiers of the community, was this morning elected chairman of the board of the American Savings Bank & Trust Co.
"We are working out plans for reorganization, and they are progressing nicely, Mr. Bettendorf stated after the meeting. "As chairman of the board of directors will do all that is pos. sible to help the committee headed by E. P. Adler. "While it will take some time to do so, we expect to put the bank back on its former strong financial basis. We hope the people of Davenport and its tributary area will bear patiently with us and retain their confidence, both in the bank and in the community. "If this is done, am confident that everything will work out satisfactorily."
Other business leaders also expressed their confidence in the strength of the local situation, and urged rèsidents of the city to "stand by Davenport" thru the hour of temporary stringency. Officers of the Union Savings Bank & Trust Co., headed by William Heuer, the president, had their banking force well organized to meet any emergency. Union Stays Open. In order to show its confidence the Union bank remained open until o'clock this afternoon, the under the usual order of Wednesday procedure the institution would have closed at noon. In the face of run to withdraw money at the Union bank, depositors of the institution rose magnificently to the occasion today. New deposits made in the bank today totaled $438,583.15 at
[Continued on Page Two.]
2.October 1, 1931The Des Moines RegisterDes Moines, IA
Article Text
of the board of the bank. He will work with Mr. Adler's committee. The only bank in Davenport which has not put the 60-day rule into effect even on savings accounts is the Union Savings Bank & Trust co. Paid in Full.
All depositors who came to this bank to withdraw their deposits were paid in full and the bank. instead of closing at noon as is the custom on Wednesday, remained open until 3 m. The of ficers stated that the Union Savings Bank & Trust CO., which has deposits of about 25 million dollars, according to its latest statement, had ample cash on hand to meet all requirements. In view of the bank situation the Davenport city council authorizing 30-day extension for the payment of regular taxes, but not for special assessments. No Embarrassment.
Approximately $1,200,000 of funds of the state of Iowa are temporarily tied up through the 60-day suspension on the part of the American Savings Bank and Trust CO. State officials said Wednesday that this would in no way embarrass the state as funds are on deposit in more than 25 other banks and claims would continue to be paid without delay. Rock Island Central Trust Closes.
ROCK ISLAND. ILL-The Central Trust and Savings bank. with deposits of $5 500,000 as of June 30, closed Wednesday This action was taken. officers said, to protect all depositors equally. Following the posting of the notice by the American Savings Bank and Trust co. of Davenport Tuesday, requiring 60-day notice on withdrawals, heavy runs started on all Rock Island banks and after the closing of the Central Trust and Savings bank, the remaining three banks posted 60-
3.October 2, 1931The Daily TimesDavenport, IA
Article Text
EXCHANGITES LAUD PUBLIC ON RETURN TO SANE BANK VIEW
Commending the Union Savings Bank & Trust Co. and rejoicing in the return of public faith, the Dayenport Exchange club expressed confidence in the soundness of this community's finances today at luncheon meeting at Hotel Blackhawk. The officers of the club issued the following after unanimous vote by the members: "The Davenport Exchange club expresses confidence in the fundamental solidarity of this community's finances and commends the Union Savings Bank & Trust Co. for its courageous survival of the test imposed by some depositors in their unwarranted fear for the safety of their deposits. "We are glad to note the return today of a sane and conservative frame of public mind. The program today included a brief report by James L. Oakes, president of the club, on the international convention at Memphis, which was attended by himself and by Dr. Kuno Struck, president of the Davenport Chamber of Commerce and Iowa district governor Exchange. Frank Johnson of Voss Bros. Manufacturing Co. spoke on sales promotion, emphasizing that both retailers and wholesalers are liable to loss if they sacrifice their natural markets in their efforts to extend the scope of their sales too far afield.
4.October 2, 1931The Daily TimesDavenport, IA
Article Text
BANK $71,000 OF FAMILY BONDS AS EVIDENCE OF FAITH
An unusual expression of confidence in the Union Savings Bank & Trust Co. was revealed by officers of the institution today Wednesday morning, when the run on the bank was at its height, Mr and Mrs Arno L. Petersen and Dr. and Mrs George Decker, the latter a sister Mr Petersen, held a family conference. As a result they telephoned their mother, Mrs Clara Petersen, who is visiting in Denver, Colo. Mrs Petersen at once communicated. with hey son-in-law and daughter, Mr and Mrs William L. peers, who were at Rock Springs, Wyo. They boarded an airplane and flew to Davenport Wednesday evening, arriving here at 9 a. m. yesterday. A family conference was held, after which $71,000 worth of gilt edged securities, belonging to a family trust, was taken to the bank.
5.October 2, 1931Globe-GazetteMason City, IA
Article Text
DEPOSITORS PUT MONEY BACK IN
Third Day "Run" on Bank at Davenport Calms Down to Handful. third day "run" on the Union Savings Bank and Trust company. Davenport's only downtown bank which was started following an announcement on Monday by the American Savings Bank and Trust company. of 60 day withdrawal notice. calmed down today and only handful of depositors appeared to withdraw their money. Bank officials said that many of those who had withdrawn their funds were returning them following a public announcement by more than 10 business houses yesterday that they would guarantee the deposits of their employes in the bank yesterday almost equalled withdrawals and confidence was expressed on all sides today that conditions in the Tri-Cities had returned to a normal basis. Glenville State Bank Closes. GLENVILLE, Minn., Oct. The State bank of Glenville closed its doors today by order of the board of directors to conserve the assets. The institution was capitalized for $10,000 and had deposits of $125,000. Truro Savings Closes. TRURO, Oct. (P)-The Truro Savings bank of Truro, Madison county, was closed today. It had deposits of $85,000 and was capital ized at $20,000. Bank at Maquoketa Closes. MAQUOKETA, Oct. 2. American Savings bank closed today. The deposits were $948,000 and capital $100,000. West Liberty Bank Closes. WEST LIBERTY, Oct. 2. (P)The Citizens Savings bank hers closed today. Deposits were given as $160,000.
6.October 2, 1931Waukegan News-SunWaukegan, IL
Article Text
LIVESTOCK ON STEADY MARKET
Prices Of Hogs, Cattle And Sheep Run Higher As Normal Session Takes Ho'd or Market.
CHICAGO Oct Cleveland reported higher prices today Receipt large Chicago ned with gains as high but advance was the sold $5.60 sold and $4.15 top steady East St the market 10 higher Pittsburgh 10 cents and packing steady that was active all interes and cents above Thursday Cleveland was mostly 10 lower pigs receipts of 17,000 East Louis Pittsburgh East and Cleveland markets firm on was and generally steady on all killing There at East St. Louis for marke down and steady Pittsburgh steady East falo reported firm and unchanged active to strong Cleveland and calves around steady market 2.000 East Louis 700 Pittsburgh 20 East falo 100 and Cleveland 300 All grades of sheep were steady Chicago today W lambs held higher and ewe unevenly higher better grade native lambs brought $6.50 $7.50 with the Range feeding lambs sold for and from $2.00 $2.75 East Louis with bidding and packers dy and sheep burgh was on fair receipts At East Buffalo lambs 25 lower but the de cline Cleveland steady Total receipts were 29,000 Chicago had burgh 1.500 East Buffalo 2,500 and
END BANK RUN DAVENPORT Icws Oct third day "run" on the Union Savings Bank and Trust Company Davenport's downtown bank which was following an an Monday the Am crican Savings and Trust Co calmed down today and only hand appeared to withdraw money
7.December 27, 1932Quad-City TimesDavenport, IA
Article Text
PLANFORU.S. FRAUD TRIAL FRUSTRATED
Best Legal Talent in Athens Engaged by Former Utility Baron.
LOANS DECLARED LEGAL
Companies' Laws Respected in Transactions, Court Told.
The Greek courts today rejected an American petition for the extra dition of Samuel Insull. former Chicago utilities official Insull, debonair and talkative. walked into a courtroom of this ancient Greek capital today with the best legal talent the country afforded to defend himself against the extradition demand from Chi cago. The former multimillionaire util ities operator is charged with em bezzlement and larceny Has No Profesison The hearing commenced at 9:30 m. Mr. Insull asked for trans lator and Pandelis Raptarkhis, a lawyer, appointed. Mr. Insull gave his identity and declared he had no profession and that he agreed that the hearing be public He named Christos Ladas and Dionysi Lazarimos attorneys for the defense. Also present in court was Arthur Page, his British attorney.
Soon after public Attorney Riganakos began his opening speech, interrupted. protesting against the taking of motion pictures. The president of the court issued an order prohibiting photographing. Approved Vouchers. Attorney Riganakos, opening the case, read a deposition by Oliver McCormick. treasurer of the Utilities companies, explaining how Samuel Insull approved vouchers and proper officers issued checks for the payment of $66,000 and $104,000 to Martin Insull's brokers. The McCormick deposition said the authority to make the pay. ments was based on Samuel in sull's approval. The attorney also referred to depositions by John A. Swanson, state's attorney of Cook county, n1., declaring the aforesaid acts were punishable Lazarimos, the junior counsel for Insull, followed with long plea, explaining how loans were made ac. cording to by-laws of the companies He declared McCormick, in his deposition, had said that, being treasurer, he issued the vouch ers which Samuel Insull approved. The vouchers. the attorney said, were checked by an auditor. booked by competent clerks, and approved by a comptroller.
Appeals to Conscience. Treasurer McCormick was responsible for the custody of the companies' property and, Lazarimos added, should be indicted first if an offense existed. He appealed to the court's "conscience" demanding rejection of the petition for extradition as not having legal basis. Christos Ladas. chief defense counsel, asserted the United States upholds the right of asylum, generally denying extradition except in cases where the offense is proved. He described Insull as benefactor of humanity and praised the course his client followed when disaster overtook his interests. He had not finished speaking at the mid-day recess.
Officials of Local Banks Lose Fight for 50 Per Cent.
ACTION NOW FINAL
Bank Employes Start on Job of Getting New Passbooks Ready.
Officers of the Union Savings Bank and Trust Co. were notified by officials of the Reconstruction Finance Corporation at both Chicago and Washington today that a fund of $5,750,000 to make 40 per cent of deposits of that institution immediately available was the best recommendation they could accept. After several hours of negotiations over long distance telephone, it was agreed that this amount will be placed to the credit of the Union bank depositors in the new Davenport Bank and Trust Co. at once. Local bank officials explained that at a meeting in Chicago last Thursday with Reconstruction Finance corporation officials the latter agreed to make 55 per cent available to the local depositors. On Saturday this amount was changed to 50 per cent, and today the amount was cut to 40 per cent before the negotiations were closed. Officials of both the Union bank and the new Davenport Bank & Trust Co., who worked valiantly all day to secure the 50 per cent for Union depositors, expressed disappointment at this result. It was at first thought that the work of issuing these new passbooks could be started Wednesday morning, but this was found to be humanly impossible. Union bank employes will work all night check ing ledgers and preparing these new books, however, and the business of issuing them will get under way in few days Each depositor of the Union bank will be furnished with a pass book on the new Davenport bank, show. ing his or her 40 per cent that is available in deposit there. There is no need for Union depositors to present themselves at that bank Wednesday, as the bank will be opening for several weeks or as long as necessary to issue all books. The $5,750,000 placed on deposit with the Davenport bank will insure payment of 40 per cent to each and every Union bank deMeanwhile the new Davenport Bank & Trust Co. continued normal operations today The Davenport bank will pay all of its depositors promptly. and no day notice or any notice is being asked, It was While lobby of the new Davenport bank was comfortably filled most of the day only a normal amount of business was transacted. There were only a few people at the various windows at time and employes took care of the patrons without difficulty. A large crowd assembled outside the Union Savings Bank & Trust Co. this morning and remained there thru the day.
8.December 27, 1932Quad-City TimesDavenport, IA
Article Text
TO THE PEOPLE OF DAVENPORT
Again the citizens of Davenport must rise to meet an emergency in its business and financial affairs with the announcement of the voluntary liquidation of the Union Savings Bank & Trust Co., and the closing of several outlying banks.
We need not dwell on the reason for this. When the American Bank closed September 29, 1931, the Union Savings Bank valiantly stood a heavy run in which depositors took out several million dollars before it subsided. Obviously, this could not have been done without borrowing money to pay to depositors. Since that time malicious rumors have been continually circulated against the credit of the bank, causing continual steady withdrawals ever since. The officers and directors decided rather than continue this drain on their resources they would close the bank and liquidate.
It was hoped that the Reconstruction Finance Corporation would consent to pay immediately to depositors of the Union Savings Bank 50 per cent of their deposits. The Reconstruction Finance Corp. has only agreed to allow 40 per cent payment on deposits. To accomplish this the Reconstruction Finance Corp. will place with the new Davenport Bank & Trust Co. $5,750,000 in cash to be used for that purpose.
When you take into consideration that when the American Bank closed depositors were required to wait nine months before they had access to 40 per cent of their deposits, and that in this closing they can have access to the same amount of their deposits immediately, it will be seen that the government's facilities for taking care of distressed bank depositors are working much more efficiently.
The cause of the closing of the Union Bank must be apparent to everyone. The terrific drop in values of real estate, both city and country, and in the price of bonds, made it impossible for the bank to realize anything like the true value of these assets. Under the receivership, these assets will be conserved, and not dumped on the market at once for what they will bring.
We strongly urge the people of Davenport to remain calm in this emergency and consider the conditions of the situation, which not only affects this community, but every community in this country, and in fact, in the world. We are going through the most severe depression this country has probably ever seen, and we must all do our part to help right matters.
This leaves the new Davenport Bank & Trust Co. as the only banking institution left in Davenport. We want you to know that this new bank sound and safe in every particular. There is no safer banking institution in the United States today. The new bank has no frozen assets, owes no money, and owns no real estate. Practically all of its assets are in cash and Government Bonds and other liquid securities. The fact that the Reconstruction Finance Corp. placed millions of dollars in the new Davenport Bank to pay the Union Bank depositors is concrete evidence of its soundness and liquidity. We also wish you to know we will continue to conduct this new bank in a safe and conservative manner with the interests of its depositors first and foremost.
Probably within the next year or two a new bank will be organized and in operation, as Dayenport needs, and should have, at least two banks to transact its business. We will assist in such organization in every way possible.
In the meantime, the new Davenport Bank & Trust Co. will endeavor to the fullest extent to take care of the banking business of Davenport in the most efficient manner possible. We ask your cooperation and ur support. We ask your earnest consideration of the seriousness of the situation. We fully believe that you will loyally support this new institution. and help us to bring Davenport back again to its old standing as a sound and progressive business community, after the excitement has cleared away.
Depositors in the Union Savings Bank may call at the Union Bank any time during banking hours and have their accounts cleared and receive a bank book on the new Davenport Bank & Trust Co. for 40 per cent of their good deposits. This money will be available to them in the new Dayenport Bank at any time.
E. P. Adler C. D. Waterman T.J. Walsh Harry Littig Karl P. Teske Dr. Fred H. Lamb
Kuno Struck J. W. Bettendorf J. L. Hecht H. O. Seiffert Joseph Kimmel V. O. Figge
Directors
Davenport Bank & Trust Co.
9.December 27, 1932Quad-City TimesDavenport, IA
Article Text
UNION WAGED HEROIC FIGHT FOR THE CITY
Efforts of Wm. Heuer and Associates Saved Banking Structure Here.
With liquidation of the Union Savings Bank & Trust Co., business leaders of Davenport asserted that lack of confidence and malicious gossip had brought about the feat of the patriotic and courageous efforts of William Heuer to the community in time of stress. They commented that the bank had stood by Davenport, but Davenport had stood by the bank." Thus the Union bank, which was the last the city's old banks, must liquidate who should have in time difficulty did not do their part. Union Savings Bank Trust Co. made valiant and its position impregnable when run at the time of the closing of former AmeriSavings Bank Trust Co. in September, 1931. The bank adopted policy Usual," and in so doing Heuer and his associates performed community service. was to their efforts that Davenport business was not crippled by the complete crippling banking facilities. was realized time by many versed finance that Union bank might have acted within its legal rights in denying withdraw Instead, during three days when thousands their money deposit. the bank paid out lions with other millions vaults in readiness should public persist. When calmer thought prevailed, officials of the Union even further its assistance the community. Money was advanced for payrolls and other business needs firms and institutions whose funds were "tied up" in the American bank's receivership. This was done with careful gard for ability of the beneficiaries repay, and never was safety the people's deposits jeopardized. During 15 months which have financial September October of 1931, people of the community have not kept as good faith with the Union bank. Periodically, malicious gossip been spread against the safety of the institution, and withdrawals been Bringing to bear all of the ity they possessed, Mr. Heuer, officers the bank and directors have endeavored stem disastrous tide. The plans to liquidate the Union mark their defeat an effort to stave off the inevitable of bad Irresistible forces ended more than years of illustrious service Davenport and the surrounding
10.December 27, 1932The Daily TimesDavenport, IA
Article Text
TO THE PEOPLE OF DAVENPORT
Again the citizens of Davenport must rise to meet an emergency in its business and financial affairs with the announcement of the voluntary liquidation of the Union Savings Bank & Trust Co., and the closing of several outlying banks.
We need not dwell on the reason for this. When the American Bank closed September 29, 1931, the Union Savings Bank valiantly stood a heavy run in which depositors took out several million dollars before it subsided. Obviously, this could not have been done without borrowing money to pay to depositors. Since that time malicious rumors have been continually circulated against the credit of the bank, causing continual steady withdrawals ever since. The officers and directors decided rather than continue this drain on their resources they would close the bank and liquidate.
It was hoped that the Reconstruction Finance Corporation would consent to pay immediateto depositors of the Union Savings Bank 50 per cent of their The Reconstruction Fideposits. nance Corp. has only agreed to allow 40 per cent payment on deposits. To accomplish this the Reconstruction Finance Corp. will place with the new Davenport Bank & Trust Co. $5,750,000 in cash to be used for that purpose.
When you take into consideration that when the American Bank closed depositors were required to wait nine months before they had access to 40 per cent of their deposits, and that in this closing they can have access to the same amount of their deposits immediately, it will be seen that the government's facilities for taking care of distressed bank depositors are working much more efficiently.
The cause of the closing of the Union Bank must be apparent to everyone. The terrific drop in values of real estate, both city and country, and in the price of bonds, made it impossible for the bank to realize anything like the true value of these assets. Under the receivership, these assets will be conserved, and not dumped on the market at once for what they will bring.
We strongly urge the people of Davenport to remain calm in this emergency and consider the conditions of the situation, which not only affects this community, but every community in this country, and in fact, in the world. We are going through the most severe depression this country has probably ever seen, and we must all do our part to help right matters.
This leaves the new Davenport Bank & Trust Co. as the only banking institution left in Davenport. We want you to know that this new bank sound and safe in every particular. There is no safer banking institution in the United States today. The new bank has no frozen assets, owes no money, and owns no real estate. Practically all of its assets are in cash and Government Bonds and other liquid securities. The fact that the Reconstruction Finance Corp. placed millions of dollars in the new Davenport Bank to pay the Union Bank depositors is concrete evidence of its soundness and liquidity. We also wish you to know we will continue to conduct this new bank in a safe and conservative manner with the interests of its depositors first and foremost.
Probably within the next year or two a new bank will be organized and in operation, as Davenport needs, and should have, at least two banks to transact its business. We will assist in such organization in every way possible.
In the meantime, the new Davenport Bank & Trust Co. will endeavor to the fullest extent to take care of the banking business of Davenport in the most efficient manner possible. We ask your cooperation and your support. We ask your earnest consideration of the seriousness of the situation. We fully believe that you will loyally support this new institution, and help us to bring Davenport back again to its old standing as sound and progressive business community, after the excitement has cleared away.
Depositors in the Union Savings Bank may call at the Union Bank any time during banking hours and have their accounts cleared and receive bank book on the new Davenport Bank & Trust Co. for 40 per cent of their good deposits. This money will be available to them in the new Davenport Bank at any time.
Adler Waterman Walsh Harry Littig Karl Teske Dr. Fred H. Lamb
Davenport Bank Trust Co.
Kuno Struck J. Bettendorf Hecht Seiffert Joseph Kimmel Figge
Directors
11.December 27, 1932The Daily TimesDavenport, IA
Article Text
THE
Money Available at the Davenport as Soon as Possible
IS FINALLY
Action Is Disappointing But Only Wait In Line at Union Bank
Reduction of the amount which depositors of the Union Savings Bank & Trust Co. will receive through loan arrangements with the Reconstruction Finance Corp. from 50 to 40 per cent was announced this afternoon. This reduction regarded as highly disappointing by local bank officials, was finally accepted here after valiant efforts to persuade the Reconstruction Finance Corp. to adhere to its original promise to allow loan that would permit disbursement of 50 per cent of deposits. At today officials here finally informed by the Reconstruction Finance that the best figure the governmental body could recommend was per cent of the good deposits. Arrangements to close this agreement were being made this afternoon.
Accordingly the sum of $5,750,000 will be deposited in the new Davenport Bank & Trust Co., and the money made available the earliest possible moment. Speed Clerical Employes of the Union Savings bank work steadily in order that all detailed and clerical work may be cleared away as soon possible, that depositors may call the Union with their books, have them checked, new pass books on the Davenport Bank Trust for their 40 per cent. The latter bank will have the money on hand promptly take care of all demands of Union depositors. It explained today that when Davenport bank officials conference in last Thursday with was arrived at for loan that would permit of 55 per cent of deposits in the Union bank. Later, on last Saturday, this figure changed to cent, and the Chicago officials left Dav. enport, after having given that that figure would hold. Agree to Terms
Clearance the loan, the money for which delivered this early, was expected by today. did not come, the front of the bank were kept waitTelephone calls were put Chicago, was learned the attempts to down the Although the local banking officials this attempt they finally forced to agree. Depositors of the Union bank are advised that there need crush the bank tomorrow Evdepositor will be treated alike, and the bank will remain open long may be necessary to take The Davenport Bank Trust was again emphasized, meeting all demands of depositors. The bank is in liquid condition, and sound respect. has imposed no any kind, and continue the banking needs community Money on deposit available any time. arrange for opening account the new Bank Trust Co. asked after regular banking hours, and they be taken Although the lobby enport Bank Trust filled during the morning, there was only the business transacted. time were there more than three four front any and employes were difficulty to take needs of patrons. Crowd Union
A crowd began gathering the Union bank about morning and from that time until noon the sidewalk the street. Although bank remained closed and this afternoon, the crowd
12.February 7, 1933The Rock Island ArgusRock Island, IL
Article Text
Attorneys for Receiver Instructed to Suit Against Northwest Davenport Group.
Instructions to bring suit against stockholders the Davenport Savings bank, which pended operations Dec. 24, for special assessment levy, the receiver conference suit will filed for March of court and directed 300 The bank captialized at Eggert, cashier, the largstated that similar action started against the Home Union banks Davenport and the Bettendorf bank. inventory of Home ings filed today expected Bettendorf Savings bank inventory would be ready afternoon The Home Savings bank had capital $50,000 shares stock. Charles Pasche the largest number shares, and Catherine Walsh shares. Assets fixed and liabilare the figure.
13.March 29, 1933Quad-City TimesDavenport, IA
Article Text
DEMANDS
A. Healy Wants ceiver to Turn $13,559 Over to Sheriff.
An order citing Bert McCulloch, charge the Union Savings Bank Trust company, April 12 explain failure the pay Healy, head the Healy his per funds the bank sued today by District Judge The citation, Issued in response an application filed Merle and Nathan Grant, attorneys for Healy, followed the filing the latter claim for petition of intervention. When bank suspended busiin December, Healy had deposit in three commercial accounts. the sum of been attached Oct. with district action instituted Fuller company, an action which pending. Noations the bank balance sheets attached the court petition filed today Healy's attorindicate that the cent owing Healy connection liquidating of the bank being withheld because of garnishment proceedings. The citing of the examiner court for for purpose clearing this tion and the same time explain the failure of the the per cent the funds. petition of Healy asking court for order directing the over the attached in Fuller company suit the sheriff to held the latter until the litigation adjudicated. He also asking that he receive cent the balance accounts after the deducted.
14.May 12, 1933Quad-City TimesDavenport, IA
Article Text
Court Hears Motion for Release of Funds Held by Receiver.
Arguments on motion for the release $6,500, the $13,500 held under presented trict Judge court today by counsel for Healy, Healy Construction defendant filed by the Fuller company, and involving receivership of the Union Savings Bank and Trust company, as the garnishee. Counsel for the receiver insistthat the Fuller company made party to the litigation volving release of the and the motion sustainby the The later when the pleadrevised. Merle Wells and Nathan Grant Healy Cook and Balfor the bank receiver. appear
15.May 26, 1933The Daily TimesDavenport, IA
Article Text
Woman Files Suit Asking For $1,440 On Bank Accounts
Mrs Lida C. Lancaster has filed suit in Scott county district court asking $1,440.87 of Joseph Deutsch, in which she claims that while he was director of the Union Savings Bank & Trust Co., he guaranteed two savings accounts which she had in the bank. Mr Deutsch stated today that he temporarily guaranteed Mrs Lancaster's accounts when she appeared at the "run" on the Union bank Sept. 30, 1931, and was unable to reach the windows to withdraw her money. She was told her money was safe and that she could return after the run had subsided. Mr Deutsch further states that he was given an opportunity to settle by Mrs Lancaster's attorney, but refused to do so.
16.July 18, 1933Quad-City TimesDavenport, IA
Article Text
BANK RENTALS TOTAL $15,227.83 IN THREE MONTHS
Gross income from office and safety deposit box rentals the Union Savings bank & Trust company Brady streets, totaled the months ending June cording report building manager under the receivership. Disbursements during the same period totaled $12,836.35 Cash bal* hand July totaled $4,The report was approved Judge Scott.
17.October 3, 1933Quad-City TimesDavenport, IA
Article Text
Trustee Gives Assurance On Realty Transfer to Mortgagee.
Payment of per cent dividend creditors the John Kelly company, whole sale today by Betty, following the assignment of the company's property Second and Iowa streets to the Union Savings Bank Trust company receivership the Reconstruction Finance corporation, The reality holdings, valued the transfer $45,000, turned to the receiver and the part payment of six notes totaling $70,250, plus accrued interest. The transfer, approved by Dis trict Judge Maines, for the release the mortgage with the bank and the entitled file claim for the ficiency, his report to the court the explains that per cent dividend will be the payable creditors, the bank immediately following the transfer.
18.March 6, 1934Quad-City TimesDavenport, IA
Article Text
PRIORITY
Supreme Court Orders Werthmann Case Reopened.
Another hearing on the claim of Charles Werthmann and his two brothers for preference in the Davenport Savings bank liquidation has been ordered the Iowa supreme court in ing reversing the decision renderDistrict Judge denied the claim. In their the Werthmanns' charged that Albert Eggert, then cashier the bank, served clerk sale for the and took the proceeds to the depositing their They claimed they had asked for the funds, told by the cashier he had completed the clerical work. Before they could obtain the money bank closed. Julius and Bush Bush their attorneys.
19.August 31, 1934The Des Moines RegisterDes Moines, IA
Article Text
KRABBENHOEFT IS HELD LIABLE
Bank Receiver Wins $130,000 Judgment.
DAVENPORT IA. District Judge W. Maines awarded judgment here Thursday D. W. as receiver the Union Savings Bank & Trust Co., as outcome of suit brought against Roy J. Krabbenhoeft, former assistant bank cashier. The suit was started May the receiver to recover money Krabbenhoeft was alleged to have converted to his own use from January, 1924, December, 1932. The said Krabbenhoeft concealed his defalcations by manipulating bank records and therewas indebted to that amount. Krabbenhoeft recently was paroled from Fort Madison penitentiary where he had been tenced for embezzlement. calves, head:
20.August 23, 1935Quad-City TimesDavenport, IA
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BETTENDORF BANK RECEIVER SEEKS MORTGAGE DECREE
The Bettendorf Savings bank receivership, represented by Carroll Bros., has filed a mortgage foreclosure petition in the Scott county district court against Herman and Meta Tanger for $6,027.93. A temporary and permanent receiver is asked for the mortgaged real estate located in Davenport.
Judge W. W. Scott has granted the Union Savings Bank & Trust Co. receiver a mortgage foreclosure decree in the amount of $1,832.78 against Ralph Adolph Pohlman, administrator of the estate of G. Adolph Pohlman, and has named A. O. Luthringer receiver of the Davenport property involved.
Reno, Nev., had a list of well over a thousand divorces for the first half of 1935, but only 80 of the couples involved were married in that state.
21.October 22, 1935The Rock Island ArgusRock Island, IL
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ASK COURT FOR BUFFALO LAND
Liquidation Corporation and Bank Receiver Want Large Tract to Offset Note.
Moving to obtain title to 400 acres of land near Buffalo, Iowa, held in the name of the Davenport Cement company, the Liquidation corporation of Davenport, and receiver of the Union Savings Bank and Trust company today sought approval of the Scott county district court to a plan which involves the cancellation of four notes of a principal amount of $154,808.84.
Judge W. R. Maines set Friday for a hearing on the application, which was filed by Lane & Waterman, attorneys for both creditors.
In addition to providing for the conveyance of the land to the creditors, the application asks the court to assign the lease to R. B. Cook on 7.57 acres of the same tract to them.
22.December 24, 1935The Daily TimesDavenport, IA
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Bank Receiver Files Mortgage Petition
The Union Savings Bank & Trust Co. receivership of Davenport today had a petition on file in Scott county district court against Margaret S. O'Brien, Mrs Anna Otten and Patrick F. McGrath for the foreclosure of a mortgage in the principal amount of $1,137.42 on city real estate and the appointment of a receiver for the property.
In another petition presented through the law firm of Cook & Balluff, W. T. Waterman asked a judgment of $11,116.12, with interest of eight per cent; against William Steiner on a promissory note signed Jan. 2, 1934.
23.July 23, 1938Evening StarWashington, DC
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THE Union Savings Bank & Trust Co. of Davenport, Iowa, faced a crisis on September 30, 1931. Some one started a run on the bank. Then Fred Zabel, vice president of the institution, got an idea. A jazz band was hired to play popular selections from the balcony. Many actually redeposited their money which they had just taken out! Next morning found the Union Savings Bank back on a normal operating basis. Aged Automobile. Seventeen years ago Gus Gainey, Dunn, N. C., Negro, bought an automobile for $800 cash. The dealer, to close the bargain, threw in 5 gallons of gasoline. Happily, Gainey drove and droveuntil he ran out of gas. The speedometer showed 100 miles. Disgustedly, Gainey pushed the car under a shed and decided it was too much of a financial strain to keep it in gas. Last spring Gainey died and among his effects was found the car of 1921 vintage. The speedometer still showed 100 miles.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
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Union Savings Bank & Trust Company · UID 72000371581
