Peoples Trust & Savings Bank (Davenport, IA)

Episode Information

Episode UID
72001471569
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
7200147 routing
Routing Number
72-0014
Start Date
September 1, 1930*
Location
Davenport, Iowa (41.524, -90.578)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
243ba092e52e85c3

Response Measures

None

Description

OCR errors in articles corrected; suspension was voluntary following discovered embezzlement by the cashier.

Events (6)
1. September 1, 1930* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Voluntary suspension following discovery of large misappropriations and poor banking methods by cashier Albert Goetsch.
Newspaper Excerpt
The bank voluntarily suspended last fall.
Source
newspapers
2. March 12, 1931 Other
Newspaper Excerpt
Charges that Albert Goetsch, former cashier of the Peoples Trust and Savings bank ... The bank voluntarily suspended last fall.
Source
newspapers
3. May 21, 1931 Other
Newspaper Excerpt
Pleading guilty to charge of embezzling $33,000 from operating Peoples Trust Savings bank of Davenport ... the bank suspended operations last fall.
Source
newspapers
4. February 3, 1933 Other
Newspaper Excerpt
Former cashier to succeed American Trust Co. as liquidator ... the Peoples Trust Savings bank which suspended operations two years ago.
Source
newspapers
5. August 8, 1933 Other
Newspaper Excerpt
First report of Minard acting trustee and liquidating officer in charge of the suspended Peoples Trust Savings bank ... The bank voluntarily suspended business several years.
Source
newspapers
6. July 25, 1935 Receivership
Newspaper Excerpt
Four bank receiverships will take over all assets now ... in the closing of the five-year trusteeship of the old Peoples' Trust & Savings bank.
Source
newspapers

Newspaper Articles (9)
1. March 12, 1931 Quad-City Times Davenport, IA

Article Text

Misappropriated Sues on Surety Bond Charges that Albert Goetsch, former cashier of the Peoples Trust and Savings bank, 1601 Harrison street, juggled and converted funds his own advantage with an tendant loss to the institution of are set forth detail suit filed today by the bank against the Detroit Fidelity and Surety The bank voluntarily suspended last fall. Goetsch, cashier the institution for years the collapse of the bank, bonded by the defendant pany sum The bond, according the suit filed by Betty Betty, attorneys for the bank, originally executed for the period from July 21, 1928, July 1929. and later newed for one year, expiring July 1930. Specific acts of improper bank ing and funds charged against Goetsch the from Dec. 1928, when he from the without the the board of directors. He gave his unsecured promissory note for the loan He also accused of borrowing, the same date and without the the directors, $171.25 which he gave his unsecured Additional loans from bank funds, for which he unsecured prom issory notes, include March and $761 on Sept. 1929 On Dec. 1929. he is accused issuing check for $753.75 on the bank and in favor the American Commercial and bank check. ing the petition, was paid cashier, out bank's funds. On 10. he check for $100 payable to Wells, which paid out the again on Feb. he drew check, also for payable Wells. Paid Taxes. On Sept 1929, cording the petition, paid county amounting out bank and repeated his city taxes on and again his spring county taxes on March 22. amounting The petition states that he later the bank in the amount $23.91, balance the bank on the tax Debited Savings Accounts On Aug Goetsch, accord ing the drew the cash and debited the savings account of Robert Strelow without the consent. He accused repeating Sept. 24, when he $200 and again on Oct. he withdrew $300. debiting both items the Strelow account, without the latter's knowledge or One June 13, 1929. he accused withdrawing $700 from the bank's cash debiting the amount the account of Charles Vogt, without the latter's knowledge consent The various items specified in the petition total The defendant surety company notified of the June to the petibut has not the bank under the surety bond.

2. March 13, 1931 The Des Moines Register Des Moines, IA

Article Text

DAVENPORT BANK SUES DETROIT FIRM (Register's Special Iowa News Service. specific acts of "poor banking methods and misappropriation of funds" resulted in $9,021 loss to the Peo ples Trust and Savings bank, recently liquidated. according to charges set forth in a suit filed here Thursday by the bank against the Detroit Fidelity and Surety company The Detroit company is being sued because of having bonded Albert Goetsch, cashier. for $10,000. and further. because Goetsch com mitted the "13 specific acts.' The bank voluntarily suspended operations last fall. Goetsch had been cashier for Deveral years preceding the collapse. The money was used over a period of two years, the suit charges, for various purposes, in cluding payment of the cashier's taxes and the padding of a friend's savings account.

3. May 20, 1931 Quad-City Times Davenport, IA

Article Text

GOETSCH CASE TRIAL Former Bank Cashier to Appear Thursday in Judge Ely's Court. The case of Goetsch. former bank cashier, indicted on three counts and making false entries in bank records. scheduled trial Thursday before jury in District Judge Goetsch was formerly cashier the Peoples Trust Savings bank. teenth and Harrison streets, which suspended business last fall.

4. May 21, 1931 The Dispatch Moline, IL

Article Text

Davenport Sentence. Goetsch, years former the People's Trust and Savings of guilty of funds in $33,000 this and five years the state penitentiary by Judge Goetsch appeared in Davenport district with his tered his plea, sentenced and his way to the prison within hour. He indicted on two counts of embezzlement and false entry in the books of the bank by April grand court this Goetsch that he did not personally get cent of the money embezzled. Ralph Otteson, attorney the banker, said resulted from improper banking methods and that the money certain officials institution and state bank examiners. He that Goetsch took the cash from inactive and placed with personal notes. The money was used, declared, in an effort to retrieve some bad loans. Goetsch was discharged following the discovery of shortage April and the bank suspended operation.

5. May 21, 1931 The Rock Island Argus Rock Island, IL

Article Text

FORMER BANKER PLEADS GUILTY A. E. Goetsch Taken to Fort Madison Prison From Davenport. Pleading guilty to charge of embezzling $33,000 from operating Peoples Trust Savings bank of Davenport. Albert Goetsch. 39 former cashier. was sentenced to not exceeding five years in the state penitentiary Fort Madison. Iowa. when arraigned today before Judge Ely in the Scott county district court. He Fort Madisan immediately after Goetsch was indicted on three counts by the Scott county grand jury April term. The embezzlement and false entry of banking records Attorney Realff Ottesen, counsel Goetsch. informed the court that the not receive cent of the bank's money, plaining that the defalcations the result what he described "improper banking methods. The defense attorney Judge Ely that part of the money went to the Huebinger Publishing company. map distributors. in the form of loans to finance radio map enterprise which failed. The bank's money was used in an effort to trieve this loss, added. This and one other venture accounted for the shortage, according to Attorney Ottesen. but he refused to reveal the identity of the other benefited by Goetsch's loans. He did that both tures failed and the former cashier was unable to make good the shortage. Goetsch was dismissed April 1930, by the bank after discovery the shortage made The bank suspended operations last fall. DIES LISTENING TO RADIO. BaSalle. May the Associated Cahill, former wealthy mine of Peru. m., died while listening to exciting description of play baseball game broadcast.

6. February 3, 1933 Quad-City Times Davenport, IA

Article Text

BANK TRUSTEE Former Cashier to Succeed American Trust Co. as Liquidator. The appointment of Minard, former cashier the Peoples Trust Savings bank which pended operations two years ago, successor trustee in charge of the liquidation of the bank in place of the American Trust company now in the hands of receiver, was approved late Thursday by District Judge W. Scott The American Trust company indebted to the trust fund, created for the liquidation of the bank, the extent of according to the court The company entitled set off $2,500, leaving balance of 18 owing the bank liquidation fund. Mr. Minard, who was formerly in charge of the liquidation work the bank under the direction of the American Trust company has in his which will be applied on the new liquidating Beneficiaries under the trust created originally to liquidate the assets of the Peoples Trust Sav. ings bank the receivers of the American Savings Bank Trust company, the Union Savings Bank Trust company, the Home Savings bank and the Northwest Davenport Savings bank The shares the respective banks are per cent each for the American and the Union: cent for the Home and cent for the Northwest Davenport Savings bank. The trust was formed the American Trust company which advanced loan of over $300,000 to take the assets and liabilities the Peoples Trust Savings bank for the purpose of paying off the and This loan subscribed by the various banks then in operation. Kissed her hand and wept hot tears! Lady Caillard's remarkable story of visit from the ghost of her dead husband, told the American Weekly, the magazine distributed with next Sunday's Chicago Herald and

7. August 8, 1933 Quad-City Times Davenport, IA

Article Text

FIRST REPORT Court Approves Report On Peoples Trust & Savings. The first report of Minard acting trustee and liquidating officer in charge of the suspended Peoples Trust Savings bank, originally located Sixteenth and Harrison streets, approved day District Judge Maines. The report covers the period from Feb. when Minard ceeded the defunct American Trust company trustee, up including June The reports lists Receipts totaled after deducting disbursements cash on hand on June totaled $68. Total assets, according trustee's summary, The liabilities include $152,513.86 in and carried surplus. Betty Betty are attorneys for the The bank voluntarily suspended business several years.

8. July 25, 1935 Quad-City Times Davenport, IA

Article Text

PEOPLES' BANK TRUSTEESHIP IS CONCLUDED Four Bank Receiverships Will Take Over All Assets Now. Judge W. R. Maines has approved an arrangement whereby the receiverships of the American Savings Bank & Trust Co., the Union Savings Bank & Trust Co., the Home Savings bank and the Northwest Davenport Savings bank will take over the remaining assets of the old Peoples' Trust & Savings bank and the five year trusteeship of that institution will be wound up. The four bank receiverships are now the only remaining creditors of the Peoples' bank. C. D. Minard, trustee for the Peoples' bank, is authorized by the order to enter into contracts with the bank receivers releasing him from further responsibility. George D. Shawver of the Liquidation Corp., was named agent to take over the assets for the four banks and to complete the liquidation. The combined claims of the four bank receiverships totaling $121,959.46, Minard stated in his application to the court, are considerably in excess of a fair value of the assets. The individual claims are as follows: American Savings Bank & Trust Co., $54,797.91; Union Savings Bank & Trust Co., $56,062.31; Northwest Davenport Savings bank, $7,392.83; Home Savings bank, $3,706.41. These claims are based on advances of approximately $355,000 which were made by the banks of the Davenport Clearing house, including the First National, subsequently merged with the Union, which were made to the American Trust Co. to pay off deposit liability of the Peoples Trust & Savings bank when it was closed. No "fair value" was placed on the remaining assets, besides each of $690.64, but book valuations, are as follows: Notes receivable, $83,707.46, including those of $81,527.73 described as worthless. Fifteen pieces of real estate, 14 in Iowa and one in Illinois, $37,711.95. Unsatisfied judgments, $13,467.39. Mortgages, $9,782.51. Securities, $141.30. Claim against the American Trust Co., $2,431.78. It was previously specified that the trusteeship would run for a five-year period ending Wednesday, and Minard's fifth annual report was also placed on file today, and a hearing set by Judge Maines for Aug. 5 at 10 a. m. He succeeded the American Trust Co. as the trustee when that institution closed.

9. July 25, 1935 The Daily Times Davenport, IA

Article Text

FOUR BANKS TO GET ASSETS AS PEOPLES TRUSTEESHIP ENDS An arrangement whereby the receiverships of the American Savings Bank & Trust Co., Union Savings Bank & Trust Co., Northwest Davenport Savings bank and Home Savings bank as the only creditors will take over the remaining assets in the closing of the five-year trusteeship of the old Peoples Trust & Savings bank of Davenport, was approved today in Scott county district court by Judge W. R. Maines. He signed orders on the application of C. C. Minard, trustee for the Peoples Trust, for authority to enter into contracts with the four bank receiverships and for his release from further responsibility, and also authorized the receiver for the four banks to consummate the agreement with Minard. George D. Shawver of the Liquidation Corp. was named as the agent who will take over the assets for the benefit of the four banks in the course of further liquidation. Claims of $121,959.46 The combined claims of the four bank receiverships totaling $121,959.46, Minard stated in his application to the court, are considerably in excess of a fair value of the assets. The individual claims are as follows: American Savings Bank & Trust Co., $54,797.91; Union Savings Bank & Trust Co., $56,062.31; Northwest Davenport Savings bank, $7,392.83; Home Savings bank, $3,706.41. These claims, it was explained, are based on advance of approximately $355,000 which were made by the banks of the Davenport Clearing house, including the First National, subsequently merged with the Union, to the American Trust Co. to pay off deposit liability of the Peoples Trust & Savings bank when it was closed. No "fair value" was placed on the remaining assets, but book valuations, besides cash of $690.64, are as follows: Notes receivable, $83,707.46, including those of $81,527.73 described as worthless. Fifteen pieces of real estate, 14 in Iowa and one in Illinois, $37,711.95. Unsatisfied judgments, $13,467.39. Mortgages, $9,782.51. Securities, $141.30. Claim against the American Trust Co., $2,431.78. It was previously specified that the trusteeship would run for a five-year period ending Wednesday, and Minard's fifth annual report was also placed on file today, and a hearing set by Judge Maines for Aug. 5 at 10 a. m. He succeeded the American Trust Co. as the trustee when that institution closed.