Iowa State Bank - Atlantic, IA

Episode Information

Episode UID: 72021471489
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 7202147 routing
Routing Number: 72-0214
Start Date: January 9, 1924
Location: Atlantic, Iowa (41.404, -95.014)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 3d4a6cb4443048d9

Response Measures

None

Description

Article reports bank failed to open; no information about reopening or receivership—additional articles would clarify outcome.

Events (1)

1. January 9, 1924 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Recent withdrawals driven by rumors about the bank's solidity and a poor showing in the statement of condition.
Newspaper Excerpt: By a decision of its board of directors, the Iowa State Bank at Atlantic failed to open its doors Wednesday morning.
Source: newspapers

Newspaper Articles (1)

1. January 10, 1924 Thomas County Clipper Seneca, NE

Article from Thomas County Clipper, January 10, 1924

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Article Text

Run On Iowa Bank By a decision of its board of directors, the Iowa State Bank at Atlantic failed to open its doors Wednesday morning. The action followed recent withdrawals of deposits occasioned by rumors that the bank was not in the most solid condition, and to the poor showing made in the last statement of condition published last Friday. It had a capital stock of $50,000 and deposits of more than $300,000. The Sioux Falls National Bank, organized May 1, 1882, one of the oldest banks in South Dakota, closed its doors this week. It was capitalized for $150,000 and the statement of December 31 shows it had deposits of $2,500,000. The Bennett County Bank at Martin, South Dakota, failed to open its doors last Monday morning. This is in the Pine Ridge Indian reservation, about thirteen miles north of the Nebraska state line. The bank will be reopened soon under new management. A similar bank swindling case like they had in Halsey came to light with the closing of the Citizens' State Bank at Parker, in south-east part of South Dakota, where fifty thousand dollars' worth of worthless notes had been taken in exchange for certificates of deposit by men connected with the bank. B. F. Swan, the cashier, Frank R. Beddow, H. J. Caulsfield and a dozen other men, formerly residents of Sioux City, Iowa, are being arrested as fast as they can be located by Deputy State Sheriff N. J. Folsom. They used the money in some colonization scheme. In North Platte valley two banks in Garden county were consolidated this week when Nebraska State Bank had taken over the Oshkosh State Bank as a precautionary measure. Oshkosh is a county seat town. Among the numerous failures down in North Platte valley the latest to close its doors is the old First National Bank at Gering, county seat of Scotts Bluff county, which was organized back in 1897. It had a capital stock of $25,000, surplus $8,000, and deposits that formerly were $700,000 have declined to less than $500,000. Gering has yet another national bank and one state bank. Across the Platte river the city of Scottsbluff has about six banks.