Peoples Savings Bank (Marengo, IA)

Episode Information

Episode UID
72043671547
Episode Type
Run → Suspension → Closure
Bank Type
savings
Bank ID
7204367 routing
Routing Number
72-0436
Start Date
November 30, 1928
Location
Marengo, Iowa (41.798, -92.071)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6fa0779741d56e12

Response Measures

None

Description

Closure followed heavy withdrawals after the nearby American Savings Bank closed.

Events (5)
1. November 30, 1928 Receivership
Newspaper Excerpt
The officers ... Shawver has been named receiver for the American today leaves Marengo without a ... The closing The First National bank of Marengo closed 14.
Source
newspapers
2. November 30, 1928 Run
Cause
Local Banks
Cause Details
Heavy withdrawals at People's followed the closing of the American Savings Bank in the same town.
Newspaper Excerpt
Heavy runs have been noticed the People's bank since the closing of the American
Source
newspapers
3. November 30, 1928 Suspension
Cause
Local Banks
Cause Details
Bank failed to open its doors after heavy withdrawals triggered by the American Savings Bank's closure.
Newspaper Excerpt
People's Savings Fails To Open Friday Morning
Source
newspapers
4. December 25, 1930 Other
Newspaper Excerpt
Peoples Savings bank at Marengo, 5 per cent, $22,512.66.
Source
newspapers
5. August 23, 1932 Other
Newspaper Excerpt
Judge R. G. Popham has authorized public sale of remaining assets of the Peoples Savings bank Aug. 23 ... Receiver L. A. Andrews
Source
newspapers

Newspaper Articles (4)
1. November 30, 1928 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, November 30, 1928

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Article Text

MARENGO BANK FAILS TO OPEN Peoples Savings Institution Was Organized in 1905. News Service.) Marengo, Nov. PeoSavings bank which was ganized ples here in 1905. failed to open its doors this morning Ole Olson is president the bank and A The officers the bank gave its capital at surplus, and total Since the closing of the AmerNov run Savings bank has the Peoples in progress officials said A merger between the institutions failed when petition for a charter was denied Shawver has been named receiver for the American today leaves MaThe closing The First rengo without National bank of Marengo closed 14.

2. November 30, 1928 Iowa City Press-Citizen Iowa City, IA
Article from Iowa City Press-Citizen, November 30, 1928

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Article Text

BANK CLOSES People's Savings Fails To Open Friday Morning (By Associated Press) MARENGO, Ia., Nov. the failure of the People's Savings bank to open here early Fri. day morning, Marengo is left without a single bank, the American Savings bank having closed its doors on November 20th, and the reorganization plans failing in their completion. Heavy runs have been noticed the People's bank since the closing of the American and unable to withstand the loses. The People's Savings bank was organized in 1905 with the late Arthur N. Vetty as president. After the death of Mr. Vetty the bank by Mr. Ole Olson, president, and Mr. Rouse, cashier. The capital stock was $100,000, deposits, good and the total resources estimated at $678,000.

3. December 25, 1930 Globe-Gazette Mason City, IA
Article from Globe-Gazette, December 25, 1930

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Article Text

CLOSED PAY DIVIDEND AS CHRISTMAS GIFT Eight of Iowa Institutions Make Final Payments to Depositors. DES MOINES, Dec. 25. (P)Eight closed Iowa banks have paid the final dividend to depositors as a Christmas gift, L. Andrew, state superintendent of banking, reported today. They are as follows: Parnell Savings bank, $12,944.59; Farmers Savings banks at Troy Mills, $4,721.97; Odebolt Savings bank, $11,789.21; Winthrop State bank, $38,789.21; Ringsted State bank, $51,250.22; Farmers Savings bank at Odebolt, $18,874.14; Farmers State bank at Clutier, $19,321.72; Jesup State bank, $28,853.86. Nineteen other closed banks have paid Christmas dividends as follows: Farmers Savings bank at Bernard, 25 per cent, $36,662.48. Farmers and Traders State bank at Bonaparte, 15 per cent, $51,128.49. First State Savings bank at McCausland, 25 per cent, $29,331.55. Peoples Savings bank at Marengo, 5 per cent, $22,512.66. Malcolm Savings bank, 10 per cent, $19,974.14. Des Moines Commercial Savings bank, 5 per cent, $92,514.70. Security State bank at Promise City, 25 per cent, $45,017.87. County Savings bank at Algona, 10 per cent, $137,669.38. United State bank at Des Moines, 5 per cent, $67,165.18. Floris Savings bank, 30 per cent, Peosta Savings bank, 20 per cent, $12,016.99. Farmers Savings bank at Corwith, 25 per cent, $53,442.13. Gravity State bank, 25 per cent, Peoples State bank at Humboldt, 10 per cent, $43,644.67. Anthon tSate bank, 10 per cent, Citizens State bank at Anthon, 10 per cent, $26,743.92. Farmers State bank at Rockwell,

4. August 11, 1932 Quad-City Times Davenport, IA

Article Text

IOWA CO. 4-H SHOW PROGRAM IS COMPLETED Fourth Annual Three-Day Events Begins Aug. 22; Siefken Speaker. Special The Democrat Marengo, Ia., Aug. 11.-Plans for the fourth annual countywide 4-H club show in Iowa county, Aug. 22-24, were announced this week by County Club Agent R. W. Ashby, in charge of the event. Represented are 14 of 16 townonly the two inhabited by the Amana society226 farm boys and girls, 151 boys from nine clubs. In the livestock division L. W. Plager, Grundy Center, president of the Iowa State Livestock Judges' association, will select 10 from 74 calves, 30 from 133 pigs for entry in the Iowa State fair the following week. From girls' work by five clubs Grace Stevens Rylander of Muscatine will select one booth exhibit and one demonstration team for similar honors, and two individual exhibits in each of 19 classes. Dr. C. H. Herman, Amana, who annually donates his services will determine the healthiest among eight boys and five girls. In addition the livestock judging team whose results most nearly approximate those of Mr. Plager will earn the trip to Des Moines. Bank Settlement. Judge R. G. Popham has authorized public sale of remaining assets of the Peoples Savings bank Aug. 23 at p. m. Meanwhile any debt may be settled or adjusted with Receiver L. A. Andrews and withdrawn from the list. With other amounts collected since dividends totaling 75 per cent were issued, the proceeds will probably result in a final dividend of 5 to per cent. The American Savings bank, which closed ten days earlier, has paid out 50 per cent and may provide depositors with two more 10 per cent dividends. The First National bank, which went into receivership Feb. 14, 1926, liquidated 72.6 per cent. Appraise Creamery. A. W. McKusker, A. T. Akerman, and G. M. Guthrie, Marengo, have been designated by Judge R. G. Popham to appraise property of the Iowa Valley Creamery company preparatory to a public hearing Aug. 16 on its receivership. Henry Bendorf, representing the control-