First Nashua State Bank

Episode Information

Episode UID: 72060271613
Episode Type: Suspension → Reopening
Bank Type: state
Bank ID: 7206027 routing
Routing Number: 72-0602
Start Date: May 1, 1934*
Location: Nashua, Iowa (42.953, -92.536)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: b58eea8d7e0d49d7

Response Measures

None

Description

Bank was operating under Senate File 111 restrictions and is being reorganized to resume unrestricted operations.

Events (2)

1. May 1, 1934* Reopening

Newspaper Excerpt: before the end of the month our bank will be operating unrestricted in any way. The stockholders have met the fifty per cent assessment, and the work of getting waivers signed by the depositors has been underway ... fifty per cent of the deposits will be made available the day the bank is opened.
Source: newspapers

2. * Suspension

Cause: Government Action
Cause Details: Bank was operating under restrictions imposed by Iowa's Senate File 111 (regulatory action requiring restricted operations)
Newspaper Excerpt: reorganizing the First Nashua State Bank so that it can be released from operating under Senate File 111 and run as an unrestricted bank
Source: newspapers

Newspaper Articles (1)

1. May 9, 1934 The Nashua Reporter Nashua, IA

Article Text

Chickasaw C-H Payments to be $490,000; Early Pa'm'ts $14,300 Checks totaling $14,313.70 will soon be received from Washington by Chickasaw county farmers who signed "early payment" contracts. This amount represents the first checks to be paid 93 Chickasaw county farmers who signed rider or "early payment" contracts. Payments to be made to Chickasaw County farmers will total about $490,000 on early payment and regular pay contracts. A little more than 15,000 acres of land will be rented to the government in Chickasaw county during 1934. An average rental of $9.90 land will be rented to the government information. Fourteen hundred and forty-seven Chickasaw county farmers signed corn-hog contracts. Payments will average about $338.00 per contract. County quotas for the regular payment contracts are now being determined by the state board. All of the county figures had to be in and checked before the work was begun. The board is finding the last listing sheets containing corn and hog production figures in better shape than the earlier ones, according to Leslie M. Carl, chairman of the board. Progress is being made in the work of reorganizing the First Nashua State Bank so that it can be released from operating under Senate File 111 and run as an unrestricted bank, with deposits up to $2,500 insured under the Federal Deposit Insurance Corporation. J. Lester Therme, of the State Banking Department, who has been here since the first of the year working with the bank officials, has made good progress, and before the end of the month our bank will be operating unrestricted in any way. The stockholders have met the fifty per cent assessment, and the work of getting waivers signed by the depositors has been underway the past two weeks and has been very successful, most of the depositors coming to the bank voluntarily, or sending their signed waivers to the bank through the mail. According to the agreements being signed, fifty per cent of the deposits will be made available the day the bank is opened. The cheerful attitude the stockholders, depositors and all others interested have shown in the reorganization of the bank has been a great help to those engaged in the reorganization work and is deeply appreciated and stimulated them in completing the reorganization as rapidly as possible.