Plymouth County Savings Bank (Le Mars, IA)

Episode Information

Episode UID
72203471489
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
7220347 routing
Routing Number
72-2034
Start Date
January 1, 1924*
Location
Le Mars, Iowa (42.794, -96.166)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d6c4715ab70fad25

Response Measures

None

Description

President Verne J. Martin involved in forgeries and disappearance; bank closed and placed in receivership.

Events (2)
1. January 1, 1924* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Institution closed after disappearance of president V. J. (Verne) Martin and discovery of forged notes and missing funds.
Newspaper Excerpt
Plymouth County had $23,000 on deposit in the Plymouth County Savings bank when the institution closed its doors four years ago, co-incident the disappearance V. J. Martin, its president.
Source
newspapers
2. January 27, 1925 Receivership
Newspaper Excerpt
LeMars Banker Turns Over Property to Receiver. ... Verne J. Martin ... may make a complete or nearly complete restitution to the depositors. Martin has turned over two farms ... and other resources would be sufficient to pay out in full.
Source
newspapers

Newspaper Articles (3)
1. January 28, 1925 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, January 28, 1925

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Article Text

BANK MAY PAY IN FULL. LeMars Banker Turns Over Property to Receiver. LeMars, Ia., Jan. 27.—Special: Although a preliminary examination of the affairs of the Plymouth County Savings bank has been made, the situation is still considerably "up in the air." It now appears, however, that Verne J. Martin who left numerous forged notes in the vaults when he left, may make a complete or nearly complete restitution to the depositors, though not to the stockholders. Martin has turned over two farms, one in Kossuth county and one in Worth county. The one in Worth county is not believed to be worth much, but the one in Kossuth county has a mortgage on it for $30,000 which is held by the Equitable Life Insurance company. As the policy of this company is to loan not more than 50 per cent of a farm's value, it follows that Martin's equity in the farm should amount to $30,000 at least, provided that there are no second or third mortgages. Should this be the case, the $30,000, the automobile finance business, Martin's equity in his LeMars house, the amount the stockholders are liable for, and other resources would be sufficient to pay out in full. There is also some talk of re-organizing the bank.

2. March 25, 1925 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, March 25, 1925

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Article Text

IOWA LEGISLATURE The house spent the entire day in secret session considering the Hogue appropriations bill. The senate proceeded well on its way to clear its calendar by passing a score or bills. These included two of the Iowa child welfare commission's bills and the Forsling bill prohibiting the use of the peyote or mescale button, said to be a factor in Indian religious rituals, all of which were already passed by the house. this morning when the car in which she was riding skidded off the paving and overturned, pinning her underneath. Three other occupants of the wrecked car escaped with minor injuries. Finds 75-Pound Catfish. Clinton, Ia., March 24.—Postmaster Ed Olds, of Albany, Ill., on the opposite side of the Mississippi river, is claiming honors as the champion fisherman of the season, and is exhibiting a 75-pound cat fish as the evidence. He found the fish which had evidently been stunned by the propeller of a passing motor boat, lying on rocks near the shore of the river. It measured 12 inches across the head 34 inches in circumference and 51 inches in length. Bank Cashier Faces Charge. LeMars, Ia., March 24.—Special: Liquidation of the affairs of the Plymouth County Savings bank is continuing. A number of suits have been filed in the district court. Charging that Ben J. Pannkuk, former cashier of the bank, wrongfully drew money from the bank, H. F. Clasen and George Rentschier, directors, filed suit against Pannkuk for $200. Writers Meet Today. Iowa City, Ia., March 24.—Midwestern novelists, short story writers and poets will meet here tomorrow in a one day conference. Henry Seidel Canby, of New York, editor of the "Saturday Review of Literature;" Roger Sergel, author of "Arlie Gelston," and Mr. Helen C. Lecron, of the Des Moines Register, will be prominent on the program.

3. March 18, 1928 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, March 18, 1928

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Article Text

BOARD CALLS SESSION Vocational Educators to Be in Conference in Des Moines. (By the Associated Des Moines, Ia., March 17.-State directors of vocational teaching, state supervisors and members of teacher training staffs in agricultural education from 10 states making up the north region, will here March 26 to 30, in annual conference. at the call of the federal board for vocational education, Washington. States represented in the conference are: Iowa, Ohio, Indiana, Illinois, Wisconsin, Missouri, Mansas and hundred will attend the The will be by Linke, federal for agricultural board for cational of the list the C. V. Kansas; H. M. Hamlin, Iowa; A. M. Field. Z. M. Smith, Dickinson, Missouri, Dr. H. chief specialist agricultural education, United department of agriculture; A. James, Wisconsin: Ray Fife, Ohio: Guy E. James, Louis Sasman, H. E. Bradford, Nebraska: E. M. Tiffany, Wisconsin; E. N. Iowa; B. Michigan: F Illinois: C. H. Washington; F. Moore, E. Hill, Illinois; George F. Iowa. Subjects to be discussed are teachtraining. courses, professional education, humanistic and related courses, general courses, vocational student activities, graduwork. departmental prob. lems, summer work, marketing of farm produce, placement of students, elimination of non-producing animals. programs for the future, all-day and time schools, financing, and promoting vocational agriculture. On March 30, the final day of the conference. visit will be made by delegates to the Iowa State college at Ames. RULES COUNTY CAN NOT HOLD SURETY BOND SIGNERS LeMars, March Special: The signers of bonds to protect county funds in case of failure of the banks in which funds are cannot held K bonds have been materially changed, is the ruling handed down by Judge B. F. Butler in the case of Plymouth county vs. H. Plymouth county had $23,000 on deposit in the Plymouth County Savings bank when the institution closed its doors four years ago, co-incident the disappearance V. J. Martin, its president. Martin later sentenced on a plea of guilty to 10 years in Fort Madison. The county sued the.sureties on the county's bond protecting the deposits. The sureties declared that the bond was invalid because Martin had changed the amount from after they had signed. which they void. The court held that forgery alteration which had not been ratified The court also held that they could not be held by bond which had been forged, because this bond had expired when the new bond given. During the hearing of this case attorneys to get deposition from Martin at the_ but