Second National Bank - New Hampton, IA

Episode Information

Episode UID: 760701517
Episode Type: Run → Suspension → Unsure
Bank Type: national
Bank ID: 76070 national
Charter Number: 7607
Start Date: May 3, 1926
Location: New Hampton, Iowa (43.059, -92.318)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: ae8ae2d30ebacf44

Response Measures

Full suspension

Receivership Details

Depositor recovery rate: 87.5%
Date receivership started: 1931-07-14
Date receivership terminated: 1938-02-09
Share of assets assessed as good: 48.2%
Share of assets assessed as doubtful: 46.1%
Share of assets assessed as worthless: 5.6%

Description

Article states banks were closed by directors after withdrawals from false rumors and mentions reorganization but does not explicitly report a reopening date.

Events (4)

1. February 11, 1905 Chartered

Source: historical_nic

2. May 3, 1926 Run

Cause: Rumor Or Misinformation
Cause Details: Withdrawals triggered by circulation of false rumors about the banks
Measures: Directors closed the banks to avoid giving preference to certain depositors; planned reorganization
Newspaper Excerpt: Withdrawals caused by circulation of false rumors prompted the directors' action
Source: newspapers

3. May 3, 1926 Suspension

Cause: Rumor Or Misinformation
Cause Details: Board closed banks after withdrawal activity caused by false rumors to prevent preferential payouts
Newspaper Excerpt: Five banks ... were closed yesterday by the board of directors.
Source: newspapers

4. July 14, 1931 Receivership

Source: historical_nic

Newspaper Articles (1)

1. May 4, 1926 Evening Star Washington, DC

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Article Text

FIVE BANKS IN IOWA CHAIN CLOSE DOORS False Rumors Blamed-Directors to Reorganize Companies, President Says. By the Associated Press. NEW HAMPTON, Iowa. May 4. Five banks of the Shaffer chain, located at Bassett. Ionia, Fredericks burg and New Hampton, were closed yesterday by the board of directors. Withdrawals caused by circulation of false rumors prompted the directors' action in an effort to avoid giving preference to certain depositors, President W. G. Shaffer said. All of the banks, he said, would "pay out well." Reorganization is to start immediately. The Second National Bank of this town was the largest involved.