Farmers National Bank (Inwood, IA)

View Charter #8257 on SPMC View balance sheet

Episode Information

Episode UID
825701572
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
82570 national
Charter Number
8257
Start Date
December 17, 1930
Location
Inwood, Iowa (43.307, -96.432)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ad59defa653517f4

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
74.2%
Date receivership started
1930-12-20
Date receivership terminated
1936-05-16
OCC cause of failure
Economic conditions
Share of assets assessed as good
21.3%
Share of assets assessed as doubtful
75.8%
Share of assets assessed as worthless
2.9%

Description

A known receivership date of 1930-12-20 (provided) follows the reported suspension on 1930-12-17.

Events (5)
1. June 9, 1906 Chartered
Source
historical_nic
2. December 17, 1930 Suspension
Cause
Local Banks
Cause Details
Closed/suspended as part of a group of four Lyon County banks after runs and lack of confidence stemming from nearby bank failures.
Newspaper Excerpt
the Farmers National bank of Inwood were the others which suspended business.
Source
newspapers
3. December 20, 1930 Receivership
Source
historical_nic
4. December 20, 1930 Receivership
Source
newspapers
5. * Run
Cause
Local Banks
Cause Details
Run began on nearby Alvord Bank and loss of confidence after failures of Sioux City banking institutions prompted heavy withdrawals and contagion.
Measures
Officers and directors decided to close/suspend business to conserve assets.
Newspaper Excerpt
A run started on the Alvord Bank, at Alvord, Tuesday, convinced the officers and directors of the four banks of the advisability of closing
Source
newspapers

Newspaper Articles (2)
1. December 17, 1930 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, December 17, 1930

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Article Text

DOZEN ARKANSAS BANKS CLOSED Affairs Turned Over to State Officials. LITTLE ROCK, ARK. (U.P.)—Twelve Arkansas banks and trust companies Wednesday closed their doors, turning over their affairs to the state banking department. The closures were attributed to heavy withdrawals. The banks closed were: Citizens bank, St. Joseph; Citizens Bank and Trust Co., Harrison; First National bank, Harrison; First National bank, Eureka Springs; Bank of Alpena, Alpena Pass; Bank of North Arkansas, Everton; Bank of Leadhill, Leadhill; American Exchange bank, Leslie; First State bank, Marshall; Citizens bank, Yellville; Bank of Flippin, Flippin; Bank of Tyatt, Tyatt. The last two banks listed were branches of the Citizens Bank of Yellville. The Citizens Bank & Trust company of Harrison is the largest bank of those closed with deposits totaling more than one million dollars. Other banks with large deposits were the Citizens' bank of Yellville and its two branches, deposits $276,634; First State bank, Marshall, $320,000; American Exchange bank, Leslie, $152,000. Aggregate deposits of the other banks was estimated at more than $300,000. One In Mississippi. ABERDEEN, MISS. (U.P.)—The Commercial Bank & Trust company, one of three banking institutions here, failed to open Wednesday and its affairs were turned over to the state banking department for liquidation. Capitalization of the bank was $50,000. The bank's statement, issued on Oct. 1, 1930, showed deposits of $118,000. FOUR LYON COUNTY BANKS CLOSE DOORS (The Tribune's Iowa News Service.) ROCK RAPIDS—Four banks in Lyon county closed their doors Wednesday. The largest was the First National bank of Rock Rapids, which had deposits of $318,000, according to the last published report, and capitalization of $100,000. The Alvord bank at Alvord, a private institution; the Savings bank of Larchwood, a state bank, and the Farmers National bank of Inwood were the others which suspended business. According to the Iowa bank directory, the Alvord bank was capitalized at $22,000 and had deposits of $315,000. The Larchwood Savings bank had capital of $30,000 and deposits of $200,000, and the Farmers National bank of Inwood had capital of $40,000 and deposits of $275,000. Charles Shade is president of all four banks closed.

2. December 26, 1930 The Sioux County Index Hull, IA
Article from The Sioux County Index, December 26, 1930

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Article Text

Supervisors News Of Sioux County Complete Report of the Meeting of the County Board of Supervisors Members present same as forenoon session. At 2 o'clock P. M. which being the time set for opening bids on 12 carloads of bridge lumber there were eight bids filed. Nebraska Bridge Supply & Lumber Co of Omaha, Nebraska having submitted the following bid and being low bidder the board on motion awarded them the contract for the lumber and piling: (Lumber and Piling Contract and contract prices on File at Index.) On motion the Board instructed the county auditor to return the certified checks to the unsuccessful bidders. On motion the Board approved the official bond of John Vander Hamm, assessor of the town of Ireton. On motion the Board exempted a three acre tract located in the northwest corner of the Northwest Quarter of Section 1 East Orange Township used for cemetery purposes. On motion the Board exempted lots 14-15-16 and 17 Block 28 Western Town Lot Company Hawarden, Iowa, from taxes for the year 1929 and 1930 on account of said property being used for church purposes. On motion the Board exempted lots 6 and 7 Block 29 in North Sioux Center from taxes for the years 1929 and 1930 on account of said property being used for church purposes. On motion the Board suspended the taxes against South one-half of Lots 7 and 8 Block 7 owned by Mrs. W. Sterrenberg for the year 1929 and 1930 as recommended by the town council of Orange City. The Board spent the remainder of the day auditing claims as found in the claim register and on motion instructed the county auditor to draw warrants for same as allowed. On motion the Board adjourned to December 2nd, 1930. An unwarranted lack of confidence, fostered by the failure of Sioux City banking institutions more than a week ago, forced the closing of four Lyon county banks the first of last week. All were members of the chain organized many years ago by a group headed by Chas Shade, long identified with the banking business in that county. A run started on the Alvord Bank, at Alvord, Tuesday, convinced the officers and directors of the four banks of the advisability of closing in order that their assets might be conserved as far as possible, and they moved to take such action at a meeting held in Rock Rapids on Tuesday evening. Banks affected by the closing order were the First National Bank of Rock Rapids, the Alvord Bank of Alvord, the Farmers' National Bank of Inwood, and the Savings Bank of Larchwood.