Waterloo Bank & Trust Company (Waterloo, IA)

Episode Information

Episode UID
9160394391501
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
916039439 hash
Start Date
January 1, 1925*
Location
Waterloo, Iowa (42.493, -92.343)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
30fc5d59f01a1eec

Response Measures

None

Description

Articles state the bank closed in January 1925 and a state banking receiver administered assets.

Events (5)
1. January 1, 1925* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed after borrowers defaulted on loans taken at peak land values leading to insolvency and asset takeover by receiver.
Newspaper Excerpt
the receiver of the Waterloo Bank & Trust Co. ... since the bank closed Jan 1925.
Source
newspapers
2. February 18, 1926 Receivership
Newspaper Excerpt
state superintendent of banking ... receiver of the Waterloo Bank & Trust Co. An allowance ... is granted, to be paid out of the funds in the hands of the receiver of the Waterloo Bank & Trust Co.
Source
newspapers
3. November 19, 1926 Other
Newspaper Excerpt
Among the assets of the receiver the Waterloo Bank & Trust Co. are 2,000 acres of farm lands in Iowa. ... the receiver of the Waterloo Bank & Trust Co., declared dividend of 25 per cent to all depositors and checks were mailed two weeks ago.
Source
newspapers
4. April 5, 1927 Other
Newspaper Excerpt
Cash receipts amounting to $77,306.23 were received by Bert McCulloch examiner in charge of the Waterloo Bank & Trust Co., according to statement in his ninth quarterly report ... balance of $355,363.25 on hand on March 31.
Source
newspapers
5. August 17, 1928 Other
Newspaper Excerpt
the receiver for Waterloo Bank & Trust Co. is authorized to compromise, settle or sell personal assets in his hands amounting in face value to $156,270.61
Source
newspapers

Newspaper Articles (5)
1. February 18, 1926 The Courier Waterloo, IA
Article from The Courier, February 18, 1926

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Article Text

COURT ALLOWS OVERHEAD CLAIM BY BANK RECEIVER Approval of the district court was granted late yesterday on application of the state superintendent, of banking for pro rata overhead of the receiverships in connection with the Waterloo Bank & Trust Co. An allowance of $297 22 for November, December and January is granted, to be paid out of the funds in the hands of the receiver of the Waterloo Bank & Trust Co. The total overhead in the office of the state banking superintendent in Des Moines for.the three months was $8,113.18. Under the Iowa law the state superintendent of banking becomes receiver of all closed state banks.

2. November 19, 1926 The Courier Waterloo, IA
Article from The Courier, November 19, 1926

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Article Text

BANK RECEIVER FARMS 2,800 A. FOR DEPOSITORS Lands in Four Counties Are Paying Their Way While Values Rise. Among the assets of the receiver the Waterloo Bank & Trust Co. are 2,000 acres of farm lands in Iowa. The examiner in charge. Bert McCulloch Humeston, Ia., said today practically every acre is be ing farmed and the land is paying its way while values have a tendency to rise. These lands are represented chiefly by farms of 80 and 160 acres. One contains 1,000 acres. They are located in Black Hawk, Story. Howard and Floyd counties. the bulk of them being in Black Hawk. The land is being operated cash rent The land was taken over by the bank when borrowers failed to pay loans, most which were gotiated at the peak of land values. Maintain Fertility. "We are keeping the buildings insured and in fair shape and are maintaining the fertility of the soil by furnishing tenants clover seed,' McCulloch said. The Hudson Savings bank receivership. of which McCulloch also is examiner in charge, owns 800 acres of farm lands, all but one farm of which are located in Black Hawk 'Rentals from real estate in session of the of the Waterloo Bank & Trust Co amount to nice sum in the course of year." McCulloch continued. "Of course we want to sell this land, but will not do so sacrifice. we should sell at sacrifice, would establish harmful precedent for values of other lands in the vicinity and harm agriculture general. Earning Capacity Large. "The earning capacity of the receivership has been big, but the losses heavy. There has been collected $65,000 in interest rentals and other earnings since the bank closed Jan 1925. Recently the receiver of the Wa terloo Bank & Trust Co., declared dividend of 25 per cent to all depositors and checks were mailed two weeks ago. Future dividends will depend upon quickly and for how much the balance of the assets can be converted into money. McCulluch has been banker all his adult life and for five years past has been with the state bank ing department. He owns farm lands In Wayne county, where Humeston is situated.

3. November 24, 1926 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, November 24, 1926

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Article Text

BANK RECEIVER HAS CHARGE OF SEVERAL FARMS News Waterloo. Ia. Nov. 23 Bert examiner in charge closed banks in Black Hawk the county's 'biggest farmers. He farming for the benefit the aterloo Bank and Trust company and the HudSavings bank Practically every acre is being farmed. said today and land is paying its while values have tendency to These lands are chiefly in farms and 160 One contains They are located in Black Story and Floyd counties The land operated on a cash rent land was taken over the banks when borrowers failed to pay most of which were negotiated at the peak of land are keeping the buildings insured and and fertility the by furnishing tenants clover said McCulloch farmer on his account Wayne county, where he land in the borhood of banker adult and for last five years has with the state banking debeen partment.

4. April 5, 1927 The Courier Waterloo, IA
Article from The Courier, April 5, 1927

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Article Text

BANK RECEIVER HERE HAS $77,306 REVENUE IN 3-MONTH PERIOD Cash receipts amounting to $77. 306.23 were received by Bert Mc. Culloch examiner in charge of the Waterloo Bank & Trust Co., according to statement in his ninth quarterly report for the period from 31. 1926. to March 31, 1927 Disbursements in the same time Two farms were sold in the pe riod named for and the bank has other real estate valued at The report shows a balance of $355,363.25 on hand on March 31, distributed as follows: Cash in hands of the examiner. $98 divi tional bank. 892 Des Moines Commercial of this amount 439 63 belongs to the stock assessment count. the examiner explains.

5. August 17, 1928 The Courier Waterloo, IA
Article from The Courier, August 17, 1928

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Article Text

BANK'S RECEIVER IS AUTHORIZED TO DISCOUNT ASSETS Court's Order Involves Claims Having Face Value of $156,270. In an order issued today by Judge H B. Boies in district court the receiver for Waterloo Bank & Trust Co. is authorized to compromise, setfle or sell personal assets in his hands amounting in face value to $156,270.61 as in his judgment he deems best. The order was on application of L Andrew. superintendent of banking in Iowa and receiver. who stated all such items scheduled are practically uncollectible and in his opinion the only way to derive any proceeds therefrom is to compromise settle the claims for less than the face value When the hearing on the application was called at 11 m. today. no one made appearance to offer objection The personal assets which three years of efforts by the receiver have failed to convert into cash consist of the following classifications:* Bills receivable $118,594.50 Real estate loans and int. 34,952.19 Special deposit loans 999.08 So-called cash items 289.74 Overdrafts 1,435.10 Total $156,270.61