City National Bank (Council Bluffs, IA)

View Charter #9306 on SPMC View balance sheet

Episode Information

Episode UID
930601599
Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
93060 national
Charter Number
9306
Start Date
March 1, 1933
Location
Council Bluffs, Iowa (41.262, -95.861)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
093cf028f7fd5371

Response Measures

Accommodated withdrawals, Partial suspension, Full suspension

Description

State banking holiday (Iowa) forced temporary suspension despite some banks attempting to open.

Events (4)
1. January 2, 1909 Chartered
Source
historical_nic
2. March 1, 1933 Run
Cause
Macro News
Cause Details
General banking panic and regional run tied to other bank closings and the nationwide crisis preceding the March 1933 bank holidays.
Measures
Paid withdrawals; continued routine business and cashing checks while handling increased small withdrawals.
Newspaper Excerpt
G. Turner, chairman of the board of directors of the City National bank, announced that the run had touched the bank only ... Of course there were some withdrawals, but they were mostly of the smaller savings depositors
Source
newspapers
3. March 4, 1933 Suspension
Cause
Government Action
Cause Details
State banking holiday/moratorium ordered by Iowa authorities (closure of all Iowa banks until further notice).
Newspaper Excerpt
Iowa Proclaims Holiday... Lieut. Gov. N. G. Kraschel today ordered a banking moratorium effective at once. ... All Iowa banks are closed in strict conformity with the state proclamation.
Source
newspapers
4. March 18, 1933 Reopening
Newspaper Excerpt
City National bank of Council Bluffs opened for regular business Saturday morning for the first time since declaration of the nation-wide banking holiday, under authority received Friday afternoon from Secretary of Treasury... Business heavy during the morning.
Source
newspapers

Newspaper Articles (8)
1. March 1, 1933 The Daily Nonpareil Council Bluffs, IA

Article Text

DEPOSITORS RETURN TO STATE SAVINGS PLANS ARE BEING MADE FOR REORGANIZATION OF BANK. FLURRY HAS SUBSIDED While plans for reogranization under the state banking stabilization law were being perfected by officials of the State Savings bank under direction of the state bank. ing department, other banks of the city Wednesday were doing routine business, with little to remind them of the flurry of withdrawal which the closing and reopening of the State Savings bank Tuesday Patrons of the State Savings bank were redepositing their money there this morning under the reorganization, and at the other banks the usual banking business was being done, deposits were coming in about normal volume and the banks were cashing checks, issuing drafts, etc., in the regular course of business. Plans for the reorganization of the bank are still indefinite. No effort has been made as yet to secure according to W. S. Baird, vice president, and no trustees have been appointed yet to take over the old affairs of the bank. Probably it will be three or four days before action can be taken on these matters. City, county and school funds which deposited in the State Savings bank are protected under the bank guarantee law. No definite date can be given as to when the bank will begin to pay off depositors, Baird said, but it will be as soon as possible. Meanwhile at other banks the flurry of withdrawals had subsided. G. Turner, chairman of the board of directors of the City Na. tional bank, announced that the "run" had touched the bank only "The last day of February and the frst day March are always heavy days in this bank," he said. "Of course there were some withdrawals, but they were mostly of the smaller savings depositors and many of them have again deposited their funds in the bank." A small line of persons was waiting at the statement window at 11 a. m., but the other windows seemed no busier than usual. Roy Maxfield, vice president of First National bank, also said ceased. that withdrawals had practically "We are prepared to pay all those who want their money," he declared, "but reason to believe that the panic which always follows closing of a bank has sub sided. "The people of Council Bluffs have no reason to fear any bank in the city. "The big run of withdrawals was taken care of Tuesday without trouble, B. A. Gronstall, vice president of the Council Bluffs Savings banks, declared. Today everything is going along in the normal way.'

2. March 5, 1933 Chicago Tribune Chicago, IL

Article Text

EVERY STATE JOINS IN MOVE TO SAVE BANKS Take Holiday or Impose Restrictions. Wilmington, Del., March 4.—(AP)—Delaware, the last of the nation's 48 states not under some form of banking restriction, declared a bank holiday tonight, effective Monday and continuing "until further notice." Harold W. Horsey, state banking commissioner, said Gov. C. Douglas Buck had directed him to notify all banks in the state as follows: "Not because of anything that has occurred in Delaware, nor any condition existing here, but wholly because of the action of practically all the other states in declaring a bank holiday and the observance thereof by the Federal Reserve bank, this bringing about a temporary suspension of banking business over the country, I am left with no alternative but to take action to protect Delaware banks and their depositors." Wisconsin Plans Reopening. Milwaukee, Wis., March 4.—[Special.]—Banks of this city and Wisconsin are making plans to reopen next week, but on what day had not been determined tonight. In Madison, Banking Commissioner Arthur C. Kingston said that a plan has been devised for reopening Wisconsin banks Monday morning, although he withheld details of the plan pending an expected announcement from President Roosevelt at Washington on the banking situation. On the other hand, Walter Kasten, president of the First Wisconsin National bank, and also a member of a committee appointed by the Milwaukee Clearing House association to work out a plan, said the Milwaukee banks will not reopen until Wednesday at the earliest, and then probably will operate under a scrip plan similar to that used in 1907. In the meantime the fourteen day bank holiday proclaimed by Gov. R. G. Schmedeman remains in effect. No Holiday in Indiana. Indianapolis, Ind., March 4.—[Special.]—Indiana banks, under the new bank code law recently rushed through the state legislature, have the power to limit withdrawals to one-tenth of 1 per cent. Therefore, no state-wide bank moratorium will be declared in Indiana Gov. Paul V. McNutt today informed state officials from Washington, where he attended the inauguration. Indianapolis banks today continued to pay 5 per cent on both savings and checking accounts, and 100 per cent on deposits made since they declared a 5 per cent withdrawal limitation last Monday. A few upstate banks have limited withdrawals to 2 per cent. Plan Michigan Reopening. Detroit, Mich., March 4.—[Special.]—There was an easing up of banking anxieties in Detroit because of the action of the state legislature on relief bills which are scheduled to be passed on Monday. They should become laws not later than next Saturday and thereby permit banks to re-open and permit another withdrawal of funds in amounts yet to be decided upon. Operations in Detroit will be immediately resumed by the First National bank and the Guardian National Bank of Commerce. Iowa Proclaims Holiday. Des Moines, Ia., March 4.—[Special.]—Lieut. Gov. N. G. Kraschel today ordered a banking moratorium effective at once. In his proclamation the lieutenant governor set no definite time, declaring only "a temporary banking holiday mandatory for all Iowa banks, savings banks and

3. March 6, 1933 The Courier Waterloo, IA

Article Text

IOWA'S BANKS MAY BE PERMITTED TO RAISE BAN FRIDAY Will Not Be Allowed to Open Before Under Permission from Treasury. NEED RESERVES TIED UP IN CHICAGO BANKS Use of Clearing House Scrip Will Afford Means for Circulation. Des Moines—(AP)—Iowa's bank holiday will be effective until the ban on withdrawals from New York and Chicago banks is lifted, Lieut. Gov. N. G. Kraschel said Monday. "Many reserves of Iowa banks are held by national banks in Chicago and New York," Kraschel said. "Until those reserves are available, Iowa banks that were opened would be exposed the dangers of withdrawals, particularly by business organizations which might wish to obtain money from Iowa deposits for use in other states." It was indicated that Iowa situation will continue unchanged at least until Friday, the earliest date when congressional action could lift the ban. Iowa's banking holiday remained mandatory despite the terms of President Roosevelt's proclamation that liquid banks could remain open during the national holiday if given permission by the secretary of treasury. Agree To Keep Banks Closed. Lieut. Gov. Kraschel said early Monday that Iowa banks will not be permitted to take advantage of that provision in the president's proclamation and that, the state holiday started Saturday will remain in effect on all Iowa banks. Agreement to keep the Iowa proclamation in force was reached in a telephone conversation between Lieut. Gov. Kraschel and Gov. Clyde L. Herring, who is in Washington. Officials of the Iowa Bankers association met here Sunday for a discussion of additional legislation to be considered by the state legislature which reconvened Monday following a week's recess. Fred J. Figge of Ossian, president of the association, said the legislation would deal with methods of bank withdrawals after the holidays are suspended. Details of the proposals could not be discussed, Figge said, as they were to be discussed further with the banking committees Monday. Two Banks Told To Stay Shut. Bank officials also discussed the issuance of clearing house certificates as provided for in President Roosevelt's proclamation. Information concerning the certificates, which would be issued under regulations of the Chicago Federal Reserve bank, was expected from Chicago. Lieut. Gov. Kraschel said he had ordered officials of two Iowa banks to observe the state holiday and not to open their banks today as they had declared they would do. Henry M. Carpenter, president of the Monticello State bank, and A. R. Robinson, assistant cashier of the Anita bank at Anita, were ordered by Mr. Kraschel not to open Monday. Must Restrict Openings. Des Moines—(AP)—Reopening of banks of the nation must be on a restricted payment basis, L. A. Andrew, state superintendent of banking, said Monday. "There is no question," he said in a formal statement, "that when the banks of the country reopen, it must be on a restricted payment basis and with the use, in many cities, of banking scrip consisting of clearing house certificates." Such scrip, he asserted, will provide a circulating medium for cities in which it is issued. This scrip, he said, "is a promise to pay by all of the banks in a clearing house and has behind it good assets to cover the entire issue." Calling upon the public to face

4. March 6, 1933 Ames Tribune Ames, IA

Article Text

IA. BANK HOLIDAY WILL CONTINUE (Continued from Page One) ed from Washington, it was believed. The banking holiday, also added incentive to the stamp money plan which originated at Hawarden, Ia., and which, due to legislative action 10 days ago, may now be set in motion by every county in the state for poor relief. Some amendment to this law to make it applicable to present conditions was suggested to legislators. Kraschel, however, said that no emergency legislation by Iowa was necessary. The state, he said, had already set its financial house in order and would be ready to proceed with normal bank business at the expiration of the national holiday. Kraschel telephone Gov. Clyde L. Herring, who is attending the governors' conference in Washington, before announcing early Monday that the Iowa proclamation closing banks until further notice would be rigidly enforced. Several score banks thruout the state, it was said, were prepared to open their doors at the first possible opportunity in spite of the proclamation of the lieutenant governor, and had closed temporarily only under protest. One bank, the Iowa-Des Moines National here, had announced flatly that it would re-open Wednesday. In view of President Roosevelt's proclamation however, this plan probably will be changed to coincide with present developments. Pending a readjustment of emergency money matters, merchants scrip, several kinds of barter and agreements honoring checks of reliable firms in lieu of cash, were being worked out in individual cities thruout the state. Kraschel urged that all business houses cooperate in honoring these temporary adjustments made locally until Iowa's banks re-open.

5. March 8, 1933 Des Moines Tribune Des Moines, IA

Article Text

State Firms Stay Closed, Andrew Says 2 National Houses in Council Bluffs Agree. Lieut. Gov. N. G. Kraschel Wednesday insisted that all Iowa banks, both state and national, abide by the Iowa banking holiday until federal reserve balances are released. All banks in Iowa Wednesday agreed to abide by the Iowa banking holiday, Kraschel said. The two national banks in Council Bluffs, the First National and the City National, discontinued acceptance of new deposits at 11 m. Wednesday, in compliance with Kraschel's demand. Dubuque Open. The First National bank at Dubuque open for business Wednesday despite orders from Lieutenant Governor Kraeschel that all Iowa banks, both state and national, should remain closed in conformity with the state banking holiday. Operating under the regulations of the federal government permitting national banks to accept new deposits, officials of the institution said they had no intention of closing until ordered by the United States treasury department, the Associated Press said. More Deposits. The bank officials said they accepted $50,000 in new deposits Tuesday and than that sum had been deposited Wednesday. Under the federal ruling, new deposits must be segregated from the old. Officers the Council Bluffs banks said patrons who deposited funds during Tuesday and early Wednesday will be permitted to withdraw deposits. Approximately $11,000 had been accepted under the federal treasury restrictions when acceptance was discontinued. State Banks Closed. All state banks, over which the state proclamation has full authority, remained closed Wednesday, L. A. Andrew, state banking superintendent, said. "We have not the authority to force national banks in the state to remain closed but we appeal to national bank officers to protect the interests of the state and abide by the state holiday until federal reserve balances are released," Kraschel said Wednesday. Conformity. Kraschel issued the following statement Wednesday afternoon: "All Iowa banks are closed in strict conformity with the state proclamation. The splendid cooperation that they have shown in upholding our hand gives us hope obtaining release of Iowa bank money in Chicago and New York. "It perfectly obvious that if of our banks were to disregard our and permit withdrawals of cash, our position would be lost forever. Position Strong. "It is unfortunate that American business should be so paralyzed, but Iowa's position is extremely strong in such crisis, We have food products that the remainder of the country must have and we would be weak indeed did not demand the creation of sound currency or release of our own funds now in city banks before normal business is resumed. "We do not seek an unfair advantage over our sister states but the present bank crisis is due to exploitation and unsound bankpractices in higher circles over which we had no control. Not to Blame. "We are not to blame for this situation. Therefore we would be weak if we failed to exercise our position at this time for the protection of our own people. 'President moving forward boldly and in constructive manner. Herring is in hourly contact with us advising to the progress. Within few days new and sounder banking structure will arise for the service of the nation. We need to be patient but few days more and commend the loyalty of our bankers and the patience of our people in the maintenance of our state program."

6. March 8, 1933 The Gazette Cedar Rapids, IA

Article Text

Iowa Maintains Solid Front In Banking Crisis DES MOINES (AP)—Acting Governor Kraschel announced shortly after noon Wednesday that all Iowa state and national banks were closed to conform with the state proclamation. Several of the banks which opened Wednesday morning to accept new deposits discontinued the practice after conversations with state officials, Kraschel indicated. The banks may continue to make change and allow patrons to use their safety deposit boxes. "Iowa's position is extremely strong," Kraschel said in a statement. He commended bankers for their co-operation and said that Governor Herring in Washington has kept in hourly contact with the Iowa officials. "Within a few days a new and sounder banking structure will arise for the service of the nation," he declared. His statement was as follows: "All Iowa banks are closed in strict conformity with the state proclamation. The splendid co-operation that they have shown in upholding our hands gives us hope of obtaining release of Iowa bank money in Chicago and New York. It is perfectly obvious that if some of our banks were to disregard our proclamation and permit withdrawals of cash, our position would be lost forever. "It is unfortunate that America's business should be so paralyzed, but Iowa's position is extremely strong in such a crisis. "We have food products that the remainder of the country must have, and we would be weak indeed if we did not demand the creation of a sound currency for release of our own funds now in city banks before normal business is resumed. "We do not seek an unfair advantage of our sister states but the present bank crisis is due to exploitation and unsound banking practices in higher circles over which we had no control. We are not to blame for this situation, therefore we would be weak if we failed to exercise our position at this time for the protection of our own people. "President Roosevelt is moving forward boldly and in a constructive manner. Gov. Herring is in hourly contact with us, advising us as to the progress. Within a few days a new and sounder banking structure will arise for the service of the nation. We need to be patient but a few days more, and I commend the loyalty of our bankers and the patience of our people in the maintenance of our state program." DUBUQUE BANK OPEN. DUBUQUE (AP)—The First National bank here remained open for business Wednesday despite advice from Lieut.-Gov. Kraschel that all Iowa banks, both state and national, should remain closed in conformity with the state banking holiday.

7. March 17, 1933 The Omaha Evening Bee-News Omaha, NE

Article Text

EVEREST NAMED BLUFFS BANK CONSERVER COUNCIL BLUFFS, March 17. -Frank Everest, president of the First National bank of Council Bluffs, Friday was named federal conservator of the institution, to protect the assets for the benefit of depositors. Following his appointment, the bank suspended all operations except permitting customers access their safety deposit boxes. Application been made to federal authorities for operation the bank under the conservation of the emergency banking law. for such operation is expected to be received in two or three days, according to Mr. Everest The directors and stockholders were to meet, probably Friday, to determine whether the bank operate under this plan or liquidate. the decision is to operate, the bank will be open under federal restrictions until the government willing to grant license for unrestricted operation. If the directors decide to liquidate, courses are open Outright liquidation and reorganization, or liquidation by turning the bank's assets over to some other bank. Appointment of Everest as conservator was made following his return from airplane trip to Chicago with Robert Turner, president of the City National bank of Council Bluffs. to confer with officials of the Chicago Federal Reserve bank. Mr. Turner announced Friday he had received notice from the Chicago Federal Reserve bank that license for reopening of the City National would reach him Friday from Washington. He was preparing to reopen the bank at the notification reached him by that the First National bank decides to operate under conservation of the banking law, deposits, make and perform such other banking functions as the law specifically permits. Its officers, in addition to Mr. Everest, are Roy Maxfield, vice president, and G. F. Spooner, cashier.

8. March 18, 1933 The Omaha Evening Bee-News Omaha, NE

Article Text

COUNCIL BLUFFS, March City National bank of Council Bluffs opened for regular business Saturday morning for the first time since declaration of the nation-wide banking holiday, under authority received Friday afternoon from Secretary of Treasury Business heavy during the morning. but most of posits, according to bank officials. Reopening of the City National placed two Council Bluffs banks normal basis. The Council Bluffs Savings bank has reopened without restrictions by authority of the state. The State Savings bank operating under the state same status which occupied prior to the bank holiday All business of the First Na tional bank suspended Friday except giving customers access safety deposit vaults, following the appointment Frank Everest. president, as federal conservator protect the assets for depositors Application has been made to federal authorities for operation of the bank under the conservation the emergency banking law Permission for such operation expected be ceived in three days, cording Mr The directors and stockholders Friday afternoon determine whether the bank is operunder this plan to liquidate, but reached decision the decision operate the bank be open under fed eral restrictions until the governwilling grant license for unrestricted operation. the directors decide to liquidate. courses open right liquidation and reorganization, liquidation by turning the assets over to some the First National bank deoperate under tion the and perform such other banking the law specifically Its officers, in addition to Mr. Everest are Maxfield. vice president, and cashier.