State Bank (Swea City, IA)

Episode Information

Episode UID
9901586791534
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
990158679 hash
Start Date
October 1, 1927*
Location
Swea City, Iowa (43.384, -94.315)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
42eab99108c079fb

Response Measures

None

Description

OCR in Article 1 contains garbled words; bank referred to generically as 'State bank.'

Events (2)
1. October 1, 1927* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed as defunct about two years before Oct 18, 1929 (approx. Oct 1927), indicating insolvency and permanent closure.
Newspaper Excerpt
Since the banks closed two years ago this month, the borrowers have paid in more than a quarter of a million dollars on their obligations.
Source
newspapers
2. August 9, 1929 Receivership
Newspaper Excerpt
Defaulting shareholders in the defunct ... State bank here have received notice from the receiver, L. A. Andrews.
Source
newspapers

Newspaper Articles (2)
1. August 9, 1929 Globe-Gazette Mason City, IA
Article from Globe-Gazette, August 9, 1929

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Article Text

STOCKHOLDERS Judgment Threatened in Swea City Bank Case. SWEA CITY, Aug. 9.-Defaulting shareholders in the defunct FOX HEAD TONIC State bank here have received notice from the receiver, L. A. Andrews. that unless they pay the 100 per cent stock assessment ordered shortly after the bank closed. he will take judgment against them, and attachment proceedings in the usual course thru the sheriff's office HEAD will follow. Action will be started next week. This brings to a head litigation which has been in progress ever since the assessment was ordered. Shareholders who bought stock in SPRING WATER the bank when it was reorganized in December 1926, opposed the assessment on the grounds that the bank was insolvent when it reopened and that they did not obtain value received. C. S. Sanhorn, Distributor Judge D. F. Coyle ruled against Mason City, Iowa them recently in a case that they took to district court.

2. October 18, 1929 Globe-Gazette Mason City, IA
Article from Globe-Gazette, October 18, 1929

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Article Text

Economic Status of Swea City Community Is Improving Rapidly SWEA CITY, Oct. 18.-Improvements in the economic status of the community is reflected in the collections of the two defunct banks here, the First National and the State bank. Since the banks closed two years ago this month, the borrowers have paid in more than a quarter of a million dollars on their obligations. A steady stream of cash trickles in eevry month, some borrowers paying by the week, some making monthly payments while others wait several months for a surplus to accumulate before they make a payment. For the most part the bank receivers have been working hand in hand with the borrowers, making it as easy as possible for them. It is expected the affairs of the State bank will be closed this fall or winter since the building has been