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Receivership

Above is the envelope that held the 1937 receivership papers which were sent to Pauline-area resident John Reiber, secretary of the depositors' committee, upon the official closure of the Pauline State Bank. The papers are provided courtesy of Mr. Reiber's grandson, Gary Reiber. Above is the envelope that held the 1937 receivership papers which were sent to Pauline-area resident John Reiber, secretary of the depositors' committee, upon the official closure of the Pauline State Bank. The papers are provided courtesy of Mr. Reiber's grandson, Gary Reiber.

 

Pauline State Bank Receivership Papers

As was the case with so many small-town banks across America's heartland, the Pauline State Bank failed during the Great Depression of the 1930s; it entered receivership in January of 1932, with final disposition taking place five years later. Following are 1937 receivership papers sent to committee member John Reiber upon the official closure of the Pauline State Bank. The papers are provided courtesy of Mr. Reiber's grandson, Gary Reiber.

 

 

 

 

Following is the comparative statement of assets and liabilities, exhibits "A" and "B".

 

Following is a statement of cash receipts and disbursements.

 

Bills receivable, furniture and fixtures, other assets and overdrafts are shown in the next two documents.

 

 

Shown below are real estate, assets acquired, charged-off assets - schedules V, VI and VII.

 

Expenses paid and legal expenses are detailed.

 

Legal expenses, Schedule IX; protection of real estate, Schedule X; and loss on assets, Schedule XI; are shown.

 

Following is a statement of loss on assets, general and preferred claims.

 

Trust funds, interest received and capital stock are detailed below.

 

Below is a document pertaining to stockholders liability.

 

Following is a closing statement regarding disposition of assets and liabilities of the Pauline State Bank.

 

 

Bank Closing Impacts Township Board

The following two pages from the Little Blue Township clerk's claim and warrant register offer a glimpse into the impact of the bank closure in 1932. The township received 10% dividend payments in the amount of $3.40 in 1932 and again during each of the years 1934-36. A final payment of $4.69 was received in January of 1937, the year the bank's final settlement took place.

The above entry in the Little Blue Township clerk's claim and warrant registry notes that board members had not been paid prior to the bank closing. Farther down, the opening of a new account in Hastings is detailed.The above entry in the Little Blue Township clerk's claim and warrant registry notes that board members had not been paid prior to the bank closing. Farther down, the opening of a new account in Hastings is detailed.

 

The above entry from the Little Blue Township clerk's warrant and claim registry details the closing of the bank, leaving the board with only $5.05 in funds, rather than $39.05. The above entry from the Little Blue Township clerk's warrant and claim registry details the closing of the bank, leaving the board with only $5.05 in funds, rather than $39.05.

Hits: 1929