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SECURITY STATE BANK W CLOSES DOORS AFTER HEAVY RUN SATURDAYPANICKY FEELING CAUSES I N-EXPECTED K lT N SATURDAY AFTERNOON. OFFICERS CLOSE DOORS TO PROTECT DEPOSITORS*hThe people of Pella were electrified early Saturday afternoon by the news that the Security State Bank had closed its doors, fn The action was decided upon th by the board of directors after a run of three days duration p, during which a reported sum of 01 $200,000 was paid out. I ^A short time ago the First Nation-1 ai al Bank at Newton closed and follow-! n( ing that the people became restless , m and made a run on the Bank of j hlt; Reasnor. and as a result it closed its | doors. The unrest and panic contin- ti ued to the extent that a run was ! ti made on the bank at Sully, which ; ti closed Friday. Unrest, panic and more unrest and panic and people forget themselves.How can any bank have its depositors money loaned out and still have all the money represented by deposits ready and available to pay out when the people all want it at once?It can’t be done.The Security State Bank has been an institution in our community fori*' over thirty-two years; it went thru:®1 the trying times of the war period, j thru the post-war deflation and has j jj always had the confidence of the J* community. It has been carefully, * managed; its officers and directors ° are our fellow townsmen who have * done their part in the development of our city; trust was reposed in them and they reposed trust in the community.The money on deposit in the Security State Bank was loaned out by its officers—yes—and to whom? To you Mr. Citizen! Do you feel that you will not pay out your note or notes,, (if any) to the Security* Oh, you do | c feel that you will pay—and so does, j1 every honest man. 1Well the truth of the matter is that the Security State Bank holds notes and rortgages 'of people in this, our own community, this community and its members are good, and this being the case the notes due the Security State are good, and they will be collectable when due.It is an absolute fact that the bulk of the assets of this bank when it closed were notes and obligations of local people worth 100 cents on the ' Continued on Page 4g
Newspaper Details
Pella Press
Pella, Iowa, US
Tue, Oct 20, 1931
Page 3
Full Page
Clipped by
Anonymous
USA 30 May 2025
Other Publications Near Pella, Iowa
Pella Chronicle
Pella Herald
Pella Weekly Herald
Pella Advertiser
Baptist Beacon
