First National Bank, Dunkerton, IA (Charter 6722)
First National Bank, Dunkerton, IA (Chartered 1903 - Receivership 1933)
Town History
Dunkerton is a city in Black Hawk County, Iowa. The population was 842 at the time of the 2020 census. In 1900 the population was 217, growing to 327 by 1930. It is part of the Waterloo–Cedar Falls Metropolitan Statistical Area.
In 1853, two brothers, James and John Dunkerton, walked from Dubuque, Iowa, to stake out a claim of land near Lester. This claim became the town known as Lesterton, and later Dunkerton. In 1854, John died and was buried in the small cemetery, which now holds four generations of Dunkertons. James remained and built up his land. On December 25, 1854, he married Christiana Hodges. At 60 years of age, James and his eldest son, sold a portion of their land to the railroad, requesting that the railroad be extended to Iowa. This act enabled the present City of Dunkerton to be established.
Dunkerton had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized April 1, 1903
- Chartered April 14, 1903
- Succeeded Bank of Dunkerton
- Conservatorship March 28, 1933
- Receivership October 31, 1933
On April 14, 1903, The First National Bank of Dunkerton, Iowa was authorized to begin business with capital of $30,000. In May, the bank sought bids for a two-story brick building.
The statement of condition at the close of business on June 9, 1903, listed Loans and discounts $39,875.63, U.S. Bonds to secure circulation $7,500, banking house, furniture and fixtures $1,495 with total assets of $76,127.84. M.T. Blake was cashier with directors C.H. Dunkerton, John Keane, and G.S. Kleckner attesting to the report's correctness.
In March 1906, Floyd P. Davis was an incorporator of the new state savings bank at Brandon. V.W. Davis, manager of the Independence mills and formerly county auditor would remove to Brandan to become the cashier. V.W. Davis was the father of bankers F.P. Davis and L.P. Davis.
In November 1922, the officers were G.S. Kleckner, president, John Keane, vice president; and Harriet O. Tribon, teller. The bank had deposits of about $500,000 with capital, surplus and profits of $90,000.
On December 6, 1928, the assets of the Farmers & Merchants Savings Bank of Dunkerton were bought by the First National Bank, thereby providing combined assets of $700,000 for the First National. G.S. Kleckner was president; Floyd P. Davis, vice president; and E.J. Kleckner, cashier. The Farmers & Merchants Bank was organized six years earlier by the late F.B. Dietrick. Its officers were George Meyerhoff, president; J.L. Bellmer, vice president; and W.J. Parks, cashier. The First National Bank was organized in 1903 by the late Charles H. Dunkerton and G.S. Kleckner. Mr. Davis had been with the bank a long time. The assets of the First National were $600,000 and the Farmers & Merchants, $100,000.
In January 1930, at the annual stockholders' meeting, the officers chosen were G.S. Kleckner, president; F.P. Davis, vice president; John Keane, second vice president; and E.J. Kleckner, cashier. The officers along with Mike Staebell, John Fettkether, Mrs. Adel Dunkerton, F.O. Dunkerton, E.W. Magee, and J.Y. Campbell comprised the board of directors.
On Monday, March 13, 1933, the First National Bank was doing no banking business except making change. It was expected to receive permission to open under national regulations on Wednesday. On March 30, E.J. Kleckner was notified by the comptroller of the currency that he was appointed conservator of the bank. On November 1, 1933, A.M. Place of Waterloo took charge of the bank as receiver.
In February 1937, approximately $30,000, representing a 10% dividend to depositors, the first, was paid.
On Saturday, April 23, 1938, the First National Bank was sold to A.G. Agnew, operator of the Dunkerton elevator for $2,230. Agnew formerly was connected with the Waterloo Bank & Trust Co. at Waterloo which closed in 1925.
In April 1939, the final dividend of 14.7% was announced by A.P. Place, payable on May 2 to depositors of the First National Bank. This made a total of 93.3% returned to depositors with approximately $400,000 involved.
Official Bank Title(s)
1: The First National Bank of Dunkerton, IA
Bank Note Types Issued
A total of $449,830 in National Bank Notes was issued by this bank between 1903 and 1933. This consisted of a total of 36,032 notes (29,996 large size and 6,036 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Red Seal 3x10-20 1 - 1468 1902 Date Back 3x10-20 1 - 2310 1902 Plain Back 3x10-20 2311 - 6031 1929 Type 1 6x10 1 - 764 1929 Type 1 6x20 1 - 242
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1903 - 1933):
Presidents:
Cashiers:
- Morton T. Blake, 1903-1903
- Willard Washington Beal, Jr., 1904-1906
- Floyd Pardon Davis, 1907-1926
- Earl John Kleckner, 1927-1933
Other Bank Note Signers
- Floyd P. Davis, Vice President 1927...1933
- E.J. Kleckner signed notes as Assistant Cashier
Wiki Links
- Iowa Bank Note History
- General information on Dunkerton (Wikipedia)
- General information on Black Hawk County (Wikipedia)
- General information on Iowa (Wikipedia)
Sources
- Dunkerton, IA, on Wikipedia
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- Sioux City Journal, Sioux City, IA, Wed., Apr. 15, 1903.
- Muscatine Semi-Weekly News Tribune, Muscatine, IA, Fri., May 29, 1903.
- The Courier, Waterloo, IA, Wed., July 15, 1903.
- The Courier, Waterloo, IA, Tue., Nov. 7, 1922.
- The Courier, Waterloo, IA, Tue., Nov. 7, 1922.
- The Courier, Waterloo, IA, Fri., Dec. 7, 1928.
- The Courier, Waterloo, IA, Wed., Jan. 15, 1930.
- The Courier, Waterloo, IA, Thu., Mar. 30, 1933.
- The Des Moines Register, Des Moines, IA, Thu., Nov. 2, 1933.
- The Courier, Waterloo, IA, Thu., Feb. 4, 1937.
- The Courier, Waterloo, IA, Sun., Apr. 24, 1938.
- The Courier, Waterloo, IA, Fri., Apr. 28, 1939.