10028. Adrian Banking Company (Adrian, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 1, 1930*
Location
Adrian, Missouri (38.398, -94.352)

Metadata

Model
gpt-5-mini
Short Digest
5c0e3e45

Response Measures

None

Description

The Adrian Banking Company folded/closed in about September 1930 (articles: Oct 15, 1930 says it 'folded up a month ago'; Jun 11, 1931 notes change of receiver and that it failed last September). There is no clear article describing a depositor run on the Adrian Banking Company itself — an earlier run was on the National Bank of Adrian which shifted deposits into the Adrian bank. The failure appears driven by internal problems (missing cash, excessive unsecured loans, alleged embezzlement), so classified as suspension leading to permanent closure. Also recorded: indictments of former officers and later change of receiver.

Events (4)

1. September 1, 1930* Suspension
Cause
Bank Specific Adverse Info
Cause Details
State examiner found missing cash and large unsecured loans; suspected embezzlement by assistant cashier Ernest J. Wagner and excessive loans by cashier W. W. Ricketts led to failure/closing order.
Newspaper Excerpt
Adrian Banking Company, the oldest bank in town, almost 49 years old when it folded up a month ago.
Source
newspapers
2. October 15, 1930 Other
Newspaper Excerpt
Ernest J. Wagner, former assistant cashier of the Adrian Banking Company, is in the county jail... The examiner's report showed some $1,300 missing in the cash account, $1,500 gone in the deposit account... loans without collateral totaling about $23,000 among officers and their relatives.
Source
newspapers
3. November 13, 1930 Other
Newspaper Excerpt
Three indictments were returned against W. W Ricketts, cashier of the closed Adrian Banking Company... charging excessive loans and accepting deposits when the bank was in a failing condition.
Source
newspapers
4. June 11, 1931 Other
Newspaper Excerpt
Packer deputy commissioner in charge of the affairs the Adrian Banking Company since its failure last September received notice that he is to be relieved... affairs will be placed in the hands of an attorney.
Source
newspapers

Newspaper Articles (3)

Article from The Kansas City Times, October 15, 1930

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Article Text

WAGNER SILENT ON ACTS "SEE MY LAWYER." THE ADRIAN, MO., BANKER SAYS. In Jail at Butler, the Former Assistant Cashier, Who Fled to Colorado, Awaits the Grand Jury Monday. By Member The BUTLER, Mo., Oct. 14.-Ernest J. Wagner, former assistant cashier of the Adrian Banking Company. is in the county jall here. His case is typical. He has nothing to say except "see my lawyer." Adrian holds the empty sack Well, say some people in Adrian. Ernest Wagner may be the "goat." He is the banker loafing in the Bates County jail, playing pitch with the boys, smoking cigars and telling the sheriff he had nothing to say to reporters or depositors or anyone except his lawyer and Mr. and Mrs. William Wagner, his parents. FROM GOOD FAMILY. Naturally everyone feels sorry for the parents, good German residents of Adrian. They have another son, the Rev. Oscar Wagner, pastor of the Church of the Brethren at Adrian. In jail, Banker Wagner combs back his pompadour. He is short and rather chubby. a bachelor. 37, he was the man about town. Adrian's population is 955. For fourteen years or thereabouts Wagner helped run the Adrian Banking Company, the oldest bank in town, almost 49 years old when it folded up a month ago. Just 8 few weeks before, Adrian citizens forced a run on the National Bank of Adrian, thinking it might go down in the depression that closed two banks in Rich Hill, south of here. They took their money out of the National Bank and put it into the Adrian Banking Company, symbol of security. Later some restored their money and those who didn't wish they had. Today the National Bank is the only bank in Adrian. When the closing order came. Wagner folded up his tent and silently stole away to let the storm blow over. TAKES MONEY WITH HIM. Banker Wagner took enough money along to take him to St. Joseph. Denver, Los Angeles, Denver, Manhattan and back to Denver again. Then he went broke and calmly gave himself up to the police. He was glad to have Sheriff A. C. Hartley come for him, at the county's expense, and place him in jail, also at the county's expense. He prefers to stay in jail to making bond. possibly feeling himself to be safer behind the bars. The grand jury meets next Monday and perhaps, under protection of the law and his lawyer. Banker Wagner will talk then. Everybody agrees that procedure is the wise one for him to follow. Now the people of Adrian are recalling what good boy Ernest Wagner always was. He came from fine family, went through the town's school. settled down and became a pleasant citizen. Maybe he wash't all to blame. Maybe he was very little to blame, some say. The examiner's report showed some $1,300 missing in the cash account, $1,500 gone in the deposit account. That's not such a terrible shortage. Perhaps Ernest was the "goat." The cashier of the bank. Wagner's superior. sits tight at his home in Adrian. and thus far has offered the depositors no enlightenment He is Warren W. Ricketts. reared on farm near here. He and Wagner ran the bank, the president and directors being farmers hereabouts. LOANS WITHOUT COLLATERAL. Of course, the air is full of talk of agricultural depression, frozen assets. crop failure, the same situation that affects all credit and assets and banks in farm communities. The state examination showed Cashier Ricketts, his father and brother owe the bank $16,000 in loans without collateral. Wagner and his father have notes for $7,000 without collateral. Wagner admitted an overdraft of $800 in his account How did Wagner spend the money? He lived at home with his parents. apparently did not gamble on the stock market. Some Adrianites refer to him now as the $10 perfume boy. He spread the zephyrs of a spring morn around him as he ambled smilingly down the street. He drove to Kansas City occasionally with certain friends and their families. But those trips didn't account for much of the bank's shortage. It is surprising how Adrian bears up. There have been two other bank failures in the town in recent years But business is about as good as usual and everybody hopes for the best. Indorsers of bad notes have been notified they must stand good for them, and are preparing to do so. Early Day Missouri Woman Dies. HIGGINSVILLE, Mo., Oct. 14-Mrs Lewine Hoefer. widow of Charles Hoefer, early day banker of this city,


Article from Bates County Democrat, November 13, 1930

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Article Text

Former Bankers Indicted Four grand jury indictments were returned late Saturday afternoon charging two former Bates county bankers with violation of the banking laws. One indictment was returned against W. W Ferguson, president of the closed F. & M. Bank of Rich Hill, charging him with accepting deposits when the bank was in a failing condition. He gave bond in the sum of $2,000 for his appearance at trial at the February term of the Bates county circuit court. Three indictments were returned against W. W Ricketts, cashier of the closed Adrian Banking Company. Two of the indictments charge Ricketts with making excessive loans and one charges him with accepting deposits when the bank was in a failing condition. His bond was fixed at $1,000 on each indictment which he furnished.


Article from The Butler Times-Press, June 11, 1931

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Article Text

COLLEGE STUDENTS ARE SLAIN Oklahoma Deputy Sheriff Kills Mexican Youths Fleeing Motor Ardmore. double slaying, volving possible cations. occurred street in the residential section here early Monday. Emilio Cortes Rubio cousin President Ortiz Rubio and Manuel Gomez. another Mexican youth. were the Rubio student in the Rolla School of Rolla. Mo., and Gomez sophomore St. Benedict's college. Atchisen, Kas third Mexican youth Salvador tes Rubio, another cousum of the president. accompanied the victims in motor car. was not www.ded. The youths were Bill Guess, deputy who said he fired when the boys started leave their car after he stopped them for questioning. Both the slain youths were The third not. Guess and another Cecil Crosby. said they came the three upon young men standing beside their parkcar started question SalvaCortes Rubio Rubio and Gomez. they started and Guess fired Salvador claims that the deputies did not inform the boys that they ficers of the An investigation has been ordered Governor Change Bank Receiver Packer deputy commissioner in charge of the affairs the Adrian Banking Company since its failure last September. received notice that he to be relieved received of the failed institution. This in accordance with the policy of the state finance wherein they are placing in the hands of one the of number of failed banks In this particular the affairs the Adrian Banking Company will in the hands of H attorney. Marshall Mo reported that Liembrock have charge of the affairs of the Rich Hill banks that failed last lieving Gus Kienberger who has been charge Also the Bank well the Hume bank der his