10130. Farmers & Merchants Bank (Chillicothe, MO)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
October 12, 1931
Location
Chillicothe, Missouri (39.795, -93.552)

Metadata

Model
gpt-5-mini
Short Digest
27f8adfd

Response Measures

Full suspension

Description

Multiple articles (Oct 12-15, 1931) report a persistent/slow run on Farmers & Merchants Bank culminating in the board closing the bank (directors closed it). State Finance Commissioner later put the bank in charge (notice Oct 26, 1931). No reopening reported — receivership/commissioner in charge indicates permanent closure.

Events (3)
1. October 12, 1931 Run
Cause
Bank Specific Adverse Info
Cause Details
Persistent/slow run and lack of confidence by depositors following other bank failures in the area (closures earlier in June referenced); public panic and withdrawals over several days
Measures
Directors closed the bank; Citizens National and others provided assistance to other local bank customers (not measures by Farmers & Merchants)
Newspaper Excerpt
The Farmers and Merchants Bank Closes Monday Noon After Slow Run; persistent run of about resulted closing of the Farmers Merchants Bank
Source
newspapers
2. October 12, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Board of directors closed the bank after sustained withdrawals and loss of depositor confidence; assets said sufficient to prevent depositor losses but directors closed doors to stop run and allow inspection by state department/inspectors
Newspaper Excerpt
BANK CLOSED BY DIRECTORS ... Farmers Merchants' Chillicothe been closed by its board of di... CHILLICOTHE FARMERS & MERCHANTS BANK CLOSED DOORS MONDAY
Source
newspapers
3. October 26, 1931 Receivership
Newspaper Excerpt
Notice to Creditors of Farmers and Merchants Bank of Chillicothe, Mo. October 26, 1931... S. L. CANTLEY, Commissioner of Finance of the State of Missouri in charge of the business and property of the said Farmers and Merchants Bank of Chillicothe, Missouri.
Source
newspapers

Newspaper Articles (5)
1. October 13, 1931 St. Joseph News-Press St. Joseph, MO
Article from St. Joseph News-Press, October 13, 1931

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Article Text

Produce Market Oct. Potatoes Maine, milk Kansas 17c. FRUITS AND per jer per COTTON MARKETS. NEW YORK SPOT COTTON NEW ORLEANS COTTON FUTURES. SPOT COTTON. 6.45; COTTONSEED OIL MARKET. TEMPERATURE, RAINFALL. state of = weather and STATIONS AND HUMIDITY AT ST. JOSEPH WITHIN LAST 24 Min .08 RIVER BULLETIN. to City JOSEPH (*) rising. CHILLICOTHE BANK CLOSED Assets Apparently Sufficient to Prevent Losses to Depositors. CHILLICOTHE, Mo., Oct. 13.-(P) $1.00 Farmers and Merchants New Bank of Chillicothe, which closed after apparently has sufficient to prevent losses to depositors, directors the bank said today. The directors said the withdrawcotton als followed which became current after the First National NEW YORK COTTON FUTURES. Bank here closed in June. New York, January THE CLOCK CORNER NEW YORK COTTON FUTURES. Oct.

2. October 13, 1931 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, October 13, 1931

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Article Text

BANK CLOSED BY DIRECTORS By Associated Press. JEFFERSON MO., October 12. Finance Department notified that the Farmers Merchants' Chillicothe been closed by its board of diNo The last Sep18, showed deposits of $322, 110; capital and bills $18,600. George will

3. October 14, 1931 The Braymer Bee Braymer, MO
Article from The Braymer Bee, October 14, 1931

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Article Text

ANOTHER CHILLICOTHE BANK CLOSES The Farmers and Merchants Bank Closes Monday Noon After Slow Run persistent run of about resulted closing of the Farmers Merchants Bank Monday This leaves Chillicothe with only one the Citizens National for the run the bank's supply of ready cash the Chillicothe Constitution. of the directors said the had been but that the the part of the public since First tional had steady drawal of Even the general of the that the will The assets are of more than value the of all deposits The discussing the re-opening of the institu but probably decision will made until after the bank's fairs are checked by the state department. have been hard hit by bank failures recent times We understand that there are now only three banks in the county Farmers Ludlow, the Community Bank and Citizens National at Chillicothe Following the close of the Farmers and Merchants Bank run was on Citizens National Depositors were paid dur ing and night Fred vice president of the Commerce Trust Kansas City, arrived in Chillicothe and spected the bank found the institution in excellent condition merchants men to show their faith made many heavy deposits business being transacted fast that was necessary to form two lines, other drawing wasn't until line withdrawers meltWe told Chillicotheans deposited over $30,000 in Citizens Bank. Tuesday One lady, uneasy about her savings, withdrew $500 in currency and took it to the to deposit in the postal savings department. She asked the postmaster what he would do with money. and seemed distracted when he told would in the bank. She told him she had just taken out of the bank. informed her it was Uncle Sam's money, and Uncle Sam keeps his money in the bank. CARD OF THANKS We wish take this means of thanking and friends their many acts of kindness during the and after the death of our husband father and brother Hampton Mr. Mrs Wetzel Mr. and M Hampton Mrs. Nelle Brown

4. October 15, 1931 The Milan Standard Milan, MO
Article from The Milan Standard, October 15, 1931

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Article Text

CHILLICOTHE FARMERS & MERCHANTS BANK CLOSED DOORS MONDAY The Citizens National Bank Stands Strain of Light Run From Depositors. Nervous depositors who became panicky following the closing of the Farmers and Merchants Bank here yesterday afternoon, started a run on the Citizens National Bank, which lasted until closing time. With the opening of the bank this morning it was soon filled with customers, but the majority of them were making deposits instead of withdrawing their money. Directors of the bank stated at noon that the deposits almost equaled yesterday's withdrawals. Those who went to the bank yesterday and this morning to withdraw their accounts were quickly and courteously served. When others saw that the bank had sufficient money on hand to meet the demand, the crowd which filled the sidewalks on either side of the entrance drifted away and conditions became normal about noon. The officers and directors of the bank were not alarmed when the run started, as the bank is perfectly sound, owes no money and has unlimited credit. Fred Brady of the Commerce Trust Company, who came here last night to examine the bank, stated this morning that he had found the bank solvent, and that the Federal Reserve bank, the Commerce Trust Company, and the National Bank of Commerce in Kansas City had voluntarily offered unlimited funds to the Citizens National Bank here because of its splendid condition. The Citizens Bank is being closely guarded on account of the large amount of money brought here this morning in case a heavy run was made on the bank. The closing of the Farmers and Merchants Bank came as a result of lack of confidence in the institution and a slow run that has been in progress for almost a week. Directors say that the lack of confidence was groundless, the bank having been pronounced satisfactory by inspectors. (Continued on Page Eight).

5. November 3, 1931 The Chillicothe Constitution-Tribune Chillicothe, MO
Article from The Chillicothe Constitution-Tribune, November 3, 1931

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Article Text

East Chillicothe Mr. and Mrs. John Manning are enjoying a visit from their daughter, Mrs. Raymond Slattery and Mr. Slattery and their baby from Denver, Colorado Elmer Reed and wife were Friday visitors in Chillicothe. Harry Elliott, Dowe Miller and Will Grace made a business trip to St. Joseph one days last week. Mrs. Robert Gates spent Wednesday night with her daughter, Mrs. Mary Elliott and family. J. Y. Stewart was a business visitor in Kansas City Wednesday. Mr. and Mrs. Albert Engle of Excelsior Springs were Thursday visitors at the Wm. J. Martin home. Mr. and Mrs. Frank Brotzer of Kansas City spent Monday and Tuesday with his parents, Mr. and Mrs. Ott, Brotzer. Mrs. Will Melton, Mrs. Melger Maiton and Mrs. Wm. J. Martin motored to Trenton Thursday afternoon and visited friends. Miss Pearl Runkle was a week-end guests at the Mrs. J. H. Davis home. Miss Loveta McGinity visited her parents at Avalon over the week-end. Mr. and Mrs. John Horn and daughter, Miss Helen of. Impo and Mr. and Mrs. John Botts of Meadville. were Tuesday afternoon callers at the Lewis Jones home. Charley Hereford and wife of Meadville were Sunday afternoon callers at the home of Will Melton and wife. Albert Eberlin and wife have taken an apartment in Chillicothe where they are both employed. The Harry and John McVey families are enjoying a visit from their brother Charley McVey and wife of Indiana. Albert Elliott was assiting Will Grace with some work last week. Mrs. Lolo Shearer made a business trip to Spring Hill Friday. Friends in this community extend their heartfelt sympathy to Mr. and Mrs. Faul Beier whose mother passed away very suddenly at the home of her daughter in Berkeley, Caifornia. Mrs. Joe Fitzpatrick called on Mrs. Carrie Jones, Wednesday afternoon. Threshing soy beans is the order of the day in our community. The yield is very good. Notice to Creditors of Farmers and Merchants Bank of Chillicothe, Mo. October 26, 1931. All persons who may have claims against the Farmers and Merchants Bank, Chillicothe, Mo., are hereby nctified to present the same to the undersigned and make proper prooof thereof within four months from the above date at the banking room of said bank in Chilicothe, Missouri, and they are further notified that the last date for presenting said proofs will be March 1, 1932. S. L. CANTLEY, Commissioner of Finance of the State of Missouri in charge of the business and property of the said Farmers and Merchants Bank of Chillicothe, Missouri. By W. G. KENT, Special Deputy.