10176. Farmers & Merchants Bank (Plains, MT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 5, 1926
Location
Plains, Montana (47.460, -114.883)

Metadata

Model
gpt-5-mini
Short Digest
24ef1d59a60bc949

Response Measures

None

Description

Articles (1926–1927) refer to the Farmers & Merchants State Bank of Plains as defunct and show a receiver active (sale of assets, litigation by receiver). There is no explicit mention of a depositor run; the bank was closed and in receivership, so classified as a suspension followed by permanent closure (receivership). Dates are taken from the notices: receiver's court papers dated 1926-06-05 and sheriff's sale set for 1926-07-02; a later 1927 article discusses appeals by the receiver.

Events (3)
1. June 5, 1926 Receivership
Newspaper Excerpt
Farmers and Merchants State Bank of Plains, Mont., corporation by C.S. Robison, receiver Plaintiff. ... Dated at Thompson Falls, Sanders County, Montana, this 5th day of 1926.
Source
newspapers
2. July 2, 1926 Other
Newspaper Excerpt
To be sold at sheriff's sale on the 2nd day of July ... at the front door of the court house ... the following described land and premises...
Source
newspapers
3. June 10, 1927 Other
Newspaper Excerpt
S. Ainsworth, as receiver of the defunct Farmers and Merchants State bank of Plains, sued John R. Kruger ... The present receiver, Ainsworth, declares Kruger 'unlawfully and fraudulently' took possession ...
Source
newspapers

Newspaper Articles (2)
1. June 24, 1926 Plainsman Plains, MT
Article from Plainsman, June 24, 1926

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Article Text

In the District the Fourth Judicial District of the State of Montana, in and for the County of Sanders. Farmers and Merchants State Bank of Plains, Mont., corporation by C.S. Robison, receiver Plaintiff. Ray Schulstad. his wife, and Margaret Schulstad, Defendants. To be sold at sheriff's sale on the 2nd day of July, the at hour of o'clock of said day at the front door of the court house in the town of Thompson Falls, Sanders County, Montana, the lowing described land and premises, to-wit: The Southwest Quarter of the Northwest Quarter Section (13), Township Eighteen Range three (23) West, Montana Meridian, in Sanders County, Montana. Dated at Thompson Falls, Sanders County, Montana, this 5th day of 1926. Hartman, Sheriff. By George Collinsworth, sheriff.

2. June 10, 1927 The Daily Missoulian Missoula, MT
Article from The Daily Missoulian, June 10, 1927

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Article Text

RIGHT OF SURETY TO PROTECT SELF BEFORE COURT Sanders County Bank Receiver Appeals From District Tribunal. Helena. June bank director who goes security in behalf of his bank for county deposits may in turn protect himself with collateral from the bank. is question to be determined by the Montana supreme court. The district court for Sanders county says the proceeding is regular. S. Ainsworth, as receiver of the defunct Farmers and Merchants State bank of Plains, sued John R. Kruger, former director, to recover certain securities and clear the bank's title to the proceeds of others. Kruger went on the bank's bond to the county in 1922 for $20,000 but, before doing so, demanded that the bank give him security for his own protection. This was authorized by the board. In 1923 he again demanded security for acting as surety and retained the collateral issued to him the year previous. Afterward, the bank failed and the district court has held him liable on his surety. He claims reimbursement from the collateral issued from the bank and the former receiver sold or collected part of the amount and placed it to Kruger's credit. The present receiver. Ainsworth, declares Kruger "unlawfully and fradulently' took possession without paying any consideration for the property. He sought to recover and, losing in the district court, appealed to the supreme court.