Farmers Bank - Nodaway, MO

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 13, 1926
Location: Nodaway, Missouri (39.909, -94.968)

Metadata

Model: gpt-5-mini
Short Digest: da45e8fa

Response Measures

None

Description

Article (May 13-14, 1926) reports the Farmers' State Bank, Rea, was closed by action of its board and placed in the hands of the State Finance Department for liquidation. No run is described. The closure appears to be a voluntary/liquidation action prompted by failures of related banks.

Events (1)

1. May 13, 1926 Suspension

Cause: Voluntary Liquidation
Cause Details: Board of directors closed the bank and placed it in the hands of the State Finance Department for liquidation; action hastened by failures of related banks (First Trust Company, Savannah and others).
Newspaper Excerpt: No official notice of the reported closing of the Farmers' State Bank, Rea, has been received ... the Farmers' State Bank, Rea, brings the total of state banks to close since the first of the year up to twenty-six. ... the three Andrew County, Mo., state banks, more or less closely connected with the St. Joseph bank. The Andrew County banks are the First Trust Company Savannah; Farmers' State Bank, Rea, and Farmers' Bank, Nodaway, and the four are now the hands of the State Finance Commissioner.
Source: newspapers

Newspaper Articles (1)

1. May 14, 1926 St. Louis Globe-Democrat St. Louis, MO

Article from St. Louis Globe-Democrat, May 14, 1926

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Article Text

State Banks Closed Since First of Year Total Twenty-Six Failure of Savannah Institution Hastened Action at Nodaway. By Associated Press. JEFFERSON CITY. MO., May 13.Official notice of the action of the Board of Directors of the Farmers' Bank, Nodaway, Mo., yesterday, in closing the doors of the institution, was received at the State Financial Department here today. Finance Department officials said that the Farmers Bank was preparing for voluntary liquidation of assets, but the closing of the First Trust Company, Savannah, Mo., caused the directors to place the bank in the hands of the Finance Department for liquidation. $421,000 Resources. Total resources of the Savannah bank was $421,000. No official notice of the reported closing of the Farmers' State Bank, Rea, has been received at the here, was said. The last official statement of the Farmers' Bank, Nodaway, showed resources at $31,917: loans, $25, 45 deposits, $19,173.89: capital, $10,000; undivided profits, $244. The Security State Bank, St. Jo. seph, with of approximately $323,000. was closed yester day by the Board of Directors, and its failure is thought to have hastened the closing of the Andrew County banks. List Grows. The three failures officially reported to the Finance Department, together with the unofficia report the Farmers' State Bank, Rea, brings the total of state banks to close since the first of the year up to twenty-six. Finance Department Deputy L. J. Mulligan has been sent to the Trust Company. C. L. Stout to the Farmers' Bank at and George W. Freund to the Security Bank at St. Joseph. Depositors Not to Lose. By Associated Press. ST. JOSEPH, MO., May 13.-There were no developments in the suspension yesterday of the Security Bank of St. Joseph and the three Andrew County, Mo., state banks, more or less closely connected with the St. Joseph bank. The Andrew County banks are the First Trust Company Savannah: Farmers' State Bank, Rea, and Farmers' Bank, Nodaway, and the four are now the hands of the State Finance Commissioner No statement has been given out, other than the officers of the St. Joseph bank saying the closing was due to frozen assets. held largely by the Savannah bank by it from the First National Bank which suspended year ago and the business of which was taken over by the First Trust Company, organized soon afterward. The say they do not be. lieve the depositors will suffer any loss, but that the stockholders may.