10538. Polo Trust Company (Polo, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
February 23, 1932
Location
Polo, Missouri (39.552, -94.041)

Metadata

Model
gpt-5-mini
Short Digest
be7241b4

Response Measures

None

Description

The bank was closed by its board and placed in charge of the state examiner (article 1, Feb 23, 1932). A subsequent report (Feb 25, 1932) states the directors decided to go into voluntary liquidation owing to small volume of business and that there was no run. Therefore this is a suspension with permanent closure via voluntary liquidation.

Events (2)
1. February 23, 1932 Suspension
Cause
Voluntary Liquidation
Cause Details
Board of directors closed the trust company and turned affairs over to state; directors later decided to liquidate due to small volume of business.
Newspaper Excerpt
POLO BANK SUSPENDS. ... The Polo Trust Company of Polo closed today by its board of directors turned over to the state ... Messenbaugh, state bank examiner, placed in charge
Source
newspapers
2. February 25, 1932 Other
Newspaper Excerpt
Polo Trust Company Goes Into Voluntary Liquidation Owing to Small Volume of Business ... There was no run on the bank ... the directors decided to close and liquidate the bank's affairs. ... officers say depositors will be paid in full.
Source
newspapers

Newspaper Articles (2)
1. February 23, 1932 St. Joseph News-Press St. Joseph, MO
Article from St. Joseph News-Press, February 23, 1932

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Article Text

POLO BANK SUSPENDS. JEFFERSON CITY, Feb. The Polo Trust Company of Polo closed today by its board of directors turned over to the state No reat son for the closing was given. Messenbaugh, state bank examiner, placed in charge The trust company had loans of $154 323; deposits. $127,819: total resources, $216,482 and bills payable. $17,500. Bathgate president and H. C. Zimmerman, secre-

2. February 25, 1932 Hamilton Advocate-Hamiltonian Hamilton, MO
Article from Hamilton Advocate-Hamiltonian, February 25, 1932

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Article Text

A BANK QUITS BUSINESS Polo Trust Company Goes Into Voluntary Liquidation Owing to Small Volume of Business The Polo Trust Company at Polo not open for business Monday morning. There was no run on the bank business was going along in normal fashion, but the directors cided close and liquidate the bank's affairs. The officers of the bank say depositors will be paid in full. The volume of business such that there was little inducement for the bank to continue its business and it was thought best to quit. Bathgate is president and H. Zimmerman secretary the Polo Trust Company, positions they have filled for many years. The bank, at its last official statement made January 1932, had tal resources with posits of The capital and surplus of the bank was