10924. Farmers State Bank (Greene, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 19, 1920
Location
Greene, North Dakota (48.656, -101.701)

Metadata

Model
gpt-5-mini
Short Digest
2f9a68ed21f07e03

Response Measures

None

Description

Directors of the Farmers' State Bank of Greene notified the state examiner in mid-November 1920 that they would close the bank and ask for a receiver because of expected withdrawals tied to farmers failing to meet notes (agricultural distress). The bank was placed in receivership and by 1922 the receiver was advertising the bank's assets for sale. There is no article describing a depositor run; the action was a suspension/closing with receiver appointed.

Events (4)
1. November 19, 1920 Receivership
Newspaper Excerpt
Directors ... notified Lofthus that they would close their institution and ask for the appointment of a receiver. The closed banks ... are not closed as failures, and may be reopened later. (Nov. 19-20, 1920).
Source
newspapers
2. November 19, 1920 Suspension
Cause
Local Shock
Cause Details
Failure of farmers to meet notes and poor crop/holding of wheat led to expected withdrawals and directors decided to close and seek a receiver.
Newspaper Excerpt
Directors of the Farmers' State bank of Greene, N. D., notified Mr. Lofthus that they would close their bank and ask for the appointment of a receiver. Expected withdrawal of public funds was given as the reason.
Source
newspapers
3. October 26, 1922 Other
Newspaper Excerpt
Sealed bids for the purchase of all the assets of the closed banks listed below will be received up to November 15, 1922: Farmers State Bank, Greene, North Dakota. W. E. Burgett, receiver, Flaxton.
Source
newspapers
4. November 8, 1922 Other
Newspaper Excerpt
Greene, N. D., Nov. 8.-The state bank examiner is advertising the assets, of the Farmers' State bank of Greene for sale. ... with the receiver of the bank.
Source
newspapers

Newspaper Articles (9)
1. November 20, 1920 Great Falls Daily Tribune Great Falls, MT
Article from Great Falls Daily Tribune, November 20, 1920

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Article Text

BANK D. N. ANOTHER CLOSES DOORS, FIVE SINCE FIRST OF WEEK Failures of Farmers to Meet Obligations Not Assigned as Cause by Board of Directors. Bismarck, N. D., Nov. 19.-The Beach State bank of Beach, was closed Friday by its board of directors, it was announced by O. E. Lofthus, state bank examiner. This is the fourth bank to be closed in North Dakota this week. A fifth bank Friday sent word to Mr Lofthus that it had decided to close. Directors of the Farmers' State bank of Greene, N. D., notified Mr. Lofthus that they would close their bank and ask for the appointment of a receiver. Expected withdrawal of public funds was given as the reason. Failure of farmers to meet notes held by banks is one of the principal reasons for suspending operations, Mr. Lofthus said. Holding of wheat for higher prices and poor crops in some sections are also said to be responsible. John Hagan, state commissioner of agriculture and labor, declared tonight that in his opinion the federal reserve bank could adjust conditions by extending more credit. Mr. Hagan said farmers are being forced to sell wheat below cost of production and others are holding for higher prices. The closed banks, according to Lofthus, "are not closed as failures and may be reopened later."

2. November 20, 1920 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, November 20, 1920

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Article Text

BEACH STATE BANK CLOSED Failure Of Farmers To Meet Notes Held By Banks Chief Reason Bismarck, Nov. 19.-The Beach State Bank of Beach was closed late today by its directors, it was announced by O. E. Lofthus, state bank examiner. This is the fourth bank to be closed in North Dakota this week. A fifth bank late today sent word to Mr. Lofthus that it had decided to close. Directors of the Farmers' State Bank of Greene, N. D., notified Mr. Lofthus that they would close their institution and ask for the appointment of a receiver. Expected withdrawal of public funds deposited in it was given as the reason by the board of directors. Greene is near Tolley, in Renville county, where a bank was closed several days 480. Failure of farmers to meet notes held by the banks is one of the principal reasons for suspending operations Mr. Lofthus said. Holding of wheat for higher prices and poor crops in some sections also are responsible, it is said. John Hagan, state commissioner of agriculture and labor, declared tonight that in his opinion the federal reserve bank could adjust conditions by extending more credit. Mr. Hagan said farmers are being forced to sell wheat below cost of production and others are holding for higher prices.

3. November 21, 1920 Evening Star Washington, DC
Article from Evening Star, November 21, 1920

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Article Text

FOUR BANKS CLOSE IN NORTH DAKOTA "Not Shut as Failures," Says Bank Examiner, "May Be Reopened. BISMARCK, N. D., November 20.Directors of the Beach State Bank of Beach late yesterday informed O. E. Lofthus, state bank examiner, that they had closed the bank. This is the fourth bank to be closed in North Dakota this week. A fifth bank late yesterday sent word to Mr. Lofthus that it had decided to close. Directors of the Farmers' State Bank of Greene, N. D., notified Lofthus that they would close their institution and ask for the appointment of a receiver. Expected withdrawal of public funds deposited was given as the reason by the board of directors of the Farmers' State Bank. Greene is near Tolley, in Renville county, where a bank was closed several days ago. Failure of farmers to meet notes held by the banks is one of the principal reasons for suspending operations, Mr. Lofthus said. Holding of wheat for higher prices and poor crops "in some sections also are responsible, it is said. John Hagan, state commissioner of agriculture and labor, declared that in his opinion the federal reserve bank could adjust conditions by extending more credit. Mr. Hagan said farmers are holding for higher prices. The closed banks, according to Mr. Lofthus, "are not closed as failures, and may be reopened later."

4. August 24, 1922 The Ward County Independent Minot, ND
Article from The Ward County Independent, August 24, 1922

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Article Text

Bank Opens at Greene The Farmers State Bank of Tolley which suspended business temporarily when the Tolley State Bank reopened has had its charter transferred to Green. It reopened for business last week. It is understood that there is as yet no connection between the Farmers State Bank of Greene which is in the hands of a receiver and the new bank. J. H. Sinclair, Chas. Docter and J. M. Lund are president, vice president and cashier respectively of the new institution.

5. October 26, 1922 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, October 26, 1922

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Article Text

LEGÁL NOTICES BANK ASSETS FOR SALE Sealed blds for the purchase of all the assets of the closed banks listed below will be received up to November 15, 1922: Farmers State Bank, Greene, North Dakota. W. E. Burgett, receiver, Flaxton. Citizens' State Bank, Edgeley, North Dakota. O. L. Engen, receiver, Fargo. State Bank of Milton, Milton, North Dakota. John Vallely, receiver, Grand Forks, First State Bank, Crystal Springs, North Dakota. H. B. Hanson, receiver, Crystal Springs. Bank of New Rockford, New Rockford, North Dakota. C. H. Reimers, receiver, Carrington. Peoples' State Bank. Leith, North Dakota. C. F. Kellogg, receiver, Bismarck. Peoples State Bank, Grand Forks, North Dakota. John Vallely, receiver, Grand Forks. Crocus State Bank, Crocus, North Dakota. Fred F. Walz, receiver, Egeland. Security State Bank, Courtenay, North Dakota. C. H. Reimers, receiver, Carrington. Prosper State Bank, Prosper. North Dakota. O. L. Engen. receiver, Fargo. Timmer State Bank, Timmer, North Dakota. C. F. Kellogg, receiver, Bismarck. Williston State Bank, Williston, North Dakota. G. R. Van Sickle, receiver, Minot. Citizens' State Bank, Pingree, North Dakota. C. H. Reimers, receiver, Carrington. Citizens' State Bank, Hazen, North Dakota. C. F. Kellogg, receiver, Bismarck. Security State Bank, Brantford, North Dakota. C. H. Reimers, receiver, Carrington. Bank of Leal, Leal, North Dakota. C. I. Buslee, special deputy examiner, Leal. Peoples' State Bank, Hatton. North Dakota. O. L. Engen, receiver, Fargo. Citizens' State Bank, Bathgate, North Dakota. John Vallely, receiver, Grand Forks. Sawyer State Bank, Sawyer, North Dakota. G. R. Van Sickle, receiver, Minot. Itemized lists of the assets are on file in the office of the state examiner at Bismarck, and with the receivers of the above banks. Bids should contain terms of payment and may include time certificates of deposit in going banks in the same community, all bids to be accompanied by certified check of one per cent of the amount of the bid. All bide should be addressed to Gilbert Semingson, state examiner, Bismarck, North Dakota, and the State Banking Board reserves the right to reject any and all bids. (Herald Oct. 26-27; Nov. 2-3.)

6. October 27, 1922 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, October 27, 1922

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Article Text

LEGAL NOTICES BANK ASSETS FOR SALE Sealed bids for the purchase of all the assets of the closed banks listed below will be received up to November 15, 1922: Farmers. State Bank, Greene, North Dakota. W. E. Burgett, receiver, Flaxton. Citizens' State Bank, Edgeley. North Dakota, O. L. Engen, receiver, Fargo. State Bank of Milton. Milton, North Dakota. John Vallely, receiver, Grand Forks. First State Bank, Crystal Springs, North Dakota. H. B. Hanson, receiver, Crystal Springs. Bank of New Rockford. New Rockford, North Dakota. C. H. Reimers, receiver, Carrington. Peoples' State Bank; Leith. North Dakota. C.F. Kellogs, receiver, Bismarck. Peoples State Bank, Grand Forks, North Dakota. John Vallely, receiver, Grand Forks. CrocumState Bank, Crocus, North Dakota. Fred F Walz, receiver, Egeland. Security State Bank, Courtenay, North Dakota. C. H. Reimers, receiver, Carrington. Prosper State Bank, Prosper. North Dakota. O. L. Engen, receiver, Fargo. Timmer State Bank, Timmer, North Dakota. C. F. Kelfogg, receiver, Bismarck. Williston State Bank, Williston, North Dakota. G. R. Van Sickle, receiver, Minot. Citizens' State Bank, Pingree, North Dakota. C. H. Reimers, receiver, Carrington. Citizens' State Bank, Hazen. North Dakota. C. F. Kellogs. receiver, Bismarck. Security State, Bank, Brantford, North Dakota. C. H. Reimers, receiver, Carrington. / Bank of Leal, Leal, North Dakota. C. I. Buslee, special deputy examiner, Leal.

7. November 2, 1922 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, November 2, 1922

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Article Text

TYPEWRITERS FOR SALE REBUILT MACHINES $30 AND UP; guaranteed for one year. Send for catalog. Russell E. Spear, Grand Forks. WANTED TO BUY. LATE MODEL FORD TOURING CAR wanted. Must be in good condition and reasonable. Phone 2551-J. WANT TO BUY - MEDIUM SIZE house at reasonable price. O. E. Fosse. Box 131. WANTED TO BUY-USED CAR. FORD sedan preferred. George Andrysak, Hannah, N. D. LEGAL NOTICES. BANK ASSETS FOR SALE Sealed bids for the purchase of all the assets of the closed banks listed below will be received up to November 15, 1922: Farmers State Bank, Greene, North Dakota. W. E. Burgett. receiver, Flaxton. Citizens' State Bank, Edgeley. North Dakota. O. L. Engen. receiver, Fargo. State Bank of Milton. Milton, North Dakota. John Vallely, receiver, Grand Forks, First State Bank, Crystal Springs. North Dakota. H. B. Hanson, receiver. Crystal Springs. Bank of New Rockford. New Rockford. North Dakota. C. H. Reimers, receiver, Carrington. Peoples' State Bank. Leith. North Dakota. C. F. Kelloge, receiver. Bismarck. Peoples State Bank. Grand Forks, North Dakota. John Vallely. receiver, Grand Forks. Crocus State Bank, Crocus, North Dakota, Fred F. Walz. receiver. Egeland Security State Bank, Courtenay. North Dakota. C. H. Reimers, receiver, Carrington. Prosper State Bank, Prosper North Dakota. D. L. Engen. receiver Fargo. Timmer State Bank, Timmer, North Dakota. C. F. Kellogg, receiver, Bismarck. Williston State Bank, Williston, North Dakota. G. R. Van Sickle, receiver, Minot. Citizens' State Bank. Pingree. North Dakota. C. H. Reimers, receiver, Carrington. Citizens' State Bank, Hazon, North Dakota. C. F. Kellogg, receiver, Bismarck. Security State Bank, Brantford. North Dakota. C. H. Reimers, receiver, Carrington. Bank of Leal, Leal, North Dakota. C. I. Buslee, special deputy examiner. Leal. Peoples' State Bank, Hatton. North Dakota. O. L. Engen, receiver, Fargo. Citizens' State Bank, Bathgate, North Dakota. John Vallely, receiver, Grand Forks. Sawyer State Bank, Sawyer. North Dakota. G. R. Van Sickle, receiver, Minot. Itemized lists of the assets are on file in the office of the state examiner at Bismarck, and with the receivers of the above banks. Bids should contain terms of payment and may include time certificates of deposit in going banks in the same community. all bids to be accompanied by certified check of one per cent/ of the amount of the bid. All bids should be addressed to Gilbert Semingson, state examiner, Bismarck, North Dakota, and the State Banking Board reserves the right to reject any and all bids. (Herald Oct. 26-27; Nov. 2-3.)

8. November 3, 1922 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, November 3, 1922

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Article Text

LEGAL NOTICE BANK ASSETS FOR SALE Sealed bids for the purchase of all the assets of the closed banks listed below will be received up to November 15, 1922: Farmers State Bank, Greene, North Dakota. W. E. Burgett, receiver, Flaxton. Citizens' State Bank, Edgeley. North Dakota. O. L. Engen, receiver, Fargo. State Bank of Milton. Milton, North Dakota. John Vallely, receiver, Grand Forks. First State Bank, Crystal Springs, North Dakota. H. B. Hanson, receiver, Crystal Springs. Bank of New Rockford. New Rockford, North Dakota. C. H. Reimers, receiver, Carrington. Peoples' State Bank, Leith. North Dakota. C. F. Kellogg. receiver. Bismarck. Peoples State Bank, Grand Forks, North Dakota. John Vallely, receiver, Grand Forks. Crocus State Bank, Crocus, North Dakota. Fred F. Walz, receiver. Egeland. Security State Bank, Courtenay, North Dakota. C. H. Reimers, receiver, Carrington. Prosper State Bank, Prosper. North Dakota. O. L. Engen. receiver, Fargo. Timmer State Bank, Timmer. North Dakota. C. F. Kellogg. receiver, Bismarck. Williston State Bank, Williston. North Dakota. G. R. Van Sickle, receiver, Minot. Citizens' State Bank, Pingree, North Dakota. C. H. Reimers, receiver, Carrington. Citizens' State Bank, Hazen. North Dakota. C. F. Kellogg, receiver, Bismarck. Security State Bank, Brantford, North Dakota. C. H. Reimers, receiver, Carrington. Bank of Leal. Leal, North Dakota. C. I. Buslee, special deputy examiner, Leal. Peoples' State Bank, Hatton, North Dakota. O. L. Engen, receiver, Fargo. Citizens' State Bank, Bathgate, North Dakota. John Vallely, receiver, Grand Forks. Sawyer State Bank, Sawyer, North Dakota. G. R. Van Sickle, receiver, Minot. Itemized lists of the assets are on file in the office of the state examiner at Bismarck, and with the receivers of the above banks. Bids should contain terms of payment and may include time certificates of deposit in going banks in the same community, all bids to be accompanied by certified check of one per cent of the amount of the bid. All bids should be addressed to Gilbert Semingson, state examiner, Bismarck, North Dakota, and the State Banking Board reserves the right to reject any and all bids. (Herald Oct. 26-27; Nov. 2-3.)

9. November 8, 1922 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, November 8, 1922

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Article Text

BANK ASSETS FOR SALE. Greene, N. D., Nov. 8.-The state bank examiner is advertising the assets, of the Farmers' State bank of Greene for sale. Itemized lists of the assets are on file in the office of the state examiner in Bismarck, and with the receiver of the bank.