11500. Farmers & Merchants State Bank (Plentywood, MT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 10, 1931
Location
Plentywood, Montana (48.775, -104.562)

Metadata

Model
gpt-5-mini
Short Digest
92004245

Response Measures

None

Description

Newspaper reports state the Farmers & Merchants State Bank at Plentywood closed in July 1931 due to inability to realize assets after a drought; subsequently the bank is described as in the hands of a Receiver by September 1931. No explicit run is mentioned. OCR errors in county-resolution articles were corrected; dates derived from publication dates (closed Friday before July 14, 1931 -> 1931-07-10).

Events (2)
1. July 10, 1931 Suspension
Cause
Local Shock
Cause Details
Drought in the region caused poor yields and inability to realize assets to meet withdrawals, leading to closure.
Newspaper Excerpt
the Farmers and Merchants State bank at Plentywood, Friday ... Inability of the banks to realise sufficiently on their assets to meet withdrawals was given as the chief cause for their closing. The area in which they were located had suffered much from drouth.
Source
newspapers
2. September 3, 1931 Receivership
Newspaper Excerpt
WHEREAS, both of said banks have closed and ceased doing business and are in the hands of a Receiver; ... Farmers & Merchants State Bank of Plentywood, Montana, ... both of said banks have closed and ceased doing business, and are in the hands of a Receiver;
Source
newspapers

Newspaper Articles (3)
1. July 14, 1931 The Butte Daily Post Butte, MT
Article from The Butte Daily Post, July 14, 1931

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Article Text

SMALL BANKS IN DROUTH AREA HIT HELENA, MONT., July 14.-(P)Three small banks in northeastern Montana have closed in the last two weeks, was learned here today from G. M. Robertson, state examiner and superintendent of banks, and R. E. Towle, managing director of the Federal Reserve Branch bank. The First National bank at Scobey closed yesterday; the Farmers and Merchants State bank at Plentywood, Friday, and the State bank of Westby, about two weeks ago. Inability of the banks to realise sufficiently on their assets to meet withdrawals was given as the chief cause for their closing. The area in which they were located had suffered much from douth. Rains had been received too late produce even fair yields this year.

2. September 3, 1931 Plentywood Herald Plentywood, MT
Article from Plentywood Herald, September 3, 1931

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Article Text

dan County bonds, as security to secure the county funds which were deposited in said bank, and the Farmers State Bank of Westby, Montana had fifteen thousand and no-100 ($15,000.00)) dollars worth of Sheridan County bonds, as security to secure the county funds which were deposited in said bank, and, WHEREAS, both of said banks have closed and ceased doing business and are in the hands of a Receiver; and, WHEREAS, the County Commissioners believe it would be advisable to use said surplus money, now in the sinking fund of Sheridan Count Montana, to buy up such County bonds owned by said banks; BE IT RESOLVED, by the Board of County Commissioners of Sheridan County, Montana, that the County Treasurer of Sheridan County, Montana, be authorized to purchase the following Sheridan County Bonds from the Farmers & Merchants State Bank of Plentywood, Montana, and the Farmers State Bank of Westby, Montana, to-wit: Four Sheridan County funding bonds bearing six per cent interest nmubered 67. 68, 106, and 107. each for $1,000.00, due January 1st, 1934. Six Sheridan County funding bonds bearing 5½ per cent interest, numbered 54 to 59 inclusive, each for $1,000.00, due uly 1st, 1935; Fifteen Sheridan County Bonds, bearing 6 per cent interest, numbered 56 to 60 inclusive, and 108 to 117 inclusive, each for $1,000.00, and due January 1st, 1934. Five Sheridan County Bonds, bearing 5½ per cent interest, numbered 26 to 30 inclusive, each for $1,000.00 and due July 1st, 1935; Six Sheridan County bonds, bearing 6 per cent interest, numbered 118 to 123 inclusive. each for $1,000.00 due January 1st, 1934; Six Sheridan County Bonds, bearing six per cent interest, numbered 61 to 66 inclusive, each for $1,000.00 and due January 1st, 1934; and Fifteen Sheridan County Bonds, bearing 5½ per cent interest numbered 16 to 30 inclusive, each for $1,000._ 00 and due April 1st, 1934; On Motion, the Board decided that the County Surveyor be kept on at a I salary of $125.00 per month, with the M understanding that he were to work on the Roads when needed and do e other work when not needed in the office. At 5 o'clock P. M. the Board adjourned until August 10th, 1931. e At 9 o'clock A. M., August 10th, y 1931, the Board of County Commisg sioners met in regular session, all Members of the Board and the Clerk present. 8 The Board having considered all applications for changes in Assessments and classifications, the following e changes were ordered made: John S. Albers, assessment t on car, double assessment cancelled. Gladys Decker, Sec. 2-3-3656, reduction on lands $ 373.00 Chr. Madsen, 22-27-33-58 reduction on lands 432.00 is Anna B. Dahl, 27-34-58, rei804.00 duction on lands and Imp.

3. September 18, 1931 The Producers News Plentywood, MT
Article from The Producers News, September 18, 1931

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Article Text

tana, 100th forty-two thousand and dollars ($42,000.00), worth no- of Sheridan to county bonds as security secure the county funds, which were deposited in said bank, and the Farmers tana State Bank of Westby, Mon100ths had up fifteen thousand and Sherdan dollars ($15,00.00) worth nosecure county bonds, as securty of to the county funds when were deposited n siad bank; and WHEREAS, Both of said banks have closed and ceased doing business, and are in the hands of a Receiver; and WHEREAS, The County Commissioners to believe it would be advisable the use said surplus money, now sinking fund of Sheridan in Montana, bonds to buy up such county, county owned by said banks; BE IT RESOLVED, By the Board dan of County Commissioners of Sherity county, Montana, that the treasurer of Sheridan counMontana, the be authorized to purchase county, from following Sheridan County bonds Bank the Farmer & Merchants State the of Plentywood, Montana, Farmers State Bank of Westby, and Montana, to-wit: Four Sheridan county funding bonds bearing six per cent interest numbered for 67, 68, 106 and 107, each $1,00.00, due January 1, 1934 Six Sheridan county funding bered bearing 5½ per cent interest, bonds $1,000.00, 54 to 59 inclusive ,each num- for due July 1, 1935; ing Fifteen Sheridan county bonds, bear56 six pe rcent interest numbered to 60 inclusive, and 108 to 117 clusive, each for $1,000.00, and due inJanuary 1, 1934; Five Sheridan county bonds, bear26 ing 5 1/2 per cent interest, numbered and to 30 inclusive, each for $1,000.00 due July 1st, 1935; six Six Sheridan county bonds, bearing to 123 per cent interest, numbered January inclusive, 1st, 1934; each for $1,000 due 118 Six Sheridan county bonds bearing six 66 per cent interest, numbered 61 due inclusive, each for $1,000.00, and to January 1st, 1934; and Fifteen Sheridan county bered bearing 5 1/2 per cent interest, bonds, $1,000.00 16 to 30 inclusive, each num- for On and due April 1st, 1934. motion the board decided a the County Surveyor be kept on that the salary of $125.00 per month, at on the understanding that he is to work with other roads when needed and office. work when not needed in the do At five o'clock p. m. the board adjourned At until August 10th, 1931. 0 nine o'clock a. m., August 0 1931 ers the board of county commission- 10. 0 bers met in regular session, all ent. of the board and the clerk mem- pres0 The board having considered 0 0 applications ments for changes in assess- all 0 lowing and classifications, the folJohn changes were ordered S. Albers ,assessment made, on car 0 double assessment, cancelled. 0 Gladys tion Decker, Sec. 2-3-36-56, reducon lands $373.00. 0 reduction 0 on Chande $432.00.27-33-58, 0 0 Anna B. reduction $804.00. 0 reduction 0 6 0 Lars Johnson, 1-35-54, reduction or lands, $137.00 0 Andrew Brekke, 12-35-54, reduction on lands, $87. 0 50 J. $1296. J. Murray, 33-34-55, increase 5 Mpls. Trust Co., 34-36-56, increase on impdements, $1100. 5 M. $72. J. Paulbicki, 7-8-35-55, increase 0 Louis Marsh, 6-35-56, reduction or lands, $288. 0 John Stenmark estate, 6-35-56, re duction on lands, 2300. 0 4 A. J. Heppiner, 32-35-36-57, reduction on lands, $263. Halvor Everson 9-33-56 reduction on lands $176. 4 Bertha M. Foley 20-37-55, inceras on lands $45 44 Anton Sundsted 1-33-56, reduction on lands $601; reduction on imp 93 Erika Hjelm 32-37-57, increase $500 o lands $32. 09 J. H. Thoreson 33-35-56 reduction o lands $216. 08 Mrs. Harry Richwine 7-32-58 reduc tion on lands $432. 40 Axel Romstad 26-34-55 increase $166. Anna M. Pohle 15-36-57, increas $82. 08 eC. W. Glover 26-34-55 reduction o lands $117. ed H. tion M. on Hendrickson lands $90. 15-35-54, reduce he W. J. Reed, 18-36-54, increase 0 imp. $500. he ff, Mont. Land Synd. Inc., 29-37-55 in crease on lands $108. dhe on Henry lands N. $611. Wolff 10-36-56 reductio ndS. tion R. A. Carrie Spatee 7-36-56 redu on lands $921. nFred W. Wolters 5-36-53, increas on lands $90. rs lands Alfred Bakke 31-37-53 increase William $357; increase on imp. ble tion on lands Hanisch $216. 22-36-54 $100. redu riot Mary Dominek 2-34-58, increase imp. I. L. $500; increase pers. prop. $700 er$987. Shippee 5-6-34-55 increas od, ty Allen F. Lossing 18-34-52, reduction John on pers prop. $1000 13-34-1 on-