11586. Farmers State Bank (Westby, MT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 28, 1934
Location
Westby, Montana (48.870, -104.052)

Metadata

Model
gpt-5-mini
Short Digest
dc452ff0

Response Measures

None

Description

Articles (June–Aug 1934) describe the Farmers State Bank of Westby as having closed its doors more than two years ago and being in liquidation with a state-appointed liquidating agent paying dividends to depositors. No run is mentioned; the bank is closed and in liquidation (permanent closure/receivership), so classify as suspension_closure. Cause for suspension inferred as state action given appointment of a liquidating agent by the state banking board.

Events (3)
1. June 28, 1934 Other
Newspaper Excerpt
W. F. Fellows, liquidating agent for the Farmers State Bank of Westiby, received authorization from the state banking board Wednesday to pay another dividend of 10 per cent to all depositors. This is the sixth dividend to be declared for the Westby institution since it closed its doors more than two years ago, and makes a total of 50 per cent of total deposits which have been paid. Payments to individuals on this dividend will run from a few cents to $700.
Source
newspapers
2. August 23, 1934 Other
Newspaper Excerpt
Checks are being mailed out this week to depositors of the Farmers State Bank of Westby in payment of a ten per cent dividend. The total amount of the payment will be something over $6,000. This is the seventh dividend to be paid and brings the total to more than $36,000, which, together with $42,000 paid in preferred claims, interest and expenses, makes an aggregate amount of more than $80,000 that has been realized on the assets of the bank. W. F. Fellows, the liquidating agent, states that individual checks will run all the way from one dollar up to $400.
Source
newspapers
3. * Suspension
Cause
Government Action
Cause Details
Bank was closed and placed in liquidation; a liquidating agent (W. F. Fellows) authorized by the state banking board is handling asset realization and dividend payments.
Newspaper Excerpt
since it closed its doors more than two years ago
Source
newspapers

Newspaper Articles (2)
1. June 28, 1934 Plentywood Herald Plentywood, MT
Article from Plentywood Herald, June 28, 1934

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Article Text

Westby Bank Will Pay Sixth Dividend W. F. Fellows, liquidating agent for the Farmers State Bank of Westiby, received authorization from the state banking board Wednesday to pay another dividend of 10 per cent to all depositors. This is the sixth dividend to be declared for the Westby institution since it closed its doors more than two years ago, and makes a total of 50 per cent of total deposits which have been paid. Payments to individuals on this dividend will run from a few cents to $700.

2. August 23, 1934 Plentywood Herald Plentywood, MT
Article from Plentywood Herald, August 23, 1934

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Article Text

Depositors of Westby Bank Get 7th Dividend Checks are being mailed out this week to depositors of the Farmers State Bank of Westby in payment of a ten per cent dividend. The total amount of the payment will be something over $6,000. This is the seventh dividend to be paid and brings the total to more than $36,000, which, together with $42,000 paid in prefer red claims, interest and expenses, makes an aggregate amount of more than $80,000 that has been realized on the assets of the bank. W. F. Fellows, the liquidating agent, states that individual checks will run all the way from one dollar up to $400. He anticipates that even further dividends may be paid yet this year.