11588. Farmers & Merchants Bank (Elgin, NE)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 21, 1931
Location
Elgin, Nebraska (41.983, -98.084)

Metadata

Model
gpt-5-mini
Short Digest
5c1fd73a07325376

Response Measures

None

Description

Article of 1931-12-21 reports the Farmers & Merchants Bank of Elgin placed in hands of the state department (state examiner Virgit agent in charge) — a government receivership/suspension. A later article (1932-02-23) explicitly discusses plans to reorganize and re-open the failed bank. No article mentions a depositor run. OCR in Article 1 had minor gaps (e.g., 'Elgin' run into surrounding text); amounts and officer names were retained from the clipping.

Events (2)
1. December 21, 1931 Receivership
Newspaper Excerpt
ELGIN BANK IN HANDS OF STATE ... the institution was today placed in the hands of the state department ... Bank Examiner Virgit agent in charge for the state.
Source
newspapers
2. February 23, 1932 Reopening
Newspaper Excerpt
Plans for re-organization and re-opening of the failed Farmers and Merchants bank of Elgin ... it was indicated ... that the bank may be re-opened within a short time.
Source
newspapers

Newspaper Articles (2)
1. December 21, 1931 The Columbus Telegram Columbus, NE
Article from The Columbus Telegram, December 21, 1931

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Article Text

ELGIN BANK IN HANDS OF STATE Lincoln, Dec. 21 tion of officers and directors of the Farmers Merchants bank of Elthe institution was today placed in the hands of the state department trade and commerce Deposits of the bank were given $180,000; the capital stock was $35,000 and surplus $10,000. Officers of the bank B. Kinney, president; W. C. Schulte, vice president Nyrop; cashBank Examiner Virgit agent in charge for the state.

2. February 23, 1932 The Columbus Telegram Columbus, NE
Article from The Columbus Telegram, February 23, 1932

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Article Text

NEBRASKA EVENTS IN TODAY'S NEWS May Reorganize Bank Neligh, Feb. 23 (LP)-Plans for re-organization and re-opening of the failed Farmers and Merchants bank of Elgin, discussed here by State Bank Commissioner Geo. Woods. It was indicated following the conference that the bank may be re-opened within a short time. 40-Hour Water Famine McCook, Feb. 23 had plenty of water in the kitchens here today and school fountains bubbled, following a 40-hour water shortage due to broken main. School was dismissed yesterday because of the shortage. Seed Loans Sought Alliance, Feb. 23 (LP) Federal aid for securing seed for spring planting is being sought by northwest Nebraska farmers. Approximately 200 farmers of this section have requests for assistance. County commissioners have appealed to the college of agriculture extension service at Lincoln, through which the federal aid is handled. Crisis Passed. Avers Omaha, Feb. 23 national economic crisis over and rising commodity and agricultural prices will result from President Hoover's reconstruction measures, Henry H. Heimann, New York, executive manager of the National Association of Credit Men, told tri-state conference of Nebraska, Iowa and South Dakota credit men here last night. Omaha, Feb. 23 services for Dr. M. Wilson, one of the founders of Omaha Presbyterian Theological seminary, who died Friday in Los Angeles, will be held