Farmers & Merchants Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 30, 1937
Location: ELGIN, North Dakota (46.404, -101.846)

Metadata

Model: gpt-5-mini
Short Digest: d508b60c

Response Measures

None

Description

Article reports the Farmers and Merchants Bank in Elgin voluntarily closed (Saturday) and the FDIC was appointed receiver; another bank (Farmers State Bank of Bentley) set up temporary quarters and will locate permanently after FDIC liquidation. No mention of a depositor run prior to closure.

Events (2)

1. October 30, 1937 Suspension

Cause: Government Action
Cause Details: Directors voluntarily closed the bank; FDIC was appointed receiver and will liquidate the closed bank's business.
Newspaper Excerpt: directors of the. Farmers and Merchants bank voluntarily closed the doors of the community's only financial institution Saturday.
Source: newspapers

2. November 2, 1937 Receivership

Newspaper Excerpt: At a meeting of the state banking board, the FDIC was appointed receiver of the closed bank, the fifth to close since the federal agency began operations in North Dakota. Depositors are insured 100 per cent, Lefor said.
Source: newspapers

Newspaper Articles (1)

1. November 2, 1937 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, November 2, 1937

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Article Text

ELGIN BANK CLOSED; SERVICE CONTINUES Bentley Bank Sets Up Temporary Quarters; to Locate There Permanently Banking service continued uninterrupted in Elgin this week, although directors of the. Farmers and Merchants bank voluntarily closed the doors of the community's only financial institution Saturday. Officials of the Farmers State bank of Bentley set up temporary headquarters in Elgin Monday and will locate permanently when liquidation of the closed bank's business has been completed by the Federal Deposit Insurance Corporation, according to Adam A. Lefor, state bank examiner. At a meeting of the state banking board, the FDIC was appointed receiver of the closed bank, the fifth to close since the federal agency began operations in North Dakota. Depositors are insured 100 per cent, Lefor said. Officers of the new bank at Elgin are C. G. Gross, president; Frank Kilzer, vice president, and 8. A. Haas, cashier. The bank will maintain an exchange at Bentley under permission of the banking board, Lefor said.