Farmers Bank - Leonard, ND

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 25, 1930
Location: Leonard, North Dakota (46.652, -97.246)

Metadata

Model: gpt-5-mini
Short Digest: acc9e725

Response Measures

None

Description

Article reports Farmers Bank at Leonard was taken over by the state receiver on June 25, 1930 and subject to liquidation proceedings; no run is mentioned. Classify as suspension leading to closure/receivership (government action).

Events (3)

1. June 25, 1930 Receivership

Newspaper Excerpt: The bank was taken over by the receiver June 25, 1930. Plans for liquidation were made and the district court was petitioned for an order approving the plan and directing the receiver to turn over all assets of the bank to the liquidating committee.
Source: newspapers

2. June 25, 1930 Suspension

Cause: Government Action
Cause Details: Taken over by state receiver; bank placed in receivership on June 25, 1930.
Newspaper Excerpt: The bank was taken over by the receiver June 25, 1930.
Source: newspapers

3. September 28, 1931 Other

Newspaper Excerpt: An order to show cause was served on the receiver, who presented a petition from a number of depositors who asked their names be stricken from the petition for individual receivers... The bank was taken over by the receiver June 25, 1930. Plans for liquidation were made and the district court was petitioned for an order approving the plan and directing the receiver to turn over all assets of the bank to the liquidating committee.
Source: newspapers

Newspaper Articles (1)

1. September 28, 1931 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, September 28, 1931

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Article Text

COURT MUST OKAY DEPOSITOR'S PLAN TO LIQUIDATE BANK Ruling Is Made by Supreme Court in Reversing District Judge's Decision An agreement or petition by depositors to liquidate a bank is not binding until it is approved by the court, according to a decision of the North Dakota supreme court. The court held that in hearing of an application to liquidate a bank under chapter 99, laws of 1927, where it appears that depositors signed a petition or agreement to liquidate in a representative capacity, it must also appear that they had authority to bind those whom they claimed to represent. Declaring that the agreement or petition is not binding until it is approved by the court, the supreme court ruled that petitioners may withdraw their names from the petition at any time before such approval, and if the withdrawal leaves less than 80 per cent of the deposits represented on the agreement or petition, the application should be denied. The supreme court ruled on a petition for review of a decision of District Judge M. J. Englert in an action brought to withdraw the Farmers' bank at Leonard, N. D., from the receivership of L. R. Baird, state receiver of closed banks. The bank was taken over by the receiver June 25, 1930. Plans for liquidation were made and the district court was petitioned for an order approving the plan and directing the receiver to turn over all assets of the bank to the liquidating ccommittee. es An order to show cause was served ts on the receiver, who presented a pera el tition from a number of depositors who asked their names be stricken g from the petition for individual receivers. rThis left the total of signed dece posits below 80 per cent of the total es deposits of the bank. The judge rent fused to consider the evidence o 11, withdrawal and made findings of fac ay favorable to the petitioners. a A review of the case was asked by of the receiver and the superme cour ir, reversed the order of Judge Englert ry but without prejudice to further ac ntion on the part of depositors "con ra. formable to law." n-