12780. Farmers State Bank (Belgrade, NE)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
August 26, 1929
Location
Belgrade, Nebraska (41.473, -98.068)

Metadata

Model
gpt-5-mini
Short Digest
546ff7f8

Response Measures

Full suspension, Books examined

Other: Final liquidation/receivership by state department after failed reorganization efforts.

Description

A rumor in Belgrade triggered a depositor run that the bank could not withstand; the State Department of Trade and Commerce took the bank over (government takeover) and later the depositors turned affairs over for liquidation (permanent closure). Dates are taken from article publication context: closure reported 1929-08-29 (closed Monday) and liquidation decision reported 1929-11-21 (meeting Saturday).

Events (3)
1. August 26, 1929 Run
Cause
Rumor Or Misinformation
Cause Details
A rumor started in Belgrade that the bank was in serious condition, prompting immediate heavy withdrawals.
Newspaper Excerpt
it is possible that this failure might have been averted had it not been for a rumor starting in Belgrade that the bank was in serious condition, which caused an immediate run on the bank by the depositors. This heavy run the bank was unable to withstand.
Source
newspapers
2. August 26, 1929 Suspension
Cause
Government Action
Cause Details
Bank closed and taken over by the State Department of Trade and Commerce (examiner in charge) after failing to withstand the run.
Newspaper Excerpt
The Farmers State Bank of Belgrade ... closed its doors Monday and was taken over by the State Department of trade and commerce, with Examiner J. O. Peck in charge.
Source
newspapers
3. November 16, 1929 Receivership
Newspaper Excerpt
the depositors committee of the failed Farmers' State Bank here has been unable to interest buyers of capital stock for reorganization of the bank, so at a meeting Saturday they voted to turn the affairs of the bank over to the Department of Trade and Commerce for Liquidation
Source
newspapers

Newspaper Articles (2)
1. August 29, 1929 The Nance County Journal Fullerton, NE
Article from The Nance County Journal, August 29, 1929

Click image to open full size in new tab

Article Text

BELGRADE CLOSES DOORS The Farmers State Bank of Belgrade, capitalized at $15,000 and with deposits of $16,000, closed its doors Monday and was taken over by the State Department of trade and commerce, with Examiner J. O. Peck in charge. J. H. Withrow is president of the bank, E. B Hord vice president and T. N. Withrow cashier. While most state banks have been hard pressed recently, it is possible that this failure might have been averted had it not been for a rumor starting in Belgrade that the bank was in serious condition, which caused an immediate run on the bank by the depositors. This heavy run the bank was unable to withstand. A meeting of the depositors and stock holders will be held soon, to decide whether or not the bank will be reorganized.

2. November 21, 1929 The Wolbach Messenger Wolbach, NE
Article from The Wolbach Messenger, November 21, 1929

Click image to open full size in new tab

Article Text

Belgrade Bank To Receiver Belgrade Herald: The depositors committee of the failed Farmers' State Bank here has been unable to interest buyers of capital stock for reorganization of the bank, 80 at a meeting Saturday they voted to turn the affairs of the bank over to the Department of Trade and Commerce for Liquidation