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State Bank Close Their Doors
The dreaded happenend. The and Merchants State Bank, went into the hands of receiver last day shortly after the noon hour. bank examiner from the state ment arrived in this from Lincoln, and immediately after arrival closed the door, which put an end to the ations of the Farmers and Merchants State Bank, landmark the banking circles in the Bloomfield community. sad blow to Rumors the closing of the bank had been current for the past few years. and time progressed public sentiment grew that depositors the bank kept withdrawing their money from the bank the strength the rumors, and deposits dwindled until there was but recourse and that was the closing of the doors and discontinuing business. Many caught with deposits in the bank. Farmers depended aid for the coming year, and those received aid are up against and will work hardship on them. Work commenced at once in cleaning up the of the bank, and said that about 75 percent of the deposits will liquidated from the assets, of the bank within short time. not the bad condition of the bank, the bad paper held the bank that forced the closing of the bank. All banks have some bad per, but lack of public confidence the bank by the depositors compelled the officers to give up their hard struggle to exist with the above results. The officers of the bank commended for their hard fight keeping the bank open for business during all these years. Ever since the deflation following the said that the Farmers and Merchants State bank could not withstand the deal. Coupled with poor crops following the deflation period, made that much harder for the bank to continue. In 1927 when good crop was had, the feeling subsided and was thought that they would pull through. and think that the bank would have been put on its feet had the combeen Harm the officers the bank put brave fight the last minute, but they had to bow to that which they dreaded. This leaves the Nebraska State bank, the only bank in the city. bank, fact one of the strongest in Knox County and with the passing of the Farmers and Merchants bank. will put this institution among the top-notchers in this part the The officers the Nebraska State bank good bankers, conservand They have weathered all the adverse condithat have been experienced and they have the confidence of the pubtheir ways banking. True, guaranty fund has the bank heavily during the past years, and told that the GuarFund liquidate banks that closed their doors during those This the ernings the bank down where they not made their they kept going and each year their business steadily increased. Now that they have the field to themthere doubt but they business larger and continue the peobetter put their bank more solid foundation: gain the confidence the public, and in that way may be of better and help the community. The Monftor congratulates the officers of the Nebraska State They are fine of fellows, and can depend them the outstanding institution in the community
